How Does My Firm Differ From Others
I was having a conversation with a potential client recently and they kept asking great questions regarding how my practice is so different from her current advisor. I figured I would share some brief highlights.
- We Meet Four Times a Year
- Most advisors meet once or maybe twice a year with clients. When I started a million years ago at Merrill we were trained to only meet once a year.
- Heck, I heard a “practice expert” in my world once say, “No credible advisor meets more than twice a year with clients.”
- Call me crazy, but lots can happen in six months, let alone 12. This is why we meet quarterly, I operate under a 12-week year philosophy.
- I Can Easily Explain What a Client Pays and What They Get
- My fee is $2,500 a quarter. That’s it.
- This covers investment management, financial planning, risk management, tax planning, workplace benefits reviews, estate discussions, and more.
- You already know how often I meet with clients.
- No Worries of Hidden Fees
- The only fee I charge is the aforementioned $2,500 a quarter.
- No hidden fees such as an insurance commission. Or a flat fee charge for financial planning and then charge a percentage fee for investment management.
- The only additional fee that comes into play is for the investments themselves, which I cannot do away with. However, this is why I focus on low-cost investments such as Vanguard.
- Deep Tax Planning Work
- I am a combination Certified Financial Planner and Enrolled Agent. Last I knew 4% of financial advisors have both designations, although I think the real number is lower as the survey was made to advisors who are mostly CFPs.
- The EA is the highest credential the IRS awards. Basically, I have a deep level understanding of tax planning.
- I do NOT do tax returns, but I do a TON of tax planning work with clients.
- Remember – Lowest Lifetime Tax Bill Wins!
- Clients Have My Personal Number and are Never on the Clock
- This one seems pretty self-explanatory.
- If a client needs me quickly, they just call my cell phone.
- There is no bait and switch. A client signs up with me and only works with me.
- Cater to One Type of Client – Physicians.
- Even though my infamous trainers at Merrill told us to not work with physicians, I love working with them. I enjoy working with this profession of clients so much it is the only type of clients I accept now.
- They get stuff done, appreciate my transparency, focus on important things, and seem to like working with me too. What’s not to like😉
- Leveraging Low Overhead for Lower Fees
- Ohio is a low-cost state. Because of this I can charge less for what I do.
- There are a few other advisors out there who run similar practices. All of them charge substantially more than I do, but they also live in expensive locations.
- I pass along this low-cost leverage to my clients.
This seems like a good place to stop. As always, do not hesitate to reach out if you want to have a conversation. I am accepting new clients here at Forward Thinking Wealth Management!