New Owings Mills Firm Offers Fee-Only Financial Planning

Owings Mills--SunRay Advisors has opened in Owings Mills to provide financial planning services to middle-income individuals, couples, and families.  

Founded by Stewart L. Richardson, ChFC®, CRPC®, the firm offers comprehensive financial planning including retirement, tax, college, and estate planning; investment advice and commission-free investing; insurance review; income tax preparation; and help with special issues such as combining resources after a second marriage, saving for a house, and IRA/qualified plan rollovers.  For the self-employed, SunRay Advisors also provides tax and business planning as well.  

“The fee-only aspect of the services that I provide is different than most advisors in the financial industry in that “fee-only” means I do not sell investment products or insurance or receive commissions,” says Richardson.  “Conflicts of interest can arise when financial advisors receive commissions from the purchase of products that they recommend to clients.  

"As a fee-only advisor, I base my recommendations solely on my clients’ needs.  I am not going to be influenced to recommend a particular mutual fund or insurance policy because of a commission I would earn on it – I don’t earn anycommissions or referral fees as a fee-only advisor.  

"There are too many stories about financial advisors who have led consumers to purchase inappropriate investments or other products due to compensation biases, which is why Consumer Reports recently reiterated that fee-only compensation should be the preferred choice for consumers seeking financial advice.”

Traditionally, fee-only planners have geared their services toward the very wealthy; Richardson recognizes, however, that getting professional financial advice can make a huge difference in the lives of middle-income individuals.  

“Many families are juggling paying off debt, saving for college, and investing for their own retirement.  They are looking for help to get on top of their finances and develop a sound plan for their future.  Most of all, people seek peace of mind and realize they don’t have the time or expertise to do it themselves.” 

Although he says that short duration financial planning engagements are sometimes appropriate such as with young professionals just starting to save for retirement or a home, Richardson advocates ongoing annualretainer relationships where one annual fee covers as many meetings and as much advice as needed.  

“This kind of relationship offers tremendous peace of mind, because a complete range of issues such as insurance, taxes, estate planning and more are covered, not just investments as is often the case with many advisors.

"Covering all aspects of a clients’ finances increases the likelihood that the their financial and life goals will be met, and even more so, because this arrangement never discourages clients from asking important questions, following up, or just staying in touch with their advisor like hourly-billed advisory relationships can.

“Additionally, long term planning relationships intuitively make more sense than a one-time financial plan, because life is dynamic.  When changes come along like career or health issues, new tax laws, or the sudden need for care of an aging parent,  a one time plan prepared six months ago doesn’t help, but with an open retainer relationship, you can pick up the phone and call me knowing there’s no additional advisory fees to worry about—they’re already covered.

This, I believe, makes an open retainer the ideal arrangement– you get the advice you need when you need it, and there are no unforseen planning expenses.”

SunRay Advisors is a Registered Investment Advisor in the State of Maryland, and the firm is a member of two highly-respected non-profit financial planning groups: the Alliance of Cambridge Advisors (of which it is the only member firm in Maryland) and the fee-only “umbrella organization”, the National Association of Personal Financial Advisors (NAPFA).  

Mr. Richardson holds the Chartered Financial Consultant®  and Chartered Retirement Planning Counselor® designations, and also passed the March 2009 Certified Financial Planner® exam.  He is a candidate to complete requirements for that designation, the highest credential in the planning field. Locally, Richardson is often visible in the community.  

He is a member of the , is the founder and president of the Sunnybrook Farms Area Community Association in Reisterstown, and has also been active in local church and school communities as well.  

“I have lived in this area for 15 years, and strongly believe in the value and need for community service, so supporting the Reisterstown-Owings Mills-Glyndon community is going to be a part of my business too.”  

For more information or to arrange a complimentary initial consultation, call Stewart Richardson at 410-363-1972 or visit him on the web. 

Related Web Links:

• Alliance of Cambridge Advisors
• National Association of Personal Financial Advisors