Broker Check

FAQ - Frequently Asked Questions

Frequently Asked Questions

Here are some of the most frequently asked questions that we get. If you have more questions or would like to know more, please reach out to us via the contact page. We will continue to update this list as more questions come in. 

Why should I hire a financial planner to manage my money? 

A Financial Advisor can help you connect all of the financial dots in your life to provide comprehensive and objective advice on your personal financial situation. An advisor can help the client set long term financial goals and try to keep them on the path towards achieving those goals. We believe one of the biggest advantages of working with an advisor is their ability to help provide behavior coaching when it comes to investment management.  In times of uncertainty, it may be helpful to work with someone that understands your personal goals and objectives and how they relate to your investments. 

How do you charge for your services? 

We typically charge in one (or a combination) of three ways: 

1) Financial Planning Fee - We can charge a flat fee for completing a financial plan. This fee varies based on the complexity of the financial plan.  More complex plans require more time and research to complete.  You can contact us for a breakdown of the fees associated with these services.  Our current fee schedule is a guide and can be adjusted to accommodate individuals that have more or less complex needs. 

2) Asset Based Fee - We charge a percentage of the investments we oversee for our management and advice. The rate is dependent on the complexity of the investments involved and the size of the account. We do not normally charge an additional financial planning fee if we are managing assets in a fee based account. 

3) Commission - For non-fee based accounts and insurance products, we can receive a commission based on the individual transaction. Depending on individual circumstances, this may be a better option for some clients. 

Do you have account minimums? 

No. However, we do expect to do some financial planning with clients prior to managing any of their assets or making any recommendations.  Some products do have minimums that must be adhered to, but there are many options available. 

Is there a fee for the initial meeting? 

No, and there is no obligation. The first meeting will be to get to know each other and determine if and how it makes sense to work together.  

Can we meet digitally? 

Yes, we have access to meet though video conferencing technology and can share the financial planning software right onto your screen as we work on your financial plan.  It is easy to use and convenient. 

How can I check the background of a financial advisor? 

There are several resources to check: 

If the advisor is a CERTIFIED FINANCIAL PLANNER™ Professional, you can check the https://www.cfp.net website for verification of the designation and disciplinary history if there is any.  

You can also check the website of FINRA (The Financial Industry Regulatory Authority) https://brokercheck.finra.org

And, the website of the Securities and Exchange Commission (SEC)  https://adviserinfo.sec.gov can also be checked for background information about an advisor or company. 

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Waddell & Reed offers investment advisory programs and financial planning services in its capacity as a Registered Investment Adviser.  For more information request a copy of the Waddell & Reed, Inc. ADV Brochures for a complete discussion of these services and the fees associated with them.

(05/20)