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Frequently Asked Questions
A CERTIFIED FINANCIAL PLANNER™ (CFP®), is a financial planning credential awarded by the Certified Financial Planner Board of Standards, Inc. to individuals who meet education, examination, experience, and ethics requirements. A CFP® professional has proven competence in all areas of the financial planning process, including financial statement preparation and analysis, investment planning, income tax planning, education planning, risk management, retirement planning and estate planning. The Code of Ethics requires: Integrity, Objectivity, Competence, Confidentiality, Professionalism, Diligence, Fairness and Disclosure of Conflicts of Interests. Certified Financial Planners™ are ethically required to act as a Fiduciary. That is why the Advisor you select should display the CFP® certification marks.
The definition of a Fiduciary is one who acts in the utmost good faith, in a manner he or she reasonably believes to be in the best interest of the client. We are held to the higher “fiduciary” standard rather than the “suitability” standard usually associated with brokers, registered representatives, insurance agents, bankers, and certain financial planners. While they may operate in a morally responsible manner, they are under no legal obligation to act in your best interest. Instead, their first duty is to their employer and their employers’ profit – not yours. The company’s best interests may drive buy and sell decisions.
The five legal responsibilities of a Fiduciary are:
- Put client's interests first
- Act with the utmost good faith
- Provide full and fair disclosure of all material facts
- Do not mislead clients
- Expose all conflicts of interest to clients
A Registered Investment Advisor has a Fiduciary responsibility to provide advice that is at all times in the best interest of the client. A Registered Investment Advisor operates independently of a bank or insurance company, which means that the Advisor has no requirements or incentives to sell proprietary products. This enables the Advisor to provide advice that puts the interest of the client above their own at all times. An Advisor that is not a Fiduciary must abide by the “suitability” standard of care which means the advice must be suitable but not necessarily in the best interest of the client.
Under strict regulatory rules, Registered Investment Advisors must provide their Firm Brochure (ADV 2A & 2B) to all prospective clients and yearly thereafter. It discloses the services, compensation, investment strategies, conflicts of interests, and disciplinary history among other things. Brokers, insurance agents, and bankers are not legally required to provide similar information. That is why we think you may be better served by a Registered Investment Advisor. You can download a copy from this website ADV 2A, 2B for Timothy Watters and 2B for Colin Watters.
No. We have never been disciplined for any reason.
Our success is tied directly to the success of our clients’ portfolios and not to the sale of any investment products for your portfolio. We do not receive a commission or any other form of compensation for selling investments for your investment portfolio.We do not receive commissions for trades. Our fee is calculated as a percentage of the assets we manage and billed quarterly in arrears.
Wealth Management Services
The fees include both investment management and comprehensive, continuous financial planning
Annual Assets Under Management Fee
For assets between $500,000 and $750,000 the annual fee is 1.00%. For assets between $750,001 and $1,000,000 the annual fee is .75%. For assets over $1,000,000 the annual fee is .60%
For example, clients with $850,000 in assets under management (AUM) will be charged annually 1.00% for the first $750,000 plus .75% on the next $100,000.
The fee is based on $300.00 per hour.
- Comprehensive financial planning: The fee for this service is generally in the range of $2,400 to $3,000. The initial deposit is $600. The fee will be waived if the client becomes a Wealth Management client by the end of the hourly assignment.
- Modular financial planning: The fee for consultation about a specific topic is generally in the range of $600 to $1,200. The initial deposit is $450. The fee will be waived if the client becomes a Wealth Management client by the end of the hourly assignment.
The fee for Pension Consulting is $300 per hour or based on a percentage of assets held in the plan up to .5%.
We have a minimum required total account size of $500,000. The minimum is $500,000 in investable assets, which includes a total of CDs, Mutual Funds, Stocks, Bonds, Annuities, IRAs, 401(k), and pensions. Real estate is not included. Several household accounts can be combined to reach the minimum.
Your assets will be in your name and under your control at all times. TD Ameritrade, the custodian, sends statements directly to you. These statements include all transactions, trade confirmations, portfolio holdings, and performance with total return figures.
- Investment planning
- Retirement planning
- Cash flow planning
- Income tax planning
- Education planning
- Risk management, insurance planning
- Special needs planning
- Employee benefit planning
- Charitable gifting planning
- Estate planning