What should I expect in the financial planning process from the Maverick Wealth Management Advisors?
Advisors begins with a “get acquainted” meeting. They will review the information you provide regarding your financial situation (tax returns, insurance policies, asset statements, estate planning documents, employee benefits, etc.). Our Advisors want to know about your personal goals, values, concerns, dreams, and past experiences.
The financial planning process entails discovering where you are now and where you want to go. We work together to establish and prioritize objectives while covering your risk tolerance. We’ll review the problems and opportunities facing you, examine alternatives, and make recommendations and action steps. The last step is assisting you in implementing those recommendations.
Once your initial plan is complete, we regularly meet with you to review and update your plan, assess your progress, and consider other actions that may be helpful for you.
You can learn more about the step-by-step process on the Financial Planning page.
How do I get started working with the Advisors of Maverick Wealth Management?
As a prospective client, you are encouraged to come in for a complimentary exploratory consultation. Consider this meeting as a way for you to interview us to determine if we are a good fit to serve you.
We discuss your financial situation as well as our Advisors ability to help you. Most client engagements begin with a financial plan that addresses the multiple aspects of a family’s personal finances. If we decide to engage in the financial planning process, then we will discuss fees. Fees will depend on the complexity of your individual situation and will always be considered prior to any plan implementation.
The planning process will more than likely take a few meetings. Then, we are on our way to create a beautiful blueprint to work towards your financial future.
We are here to serve, and we will never rush you or employ high-pressure tactics. We aim to help you feel confident knowing you have a plan in place for your financial needs.
Am I qualified to become a client of Maverick Wealth Management?
Many of our customers come to us on a referral basis. They typically enjoy healthy household incomes and have investment portfolios of $500,000 or more. However, we welcome and enjoy working with clients who do not yet meet these thresholds but are on the path to pursue their goals.
What can Maverick Wealth Management Advisors really do for me?
As we begin to understand you and what your financial goals are, we help you potentially grow, preserve, enjoy and transfer your wealth to your chosen heirs. We will help clarify your financial objectives and provide the framework to help you work towards your goals. We will monitor your progress and help guide you on a steady course to work towards your independence.
How are Maverick Wealth Management Advisors compensated?
Our commitment to our clients is grounded on providing excellent service. Our promise to our customers is that the fact that there are fees associated with our financial planning, our advisors will never make recommendations based on them.
The calculation of investment management fees are different for each client. Our Advisors work with our clients to chose a payment structure that works best for their individual situation. Asset management can be either transactional or fee structure (ranging from 1/2% – 5%, based on complexity, trade volume and total assets under management). We also have financial planning fees that range anywhere from $250-$5k depending on complexity. We, of course, make sure that all fees are disclosed upfront and agreed upon prior to opening an account or agreement.
Do you guarantee any rate of return for my investments?
As much as we wish we had a crystal ball, we do not. There are very few guarantees in life, and that goes for our business as well. No, it is against our industry, state and federal regulations for our Advisors to guarantee returns or performance of a product or financial plan.
However, we devote much time, research, and experience in adopting best practices, which we employ to help guide you toward pursuing your financial goals.
Who has custody of my money when I hire an Advisor to manage it?
Maverick Wealth Management Advisors never have custody – physical possession or access to your money.
LPL Financial, holds client assets in an account registered in your name and social security number, or a tax identification number for trust accounts.
The LPL Financial SIPC Membership provides account protection up to a maximum of $500,000 per customer, of which $250,000 may be claims for cash. An explanatory brochure is available at spic.org. Additionally, through London Insurers, LPL Financial accounts have additional securities protection to cover the net equity of customer accounts up to an overall aggregate firm limit of $575,000,000 subject to conditions and limitations. The account protection applies when an SIPC member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against losses from the rise and fall in the market value investments.
On occasion, we will use other mutual fund, insurance or direct participation companies. These companies will hold the client assets. We never accept cash; take physical custody or possession of client assets.
What is your Investment Philosophy?
Our philosophy is to manage your assets in a way that works best for you. We will attempt to design your portfolio to achieve its targeted rate of return without taking on more risk than necessary. Your investment objectives and risk tolerance are primary guideposts we use to help develop your plan. You will have your own tailored Investment Policy Statement that mandates and establishes your goals, policies, and procedures.
Whether your portfolio’s goal is aggressive growth or capital preservation or somewhere in between, the guiding investment principles that we adhere to are:
- Strategic and Tactical Asset Allocation, which provide the foundation for managing the long-term risk and return of a portfolio.
- Low cost investing through the use of low-expense no-load mutual fund families, ETF’s, and index funds are preferred.
- Rebalancing portfolios on a consistent basis should potentially reduce risk and increase returns over time.
- A mandate to uphold an unbiased, objective, and advocacy role.
Who is a typical client of Maverick Wealth Management?
Our customers come from all ages and backgrounds. Most of our clients are in the “accumulation” stage of their life, meaning 35-65 years old. Many of them are professionals, corporate executives, or owners of their small businesses. Approximately one-third are retired.
In total, our clients are satisfied, fulfilled people who either do not have the time to devote to their finances or who recognize the benefit of professional guidance in this area.
In essence, our clients understand that they are only as good as the professionals they surround themselves with. They look to us as an excellent resource that will help point them towards their financial dreams.