Know your story is a planning model that was designed with several key factors in mind.
Overview
We observed an opportunity for alignment between the market pressures facing Fee-only Investment Advisors, and WealthPoint’s consulting roots. It seemed like a dynamic in which we could provide value, not just seek to receive value.
Specifically, we considered the repeating feedback loop of concerns common in existing strategic alliances with Fee-only Investment Advisors. They talked about the mounting market pressures that have the potential to impact the trajectory of their client bases and their firms’ future viability. They shared the various factors that threaten to chip away at their carefully amassed assets under management: from an aging client base, to liquidation to pay for long-term care expenses, to statistics that show surviving spouses or adult children will seek out their own investment advisors. Meanwhile, many firms seek to attract pre-liquidity clients such as younger executives and entrepreneurs.
Many of these firms also expressed a desire to enhance or expand the multi-disciplinary planning conversations they’re having with longstanding clients. While the advisors trust the mutual commitment in their client relationships, they also know that high-income and high net worth clients are starting to hear more and more marketplace chatter on advanced planning topics. The information is coming to them online, on the golf course and from their colleagues in groups such as Vistage or YPO. It’s only a matter of time before they decide to pursue one of these shiny objects.
So, with our WealthPoint consulting roots close at hand, we designed an approach that is as valuable to Fee-only Investment Advisors as it is to their clients. The model is founded in our commitment to Know your story at three levels…
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Our Commitment
First, we’d love to Know the story of your practice and your firm – both past, and present, and what you aspire to for the future. Second, we’d like to Know the story of market pressures you may be facing so that we can be helpful in mitigating them. Third, we believe you deserve to Know the story around what’s motivating our behavior. Why are we initiating these conversations? What conflicts of interest need to be disclosed? What’s our compensation model?
As we learn the nuances of your firm – what you love, what you fear and what you crave – we’re able to help you design a plan and path for forward progress. Then, we bring a time-tested model to your firm that allows you to continue shining as the central advisor, while expanding the conversations and solutions you’re bringing to your clients’ planning table.
At the end of the day, our model was founded on the philosophy that unspoken truths take up more space in professional relationships than spoken ones. So we bring Mutual Transparency to the table – you can ask us anything you want and no question is off limits. This creates space for Mutual Ownership – a dynamic in which every party to the relationship knows why we’re in the room.
Fiduciary Oath
While firms in our space are not held to the same fiduciary standards as Fee-only Investment Advisors, we proactively designed our model to mirror your oath.
Fee-only Fiduciary Oath
WealthPoint’s Oath
Acting in the best interest of the client
We don’t present solutions through the lens of a salesman, we sit down with you and design them together on behalf of your firm and your clients. We provide Mutual Transparency by fully vetting the upside and downside of any planning idea.
Disclosure of conflicts of interest
Mutual Transparency extends to our compensation disclosure as well. If your client is considering several planning ideas, they can see the underlying compensation in each recommendation.
No contingent compensation
We proactively reduce compensation via blending* when and if appropriate. Blending factors include age, complexity and total death benefit.
No referral fees or referral compensation
We do not request or accept financial kick-backs from our strategic partnerships with Fee-only Investment Advisory firms.
The Numbers
20M
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20M
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20M
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