“Are there any hidden fees, minimums or products I have to buy?”
No. We are in the wise decision-making business not the product sales business. PBL Wealth Management is a privately owned, independent Registered Investment Advisor. We do not work for a large brokerage firm and we aren't beholden to someone else's agenda. Our sole focus is serving the ones who have entrusted us with their wealth management and putting their interests first. Because of this, we only engage clients for whom we believe we can provide substantial value. We will take time prior to any client engaging our firm to make sure there is an ideal fit between our services and a potential client's needs. We are happy to provide an introduction to another professional in cases where we determine there is not a fit.
“What if I already have a financial adviser?”
You're in good company. The majority of our clients already had a financial adviser relationship when they came to us. One of two things happened in each case: They either found that what we provided was so different from their existing adviser that we could collaborate or, more often, they came to see us because they felt they weren't getting what they needed from the existing adviser. We're happy to provide a complimentary second opinion on your current plan or portfolio and handle the transition from your prior adviser on your behalf should you choose to engage our firm exclusively.
“How do you get paid?”
Because we are an independent firm, we are able to align our compensation structure with our clients' needs. We can be engaged on a fixed, monthly fee basis and we're able to be engaged based on a percentage annual fee for our portfolio management services. The fixed fee is based on the services to be provided and the percentage fee is determined by the size of the investment portfolio we directly manage for a client. In any case, our clients know exactly how much their wealth management costs up front.
We do not receive commissions from investment products nor are we licensed to sell commission-based investment products. Our advisers are licensed in certain states to implement and oversee strategies that utilize life, disability and long term care insurance products. We handle this aspect of our clients' plan implementation when necessary. Properly licensed advisers receive a commission on the sale of insurance products.
“How often will we meet?”
A key value we provide to clients is our availability. We understand you often need answers quickly so you can make confident decisions. We strive to be available for on demand advice for current clients or otherwise be able to provide a same-day response to requests. With regard to developing your formal wealth management plan, we typically meet with a new client or family 6 - 8 times in the first year. There is more data gathering and discussion time at the outset of an engagement which means you'll be seeing your adviser more frequently. Once your wealth management plan is in place, we will agree on a regular review schedule that meets your expectations for making progress on your plan.
“What is a fiduciary, why does it matter and is that what you are?”
Being a fiduciary is the highest standard of care that an adviser can be held to. We act as a fiduciary for each of our financial planning and wealth management clients.
There are different standards of care a financial adviser can operate under and this can drastically affect the quality of advice a client receives. Being a fiduciary in the financial services industry means the adviser has a legal obligation to act solely in the client's best interest AND disclose any actual or potential conflicts of interest the adviser has when making recommendations.