Broker Check

FAQ's

Are you accepting new clients? ↓

ABSOLUTELY!!! Yet because we are so committed to serving the needs of our existing clients, we will never cold call or actively solicit you. We believe that when you are ready for a financial planning discussion you should reach out to us. We are only looking to establish life-long relationships with clients, and as such we believe that you should seek a firm that exudes experience, integrity and a style that matches your needs.


Where do you meet with your clients? ↓

Most appointments are scheduled in our office, with few exceptions. Our office hours are from 9:00am to 7:00pm daily. We have elected to refrain from weekend appointments as we believe that it is incumbent upon us to be a model of work/life balance. Thus, we want to show that it is possible to work hard during the day, and have time with our family as well.


How do I schedule an initial consultation? ↓

An initial email to [email protected] or phone call to our office is best. It is usually best to speak briefly with one of our CFP professionals prior to scheduling your actual initial interview so that we can allot the appropriate time for your visit. Your initial consultation will last anywhere from 45 minutes to 90 minutes. The disclosure kit we send you will include what you need to bring to our meeting. The initial consultation is free of charge.


What should I expect from an initial consultation? ↓

You can expect our meeting to be informal and focused as much on "getting to know you" as it is about you learning about our firm. During our meeting, we will seek to understand your unique goals and objectives by asking questions that cause you to think about "money issues" in ways you may have never thought before. Of course, we will also briefly review details pertaining to your assets (what you own), liabilities (what you owe) and your insurance (what protects you and your family from risks).


What can I expect at the conclusion of an initial consultation? ↓

At the conclusion of our meeting, we will:

  1. Review your goals and objectives — We want to be sure we heard you correctly
  2. Review our process for preparing a financial plan — After all you should know what you are buying
  3. Review our costs — We charge a financial planning fee (minimum $750) to prepare a custom analysis, executive summary letter and recommendations
  4. Our Promise to you — Following our initial meeting, we will dictate a memo to your file so that we can remember all of the specific facts pertaining to your situation. In addition, we will send you a thank you letter which restates the goals and objectives we discussed in our meeting along with any other information we need to gather from you. This may include:
    1. You signature on our Financial Planning Agreement
    2. Actual statements from various financial institutions
    3. Other items of importance.


What can you send me about your firm? ↓

Our comprehensive disclosure kit will provide you with a complete overview of our firm’s background, our services, our experience and, of course, how to prepare for a complimentary consultation with us. Click here or call us at (617) 600-4676 .


How do you define Financial Planning? ↓

We believe that if you ask twenty different people you’ll get twenty different definitions about how to describe financial planning. Unfortunately, if you ask twenty financial planners the same question, it’s likely that you’ll get another set of different answers too. At Concierge Wealth Management we are dedicated to helping our clients identify whether they are receiving financial planning services or not. We simply call it "the Formula for Financial Planning" We believe that Financial Planning "done right" needs to include conversations around your "feelings" about money issues as much as it includes the "facts" that support them. In addition, conversations around "financial confidence" issues such as protecting loved ones, protecting your income and protecting your legacy are critical elements that need to be woven into the planning conversation.


What is the formula for Financial Planning? ↓

Our formula of financial planning is as follows:

We believe that in order for someone to say they received financial planning, the client must feel confident that their planner:

  1. Asked questions about their Goals, Challenges and Successes (We call this Discovery)
  2. Explore how effectively the client has elected to help protect their family, their health, their life and their legacy. (We call this Capital Protection)
  3. Discuss issues that impact the quantitative elements of their financial life with particular attention to how changes in cash flow, market volatility, inflation and other factors will impact the client’s expectations. (We call this Wealth Management)


What is WealthVision? ↓

WealthVision is our state of the art, fully integrated financial planning software system. All clients who, after completing a financial plan, maintain advisory accounts are eligible to participate in our single-access point, integrated software. This web-based, highly secure system allows clients to view their overall net worth on a single page, while having their financial data updated automatically on a daily basis. Access to investment reports, financial planning progress, realized gain and loss statements and snapshots of your insurance and liabilities are accessible at your fingertips.

