Frequently Asked Questions...
How do I schedule an appointment?
What can I expect during our first meeting?
What is your wealth management process?
What are your fees?
Do you have account size minimums?
What is your “culture”?
What is the average rate of return on your clients’ accounts?
What is your investment philosophy?
How is it that you came to work with gay and lesbian clients?
Do your dogs come to work with you?
schedule
How do I schedule an appointment?
You may contact our office at 410-732-2633 or via email at partnershipwm@lpl.com. My assistant will gather some information from you and send you our Financial Information Questionnaire. After we receive the questionnaire, my assistant will call you to schedule a meeting.
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What can I expect during our first meeting?
Our first appointment may last up to 1½ hours. During our meeting, we will discuss your goals and your completed Financial Information Questionnaire. You will learn about Partnership Wealth Management, the types of clients we typically serve, our wealth management process, and fees. We will also take time to answer any questions you have.
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What is your wealth management process?
We pride ourselves on providing advice for all your financial matters. The process starts by having you prepare a snapshot of your current financial picture. We provide you with a packet and instructions for the materials we require. After we receive the completed packet, we will take three to four weeks to complete a comprehensive financial plan. Our recommendations include strategies for your day to day finances, investment management, goal funding, retirement needs, insurance, income tax, and estate planning. This advice is custom and may include additional areas of focus if your situation warrants attention to other topics.
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What are your fees?
This fee ranges from 1% to 1½% depending on the size of your portfolio. Other costs may apply for financial plans, insurance, and other products used. We will discuss your asset management and financial planning fees during your initial meeting. All fees are charged through LPL Financial.
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Do you have account size minimums?
While our new clients typically have at least $500,000 of investable assets, we do not have an established account minimum. During our first meeting, we take the time to determine if the prospective client will make a good fit for our practice regardless of account size. We have respectfully turned away wealthy people whom we feel would not be compatible with our culture. We also have wonderful clients who have assets below our average new client.
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What is your “culture”?
At Partnership Wealth Management, LLC, we believe in a comfortable, professional environment. At all times our clients are treated with respect and in a professional manner. We also want all of our clients to feel at ease and comfortable asking questions when they meet with us. We have a down-to-earth approach and look for clients of strong character and values.
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What is the average rate of return on your clients’ accounts?
We cannot provide an accurate figure for our returns. First, we believe that the value we provide through comprehensive wealth management extends far beyond investment performance. We have helped clients save tens of thousands of dollars through lending, income tax, and estate planning strategies. Second, we have clients of all ages. To provide a younger, aggressive client with the returns of a client base that includes older, conservative clients would not be a fair comparison. Third, we hold cash and cash equivalents for many of our clients. The return on those investments is low enough to dilute the “global” portfolio return.
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What is your investment philosophy?
We create a custom asset allocation and investment approach for each client. Typically we utilize a buy and hold approach with a select group of investments (we have an inventory of approximately 30 investments) that we rebalance annually. By keeping the investment inventory low, we are able to focus our attention closely on the investments we hold. When necessary, we will make adjustments with the investments and/or approach.
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How is it that you came to work with gay and lesbian clients?
Two of Woody’s first five clients were lesbian couples. He knew that approaching their financial planning recommendations would require a specialized approach. While he worked in an office of twenty advisors in northern California, only two could provide him with any guidance. Worse yet, most of the advisors acted uncomfortably when he approached them.
Being involved in the gay and lesbian community his entire life; he could not believe that a group of professionals in northern California (of all places) would become so awkward at the mention of planning for domestic partners. Woody has also seen many gay and lesbian couples manage their finances separately due in part to this intolerance.
Because there are so few financial resources for gays and lesbians, Woody decided that he would learn everything he could about the financial pitfalls and benefits that domestic partners face.
Over the past few years we have found that specializing in domestic partner planning has not only helped us serve the gay and lesbian community but many older Americans as well. More and more seniors are deciding not to remarry and need the same kind of advice that we provide to gay and lesbian couples.
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Do your dogs come to work with you?
Yes! Woody brings his dogs, Fenway & Roxy, to work with him every day. He feels privileged to be able to spend all day with them. We often call Fenway the Vice President in Charge of Security because he is the first to alert us when someone enters the office. During appointments, they are kept in their crates to avoid disrupting our meetings. Don’t worry, they love their crates.
If you are allergic to dogs or would prefer that Fenway & Roxy take a day off, please let us know prior to your meeting. We will be more than happy to accommodate your needs.
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