A: Financial Planning is a process that helps you reach your short and long-term financial goals by evaluating your entire financial picture and outlining strategies tailored to your individual needs, while considering your available resources. With your Financial Blueprint, you will have a written comprehensive plan that serves as a framework for organizing your financial life. This allows you to focus on your goals and better understand the necessary steps needed to achieve them.
Your personalized Blueprint will assist you in balancing competing financial priorities while clearly illustrating how your goals are related. It will show you how accelerating debt repayment can affect home ownership or your ability to manage cash needs in the event of a layoff or unexpected medical emergency. You will learn how savings for your children’s education can impact your ability to save for retirement.
The information we provide will assist you in prioritizing your goals, implementing specific strategies and choosing the products or service right for you. Best of all, you will have the peace of mind that comes from knowing your financial life is on track.
A: You can, if you have the time and knowledge. However, developing a comprehensive financial plan requires expertise in several areas. Additionally, laws and financial products are constantly changing. By working with us, we can give you objective information and help you weigh your alternatives, saving you time and ensuring all angles of your financial picture are considered.
A: The financial planning process does not end once your initial plan has been created. We will review it at least once a year to ensure it is up to date. When needed, we will modify your plan to accommodate changes in your personal circumstances or the economy. A few events that can trigger a modification to your financial plan are listed below:
- Your goals or time horizon changes.
- You experience a life changing event such as marriage, birth of a child, health problems, or job loss.
- You have specific or immediate financial planning needs (e.g. drafting a will, managing distributions from a retirement account or paying long-term care expenses).
- Your income or expenses substantially increase or decrease.
- Your investment portfolio has not performed as expected.
- You are affected by changes in the economy or tax laws.
A: Certainly. We make recommendations not decisions. You retain control over your finances. Recommendations are based on your needs, values, goals, and time frames. You decide which recommendations to follow. We assist you in the implementation of your decisions while collaborating with your legal and tax advisor to ensure that we systematically address and review the different areas of your financial life.
A: Our objective is to ensure that a relationship with us results in a good fit between your goals and expectations and the services we provide. To accomplish this, we need to review a few documents to see your financial big picture. You should bring the following items to your initial consultation:
- Last year’s tax return
- Most recent paycheck stub
- Will and other legal documents
- Most recent statements for any Bank Savings and CDs, Brokerage or Mutual Fund Accounts
- Employee benefit information, including: 401K statements, pension information, etc...
- Listing of outstanding debt and mortgage statement
- Any auto, home, long-term care, life and disability insurance policies
A: Yes. A Registered Investment Advisor (RIA) is an advisor or firm engaged in the investment advisory business and registered either with the Securities and Exchange Commission (SEC) or state securities authorities. A Registered Investment Advisor is defined by The Investment Advisers Act of 1940 as a “person or firm that, for compensation, is engaged in the act of providing advice, making recommendations, issuing reports or furnishing analyses on securities, either directly or through publications.”
An investment advisor has a fiduciary duty to his or her clients, which means that he or she has a fundamental obligation to provide suitable investment advice and to always act in the client’s best interests.
Registration of an investment advisor is not meant to denote any form of recommendation or endorsement by the SEC or state securities regulators. It simply means that the investment advisor has fulfilled all the requirements for registration as an investment advisor.
A: There is no mandatory minimum for financial planning services and the fee will vary based on the scope and complexity of the plan. The same applies to advisory services, although portfolio size will impact the type and scope of services offered. Strategies appropriate for some clients may not be appropriate for others. The investment advisory services utilized will vary based on the individual circumstances and needs of each client, given the client's desires, and investment risk profile.
A monthly retainer arrangement is available for those clients seeking professional advice on an as needed basis throughout the year.
A brief introductory call should help us both determine if our services will fit your needs. You can schedule your call here.
A: When you work with Wealth Development Strategies, LLC you have several layers of protection.
First, you will never write a check to our company for the purchase of any investment or insurance product. For our clients’ protection, we use a third-party custodian who takes possession of all funds for the account. The custodian we have chosen is Pershing, LLC. Pershing, LLC is a subsidiary of The Bank of New York Mellon Corporation (BNY Mellon), and is the custodian for over a trillion dollars in global client assets.
Secondly, you have the same Securities Investor Protection Corporation (SIPC) insurance coverage that you would have with any large brokerage firm. For more information on both Pershing and SIPC, please follow the links above.
Finally, additional insurance through Lloyd’s of London provides excess account protection for held assets up to an aggregate limit of $1 billion, of which $1.9 million may cover cash awaiting reinvestment at the individual account level. This amount in excess account protection is the highest level of brokerage account insurance coverage available in the industry today.
A: Our compensation model looks like this:
Financial planning: Flat fee - quoted in advance based on the scope and complexity of the plan
Investment advisory services: These services are calculated on an annual sliding-scale percentage fee based on assets placed through Horner Townsend Kent requiring ongoing due diligence and oversight. The fee is deducted on a quarterly schedule on a fully-disclosed basis by the asset custodian, Pershing. There are no commissions or surrender charges. Client fees are the sole compensation.
|Above $1M||.50% -.75%|
|$750k - $1M||.75% - .90%|
|$250k - $750k||.90% - 1.10%|
|Up to $250k||1.10% - 1.25%|
Insurance and Annuities: Compensation for these products are commission-based, paid by the issuing company.
Note: Other charges like fund expenses, management and custodial fees, etc..., are beyond our control. We do not receive any part of those revenues. Additional fees may be required for advisory services on assets not placed through Wealth Development Strategies, LLC. In all cases, fees are spelled out in advance with full transparency.
A: While members of our team have tax backgrounds, we do not prepare tax returns. However, we do review our client’s tax returns to gain a better understanding of their financial situation. Our knowledge of taxation allows us to more efficiently manage portfolios and help clients make tax planning decisions. We work closely with our clients' CPAs to help minimize taxes and maximize after-tax returns.
Do you have a solid, long-term financial plan in place? Don’t wait – Unlock the possibilities and discover the personal Blueprint to achieving your dreams today.