A Fiduciary Rule simply means that (a) Financial advisors must act in the best interests of their clients, (b) Conflicts of interest must be avoided wherever possible, and (c) There must be full disclosure and transparency around fees and compensation. The fiduciary standard of care is the highest legal standard, and it speaks to duties of good faith and trust. Most who are engaged in giving financial advice are held to the suitability standard, where the advice must merely be “suitable,” but no legal obligation exists to act in a client’s best interests.
We’re compensated solely by our clients via the fee structure listed on our website and within our client agreements. We do not receive commissions or compensation from the purchase or sale of any financial products. So, why does this matter…
The most significant advantage of working with a fee-only advisor is the freedom derived from intrinsic conflict of interest that may arise when a substantial portion of the advisor’s income comes from selling you financial products. The concern you should have is whether the advisor is recommending a certain financial product because it enhances his/her bottom line and if those products are truly in your best interest (refer to the definition of a fiduciary). Since fee-only advisors do not sell commission-based products, receive referral fees, or other forms of compensation, the potential for conflicts of interest is eliminated.
We enthusiastically serve the underserved and largely ignored by traditional firms, next generation market ─ individuals, couples and young families ranging in age from their late 20s to early-40s. With the understanding that this market segment of professionals has limited assets, we focus on early-in-life financial education supported by useful tools and advice that build healthy financial habits. There is no minimum asset requirement for you to become a valued client of XYZ-Wealth.
First and foremost, we are advisors of the same generation with first-hand knowledge of the challenges that you face. As generational peers with strong financial planning and investing backgrounds, we believe that our ability to relate to you personally and professionally defines our differentiation. Over time, this relatability is revealed through collaboration in setting achievable wealth management goals allowing you to live life on your terms now and through to retirement.
NOTE: XYZ-Wealth is a division of Braun-Bostich & Associates, Inc., an experienced private wealth advisory firm with over three decades of successfully creating opportunities for its clients and their families.
Yes, we make these introductions upon request or as a recommendation as part of our due diligence in the financial planning process. We believe that these complimentary professional relationships are an essential component in ensuring the consistency of success throughout your financial life. As a fiduciary and fee-only firm, we do not receive referral fees or commissions of any kind for this value-added service.
Generationally speaking, topics covered include; budgeting and cash flow management, credit, savings, investments, student loan analysis, debt optimization, retirement and college savings plans, insurance coverage, estate planning and introduction to professional network, i.e., CPA, Ins. Specialist, Estate attorney, etc.
Financial planning covers all facets of one’s financial life taking into consideration goal development, cash flow management, debt structuring, tax reduction, wealth accumulation and risk management. Investment management focuses specifically on your portfolio making sure that your assets are aligned with your risk tolerance and whatever goals you’ve for set for them.
The underpinnings of our approach center on five key things; (1) Having enough for living expenses, (2) Becoming financially independent, (3) Getting out of debt, (4) Saving for a big purchase or life event and (5) Planning for the future. For those who may have been born near or came of age during the dawn of the 21st century, socially responsible impact investing may also play a role in your investment strategy. Ultimately, we endeavor to provide diversified portfolios that include low-fee, passively managed ETFs as well as actively managed strategies that support your goals and risk tolerance preference.
As an independent financial advisory firm, we have a custodial relationship with TD Ameritrade Institutional that holds your money in selected investment accounts. Assets may also be held at other institutions, etc. where you may have existing accounts. XYZ-Wealth will never take custody of your money. If we are managing your investments, your money will always be placed with a qualified custodian. One thing to consider is if you want to fulfill the implementation strategy or if you’d like us to. For us to do it, you would need to house your assets at TD Ameritrade.
As coaching and financial planning clients, you will primarily work directly with your respective advisor. Experienced professional support staff assist coaches and advisors with various client service related care. You can expect to interact with this staff on questions about processes or bills, processing of documentation related to insurance, investing and taxes, or depending on experience, more complex care items having to do with your portfolio.
We choose not to because we are structured to handle client relationships on a long-term basis. We feel that we can be more effective if we work together in partnership than transactionally with do-it-yourself clients.
Interactions during the ramp-up or on-boarding process as a new client are very frequent for the first few months. Post ramp-up, the frequency shifts to 3-times a year or every 4 to 6 months barring any big life changes that may arise. Regardless, we encourage phone and email contact on an as-needed basis for any reason. Hearing from us proactively towards the end of each year, at tax time or during open enrollment periods are to be expected.
Prior to any planning or investment discussions, we will focus our efforts on organizing your financial life and understanding your needs, values and short and long-term goals. With this foundation in place, we can properly align your investments and assets, so as to maximize them in fulfillment of your needs. Along with implementation of proven processes, we leverage intuitive and flexible in-house technology in our onboarding process ─ An experience that is not only customizable but highly interactive.
We will meet to determine if we can help you. During our first meeting, you will walk away with a better understanding of your situation and a few actionable items to consider. If we decide to proceed, together we will fill out the necessary paperwork, gather additional information and create a draft of your situation. We will then have a subsequent meeting to review the draft and discuss possible what-if solutions and to verify that we have all the information correctly. We will then complete a final plan and work on an implementation timeline prioritizing the most urgent tasks as well as the items you’d like to work on first.
Yes! We have clients who live all over the country. We offer video conferencing as a convenient and casual way to conduct business regardless of location and time zone. As long as you are comfortable working virtually using the technology we provide, we’ll work with you anywhere and will likely have other clients nearby.
We wanted our brand to reflect the full spectrum of generations we serve; Generations X, Y and Z exclusively. Those in process of accumulating or building their wealth - Tomorrow's high-net-worth investor!