The following questions are designed to help you see “behind the curtain” of our firm and any firm you might entrust your financial future.
You can click on any of the questions below to see our in-depth answer.
In a word, YES.
Imagine going to your dentist for your six-month checkup. However, before the dentist looks at your teeth or even asks if you’re having any problems, he recommends that you need a root canal. Not only this, he recommends that you need a root canal today because prices are going up tomorrow.
While this may sound completely absurd in the medical profession, you might be surprised how often this happens in the investment and life insurance industries. In other words, before a financial advisor even understands your entire financial picture, he just starts recommending some random product or investment regardless of whether you need it. Obviously, he’s just trying to sell you something.
At NextGen Wealth, we take our Fiduciary duty very seriously and always act in our client’s best interest.
Not only is it our legal obligation, it’s the right thing to do as a human being. Being sold to or pushed into buying something is uncomfortable and just plain gross. This is something we would never do because we would never want to go through it ourselves nor any of our family members (even though we all probably have).
We recommend to our clients the same investment strategies used in our personal accounts and the accounts of our immediate family members. Our commitment to honest and ethical behavior has allowed us to build a very successful firm.
The short answer is, YES.
Just as we stated in the Q&A above, if we don’t understand your entire situation, then how are we going to make the correct diagnosis and provide the recommendations that truly are in your best interests.
Before we ever make a single recommendation for something we may get paid for, we have a legal and moral/ethical obligation to ensure it’s the absolute best fit for you. And, if we don’t understand your entire financial picture, we’re simply unable to do this.
Let’s face it, if your car was having mechanical issues you would want your mechanic to run a full diagnostic so they could identify the problem. You wouldn’t just want to bring your car in and have them make their best guess or, even worse, have them immediately try to sell you something that who knows would even fix the problem. If you’ve ever experienced this (probably many of us), you never went back to that mechanic again, did you?
Well, again, that’s exactly why we want you to go through our Getting Started Process™ and then our Financial Planning Process so we can have a complete understanding of your entire financial picture.
To read my full bio, both fun and professional, click here to get the full rundown.
However, in becoming a Certified Financial PlannerⓇ, I had to spend nearly two years and over 500 hours studying and preparing to pass the exam to become licensed. Along with this, I regularly exceed the amount of continuing education hours that are required in order to maintain my CFPⓇ license.
I also take pride in understanding tax planning, estate planning, and insurance planning strategies that we regularly implement with our clients. I can assure you that the value we provide goes well beyond investments only.
As of 2020, we currently serve about 40 families. We have intentionally limited the size of our practice to ensure every client receives the service they require to achieve their financial goals.
The maximum amount of families we will bring on in one year is limited to 10 with 7-8 being the average. Again, we are very selective with who we work with as we want it to be an ideal fit for both parties.
Most of our clients fall into the wealth accumulation phase of life (40 and 50’s) and have done a very good job of saving for themselves. However, we do work with a number of recent retirees, helping them create strategies that will ensure their money will last for the rest of their lives.
Our clients’ investments range from $250,000 to $5,000,000. We primarily focus on the investment, tax, and legal issues related to families and retirement.
Another fantastic question and one you should always ask your financial advisor. And, obviously, they should be completely transparent about it. If they aren’t or something just seems off, well, I would suggest finding a new advisor.
As far as our fees go (which we detail in our client agreements), each quarter we deduct a fee equal to 0.25% (or less) directly from the accounts under our management. This deduction is detailed in the quarterly statement we provide to all of our clients. To put this fee in perspective, most days the stock market moves more than 0.25%.
Now, those are the fees that go to NextGen Wealth for all of the services we provide. There are also internal expenses in the mutual funds and ETF’s that our clients are invested in. We do our best to keep those well under the fee that you pay to us and continue to look for lower fee options regularly.
It only makes sense to hire a financial advisor, or any professional, if the value they provide exceeds the fee being charged. In other words, the time and effort saved, plus the tax savings and potentially increased investment returns need to exceed 0.25% quarterly (1.00% annually). The financial plan we present to you will clearly quantify the benefits you will receive.
For your convenience and safety, NextGen Wealth utilizes Charles Schwab as the custodian for our client assets. As custodian, Charles Schwab holds your funds and provides reporting to you and the IRS. Your accounts can be viewed any time at www.schwaballiance.com.
Really, it depends on how often you want to hear from us. On an annual basis, we offer May and October as our annual review months so you are welcome to schedule a review in one or both of those months. However, we do require at least one annual review per year.
Of course, if something comes up and you need to meet with us immediately, then we will certainly make it a point to get together. With that being said, you are welcome to call, email or stop in anytime.
Also, client education is very important to us. We publish 1-2 blogs on a weekly basis as well as our monthly newsletter which all of our clients receive.
Charles Schwab will send out monthly statements and we will send you a quarterly performance report that clearly displays what is going on in your accounts.
Another great question but one that hopefully doesn’t come to fruition while I’m still serving as your advisor. However, if something were to happen, since your accounts are already held at Charles Schwab, they would remain there but I would no longer be listed as the advisor on those accounts. They would still be fully invested just as though I were still your advisor.
From there, you could simply leave them at Charles Schwab and choose to work with one of their advisors or you might choose to go out on your own to find another advisor. The choice is completely up to you, but your first point of contact would be Charles Schwab.
Yes. We have assisted clients in solving an assortment of financial issues such as 401(k) plans, IRS audits, family deaths, disability, tax issues, real estate, debt, Social Security, Medicare, health insurance, college, gifting, and almost any other financial issue imaginable. While we certainly don’t have all the answers, through our network of resources, we will not stop until a solution has been found.
NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.
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