Q&A:
Learn more about Partners Wealth Management
What is your fee structure?
For wealth management services, clients pay a flat fee that varies based on the complexity of your financial situation. After the discovery phase of our process, which is complimentary, we will quote you a fee to move forward with the planning engagement.
Investment consulting is the cornerstone to any wealth management engagement; for this service we receive a fee based on the assets you have under our management.
Can I use just one of your services?
Even though we provide a complete range of customized wealth management services, we understand that not every client is going to utilize each service that we provide. We have conscientiously structured our offerings so that we are able to provide a range of services or a single service to address your needs most effectively.
Do you have a minimum account size?
Our wealth management services are designed to address the complex needs of affluent individuals and families with investable assets that exceed $1 million. For clients that do not meet this threshold, we offer investment management and data aggregation services for those that have investable assets of $250,000 or more.
Do you provide references?
Absolutely. We have many clients who are more than willing to take the time to share with you how PWM has brought value to their life and/or business.
Why should I hire an independent advisor when I can hire the same money managers myself?
The reality is that many of the money managers and other resources we have access to are available only to boutique firms, like ours, focused on serving the complex wealth management needs of affluent individuals. In some cases, you may have access to certain money managers, but still desire the services of a reliable, trustworthy advisor who is an expert in wealth planning, who puts your needs first, and is not subject to conflicts of interest. Your team at Partners Wealth Management has a fiduciary responsibility to help ensure that you are investing wisely and we are always available to discuss your situation, your portfolio and the financial markets with you in person, via telephone or by e-mail.
I consider myself to be financially savvy. Do I need a financial advisor?
Did you know that the majority of all millionaires have hired the assistance of a planner? These highly successful and disciplined people know that accountability is key to success. However, many people with the knowledge and experience to manage their own assets will procrastinate when it’s time to make a decision. Often their own needs take a back seat to jobs or family. We add value not only by helping you develop a plan, but also by implementing and adjusting it when necessary. Our knowledge and accountability as financial advisors can help you take the necessary actions to meet your goals.
What is a fiduciary?
Under ERISA, a fiduciary is any person, company, or association that renders investment advice for a fee or other compensation with respect to the funds or property of a plan, or who has the authority to do so. A fiduciary exercises discretionary authority or control over the management of a plan or the management of the disposition of its assets, or has the discretionary authority or responsibility in administering a plan. Importantly, a fiduciary is bound to always act in the best interests of their clients.
What is a registered investment advisory (RIA) firm?
Our broker-dealer, Kestra Investment Services, LLC and Kestra Advisory Services, LLC, is a registered investment advisory (RIA) firm. Under the Investment Advisers Act of 1940, any firm that is engaged in the business of providing financial advice for a fee is considered to be an “investment advisor.” These firms are required to be registered with the appropriate federal or state agency. As such, Kestra Advisory Services, LLC and Partners Wealth Management are registered with the Securities and Exchange Commission. As an RIA, this means we always put the interests of our clients ahead of our own interests.
WHAT IS AN ACCREDITED INVESTMENT FIDUCIARY® (AIF®)?
An Accredited Investment Fiduciary® (AIF®) is a financial professional who meets the educational, experience, and ethical requirements established by the Center for Fiduciary Studies™ (the Center), the standards-setting body for fi360. Practitioners with the AIF® designation provide specialized knowledge of fiduciary responsibility and the ability to implement policies and procedures that meet a defined standard of care.
WHAT IS AN ACCREDITED ESTATE PLANNER (AEP®)?
The Accredited Estate Planner® (AEP®) designation is a graduate level specialization in estate planning, obtained in addition to already recognized professional credentials within the various disciplines of estate planning. The AEP® designation is awarded by the National Association of Estate Planners and Councils (NAEPC) to recognize estate planning professionals who meet stringent requirements of experience, knowledge, education, professional reputation, and character.
WHAT IS A CERTIFIED FINANCIAL PLANNER® (CFP®)?
Licensed by the Certified Financial Planner Board of Standards, CFPs must complete an advanced college-level course of study addressing financial planning subject areas, including insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning. In addition, they must pass the comprehensive CFP certification examination and obtain at least three years of full-time financial planning-related experience. To maintain the designation, CFPs must complete 30 hours of continuing education every two years.
What is a Chartered Financial Consultant® (ChFC®)?
A Chartered Financial Consultant® (ChFC®) is a financial professional who has completed a specified program of study and meets experience requirements and specific ethical standards established by The American College. Practitioners with this designation are trained to develop and implement comprehensive financial plans for individuals, businesses, and organizations based on demonstrated expertise in multiple areas of financial planning, including income and estate tax, investment planning, risk management, and retirement planning, to objectively assess a client’s current financial status, identify potential problem areas, and recommend appropriate options.
What is a Certified Public Accountant (CPA)?
CPAs must have achieved minimum college education requirements, minimum experience levels working in a CPA firm environment, and the successful passing of the Uniform CPA examination. CPAs are licensed and regulated by state boards of accountancy. In addition, in order to maintain their license, CPAs must complete 80 hours of continuing education every two years.
What is a Chartered Retirement Planning Counselor℠ (CRPC®)?
A Chartered Retirement Planning Counselor℠ (CRPC®) is a financial professional who has completed a course of study encompassing all aspects of mutual funds and their usage as investment vehicles. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations.
What is a Chartered Life Underwriter (CLU®)?
A Chartered Life Underwriter® (CLU®) is a financial professional who meets the educational, experience, and ethical requirements established by The American College. A CLU® has knowledge and training in several areas, including life insurance, pensions, taxation, finance, retirement planning, estate planning, and planning for business owners. Practitioners with the CLU® designation provide guidance on a variety of financial and insurance topics.