Is the person providing you financial advice a fiduciary?
Fiduciaries act in the best interest of the client when providing financial advice. Non-fiduciaries need only to recommend products that are “suitable” — even if they are not the lowest-cost or most ideal for you. That is why it is important to understand the fiduciary rule and ask potential advisors if they follow that standard. Deller Wealth Management advisors always act in a fiduciary capacity on behalf of clients.
To learn more about fiduciary duty visit: https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct
How many clients does your advisor have?
Deller Wealth Management has a commitment to cap relationships at 150 clients per advisor in order to deliver an exceptional client experience. Compare the number of clients your advisor has to the number of friends you have on Facebook or your other favorite social media platform. Do you keep up with every single one of them? Do you think your advisor can? Or are you “just a friend”. Run the numbers, how many appointments can they have in a day? Select an advisor or firm that will provide personalized advice to help you achieve your financial goals.
Do you understand how your advisor is compensated?
Deller Wealth Management is not a non-profit and we make a living providing advice and managing investments for the benefit of our clients. Compensation is not a topic to dance around and clients deserve transparency. We educate clients on the different cost structures available in the marketplace and help them select a model that fits their needs, budget, and situation, even if that means referring them to another firm.
Some firms put significant sales stress on their advisors to hit specific sales goals, open a certain number of accounts, or sell based on product mix. No one at Deller Wealth Management is ever going to win a vacation, receive an up-front commission check for selling a product, or be pressured to recommend a specific investment strategy. As a fee-only financial planner, the only source of compensation we receive is from our clients.
Deller Wealth Management has a compensation structure that aligns with client goals and budgets, to learn more about management fees, visit our fee transparency page.
What professional credentials does your advisor hold and what do these letters after their name mean to you?
Within the financial industry there are many designations that an advisor may hold. These designations cover a variety of topics from specific niche areas to general financial advice. To learn more about financial designations visit: https://www.finra.org/investors/professional-designations
Professional designations demonstrate your advisor cares enough about their profession to spend the time, money, and effort to learn more about it and the ways this education can benefit clients.
What do you love about your job?
I love to help clients work towards achieving their financial goals.
There are many reasons why I got into this business, but I’ll tell you about one that stands out. My family relied on the advice of a financial advisor after my father was offered a buyout from the company he had worked at for 20+ years. This is back in 1999 before the tech bubble. The advisor recommended individual stocks mainly in the technology sector. That was all the rage at the time, right? This check was the largest sum of money my father had ever held in his hand at the time. He was working his full-time job as well as a part time job to provide for our family. Most of us remember the market fall out over the next two years. My parents did the right thing by searching out advise in an area they knew very little about but as their investments declined, they felt ashamed to ask questions and defeated in the prospect of ever achieving their goals. It wasn’t until several years later that they fired their advisor and moved their accounts. It took several years before they dipped their toes back into the stock market.
Providing financial advice is a considerable responsibility that I do not take lightly. I promise to treat your accounts with the respect it took to earn each and every dollar in them.
What services do you provide clients?
Deller Wealth Management adds value to client relationships by asking questions and having conversations to get to know you personally and financially. We help to define your financial goals, identify how much you need to save and understand your tolerance for risk. We use this information to determine an asset mix, select suitable investments, and perform ongoing rebalancing and investment analysis. We explain financial terminology and strategies and coach you to make good financial decisions. We take a holistic view of your overall financial picture and recommend ways you can save money on taxes, create a plan for retirement, and save for your loved one’s education. As you age, we’re here to help ensure your insurance needs are met and your estate planning wishes are identified and spelled out. We act as a key conduit, referring clients to the appropriate attorneys, accountants, lending institutions, and other specialists to facilitate all these transactions.
