1. “What Is Financial Planning?”
“Financial Planning is the process of meeting your life goals through the proper management of your finances” – as defined by the Certified Financial Planner Board of Standards, Inc. The financial planning process consists of steps that help you take a "big picture" look at where you are financially.
2. “What is Private Wealth Management?”
Private Wealth Management is the term generally used to describe a highly customized and sophisticated investment management, financial planning AND tax advisory service delivered to high net worth investors. In addition to the typical financial planning topics, private wealth management includes advice on the use of trusts and other estate planning vehicles, business succession or stock option planning, and the use of hedging derivatives for concentrated equity positions. Due to the high impact of income taxes on a client’s situation, tax advice may take a more central role in the delivery and depth of the recommendations.
3. “What is a Personal CFO?”
A corporate Chief Financial Officer (CFO) is described as a senior manager who is responsible for overseeing the financial affairs of an entire company, including strategic financial planning, Investment decisions, cash flow, tax reporting, etc. Generally speaking, a CFO will have a team of experts to support him as they advise their CEO (client).A Personal CFO can be described in a similar way – as the senior advisor responsible for overseeing the financial affairs of an entire family or wealthy individual. Similar to the corporate CFO, a Personal CFO will rely on other advisors and experts to support him in advising their client on the optimal and effective way to achieve a client’s goals. Our mission statement is to help our client’s define and achieve their life aspirations.
4. “How do you work with clients?”
After years of experience working with many individuals and families, we have learned that even clients with “financial plans” often fail to achieve their life goals. This has taught us that clients need more than a plan; they need a dedicated relationship AND a disciplined process for decision-making. In order to meet our client’s needs, we have developed a proprietary decision making process. We call this process "the framework," and when applied in a holistic way towards a client’s financial decisions can ultimately help them achieve their life aspirations.
5. “How do you charge for your services?”
We charge an annual retainer for Personal CFO Services and a percentage of assets for any investments that we manage.
6. “So you are an investment management firm?”
In part. Investment managers typically provide a limited set of services. Like a quarterback on a football team, their primary concern is playing offense. Many of our clients have accumulated sufficient wealth to be equally concerned with offense and defense. Our role is more similar to that of a general manager; who is hired by an owner (our client) to help put together the best all-around team, not only for the immediate season, but strategically planning for seasons to come. We design and implement estate strategies, plan around tax laws, prepare tax returns, oversee risk management and insurance programs, prepare and manage cash flow strategies, and supervise our entire investment strategy, whether the assets are managed by us or not.
7. “Who are your clients?”
The majority of our clients are either Entrepreneurs or Senior Corporate Executives. However, anyone with wealth that values having a Personal CFO would be a potential fit for us.
8. “Do you have a minimum of assets of net worth?”
We do not have a minimum net worth to become a client, however most of our clients have a net worth between $1 Million and $10 Million OR they have an annual household income in excess of $350K.
9. “How does someone become a client?”
We primarily work with individuals that have been referred to us by other clients or key advisors. This is our preferred method of marketing our services because there is an established level of trust in place. However, if you are not referred, we would ask you to complete a questionnaire that will help us both determine if we would be a good fit for each other.