Richard Salmen| CFP®, EA, CFA, CTFA
Northern Financial Advisors
- Fee-Only Financial Services
- Comprehensive Financial Planning
- Free Initial Consultation
- Investment Management
- Retirement Planning
- Education Planning
- Elder Care Issues
- Estate Planning
- Insurance Analysis
- Charitable Giving and Trusts
- Planning for Business Owners
- Cash Flow and Budgeting
Our Other NAPFA Members
Bloomfield Hills, MI 48304
Fee-Only & Fiduciary
The National Association of Personal Financial Advisors (NAPFA) is the country's leading association of fee-only and fiduciary financial planners.
Richard Salmen is a Detroit fee-only financial planner serving the greater Detroit area and clients across the country. Northern Financial Advisors specializes in providing objective financial planning and investment management on a retainer basis to allow and encourage clients to seek advice above the regularly scheduled appointments and at no additional fee. Richard Salmen is a NAPFA-Registered Financial Advisor and a CERTIFIED FINANCIAL PLANNER™ Professional.
Richard Salmen, CFP®, CFA, EA, is the Chief Executive Officer of Northern Financial Advisors. He graduated summa cum laude with a Bachelor of Science in Business Management from the University of Nebraska at Kearney and was a graduate business scholar while receiving his Master of Business Administration (MBA) degree from the University of Kansas.
Richard is a Certified Financial Planner (CFP®) as well as a Certified Trust & Financial Advisor (CTFA). The CFA Institute Board of Governors awarded him the Chartered Financial Analyst (CFA®) charter. As an Enrolled Agent (EA), he is authorized to represent taxpayers before the Internal Revenue Service at all levels.
In 2006, Richard began a three-year term as a member of the national board of directors for the Financial Planning Association (FPA) based in Denver, Colorado, ultimately serving as national President in 2009. He served as FPA national Chairman for 2010. In November 2014 Richard was elected to serve a four year term on the Board of Directors for the Certified Financial Planner Board of Standards, Inc., beginning January 1, 2015. He was elected by the Board of Directors to serve as Chair-Elect of Certified Financial Planner Board of Standards, Inc. for 2017 and Chair in 2018.
Richard co-chaired the international People-to-People tour of financial planners to China during 2011 and chaired a similar trip to India in November 2013. He was one of 40 participants for the 2012 class of Leadership Kansas. Richard was selected as the 2014-15 Executive-in-Residence for his alma mater, the University of Nebraska - Kearney.
Richard was recognized as a recipient of the 2016 Heart of Financial Planning award. The 2016 Heart of Financial Planning Award recognizes individual professionals, financial planning firms, and organizations that engage in extraordinary work, contributing and giving back to the planning community and public through financial planning. Recipients embody the spirit of financial planning and also represent FPA's Core Values.
Fee-Only refers to a specific method of compensation in which financial planners are compensated exclusively from the fees paid by their clients. They specifically choose not to accept commissions, kick-backs, finder’s fees or compensation from any other source. This is significant and important because earning one’s living by selling products or services for which a commission is paid leaves the financial planner with an inherent conflicts of interest. The success of a financial planner should not be based on the number of products a client purchases, but on the success of his or her clients. This is why no referral fees, commissions, or other reimbursements from the implementation of recommendations are accepted.
The fee is often less than the sales load you would pay on just one mutual fund purchased through a commissioned broker. Being compensated by a predetermined client fee rather than commissions reduces conflict of interest as well as Advisor bias. Fee-Only financial planning means that it is our fiduciary responsibly to act in our clients' best interest.
Our approach to financial planning is to focus on the process rather than the product. As such, we have structured our fee as an open-ended retainer. This allows our clients to call or come in to see us throughout the year. This access is over and above the regularly scheduled appointments and at no additional fee. Our view is that we would much prefer our clients call us for a small conversation in advance of making a financial decision rather than afterwards, when a considerable amount of time, energy and effort may be needed to unravel a disastrous decision.
As licensed professionals, all personal financial advisors of Northern Financial Advisors hold either the nationally recognized designation of CERTIFIED FINANCIAL PLANNER™ (CFP®) or its equivalent, usually with advanced credentials. Other professional affiliations include the FPA (Financial Planning Association) and NATP (National Association of Tax Professionals). These advisors serve our clients in a fiduciary role, meaning it is their responsibility to consider your financial interest first and foremost. Finally, each Licensed Advisor receives rigorous academic training before joining the team and on-going coaching with senior advisors and through professional trade organizations after they begin to see clients.
We remain available to help with integrating all the financial areas in your life including; tax planning and preparation, risk management, estate planning, retirement and investment advice. Our approach includes a wide range of services and we understand that our clients may need some or all of the services we offer as each situation is unique. We work with you to determine which areas are priorities for you and those areas that we feel need immediate attention.
When we are working on one aspect of your financial life, we always recognize and pay attention to the implications for all other areas of your financial affairs. Purchases and sales of investments have tax consequences. Certain insurance decisions may have investment implications. Buying a new home may impact your plans to fund your child’s education. All these examples and many more show just how common it is for one change in your finances to affect and impact many others. Our approach can be harnessed to advance your financial plan. Without this integration a financial decision may have unanticipated consequences.
What this can mean for you...
It is our belief that individuals who have a financial plan often fare better financially than those without one. Our clients don’t just get some formal, written plan that gathers dust. History has shown us that a dynamic financial plan that can be altered as conditions warrant is a much more effective strategy. With our ongoing help clients are better able to navigate through the choppy waters of bear and bull markets. You will have access to professionally trained and financially astute advisors who can see and implement the big strategic picture while being responsive to the specific hopes, dreams, aspirations and needs of each of their clients.
Our fee-only, open-ended retainer approach has been shown to be a effective way for middle-Americans to access the coaching necessary to improve their financial life. We will work with you to help use your resources wisely to achieve the life of your dreams.