Wealth Management Is Not Just For The “Wealthy”

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When I speak with clients or potential clients I hear the following statement all the time. “Your services sound great but I don’t have that much money to invest” or “My net worth is not high enough to build a financial Plan”.

I think about this often and these responses are not their fault, it is my industries fault. Let me explain, most of my industry only wants to work with clients whose net worth is greater than 1 million or have over $500,000 of investable assets.

Why is the case you ask? The obvious reason is so the advisor or firm makes more money. Yet, the main reason is most firms are not profitable managing $50,000 of a client’s assets or only charging $750 for a financial plan.

When I was building the concept of Focus Planning Group I wanted to change this perception. My goal was to offer the middle class client a high end deliverable that the ultra-wealthy is used to receiving form their wealth advisor firms.

That is why we do not have investment account minimums and have a menu type fee schedule. How are we able to do this. I am glad you asked.

  1. I own the firm and I can work with any one I choose to. If I like you and want to help, I will. 🙂 We do not have to answer to a corporation.
  2. Low overhead.
  3. I do not outsource our investment management work to a third party. I am responsible for the investment research, construction, trading, and reviewing our investment models. Since we are not paying a middle man we pass those savings on to our clients.
  4. I use technology to its fullest capabilities. Our office is in New York (please don’t hold that against me!) we work with clients all throughout the country by utilizing on line meeting technology such as Skype, etc…
  5. I build low cost passive investment models. These models have low underlying fees.
  6. I construct individual stock portfolios. These portfolios have no underlying fees.
  7. I use a custodian with low transaction costs, where applicable.

Even though some firms will work with smaller clients the fees they end up paying are too expensive. Because of all the reasons listed above whether you have 5 million to invest or $25,000 the fees you will pay are below the industry average.

Does this mean I do not work with high net worth clients of course not! My firm however is not an exclusive club, we work with everyone!

Joe Carbone, Jr.

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About the Author: Joseph Carbone, Jr.

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Joseph A. Carbone, Jr., is a wealth advisor and partner of Focus Planning Group. Joseph is an accomplished wealth advisor with extensive experience in portfolio management/research, financial planning, employee benefits, client relationship management, and insurance design. Joseph holds a bachelor’s degree in finance from Dowling College and obtained the Certified Financial Planner™, Accredited Investment Fiduciary®, and Accredited Asset Management Specialist℠ Designations.
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