Financial Planning Services
Finity Group advisors can be paid on a flat-rate basis for providing comprehensive or limited scope financial planning advice, similar to how attorneys and accountants are paid for providing legal and tax services. While this can be done on an hourly or per meeting arrangement, we have found a monthly planning fee for full access to your advisor with no additional cost for meetings, phone calls, or email correspondence leads to a greater probability of a successful financial plan. This can be thought of as a monthly subscription to your advisor or as keeping them on retainer to be accessed as needed.
Monthly financial planning subscription fees typically range from $75 to $250, though can be higher depending on the complexity of your situation, scope of services provided, and frequency of review meetings.
This cost is waived for students, residents, and fellows throughout your training so you can get to know your advisor and see whether our planning style aligns with what you are looking for in a financial partner. In certain situations, we may continue to waive the fee for a period of time after the completion of your training or we may feel a monthly subscription for under $75 is appropriate.
We are not a transaction-based firm and our goal is to work with our clients for many years. We view complementary meetings as a show of our good faith toward building the trust needed for a lasting relationship. All clients are provided a financial planning engagement after the first meeting which formalizes the relationship and indicates whether a fee is being charged and how much it is. For clients we meet during their training years, the financial planning engagement will indicate the cost is being waived. There are no surprise bills in the mail. Industry regulations require that you, the client, have to give written consent to a fee before we can charge one. Upon finishing your training years, your advisor will revisit the fee for services provided and propose a cost structure that fits the scope of services you would like to work with your advisor on moving forward.
Wealth Management Services
While some people prefer to take a hands-on approach in managing their investment portfolio, others may not have the time or interest to properly implement a savings plan on their own. Should you have the time and interest, it may be difficult to remain emotionally unattached and make rational decisions, particularly during times of heightened market volatility. We offer portfolio management services to provide an objective point of view, as well as free up your time.
Our investment division and advisors select the funds, create the asset allocation to match your time horizon and risk tolerance, place trades, and monitor your accounts regularly. Should we feel a change to your allocation is appropriate, your advisor will email you detailing the update so you can review the information and let them know if you would like to connect before the modification is made. If you prefer to hold off on making the change, simply let us know, as you have the final say on whether any recommendations are implemented.
Your advisor’s investment management services start at an annual cost of 1.00% of the account balance managed. This may gradually decrease to as low as 0.30% for larger portfolios, but will never be higher than 1.00%.
We feel an asset-based fee best aligns our interests with yours – we both want your investment balance to grow. Our advisors pay for all transaction charges, so there is no additional cost to you for trades. We waive all 12b-1 fees, front-end loads, and back-end commissions inherent in some mutual funds.
Depending on the amount of assets managed and overall planning services desired, this investment management cost may partially or fully offset the flat-rate financial planning fee.
If you are not inclined to manage your investment portfolio on your own, working with an advisor for this area of your plan can be well worth the cost through time saved, proper coaching and decision making during difficult economic times, and having the confidence that your accounts are receiving professional management.
Risk Management Products
Two common lines of insurance our clients add to their financial plan are own occupation disability insurance; to protect against the inability to work in your occupation, and term life insurance; to protect against a premature death. As an independent firm, we do not manufacture our own insurance or investment products, nor are we affiliated with any insurance or investment companies that do. The Financial Industry Regulatory Authority (FINRA) provides a broker check where you can search to see which company your financial advisor is affiliated with – FINRA's Broker Check. We help our clients secure insurance through a multitude of carriers, which allows us to shop the market and assist you in identifying an appropriate company and policy structure.
If you secure disability or life insurance with the help of a Finity Group advisor, your advisor will be paid for their assistance. Their compensation is based on the policy’s premium and advisors are paid the same rate through all disability and life insurance carriers.
There is no extra cost to work with an advisor at Finity Group for this area of your plan. The cost for these products is determined by your age, health, occupation, and other factors, regardless of which channel you go through to obtain your coverage. To learn more about risk management services and products offered, please visit our Risk Management page.
When you engage a financial advisor for planning services, you have every right to expect they will perform those services in your best interest. It is important to understand the difference between a financial advisor that holds a series 65 or 66 license and is registered with an SEC-regulated independent Registered Investment Advisor (RIA), versus someone holding themselves out as a financial advisor. You can verify whether your advisor holds a series 65 or 66 license on the SEC Investment Advisor Public Disclosure Search Website – Click here for the SEC's IAPD search.
Characteristics of a True, Independent Financial Advisor:
Is held to a fiduciary standard of duty, requiring the advisor to act in your – the client’s – best interest ahead of their own, as mandated by the Investment Adviser Act of 1940. This contrasts with the lower standard of care that brokers are held to when providing advice or recommending products, which requires their advice or product only be “suitable” for the client at the time of recommendation.
Is not employed by or affiliated with an insurance or investment company that manufactures financial products, such as insurance policies or mutual funds. Employment by or affiliation with an insurance carrier or investment company creates a greater probability of conflicts of interest arising when providing advice in these areas.