The Three Things You Need To Know About Any Advisor
#1: Their Fees
I do not receive commissions, kickbacks, or other undisclosed revenue sources.
I charge a flat fee for a financial plan. The standard planning fee is $8,400. Planning engagements for business owners and high-net-worth individuals are $12,000. The fee is negotiable.
Our Wealth Management Service provides ongoing support. It includes assisting with implementing your plan, a maintenance calendar, plan updates, and unlimited access to a planner. I waive the monthly fee for ongoing support if I manage more than $500,000 of your assets. Otherwise, the cost is $416 per month, which is negotiable.
Financial Consulting is an alternative to our Financial Planning and Wealth Management services. This option is designed for clients who need specific, targeted advice of limited scope. I bill at $500/hour, and the fee is negotiable.
I charge percentage-based fees for the investments I manage, which can be debited directly from the account:
1% on the first $1,000,000 of assets I manage
0.75% between $1,000,001 and $5,000,000
0.50% between $5,000,001 and above
Asset management fees are also negotiable.
#2: Their Credentials
Packard Wealth Strategies is an independent Investment Adviser. This means that I am committed to recommending what is truly the best fit for your situation without being tied to any particular products or strategies.
As a fiduciary, I am legally obligated to prioritize your best interests first, which is a responsibility that I take very seriously.
I have two well-respected industry certifications. I am both a CERTIFIED FINANCIAL PLANNER™ professional and Chartered Financial Consultant® (ChFC®). These credentials reflect my deep commitment to the highest standard of financial planning.
A CFP® professional understands complex financial planning issues. They commit to serving their clients’ best interests and adhering to an ethical standard. The rigorous exam and code of ethics ensures clients receive the highest standard of service.
A ChFC® gains advanced knowledge through extensive course work. They have skills in key areas such as retirement planning, tax planning, risk management, and estate planning. This designation emphasizes my dedication to providing well-rounded and sophisticated financial advice.
#3: Their Service Offering
I offer a full set of financial services. My approach starts with understanding each client’s goals. An Investment Policy Statement (IPS) transforms these goals into a tangible document. This policy drives our decision-making on portfolio construction.
My firm practices both discretionary and limited non-discretionary management. This ensures flexibility and alignment with our clients’ preferences. We specialize in managing portfolios for a varied client base. This includes individuals, high-net-worth individuals, and various institutions.
Separate from investment management, we provide standalone financial planning services. This is a focused engagement. It aims to align current finances with future goals. It covers aspects like tax planning, retirement, and investments.
Clients seeking an integrated solution can use our Wealth Management service. It combines investment advice and financial planning. This offering is for long-term engagement. We will make ongoing changes and have yearly reviews. This way, we can stay aligned with changing goals and market conditions.
In collaboration with Wealth, Inc., we extend our services to estate planning, though we don’t provide legal advice. We provide retirement plan services. We offer thorough analysis and educational support. We operate under ERISA standards to ensure fiduciary duty.
Our fees are clear. The market value of managed assets serves as their basis. There are different tiers for various investment sizes. We offer financial planning for a fixed or hourly fee. Our wealth management services are for clients with large asset bases.
We inform clients about the risks in investments. We stress the need to understand and accept these risks as part of their financial journey.
Packard Wealth Strategies commits to providing tailored financial advice and planning. The advice relies on evidence. It caters to the unique needs and aspirations of our diverse clients.