image

Nicholas PhelpsCFP®

I am a fee-only planner who specializes in comprehensive financial plans.

State College, PA
Financial Planner, Phelps Financial Advisors
Fee Structure: Fee-only

This describes how advisors are compensated for their work. Learn more in our Guide to Advisor Compensation
Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
12
answers
294
profile views

2 people found Nicholas's answers helpful

Answers

Filter by Topic
  • 2 people found this answer helpful

    Are insurance sales reps the same as financial advisors? They sell the same products as stockbrokers.

    Personal Finance, Insurance, Investing

    The answer to that question is 'no', but there is a lot of gray area.  An insurance sales rep could

    more »

    The answer to that question is 'no', but there is a lot of gray area.  An insurance sales rep could be a financial adviser, but not necessarily.

    Some insurance agents will be licensed to sell both insurance and securities/investments, including variable annuities, mutual funds, etc.  They might be 'registered reps' who can sell securities, but not necessarily financial advisers.

    A financial adviser might be a CERTIFIED FINANCIAL PLANNER™ practitioner or someone who has passed a series 65 exam for registered investment advisers.  They might sell some of the same products as an insurance agent, or not.  It all depends on business model:

    Investment advisers might have a hybrid model where they sell products for commissions as well as charging fees for financial planning & investment advice, or they could be a fee-only adviser who does not sell any products.  A fee-only adviser might charge a flat fee or a percentage of assets for creating financial plans, making investment recommendations, or managing money.

    I would encourage you to look into the qualifications of anyone you are considering working with.  What licenses do they have?  Do they have professional certifications?  Experience?  Specialties?  Are they registered as a broker or adviser?  Do they sell products or work on a fee-only basis?  Who to work with depends on what you need and want.

    You can look up brokers and advisers here:

    http://brokercheck.finra.org/Search/Search.aspx

    Registered investment advisers have a Form ADV that explains the details of their business.

    You can search for an adviser via the FPA plannersearch:

    http://www.fpanet.org/PlannerSearch/PlannerSearch.aspx


    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 545 views
  • 0 people found this answer helpful

    What is collision insurance?

    Auto Insurance, Insurance

    Collision is an auto insurance coverage that you can elect or decline.  If you are at-fault in an

    more »

    Collision is an auto insurance coverage that you can elect or decline.  If you are at-fault in an accident, collision is the coverage that will pay for damage to your vehicle.

    Erie has a reference here that may be helpful:

    http://auto.erieinsurance.com/Auto-insurance-terms.aspx

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 12 views
  • 0 people found this answer helpful

    Does medical insurance cover injuries from a car accident?

    Insurance, Auto Insurance

    I am in PA, and things can vary a bit between states, but the answer is yes.  Your auto policy will

    more »

    I am in PA, and things can vary a bit between states, but the answer is yes.  Your auto policy will pay first, up to the medical limit on the policy.  After that health insurance kicks in.  If you were not at-fault, the other party's insurance liability coverage may pay for your medical bills.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 30 views
  • 0 people found this answer helpful

    Is it legal to not get your car repaired after the insurance company paid the claim?

    Auto Insurance, Insurance

    I am in PA, and generally the answer is yes.  You can take the payment from the insurance company

    more »

    I am in PA, and generally the answer is yes.  You can take the payment from the insurance company and choose not to repair the car.  You are still eligible to be compensated for damage that was done to your property.

    Of course if the car is damaged, you must ensure that the car is safe to operate and that the damage was just cosmetic, etc.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 14 views
  • 0 people found this answer helpful

    I'm just getting my business started. Do I need insurance right away?

    Insurance

    Many people might skimp on business insurance, but I would not recommend it.  Be sure to get insurance

    more »

    Many people might skimp on business insurance, but I would not recommend it.  Be sure to get insurance coverage; because if something were to happen and you are without insurance, your personal assets will be at stake.  That is not a risk worth taking.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 15 views
  • 0 people found this answer helpful

    Can the insurance show a claim from a previous owner of your home on your homeowners insurance record?

    Property Insurance, Insurance

    Yes.  I worked in homeowners insurance years ago, and many times when quoting or writing a policy

    more »

    Yes.  I worked in homeowners insurance years ago, and many times when quoting or writing a policy I would see a claim (water damage, for example) that occurred on that property under a previous owner.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 5 views
  • 0 people found this answer helpful

    I keep one car strictly for business. Do I need a separate policy?