In addition, clients have the opportunity to upload private documents such as wills, trusts, insurance policies, deeds and more to your own secured on-line vault.


What goes into the construction of a Financial Plan? ↓

Step #1:
Each client relationship is unique, yet in general, we first construct a comprehensive Net-Worth Statement that details assets and liabilities as well as ownership of each item. We may also prepare a cash flow statement and other supporting schedules. We do this to insure that our analysis is based on our collective understanding that your "financial snapshot" is accurate; after all "garbage in is garbage out".

Step #2:
Your net worth will be sent to you for your review prior to us beginning any detailed analysis.

Step #3:
Upon receipt of your approval of the net worth statement, we will begin our comprehensive analysis which will include a review of (but not limited to):

  1. Previous Tax Returns
  2. Pay Stubs
  3. Benefits Booklets
  4. Investment, Retirement and Bank Statements
  5. Insurance Contracts
  6. Deeds to Property
  7. Any and all outstanding debts, including:
    1. Mortgages
    2. Equity Loans
    3. Credit Cards
    4. Student Loans
    5. Personal Loans
    6. Etc.
  8. Estate Planning Documents such as:
    1. Wills
    2. Trusts
    3. Powers of Attorney
    4. Health Care Proxies
    5. Etc.

We recognize that every individual’s situation is unique and it is critical that we understand the mechanics behind each component of your financial life before proposing any recommendations.

Step #4: Continued Analysis 
During the analysis phase, we will identify your strengths and your points of vulnerability. We will make individual comments on particular areas of your situation.

Step #5: Recommendations 
Our financial plan includes relevant recommendations that address your point of vulnerability and offer strategies (which you can implement on your own) to help you address your goals. IMPORTANT — You are under no obligation to implement any financial planning strategy through our office. As LPL Investment Advisor Respresentatives, we are obligated to deliver an objective representation of your financial situation and empower you with a road map that can be implemented anywhere you see fit.

Step #6: The Financial Planning Presentation
All financial plans are presented in our office. You should budget between 1 and 2 hours for our highly interactive presentation. Many of our strategies are presented through our State of the Art WealthVision software program which allows us to play "what if" scenarios while we collectively discuss your situation. We utilize a combination of financial planning software, spreadsheets, research and our personal experiences as tools that guide us towards our recommendations.

Step #7: Implementation 
At the conclusion of our financial planning presentation you will be provided with an action plan. This document will serve as a timeline and guide that prioritizes items of importance and issues you need to consider.


Are you really committed to Financial Planning once assets are under your management? ↓

Absolutely!!!! As an advisory client, we are committed to delivering the same depth of analysis and reporting that we developed for your initial financial plan. On an ongoing basis, we will continue to update the progress of your goals and make recommendations as needed. In addition, our client’s continuously turn to us for advice on the following areas:

  1. Advice and analysis on large purchase considerations such as a home, boat or car. In fact, we’ve been known to visit auto dealerships with many of our widowed and single clients so that the "sales" process doesn’t seem so daunting.
  2. Analysis of corporate benefits such as stock options, deferred compensation plans, executive bonus plans, etc.
  3. Ongoing review of your homeowners, automobile, and umbrella policies.
  4. Continued analysis of Life, Disability and Long Term Care Insurance.
  5. Ongoing conversations pertaining to estate issues such as legacy planning, tax planning charitable giving and more.


I just want help with my investment portfolio. Will you help me? ↓

Yes, but with a caveat. We find that many clients that “just want help with my investments” really want help in multiple areas of financial planning. Our initial meeting will focus on your overall financial picture. If you decide to focus just on investments, we are happy to help, but please understand we will not answer any questions pertaining to financial planning.

We simply don’t believe that it is possible to place the interests of our clients first without initially capturing both a snapshot of their financial well-being, as well as a clear understanding of their financial goals and objectives.


Do I continue to pay an annual financial planning fee if I use your Investment Advisory Services? ↓

Clients who elect to hire our firm as Investment Advisory Representatives, after the completion and presentation of an objective financial planning analysis, will continue to receive ongoing updates, regular monitoring and periodic reviews that address their overall financial planning objectives. We do not accept investment advisory clients without first knowing our client’s overall financial situation. This allows us to truly place the interests of our client’s first and align with our Code of Ethics as CERTIFIED FINANCIAL PLANNER® Professionals.

