Frequently Asked Questions
Q. What distinguishes you from other professional advisors?
We hear it all the time. A large majority of people who fire an advisor do so because of the advisors’ failure to communicate. At Richmond Brothers, our number one priority is communication – whether times are fabulous, good, bad or ugly we are talking and working with clients on a game plan for them.
Richmond Brothers’ relationship with clients is similar to how we treat our very own family. We have a complete and proactive dedication to their best interests financially as well as personally.
As an independent, local firm that has gained national recognition, we take a holistic approach to financial and wealth management planning. In addition, Dave Richmond and Matt Curfman complete their own personal due diligence on investment holdings and do not answer to a parent company like many other advisors must do.
Ed Slott Master Elite IRA Group™ members, Dave and Matt, continually educate themselves in navigating the ever-changing world of IRAs and taxes, which is a big part of retiring clients’ portfolios. These are just a few of the things that make Richmond Brothers different. We hope you’ll come to see for yourself!
Q. How do you charge fees?
Meeting with Richmond Brothers has always been free of charge and obligation. Once accounts are opened with Richmond Brothers, advisory fees are charged quarterly (in advance) as a percentage of a client’s total assets managed. Compensation is directly related to growing our clients’ assets, which benefits both Richmond Brothers and our clients alike. Fees are explained fully in the meeting process so that each prospective client knows exactly what fees they would pay prior to becoming a client. Fees vary based on the holdings that are recommended for each person, which are based on their goals, objectives and risk profile.
Most clients pay around 1% per year in fees and the highest fee incurred is 1.35%. Richmond Brothers, Inc. does not charge hourly fees.
Q: Do you have discretion on accounts that you manage?
Yes, Richmond Brothers, Inc. manages client portfolios on a discretionary basis. Richmond Brothers has fiduciary obligation of best execution. In essence, Richmond Brothers will execute securities transactions for clients in such a manner that the client’s total cost or proceeds in each transaction is the most favorable under the circumstances.
Q. I am already retired and already did my planning. Why should I consider making changes now?
If you are over 60 years of age, your plan needs to be reviewed frequently. One bad year in the stock market could ruin your income stream. A long-term illness could wipe out your assets. This is a great time for you to get a second opinion on your plan to make sure you are on the right track and to see if maybe someone else might have an idea you and your current advisor never thought or talked about.
Q. Where do you hold clients’ money?
Richmond Brothers uses Fidelity Investments as a custodian to hold and safeguard our clients’ stocks, mutual funds and other assets. None of clients’ funds are ever held at Richmond Brothers.