Q. What do I need to bring to my first meeting and is there a cost for the first meeting?
A. Our initial consultation is at no charge. In general, the more information we have going into our initial meeting, the more productive it will be. Please see the IWM Financial Planning Survey in the Data Collection section for a listing of the information that will help us help you.
Q. How often does IWM meet with its clients after the initial meeting?
A. How often we meet after the initial meeting is really up to you. Meetings can range from monthly to annually. How we meet is also whatever you are comfortable with, face to face, email or conference calls are all acceptable. We will work together to determine the frequency and format of future meetings.
Q. Why did IWM choose Fidelity Investments are the custodian?
A. We recommend Fidelity Investments due to low trading costs, excellent customer service and a wide range of high quality investment options. You are also welcome to use the custodian of your choice if you prefer.
Q. Most firms charge a fee for a full financial plan, why does IWM choose not to charge a fee for this service?
A. We are dedicated to helping our clients realize their financial dreams. The cost of preparing a comprehensive financial plan is covered by the investment advisory fees.
Q. How capable is IWM to support High Net Worth Clients?
A. IWM is well positioned to support High Net Worth (HNW) clients and several of our current clients are in that category. Our team of experts can support the legal, tax and estate planning needs of HNW clients. We have access to a wide range of equity, fixed income and alternate investments. We also have the support of the Fidelity Advisor Portfolio Construction Guidance Team to develop and analyze larger, more complex portfolios.
Q. Who is the typical IWM client and what is your average portfolio size?
A. Our clients range from recent college graduates to seniors well into retirement. They are professionals with established careers, focused on growing retirement assets/income while often funding educations. Our median portfolio size is $500K.
Q. IWM appears to be a small firm, do you have a succession plan?
A. Being small allows us to focus on you and your financial goals but we also know that things happen. Our succession plan includes a list of alternate advisors and we can provide you the names when we get started. In the unlikely event that IWM is not able to support our clients, your assets are always accessible and in the custody of Fidelity.
Q. What costs are associated with trading stocks, ETF’s and mutual funds?
A. Fidelity Investments offers many ETF’s and mutual funds that do not have any trading fees. For ETF’s and stocks that do have trading fees, the fee will be $7.95 per trade if you choose to receive electronic instead of paper statements.
Q. Do you personally own the same investments that you recommend to your clients?
A. Investment plans are prepared for each client taking into account their goals, risk tolerance, time horizon and overall financial status. We personally own many of the investments we recommend to our clients so in effect, we “eat our own cooking”.
Q. Are you a fiduciary?
A. Yes IWM is a fiduciary. We are continually monitoring your investments and your changing financial situation. It is our responsibility to recommend investments that are suitable to you given your financial picture.