Most clients who choose to invest through our firm utilize investment advisory programs offered through our broker/dealer LPL Financial.


What is... ↓

What is your research process? ↓

Many clients ask us how we’re able to manage so much money AND maintain such personal relationships with our clients. We are able to do it because of the relationships with maintain with LPL Financial’s Research Department. Comprised of over 40 independent analysts, economists, strategists and CFA’s we rely on their independent assessments of the global economic environment as a baseline for our client portfolio construction. In addition, they offer recommendations and insights on specific investments. While we regularly incorporate our own firm’s perspectives and judgment on which investments to utilize in a client portfolio, it is nice to have a full-time LPL research department supporting our practice.

Our research process allows us to custom construct portfolios that can include client legacy positions (investments you already own) along with no-load, institutional and load-waived funds. In addition, we can include exchange traded funds, stocks, and individual bonds.

Our alliance  with the largest independent broker/dealer in the USA (as reported in Financial Planning Magazine — June 1996-2017, based on total revenues), grant us access to multitudes of insurance carriers, annuity companies, cash management tools, and more. As independent representatives we are free to select from companies that can better serve our client’s interests.


How often are portfolios reviewed? ↓

While each client portfolio is individually constructed, there are about 50-60 securities that frequently appear in many client accounts. Each day, both LPL Financial’s research department and our office review data and nuances that impact these securities and their corresponding competitors. We also conduct a monthly manual performance review of our most popular securities.


How often will you look at my portfolio? ↓

At least once per year, your portfolio is independently examined for rebalancing considerations, tax strategies, and continued alignment to your overall investment objective. Throughout the year, your portfolio may experience changes in allocation or holdings as we consider new additions, replacements or removals of investments from client portfolios.


Will you provide performance reporting on investments you manage? ↓

Performance of your investment account is maintained from the date the first dollar is deposited into your account. Each calendar quarter, you will receive a performance report of your portfolio. We can also produce performance reports for any time period you’d like and measure your account against several benchmarks.


What happens if there is a tax liability when an investment is sold? ↓

In the event a client will experience a significant tax liability due to a sale of a security, we will contact you directly to discuss strategies and alternatives. We work very hard to insure that tax management plays a significant role in the continued supervision of your investment portfolio.


Tax Treatment of Advisory Fees ↓

Unlike commissions and brokerage fees, your advisory fees are potentially deductible if they exceed 2% of your adjusted gross income. You should consult with your accountant to determine whether you could benefit from this tax savings.


How often do you meet with your clients? ↓

At Concierge Wealth Management the number of meetings/reviews is left to the discretion of our clients. Oftentimes we find that clients prefer to meet 3-4 times during the first year, and then 1-2 times in years that follow. Our contact management system, Salesforce.com for Financial Advisors, ensures that we schedule an appointment with you at least annually so that we can both review your personal financial situation, and also learn about changes that may have occurred in your life. At the end of your first meeting of the calendar year, we will schedule your meetings for the rest of the year, just like a doctors office. We understand your schedule may change, but we want to make sure that we are on your calendar.


What can I expect during a client review meeting? ↓

We believe that client review meetings are equally as important as the first meeting we ever held with you. You can expect to have us start with the "Financial Planning Formula". We’ll be asking questions about any events that have changed in your life, any financial issues that have caused you to save, spend, or earn more money. Hopefully all of your financial information will be aggregated through our WealthVision program by your first review meeting. This will allow us to have up-to-date information on all aspects of your financial life and we can be prepared to offer thoughts and feedback to you. In addition, we will review the overall asset allocation, risk tolerance, performance and projections designed to help you work toward your goals.


Do you prepare tax returns? ↓

We don’t prepare taxes because we want to be dedicated all year round to your financial planning needs. As changes occur in your financial life, it is important to compare and contrast the impact taxes will have on these decisions. When appropriate, we will refer you to a qualified tax professional that we can work in tandem with to maximize your output.


Have a different question?  Let us know.

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