    Insurance, Auto Insurance

    Maybe, depending on your business.  If you simply use it to drive to appointments, like a financial

    more »

    Maybe, depending on your business.  If you simply use it to drive to appointments, like a financial planner or insurance agent or real estate agent might, then you may simply have to elect a 'business use option' which will cost slightly more than a 'pleasure uses' or 'commuting' option.

    If you use it more for commercial or contractor business purposes, on job sites and transporting tools, etc, you may need a business auto policy to be sure you are covered.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 11 views
  • 0 people found this answer helpful

    Can I rent a home without renters insurance?

    Insurance, Property Insurance

    You probably can, if your landlord does not ask for proof of insurance.  But I would advise against

    more »

    You probably can, if your landlord does not ask for proof of insurance.  But I would advise against it.  Renters insurance will cover your personal property, but also includes liability coverage that can be very important in the event of accidents or injuries.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 27 views
  • 0 people found this answer helpful

    What does it mean to have 1,000 dollars in basic life insurance?

    Insurance, Life Insurance

    Generally, I would take this to mean that the insured has a policy with a death benefit of $1,000; meaning

    more »

    Generally, I would take this to mean that the insured has a policy with a death benefit of $1,000; meaning that if they die the beneficiary would receive $1,000 from the insurance company.  'Basic' life insurance might mean term life insurance (no cash value accumulation; death benefit only), as opposed to whole life or universal life policies that can accumulate cash value.

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 41 views
  • 0 people found this answer helpful

    I work out of my home. Will my homeowners insurance cover my business?

    Insurance, Property Insurance

    The answer is almost certainly no.  For the most part, homeowners insurance excludes business activities. 

    more »

    The answer is almost certainly no.  For the most part, homeowners insurance excludes business activities.  It may depend on the type of business activity.  There are insurance companies that specialize in at-home businesses.  The company RLI comes to mind.

    http://www.rlicorp.com/products/ibp/default.asp

    Was this answer helpful?

    Advisors offer free consultations to determine if you're a good fit for one another. Providing more information in the consultation request will help advisors have a better sense of what you're looking for. The advisor will contact you via email and set up a time to meet. Depending on the advisor, and your preferences, this could be an in-person or online meeting. You are under no obligation to engage them after meeting with them.
    • Embed ›
    • 17 views

About

I am a fee-only planner registered as an investment adviser in Pennsylvania.  My business is focused on creating comprehensive plans, preparing for retirement, and making asset allocation recommendations.

Details

Contact Info
View contact info »
Email
nick@phelps-financial.com
Phone
814-380-0651
Address
925 West College Ave
State CollegePA 16801
Firm Website
Focus Areas
Personal Finance, Retirement, Investing
Client Specializations
People near retirement, Public Employees
Education
Bachelors of Science, Economics, Penn State Univ
Registrations
Individual CRD #158682
Firm CRD #158682
Regulatory Records
Please visit FINRA's website to review Nicholas's records
While designations are not everything when selecting a financial advisor, they often indicate a certain level of knowledge related to a specific field and/or commitment to certain ethical and professional standards. Please see our detailed Guide to Financial Advisor Designations for more information.
Designations
CFP®

*Financial Advisor Disclaimer: We try to keep information accurate and up to date, however we cannot make warranties regarding the accuracy of our information.

Add Video

Upload

Add Video

100%

Please wait while your file is being uploaded.

Add Video

How to Save for a Mortgage

Video Uploaded

Add Another I'm Done

Preview Video

*Disclaimer: We try to keep information accurate and up to date, however we cannot make warranties regarding the accuracy of our information. Please verify FDIC Insurance / NCUA Insurance status, credit card information, and interest rates during the application process. Please note that NerdWallet has financial relationships with some of the merchants mentioned here. NerdWallet may be compensated if consumers choose to utilize the links located throughout the content on this site and generate sales for the said merchant.

© Copyright 2014 NerdWallet, Inc. All Rights Reserved. Privacy Policy|Terms of Use
Nerdwallet, Inc. is a BBB Accredited Financial Service in San Francisco, CA