Why should I use a Certified Financial Planner?
A CFP® professional possesses specialized credentials in providing guidance for life’s most important stages:
• Starting Out – managing student debt, balancing a budget, building credit, healthcare planning, purchasing a home or automobile
• Settling Down – college planning for children, starting retirement accounts, life insurance protection and managing debt
• Entering Midlife – tax strategies, fortifying retirement savings, employee benefit planning, preparing for the “what if’s” of life, taking care of aging parents
• Nearing Retirement – retirement income planning, developing an estate plan, considering long-term care needs, determining healthcare needs in retirement, social security planning,
• Enjoying Retirement – charitable giving and philanthropy, legacy planning, reviewing insurance needs, preserving retirement assets to help make certain that you do not run out of money, financially empowering your children
What services do you provide?
• Tax management
• College Funding
• Retirement Planning
• Estate Planning
• Charitable Giving
• Income Distribution Strategies
• Insurance strategies including Life, Disability and Long-term Care
• Portfolio Protection Strategies
• Creditor Protection
• Portfolio Construction
• Exclusive Investment Vehicles
• Downside Protection Strategies
• Strategic and Tactical Portfolio Management
• Behavioral Coaching
• Cash Management
• Succession Planning
• Retirement Plans
• Key Person Insurance
• Deferred Compensation
What services do you not provide?
In some cases, a client may have a need for a specialized solution such as a mortgage, power of attorney or tax preparation. Based on our experience with past clients we are able to refer you to reputable realtors, lenders, estate attorneys and CPA’s who have a history of providing quality solutions at a fair price. In most cases, we are available to collaborate directly with those professionals and participate in those discussions as an added resource.
How will I know that your firm is taking my best interest into account?
At all times when providing Financial Advice to a Client, a CFP® professional must act as a fiduciary, and therefore, act in the best interests of the Client.
What kind of experiences should I expect to have as a client?
Clients that partner with Bayview for Wealth Management services have the peace of mind knowing that their wealth manager utilizes a network of experts on their behalf. This results in lower costs (time, energy, and money) for the client while giving them cohesive and integrated planning, better customized investments and solutions, less breakdowns in communication, and more autonomies for clients to focus on what’s most important to them in living a meaningful life.
Do you have an account minimum?
In order to fulfill our promise to be a boutique firm that can give specialized attention to your family, we limit the total amount of families we work with. That way, we can address details when it comes to the challenges facing you and your family. Our household minimum of $500,000 means that each family must possess $500,000 of investable assets for us to manage in order to have an ongoing relationship.
How do you get paid?
Financial Planning Cost – One-time charge of 10bps or 20bps of Investable Assets
A full financial plan includes investment analysis, retirement planning, risk management, asset protection, tax planning, and estate planning. We produce a written and electronic plan that assesses your goals regarding each of these areas. We then run various stress tests to include numerous unforeseen events such as market corrections, high interest rates, high tax rates, disability, long-term care stays, and premature death scenarios. This is carried out over a 6 – 12 month process and is not static. The plan is adjusted and tracked over the life of our relationship to reflect life changes and adherence your goals in the plan.
Asset Management – The annual cost is 75 bps – 1% (asset size and composition dependent)
We would review your existing portfolio and provide an in-depth analysis of the allocation, asset quality, suitability, tax efficiency, and various risk characteristics. From there we will make recommendations to incorporate the existing portfolio into our investment philosophy which may include comprehensive strategies for income enhancement or downside protection. The cost is fully transparent and there may be some additional minor transaction fees for certain asset trades.
Hourly Consulting – $250.00 per hour (2 hour minimum per engagement)
If you don’t need Financial Planning or Asset Management and would like us to look at specific areas of your financial picture, we offer hourly consulting on current assets or analysis on individual topics at an hourly rate.
How will I be informed of how my investments are doing?
After becoming a client you and your advisor will agree to a review schedule that will be regularly followed and can be either in-person or virtual. Through your Fetch client portal you will have 24/7 access to reviewing balances, running performance reports for any time period as well as viewing activity. You will receive customized reports based on feedback you provide your advisor in determining what YOU want to see on a report, instead of a generic template most large companies offer. We will also periodically communicate with you by e-mail, phone call or text regarding portfolio or economic updates.
If I need to make a withdrawal from my investments, how long does it take to get my money?
In most cases depending on the investment type, a withdrawal request can be processed and arrive in your bank account in 2-3 business days. This of course is also dependent on your financial institution and their processes.
What is your investment philosophy? Do you attempt to “time” the market?
See “Investment Philosophy”.
Who are the key partners who will help manage my relationship with BayView Private Wealth?
RFG Advisory – our advisory and compliance partner out of Birmingham, Alabama. RFG is a leading hybrid Registered Investment Advisory firm who gives us access to technology, custodial relationships, marketing and an in-house Chief Economist.
Private Client Services (PCS) – our Brokerage partner out of Lexington, Kentucky. Through our relationship with PCS, we have access to independently shop from dozens of carriers for insurance solutions including life, long-term care and annuity.
Custodian Relationships – TD Ameritrade, Charles Schwab & Fidelity. Being custodian agnostic allows us to leverage the best qualities of each firm in order to deliver the highest level of service possible in connecting clients with solutions.
Are you able to work with my family remotely if we move to a new state in retirement?
Yes – our online client portal Fetch allows us to join you in a virtual meeting from anywhere in the world. From there we are capable of reviewing performance, account activity and investment holdings. Fetch also offers a “co-browse” option where the client and advisor can work together on the same screen, giving full visibility to any topics that need to be discussed in detail.