The primary reason clients choose to work with us is that they need an objective financial advisor who can provide comprehensive, ongoing advice. Most often they’re starting to work towards a goal, which varies from person to person but may include retirement planning, college planning, long-term investment strategy, retirement income, maximizing the benefits within a corporate retirement plan, and tax planning.
Those only looking for investment management (with a focus on outperforming the market) miss out on the full benefit of working with Flynn Wealth Partners. If you’re seeking a quick-fix solution instead of long-term financial planning, we’re likely not the best fit for your needs.
Absolutely! We operate under a strict fiduciary standard as mandated by the CFP® Board. This means that whenever we provide financial advice to a client, we are obligated to act in their best interests. Additionally, we adhere to the CFP® Board’s Code of Ethics and Standards of Conduct, which underscores our dedication to upholding high levels of competence and ethical conduct.
This is a common question when you’re thinking about entrusting one advisor with all your finances. Let’s break it down into three parts:
Part 1: Custody and Security
When it comes to the safety of your assets, it’s crucial to know that we don’t hold your money directly. Instead, we’ve partnered with LPL Financial, a reputable custodian with impressive credentials. They manage and safeguard your accounts, handle all transactions, and even mail your checks. As of July 30, 2023, LPL Financial oversees $1.24 trillion in advisory and brokerage assets and generated $8.6 billion in revenue in 2022. You can find more details here. Working with one team of financial advisors under a trusted custodian streamlines the tax process and ensures that your assets are managed properly.
Part 2: Investment Risk and Performance
Now, let’s talk about investment strategy. In some cases, having a second advisor might make sense, especially if the first one didn’t diversify your investments properly or concentrated them in just a few assets. However, our approach doesn’t require such additional diversification. We offer well-rounded portfolios tailored to your risk tolerance and financial goals.
Part 3: Tax Efficiency and Planning
Working with a single advisory team like ours offers significant advantages from a tax perspective. When multiple teams manage different portions of your portfolio, it can complicate tax planning and limit opportunities for proactive tax strategies. By having all your investments under one umbrella, we can better coordinate to optimize your tax situation, taking factors like capital gains, tax-loss harvesting, and retirement distributions into account. This unified approach simplifies your tax planning and helps maximize tax efficiency.
In summary, by working with us, you get the best of both worlds: a trusted advisor, a secure custodian in LPL Financial, and a diverse portfolio that’s designed to meet your financial objectives. Everything you need is right here in one place.
Stock investing involves risk including loss of principal. No strategy assures success or protects against loss.
The length can vary depending on your specific needs and situation, but our planning process typically takes between 2-4 months from the initial consultation to begin implementing the recommendations. From there, we’ll arrange regular meeting rhythms to talk about your progress and any new opportunities.
Our initial consultation is always complimentary and has no obligation. If we decide to work together, our advisory fee is based on a graduated percentage of the assets we manage, with the percentage generally decreasing as assets increase. Our fee includes comprehensive financial planning, ongoing advice, investment management, and account services. We’re happy to provide you with our specific fee schedule and payment options during your initial meeting.
During our first meeting, which usually lasts 60-90 minutes, we’ll spend the majority of the time listening to you discuss your financial picture, goals, concerns, and vision for the future. We’ll ask questions and take notes to gain a thorough understanding of your full situation. You can expect to be asked about your assets, income sources, debts, family dynamics, risk tolerance, timeline for goals, and any other factors relevant to your priorities. We aim to leave the first meeting with a clear grasp of your starting point so we can begin analyzing your needs and developing a customized strategy. There will be no pressure for commitment—it’s simply an information-gathering session.
We recommend formally reviewing your full financial plan at least annually to ensure it remains on track amid life’s changes. In addition, you’ll receive quarterly investment performance updates from us. Ongoing reviews allow us to monitor progress, rebalance as needed, and make proactive adjustments to account for any differences from your original projections and objectives. Regular check-ins are a key aspect of keeping your strategy dynamic.
While we aim to develop a blueprint that provides long-term direction, we recognize your needs and priorities are unlikely to remain static. That’s why your financial plan is intended to be fluid and adaptable over time, based on significant life events like marriage, children, retirement, inheritance, or job changes. If circumstances arise differently than expected, we can readily update your strategies and advice. Your dynamic situation requires a living plan that evolves. We make it a priority to be flexible.
Minimizing paperwork is a priority, though we do need to collect some key documents upfront to fully analyze your complete financial picture. These typically include tax returns, account statements, insurance policies, wills, and employee benefits information. We can often collect these documents digitally. From there, technology allows us to streamline our process. You should expect a reasonable amount of paperwork in the initial planning stages and then primarily online or digital interactions as your plan is implemented and monitored.