Wealth Management includes both investment management and personal financial planning. The typical Wealth Management client is an individual or couple who have accumulated assets, usually from saving for retirement or an inheritance, and values the benefit of on-going investment management and financial advice.
New wealth management clients meet with Hyrum Smith to review their financial goals, current investments, and risk tolerance. Together they develop the client’s financial plan and investment strategy. The investment strategy is outlined in an Investment Policy Statement.
We design the client’s investment portfolio based on the Investment Policy Statement and implement it with mutual funds that have been screened based on specific criteria. We primarily use low cost index funds that have low expense ratios and track well relative to their underlying benchmarks. Individual bonds may be selected and managed for large fixed income portfolios.
Financial Planning Office assists the client in opening brokerage accounts to custody the investment assets. Currently, these are institutional accounts at Charles Schwab & Co, Inc. We may also manage client’s investments at other companies such as Vanguard and TIAA-CREF.
The client provides us with investment discretion over the investments which authorizes us to make investment trades in their accounts within the parameters of their Investment Policy Statement without prior notification. When a trade is made, the client is notified as soon as possible.
We monitor the client’s portfolio and provide detailed quarterly reports. These reports indicate the allocation of the funds by investment style and their performance on a quarter, year to date, and inception basis.
Each year, Financial Planning Office offers each Wealth Management client an annual financial planning review to assist them in reaching their financial goals.
Our Wealth Management Program may be appropriate for you if you are:
- retiring or changing jobs and need to roll your 401k into an IRA.
- receiving an inheritance.
- wanting to consolidate or simplify your investment accounts.
- paying excessive fees for your investments.
- unhappy with the service from your current advisor.
- no longer comfortable managing your portfolio yourself.
- wanting financial guidance during unpredictable and volatile market conditions.
After reading this website, if our Wealth Management service matches your needs and you are interested in learning more about how we can help you, please go to our Get Started page to download our client questionnaire and to schedule an introductory telephone meeting.
Our clients come to us for many different reasons. An attorney hired us because he had no time to select or monitor the investments for his IRA rollover. Another couple wanted to retire early and travel and did not want to worry about their finances. A widow was concerned about whether her pension, social security, and husband’s IRA would provide sufficient income. Whatever your reasons, Financial Planning Office is ready to help.
Hyrum Smith, PhD, CFP®, CPA