We know that you’ll have questions as you begin to think about finding the right firm to help you achieve your financial goals. These are a selection of the questions we hear most often. Of course, we’re always ready to answer any question you may have. Just reach out!
Why should I use a financial planner?
A knowledgeable and experienced financial planner is a trusted counselor who can help you make good decisions, not emotional ones. This is an important factor in today’s fast-paced and complicated financial world.
According to Fidelity, one of the largest do-it-yourself brokerage firms, “A good advisor is a partner on your financial journey.” Fidelity acknowledges the following benefits of working with an advisor:
• Investors who work with an advisor are generally more confident about reaching their goals.
• Industry studies estimate that professional financial advice can add between 1.5% and 4% to portfolio returns over the long term, depending on the time period and how returns are calculated.
• Good advisors will work with you to create a personalized investment plan and identify opportunities to help grow and protect your assets.
I thought financial planners only handled investments? What is the “financial planning process”?
The Certified Financial Planner Board lists 72 “Principle Knowledge Topics” needed to be a financial planner; “Investment strategies” is only one.
Before becoming a client, most people will meet with us two or three times. The initial meeting is for fact-finding and determining if we are a good fit for each other. The second meeting is for presentation and discussion of our recommendations. The third meeting is to implement the
recommendations that you select.
Who is our typical client?
The majority of our new clients are at or near retirement with the general topic of interest being retirement. Given our proximity to Washington DC, many of our clients are Federal Government employees or employees of various government contractors. We also serve a number of
local business and non-profits.
Do I need to have a minimum amount of money to invest with Wealth Management Partners?
No, we do not discriminate. We will not turn anyone away who needs our help.
What does it cost to meet with Wealth Management Partners?
There is no charge for an initial appointment. Should we mutually decide to move forward, a planning fee, advisory, or commission may be charged depending on the services.
How are we compensated?
We offer a full range of products and services and compensation methods including: asset management fee, hourly fee for advice, flat fees for financial planning or helping an organization create an Investment Policy Statement (3rd party managers) and commissions. This makes us very different from “fee-only firms”. We can offer solutions that fit a broader array of your needs like life insurance or help your children with their first investment accounts.
I’ve read that “fee-only” advisors are better. Is this true?
No, there is no business model that is “right” for every advisor or every client. Because we view financial planning as encompassing more than just what investments you hold, we choose to
offer a wide range of solutions to fit your needs.
We believe a person’s moral compass is based on their upbringing, not on their manner of compensation. The proper application of one’s knowledge, experience and expertise are also not determined by how they are paid. The fee-only concept markets well, but the reality can be
After we become clients, will who we work with change?
The benefits of working with Wealth Management Partners are that we share the same philosophies and work as a team. Should you have a service need, any one of us can assist you.