Frequently Asked Questions
PROSPECTIVE CLIENTS
Who is Colgan Capital?
Colgan Capital is the formal name of Mark Colgan’s financial planning practice which was established over 12 years ago. Today, we are very excited to be affiliated with Ensemble Financial Services in Rochester, NY. Unlike most Wall Street firms that centralize analyst advice and mandate that their representatives disseminate these cookie-cutter recommendations to clients, Ensemble enables their affiliated financial professionals to operate independently. That means that when you work with Colgan Capital, you can be sure of getting the highest quality, unbiased financial guidance and customized solutions that draw upon the breadth of products and services of a larger firm. In this way, we can offer our clients the personalized service of a small firm with the powerful options of a large, comprehensive firm.
Who is Ensemble Financial Services Inc.?
Ensemble Financial Services Inc. is a broker/dealer owned by AM&M Financial Services, a 30-year-old comprehensive financial services company and one of the oldest independent financial planning firms in Rochester, NY. AM&M Financial Services Inc. offers financial planning, wealth management, risk management, tax planning and compliance and investment/broker services. They are known for their commitment to their clients, rather than commissions. And they are the first financial services company to achieve ISO9002 certification for the highest quality standards.
How well is my money protected at this new company?
Your account custodian, National Financial Services (NFS) is a leading clearing firm and subject to the rules and regulations of the Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE), the National Association of Securities Dealers (NASD) and other principal exchanges of which it is a member. In addition, Ensemble and NFS are members of the Securities Investor Protection Corporation (SIPC), a federal non-profit corporation that insures customer assets in the unlikely event that a member broker/dealer should fail to meet its financial obligations.
As a result, your account is protected in two ways:
- SIPC coverage up to $500,000 (limited to $100,000 for claims in cash)
- NFS provides additional securities protection, in excess of SIPC coverage, through private insurance. Coverage does not protect against decline in the market value of securities. For more information go to www.nationalfinancial.com.
Where is Colgan Capital located?
Conveniently located in Pittsford, NY, simply take 490 to the Bushnell’s Basin exit. Turn left on Route 96 for about ½ mile, then left on Garnsey Road, left on Sully’s Trail and finally another left into Corporate Crossings. We are on the third floor of building #179. Click here for a map.
What are Mark Colgan’s credentials?
Mark Colgan holds a BS degree in Finance from Rochester Institute of Technology. He has been a Registered Representative since 1993 and a Certified Financial PlannerTM (CFP) since 1998. He also holds Series 7, 63 and 65 state and federal securities licenses as well as life and health insurance licenses.
Why should I choose a Certified Financial Planner?
CFPTM, CERTIFIED FINANCIAL PLANNERTM, are marks owned by the Certified Financial Planner Board of Standards (CFP Board) which help you identify financial planners who are committed to competent and ethical behavior when providing financial planning services. CFP practitioners have taken the extra step to demonstrate their professionalism by voluntarily submitting to the rigorous certification process.
In addition to significant education and experience requirements, they must pass a comprehensive exam that tests their personal financial planning knowledge and skills, continually update their abilities and abide by the CFP Board's Code of Ethics and Professional Responsibility (Code of Ethics) and Financial Planning Practice Standards (Practice Standards).
Has Mark ever been publicly disciplined for any unlawful or unethical actions in his professional career?
No. Several government and professional regulatory organizations, such as the National Association of Securities Dealers (NASD), your state insurance and securities departments, and the CFP Board keep records on the disciplinary history of financial planners and advisers. Mark has had no complaints or violations.
How will I pay for Mark’s services?
Mark can be paid in several ways:
- fees based on an hourly rate, a flat rate or a percentage of your assets and/or income.
- third-party commissions paid for the products sold to you. They are a percentage of the amount invest in that product.
- a combination of fees and commissions whereby fees are charged for the amount of work done to develop financial planning recommendations and commissions are charged when products are purchased.
We can provide you with an upfront estimate of possible costs based on the work to be performed.
CLIENTS
My trade confirmation has a remittance slip, do I owe money?
Not necessarily. All trade confirmations include a remittance slip at the bottom however you only need to send in money if you are purchasing a security with monies that are not already in your account. If you are selling or simply trading securities within an established investment account, you may disregard the remittance slip. Nonetheless, it is a good idea to keep all trade confirmation for your tax records.
How often will I receive account statements?
If your account has activity between the regular quarterly statements you will receive a statement for that month. Otherwise, expect your regular statements on or about the 10th day of January, April, July and October.
What is an unrealized loss/gain?
You have an unrealized loss when the price of your investment is lower than what you originally bought it for. When that price is higher than what you originally bought it for, you will show an unrealized gain. These figures are used to calculate taxes.
When can I expect to receive my 1099s for taxes?
Legally, all 1099s must be sent by January 31. Unfortunately, many mutual fund companies change their numbers in February or sometimes as late as March, forcing us to send our clients revised 1099s. Hence, it is a good idea to hold off filing your taxes until April.
Why didn’t I receive a 1099 for one of my investments that went up?
You may not. Sometimes investments may increase in value, but may not distribute any taxable gains. This is a good thing and it means that you will not owe taxes this year on this particular investment. |
