As a "fee only" investment advisor (no commissions), we at Family Wealth Management become your one source for coordination of all of your financial needs. We begin with a meeting to determine your financial goals and objectives, review your estate plan and insurance coverage to determine inefficiencies, and conclude with a recommended financial plan suggesting investment strategies that give you the greatest chance of meeting your financial goals. While each of our clients is unique, they all have one thing in common: They want unbiased advice from experienced professionals. Our clients look to Family Wealth Management to provide an objective, third party perspective when considering the best strategies for their financial outlook. Whether it is managing the client’s financial affairs or managing their assets to preserve capital, our clients look to us to guide them toward financial security and peace of mind.
1 - Initial Meeting
This phase of the process is considered the information gathering phase that helps our team to determine your financial goals and objectives.
2 - Risk Profile
In order to construct a portfolio that best fits your financial goals and objectives, we need to understand the level of risk that you can tolerate in any given market. Therefore, we ask prospective clients to complete a risk tolerance questionnaire (RTQ). The questionnaire results, together with the financial objectives established during our initial meeting(s), enable our firm to gain perspective on your tolerance for volatility.
3 - Additional Analysis (Upon Request)
- Estate Planning Review
- Does Current Division of Assets Utilize the Maximum Applicable Estate Tax Credit
- Multi-Generational Planning - Generation Skipping Trust
- Special Needs Trust
- Risk Management Analysis
- Property Insurance
- Life Insurance
- Long-Term Care Insurance
- Retirement Funding Analysis
- College Funding Analysis
- Family Philanthropy
- Maximize Charitable Intent Through the Use of a Variety of Instruments
- Supporting Organizations
- Private Foundations
- Donor-Advised Funds
4 - Investment Policy Statement
Family Wealth Management will create a wealth management proposal reflecting the analysis of your existing investments and the associated risk within that portfolio and our recommendation(s). A draft Investment Policy Statement along with fundamental information on the reasoning behind our recommendations will be presented for discussion and review. The resulting Investment Policy Statement will act as a guide for your investments at Family Wealth Management.
5 - Implementation
Upon execution of the Family Wealth Management proposal and upon agreement to the final Investment Policy Statement, we will open your new accounts, transfer funds, and execute the necessary trades. Regular portfolio rebalancing and tax harvesting are fundamental aspects of portfolio performance.
6 - Communication
Family Wealth Management provides quarterly performance reports to each client that includes an update on how accounts are performing net of fees and expenses. Additional client communications consist of newsletters from Steve Thorne and Ben Warwick along with informative conference calls that keep our clients apprised of both financial and news events in regard to the market and Family Wealth Management. In addition, annual client reviews are encouraged with a member of the Family Wealth Management team to discuss any changes that have occurred in financial assets or changes in time horizon, liquidity needs, or an overall change in goals and objectives.
We at Family Wealth Management believe the future of wealth management is trust and confidence. We believe it is important that clients be able to answer three basic questions in regard to trust and confidence in their wealth management firm.
Can I trust that my assets are protected against theft and fraud with my wealth management firm?
At Family Wealth Management, we utilize Charles Schwab & Company an independent third party custodian for traditional assets. Charles Schwab mails statements directly to our clients showing security positions which can be compared to Family ealth Management reports. Clients also have access to their statements 24 hours a day via the Schwab website. Finally, Family Wealth Management does not hold any cash or securities at our office thereby providing greater protection for our clients' assets.
Can I trust that my wealth manager has my best interest at heart, rather than his or her own?
As a "fee only" investment advisor, potential conflicts of interest are minimized. The Firm earns no commissions. With a sliding scale fee based on the amount of assets we are responsible for managing, our financial interests are aligned with our clients. Our success depends on the achievement of our clients' goals and objectives. No commissions or other transaction-based fee income means no incentive to "sell".
Do I have confidence that my wealth manager utilizes an investment process that will provide me with the best opportunity to achieve my long-term goals?
We believe that the tools of Modern Portfolio theory empower us with a methodology for building superior investment portfolios. This has been tested in all types of market conditions for decades and has consistently protected investor wealth from the perils of non-diversification. By delivering a comprehensive set of financial services, with a team that concentrates on their professional disciplines, the client is ensured of coordination of effort, which improves the likelihood that overall financial goals are met.