What should I initially expect?
1. We initially have a “discovery” meeting. This is a good time for us to get to know each other and see if we are a good fit for working together.
2. We will meet again to complete McGinley Financial Advisory’s (MFA’s) Client Profile. When completing the Client Profile, we will review your goals and objectives, risk tolerance, and financial data. The Client Profile will be used to develop your Investment Policy Statement.
3. We will open an account(s) for you at Fidelity Investments and implement your Investment Policy. You will receive monthly statements on your account, have the ability to check your account online, and receive quarterly performance updates.
What types of ongoing services should I expect?
1. We provide clients with ongoing wealth management services. We will meet with you regularly to review your financial situation.
2. We will provide continuous and ongoing monitoring of your portfolio.
3. We will provide ongoing, objective advice when you need it.
4. We will respond to and resolve any inquiries, requests, or concerns in a very timely manner.
What is wealth management?
Wealth management can be thought of as a broader service than simply investment advisory. For example, a wealth manager will assist you with reviewing your estate plan, tax situation, insurance coverages, and more.
How do you help me invest my money?
Please see our page on Investment Management.
What are your fees?
Our fees are extremely competitive. Our fee levels vary based on the size of your portfolio. For example, our annual fee is .75% for clients with a $1 million relationship.
MFA is a fee-only advisory firm. Our only source of compensation is the fee you pay us. We have no incentive to buy high commission products for you. Of course, we do have an incentive to help you earn a good return on your funds. Part of this is done by managing investment costs.
Do you require minimum investment amounts?
The minimum investment management relationship is $250,000.
Where is my money custodied?
MFA does not take custody of assets. Your funds are held at Fidelity Investments in accounts in your name only. Furthermore, transfers in and out of your Fidelity account can only go to an account registered in your name (such as to your linked bank account). Also, you will receive monthly statements directly from Fidelity and can view your accounts online at anytime.
In other words, MFA is your advisor. Fidelity is your broker. We feel that this “model” is preferable to the other options that are available. You receive the high quality service of a small firm with the benefits of having a strong institution holding your assets.
It is important to note that MFA and Fidelity Investments are two separate entities. Fidelity will not provide any investment advice to you.
What happens if you die or become incapacitated?
If we are unable to continue to serve as your advisor, you will be referred to a “like-minded” advisor who can assist you. You will also retain complete access to your accounts during any transition.
What is the difference between a Registered Investment Advisor and a broker?
A Registered Investment Advisor firm is one that is required to uphold the standards of being a fiduciary. This is a relationship which requires the advisor to act in the best interest of the client. An RIA charges a fee for advice rendered to the client.
A brokerage firm is a company that manufactures investment products and sells them to the investing public. A brokerage firm is held to the suitability standard. An investment must be suitable. Brokerage firms are not held to the fiduciary standard. Any advice given to the client is considered “incidental” to the buying or selling of securities.
Do you offer references?
We have many happy clients who are happy to speak with you. Please contact us and we will make a connection.