Frequently Asked Questions
1. After reviewing the PARTNERSINWEALTH web site, what's the next step?
If it appears PARTNERSINWEALTH is right for you, the best way to learn more and further evaluate our services is a telephone conversation with Jim Waters, the Founder and President of the firm. He can be reached by calling (713) 964-4028. To contact by email, email@example.com.
2. How many clients do you have and what is their profile?
We currently have about 90 clients. They range in age from 30’s to 90’s and come from all walks of life. Most clients reside in Houston but many live in other states and countries. They are financially successful families, who desire a long-term relationship with us, and are more delegators than do-it-yourselfers.
3. Are we locked into a contract?
Our client relationships last for years going back to 1985 and our client retention is 96%. However, no, you are not locked into a contract. Our Service Agreement states the client or firm may terminate our agreement by delivering a written notice of termination to the other party. Service Fee payments will cease at that point and no further payments will be due.
4. How is PARTNERSINWEALTH compensated?
We are compensated only through client fees and do not receive commissions, perks, or participation fees from any source. This allows us to be objective, impartial and fair in all advice we give. We also fully disclose in advance any and all fees or third-party charges.
5. How often do we meet?
This will be determined by the service package you have.
For the Financial Planning with Investment Management service package, during the first year, you will meet three to five times and have numerous phone calls and emails. After the first year, we will contact you at least quarterly and meet with you every 3 years to update your financial plan.
For The PARTNERSINWEALTH Program service package, during the first year, we will meet three to five times, have five to ten telephone conversations, and five to twenty emails. After the first year we will meet as often as your needs dictate but generally we meet annually with a telephone call at least quarterly. There are no restrictions on the number of meetings, telephone calls, or emails. Our meetings and communications are designed to ensure that we act as a sounding board for all of your financial questions and concerns.
6. Do you replace my current advisors?
We don't replace your valued advisors, we enhance their effectiveness. If you value the relationship you have with your current advisors, we welcome the opportunity to collaborate with them and open up the channels of communication between advisors. Should you need any additional advisors, we can provide trustworthy recommendations.
7. Will you manage our investments?
Generally clients do want us to manage their investments and we have extensive expertise in this area. However, it is not a requirement for us to work together.
8. Can we use PARTNERSINWEALTH for tax preparation, estate document preparation, and insurance needs?
We advise about tax and estate planning, but we do not prepare tax returns or estate planning documents. However, we are happy to refer you to trustworthy attorneys and accountants who can meet your needs and relieve the burden of managing tax and estate planning yourself. Should you have an insurance need, we facilitate obtaining coverage that is right for you.
9. How do you provide privacy and security with regard to client records?
PARTNERSINWEALTH knows that the cornerstone to any partnership is mutual trust. As such, we consider it imperative to protect and secure all of your information and records. We will never disclose your information to outside parties without your consent. As a continuation of that commitment to client privacy, PARTNERSINWEALTH meets or exceeds all industry standards for security on the Internet.
10. Are there other advisors that take the PERSONALCFO approach?
There are only a handful of firms across North America that take the PERSONALCFO approach but it does appear to be a growing trend. Traditional approaches change slowly even when they are outdated and don’t work very well.