The financial services industry has changed a lot over the years. The traditional model of investment management was falling short of meeting clients’ needs. There has been growing distrust of the industry thanks to the 2007-2008 financial crisis, complexity of rules and regulations, and too much ambiguity about costs for services. And with the evolution of technology making it faster and easier to get basic advice online, why would anyone work with a wealth advisor today? My personal opinion – biased though it may be – is that the level of customization, the depth of knowledge and the value of services provided far exceeds other available options. And far exceeds our cost.
At Wymer Brownlee, wealth advisors do not charge hourly fees for financial advice. Rather, we charge an annualized percentage based on assets managed on your behalf*. As your assets grow, our fees reduce at specified thresholds. We understand you work hard for your money, and paying for financial advice might not seem like a necessity. But an advisor can help make what you earn work harder for you.
Our commitment is never to charge more than the value our clients receive. We love when that value is mirrored in your returns. However, the stock market and economic cycles are outside of our control – much to our dismay. Fortunately, the value advisors deliver extends well beyond a tangible, short-term gain.
The percentage we charge is inclusive of the following invaluable services:
Financial Strategy: Identification, prioritization and mapping to financial goals; Portfolio design, fund selection and asset allocation**; Debt management, budgeting and cash flow assessment
Optimization & Management: Regular portfolio rebalancing; Proactive tax-loss harvesting; Biannual strategy reviews and revisions
Behavior Modification: Ongoing coaching to avoid financial mistakes; Accountability to stay on-plan and achieve goals
Preparedness: Planning for broad family and business needs including insurance, estate planning and succession planning; Referrals to our network of trusted professionals
Situational Guidance: Advice to navigate significant life circumstances including changing jobs, buying a home, marriage, divorce, death, caring for an aging parent and more
Expertise: Educated, experienced, fully licensed advisors certified to provide financial advice; Robust knowledge of the economy, market, investment products, taxes, business operations and more
Support Staff: A team of sharp, responsive, caring people available to answer questions and dedicated to your success
Many companies have attempted to calculate a quantifiable value for today’s financial advisor – ranging between 3% according to The Vanguard Group, Inc. to 4.63% according to Russell Investments. Whichever research you go by, it far exceeds the percentage charged.
Holistic financial planning is not the same as investment management. If we were merely asset managers, many of the services above would not be delivered. That means, we’re not the right fit for everyone – and that’s okay. If asset management is all you want or you’re comfortable with financial advice based on predetermined rules and algorithms, there’s likely an office on the next corner or online service that’s right for you. But if you want someone on your side, offering clarity, confidence and a roadmap to the future you picture, then we look forward to serving you.
Blog by Aaron Waters, Wealth Advisor
*This fee applies to all managed accounts. Mutual funds and insurance policies are commission based, paid either by the client or insurance carrier.
**Asset allocation does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Category: Financial Service Team
