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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.
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11 out of 20 people Nicholas's answers helpful

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  • 4 out of 5 people found this answer helpful

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

    Insurance, Auto Insurance, Small Business, Planning & Operations

    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 a helpful answer?

    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 ›
    • 49 views
  • 2 out of 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 a helpful answer?

    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.
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    • 1022 views
  • 1 out of 1 person found this answer helpful

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

    Insurance, Small Business, Planning & Operations

    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 a helpful answer?

    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 ›
    • 23 views
  • 1 out of 1 person found this answer helpful

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

    Insurance, Property 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 a helpful answer?

    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 ›
    • 16 views
  • 1 out of 1 person found this answer helpful

    Can auto insurance companies demand information about people who live with you?

    Insurance, Auto Insurance

    In my experience a few years ago, insurance companies will definitely want to know about any licensed

    more »

    In my experience a few years ago, insurance companies will definitely want to know about any licensed drivers who are in your household because there is a chance they will end up driving your car; the insurance will be rated accordingly.

    Was this a helpful answer?

    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 ›
    • 37 views
  • 1 out of 2 person 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 a helpful answer?

    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 ›
    • 37 views
  • 1 out of 2 person found this answer helpful

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

    Insurance, Auto 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 a helpful answer?

    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 ›
    • 23 views
  • 0 out of 0 people found this answer helpful

    What is collision insurance?

    Insurance, Auto 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 a helpful answer?

    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.
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    • 15 views
  • 0 out of 2 people found this answer helpful

    I haven't bought my bike yet. Can I still get a motorcycle insurance quote?

    Insurance, Auto Insurance

    Definitely.  It is a good idea to get an idea of what the insurance will cost, before buying the

    more »

    Definitely.  It is a good idea to get an idea of what the insurance will cost, before buying the motorcycle.  The agent will need the year/make/model; the VIN is even better.

    Was this a helpful answer?

    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 ›
    • 92 views
  • 0 out of 1 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 a helpful answer?

    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 ›
    • 38 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
Firm CRD #158682
Regulatory Records
Please visit FINRA's website to review Phelps Financial Advisors'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.

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