Frequently Asked Questions
Q. What distinguishes you from other professional advisors?
Many advisors focus on products and never give a thought to how it affects your overall planning. As a Registered Investment Adviser, Richmond Brothers will work together with you to help you discover things like which financial areas may need attention, what rate of return you must achieve to avoid running out of money and how to invest your funds in the most tax-efficient way possible.
As Master Elite IRA Group™ members, Dave Richmond and Matt Curfman continually educate themselves in navigating the ever-changing world of IRAs and taxes, which is a big part of many retiring clients’ portfolios.
Richmond Brothers prides itself on a strong personal relationship with clients and a complete and proactive dedication to their best interests.
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 based on their goals and risk profile. 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.