Updated: Jan 19
What is a fiduciary and why should I consider working with one?
A fiduciary is someone who must put their clients' interests above their own and has a legal responsibility to always act in the best interest of their clients before themselves. Fee only investment advisors do not accept commissions on sales of products, which clears the lines of upholding a fiduciary standard. As a result there are very few conflicts of interest and advice tends to be more comprehensive.
I am looking for a wealth management solution. How much on average does it cost to work with your firm as a permanent client?
Investment Management starts at 1.0% per year, but may be as low as 0.5% on a portion of the portfolio based on asset size. Management may be subject to a minimum fee based on liquid net worth, investable assets, real estate investments, trust considerations, and complexity of the financial situation and services offered. Investable assets can be a combination of 401(k)/403(b)/TSP funds, IRAs, Savings, and Brokerage Accounts. Financial planning is included at a discounted rate if selected along with investment management.
Financial Planning is generally a fixed fee that is charged to have the firm work with you through a constantly evolving financial plan. Our firm will coordinate with your tax professionals, attorneys, family members, charities, and insurance agents at key times during the year as needed to direct goals and objectives. Annual fixed retainer rates are generally a set dollar amount and usually average between $5,000 and $50,000 per year, available in quarterly or monthly payments, depending on the complexity of the planning and time needed.
All fees are outlined in the ADV Part II disclosure.
Can I work with Joss Brown Wealth Advisors on an project or hourly basis?
One-time projects are quoted at a flat rate and are usually the first step of exploring the financial planning and wealth management process above. Currently our new financial planning projects start at about $2,500. These include at least three collaborative planning meetings with an additional fee for subsequent meetings if needed.
Hourly fees are currently $350 per hour with a two-hour minimum per limited-scope engagement. Time billed includes pre-meeting prep, client meeting time, and post meeting work. Complex investment recommendations are not provided under an hourly engagement.
Project and hourly engagements are designed for new and/or temporary clients. Engagement and client relationships end at the completion of the visit or project.
Is the initial consultation free?
The initial consultation can be free upon request if the client wants a general idea of how we can help them and how we work. Call us at (757) 903-2127 to get started.
How much time do you have for your existing clients?
The firm is committed to keeping our client load small and will never take on more clients than service, appointment times, and/or calls will allow. Investment Advisory and Financial Planning clients have unlimited access to the firm by phone, email or appointment. Hourly engagements end when you leave the office or upon completion of the project at which point "client" status is over.
Do you help people with IRAs or lump sum rollovers?
Yes. The firm can open an IRA for a client through its custodian or through a fund company of the client's choosing. It may be a ROTH IRA, SEP IRA, rollover IRA, contributory Traditional IRA, or SIMPLE IRA. The investments that you receive from a company when you terminate employment can be put into a Rollover IRA if the expenses and interests of the clients warrant a change.
What is a no-load fund?
A no-load fund is a mutual fund or insurance product that does not have a sales charge associated with it. A loaded fund typically has an "A" "B" or "C" associated with the fund name. The sales charge may be upfront or deferred. Some fees may be as high as 5% per purchase. A no-load fund has 0% for the sales charge and typically has lower fund expenses as well. Often this is expressed as an "F" share or no letter listed after it at all. See your fund prospectus for more details.
Do you help people with real estate investment property?
The firm will help you build a firm foundation for any investment in real estate you may already own or wish to purchase in the future. It does not sell real estate, but will work diligently with a team of realtors, loan agents, attorneys, and tax advisors to help bring a sound plan and different options together to include with your Comprehensive Financial Plan.
Do you help with college savings plans?
Yes. We can help you estimate college costs in the future, choose between many different options, and manage any investments for college. We currently have a special program dedicated to assessing financial aid estimates and tax savings strategies when applying to college. An investment plan may include a 529 plan, a Virginia 529 plan, tax-free muni mutual funds, college savings plans, an educational IRA, or other type of account. The Virginia CollegeAmerica 529 plan is through American Funds and through the state with the inVest plan. Many people do not know there is no-load flexible investment option available through American Funds through the 529-F share or through the state's inVest program.
If I am in the military can you still help me with retirement planning?
Many of our clients are military personnel, and Dan Joss is a former U.S. Army officer himself. We help plan for retirement by using pension calculations, household expenses, cost of living increases, spousal benefits, and current investment savings to paint a picture of and estimate what needs to be done to plan for retirement.
What strategy do you use for investment management?
The investment management strategy is outlined in the ADV Part II in our disclosure document. We use a fundamental approach with detailed asset allocation as opposed to "timing" the market.
Will you try to sell me mutual funds or life insurance?
No. The firm is a fee-only firm, which means that we are committed to not selling any products that would generate a commission. If your comprehensive plan recommends that you purchase insurance, loaded annuities, or any other commission generating product, we will work with any agent or company that you choose.
Can you help me with annuities or variable universal life insurance?
Yes. We will work with your current agent if you have one, or help you find a no-load or low-cost insurance product on your own. Many people do not realize that there are annuities and life insurance products available that do not have time constraints on their money. If you need the investments in these products professionally managed on an ongoing basis, or just need help choosing one, we can help.
Can you come to my house?
We are happy to work with clients who are elderly or disabled in creative ways to ensure we can provide them the planning they need even if they can not physically get to the office for a meeting. We also offer virtual, phone, and video conference meetings over the internet.