Financial Planning Reimbursement

Willamette University encourages long-range financial planning and offers reimbursement for costs incurred for financial planning advice provided by a Certified Financial Planner (CFP).

Benefit
Full-time benefit eligible employees may receive reimbursement for two hours of financial planning consultation for a value of up to $300, every 12 months. 

Reimbursement
Eligible employees may apply for reimbursement by presenting a paid receipt for costs associated with long-term financial planning advice by a Certified Financial Planner (CFP) to the Office of Human Resources. Costs associated with product transactions should be identified separately and are not eligible for reimbursement under this program. Reimbursement amounts are considered taxable income and will be shown as “supplemental pay” on the employee’s earnings statement.

Tips on Choosing a Financial Planner

While the Human Resource Office is not prepared to recommend a specific Certified Financial Planners (CFP), the following comments are intended to provide some guidance to employees who are seeking financial planning services.

Experience
Look for someone with solid experience (at least five years, preferably more) in the financial planning field, or at the very least with strong experience in the related fields of insurance or securities. The person you choose should have a good knowledge of tax laws, the financial products available on the market place today (not just the ones your planner may sell), retirement plan options, and a broad spectrum of investments in general. Find a CFP® Professional Today.

Compensation
Financial planners are paid in one of three ways:

  •     A flat fee is charged, based on the client's needs.
  •     Commissions are earned from the products they sell.
  •     A combination of both.

You should know in advance how your financial planner is to be compensated. Sometimes a flat-fee arrangement may be the most expensive. However, you need to know how much of a planner's compensation is to be derived from products you buy in order to decide whether it is better to buy the product carrying a commission or to pay a flat fee to the planner. Also, it is important to remember that the potential for a conflict of interest is greater if the fee is commission driven.

References
Don't hesitate to request the names of several clients, both long term and short term. Then call the references and ask how satisfied they were with the financial planner's work.

Specialization
Financial planning is a broad field, and not all planners are qualified in all areas. Try to be sure that the planner you are choosing is knowledgeable in the areas in which you are interested (e.g., estate planning, investment management, overall financial planning, and so on).