Frequently Asked Questions
Licensed by the Certified Financial Planner Board of Standards, CFP®s must complete an advanced college-level course of study addressing financial planning subject areas, including insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning. In addition, they must pass the comprehensive CFP®certification examination and obtain at least three years of full-time financial planning-related experience. To maintain the designation, CFP®s must complete 30 hours of continuing education every two years.
CPAs must have achieved minimum college education requirements, minimum experience levels working in a CPA firm environment, and the successful passing of the Uniform CPA examination. CPAs are licensed and regulated by state boards of accountancy. In addition, in order to maintain their license, CPAs in the State of Indiana must complete 120 hours of continuing education every three years, and a minimum of 20 hours each year.
As an RIA, Korhorn Financial Group, Inc., acts in a fiduciary capacity when engaged for comprehensive financial planning. This means that, unlike traditional stockbrokers, we always put the interests of our clients ahead of our own interests. Under the Investment Advisers Act of 1940, any firm that is engaged in the business of providing financial advice for a fee is considered to be an “Investment Advisor” and is required to be registered with the appropriate federal or state agency as a “Registered Investment Advisor.” As such, Korhorn Financial Group, Inc., is registered with the Securities and Exchange Commission.
A Chartered Financial Consultant® (ChFC®) is a financial professional who has completed a specified program of study and meets experience requirements and specific ethical standards established by The American College. Practitioners with this designation are trained to develop and implement comprehensive financial plans for individuals, businesses, and organizations based on demonstrated expertise in multiple areas of financial planning, including income and estate tax, investment planning, risk management, and retirement planning, to objectively assess a client's current financial status, identify potential problem areas, and recommend appropriate options.
Advisors with an Accredited Investment Fiduciary (AIF) designation have successfully completed a specialized program on investment fiduciary standards and subsequently passed a comprehensive examination demonstrating their knowledge and competency in the area of fiduciary responsibility. AIF designees are committed to standards of investment fiduciary excellence.
An enrolled agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. Only enrolled agents, attorneys, and CPAs may represent taxpayers before the IRS. An enrolled agent can advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements, and their expertise in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS.
PFS is a specialty credential awarded by the American Institute of Certified Public Accountants (AICPA) to CPAs who specialize in helping individuals plan all aspects of their wealth. Every three years, PFS professionals must complete 60 hours of continuing professional education. PFS applicants study estate planning, retirement planning, investing, insurance, and other areas of personal financial planning. To become a PFS, candidates must be active members of the AICPA, have at least three years of financial planning experience, meet all the requirements for being a CPA, receive professional recommendations, and pass a comprehensive written exam.
A Certified Insurance Counselor (CIC) is an insurance agent professional certification designation awarded by the National Alliance for Insurance Education & Research to insurance agency owners, producers, agents, brokers, and agency and company personnel. Candidates for the CIC must be a licensed agent, broker, adjuster, or solicitor, or have at least two years of full-time experience in the insurance industry or as a risk management practitioner, or have served as a full-time insurance faculty member at an accredited college or university. Designees must complete courses and pass examinations in each type of insurance: personal lines, commercial casualty, commercial property, and life and health, as well as study agency management. and pass the examinations within five calendar years. CIC designees are also required to update their CIC designations annually through continuing education.
With the focus on client service, the CISR designation indicates that an individual has a comprehensive understanding of risks and exposures. CISR candidates must attend continuing education courses every year to upgrade their knowledge and skills to ensure that clients always receive the attention, care, and current information necessary to make the most appropriate coverage decisions. CISR is a designation recognized in all 50 states and worldwide. The CISR designation and lapel pin are marks of distinction that demonstrate commitment to exceptional service and leadership in the insurance industry.
Indiana Accredited Customer Service Representative (IACSR) designees have studied practical and relevant customer service skills and technical insurance knowledge. All designation program participants must complete either Ethical Guidelines for Insurance Professionals or the program’s Ethics and the Code of Professional Conduct. Earning the ACSR designation conveys an individual’s commitment to excellence and professionalism in customer service.
The Registered Health Underwriter (RHU) designation is the professional credential for individuals who advise clients on health insurance needs. The RHU designation signifies that an individual working in this field has attained comprehensive knowledge in the following areas: managed care plans; individual and group medical, disability income, long term care (LTC) insurance; group dental and voluntary benefit plans, COBRA, ERISA, and HIPAA; cafeteria plans; and Medicare and Medicaid.
A ProAdvisor is a QuickBooks-certified accounting pro who provides strategic insights to drive small business success. ProAdvisors must take an in-depth training course and pass a certification exam in the use of QuickBooks for businesses and individuals.
Under the Employee Retirement Income Security Act (ERISA), a fiduciary is any person, company, or association that renders investment advice for a fee or other compensation with respect to the funds or property of a plan, or who has the authority to do so. A fiduciary exercises discretionary authority or control over the management of a plan or the management of the disposition of its assets, or has the discretionary authority or responsibility in administering a plan. Importantly, a fiduciary is bound to always act in the best interests of the client.
At Korhorn Financial Group, Inc., our compensation is 100% transparent, so you know exactly what we make and the value we provide. Wealth Management, Investment Management and Business Plan Services are offered as a percentage of assets under management (AUM) and are billed quarterly, in arrears. By their nature, some insurance products do provide commissions. We receive no other forms of compensation for the solutions and products we recommend.
Korhorn Financial Group, Inc. is free to manage your assets regardless of where your assets are held. It is critical—for your protection and our own—that all assets are held with independent, third-party custodians. Note that, unless we arranged otherwise, all non-employer-related accounts for which you choose to grant our firm trading authority are held at one of the most trusted custodians in the industry: Fidelity. Your employer accounts, including 401(k), 403(b), Deferred Compensation, etc., remain with your employer-directed custodian but are managed by Korhorn Financial Group, Inc.
Our only criteria for working together is that you are both coachable and goal-oriented. Our firm is structured to allow us the freedom to work with anyone at any time—regardless of your level of assets, and we do not limit who we work with based on current circumstances. Instead, we focus on your financial potential and how committed you are to working with out team to achieve your goals.