Founded with the goal of assisting our clients in every aspect of their financial lives, Synergy Wealth Management is more than an ordinary financial services firm. We provide a very detailed analysis of your portfolio, thoroughly research the available options, and educate our clients on why we are making our recommendations. We do this so that our clients have the utmost confidence in the financial advice we provide, and know that it is based in extensive research and tailored to their specific situation.
While no one knows what tomorrow will bring, we are committed to using time tested principles and academic research to help you reach your goals. We use our investment philosophy as the basis for our product recommendations, and believe that a client/advisor relationship should truly be a long-term partnership.
Why is this important? It means that when you hire us to be your advisor, you are getting a team of experienced professionals that will work to provide the absolute best advice possible, and will only use products that have your best interest in mind.
As an independent firm, our advisors benefit from being able to offer an open architecture platform of investment vehicles, rather than being limited to proprietary products. This gives us the advantage of being able to choose from the vast majority of products available, and to be able to research each of their characteristics. We are also able to research and use different custodians. The ability to choose among different custodians allows us to translate our product research to the custodian market. This gives our clients the confidence in knowing that every aspect of their portfolio has their best interest in mind.
We strive to always uphold our fiduciary obligation to our clients. By operating under the Fiduciary Standard, advisors must put the client's interests first and foremost. The advisor must work to minimize conflicts of interests, and provide full and fair disclosure if any conflicts arise. The products recommended could reasonably be proven to be the best possible solution for the client's needs. This differs from the vast majority of our industry which operates under the Suitability Standard. The Suitability Standard states that the financial professional seeks to provide products that are suitable for the client based on income and net worth, along with investment objectives, risk tolerance, and other holdings. By definition, this type of advice may or may not ask the advisor/broker to put the client's interest ahead of their own.
Unbiased Advice & Planning
We continually educate ourselves on all aspects of financial planning. We believe the planning and advice provided is the road map to your financial goals, and the products are the vehicle. Please see The Basics and Planning for more information. We provide our clients with holistic planning that includes retirement, estate, insurance, education, tax, and much more to help ensure that each of our clients reach their financial goals. If we do not have an answer or a solution, we will seek expert advice from our trusted alliance of attorneys, CPA's, and other financial professionals. We understand that our clients' lives are forever changing and these changes need to be addressed on an ongoing basis. This is why we take the time to meet with our clients, adjust and rebalance their portfolios, and continually plan and adjust for retirement and all other aspects of their financial lives. With that being said, we strictly adhere to not letting the products drive the advice, thereby minimizing conflicts of interest. We generally do not recommend products that participate in revenue sharing, 12b-1 fees, or other “soft dollar” types of payments. We believe these types of payments have the potential to influence what products are being recommended.
Fee-Only Investment Management
Financial professionals are generally compensated two ways, through fees or commissions. Commissions are paid by a product company for the sale of an investment, whereas fees are directly paid by the client. Fee-only management can be either hourly, by the project, by retainer, or as a percentage of the assets that are managed. Our philosophy is that an advisor should be compensated via fees, as opposed to commissions. Fee-only advice reduces, but may not eliminate potential conflicts of interest. Examples of such conflicts can include investment management that is outsourced to a manager that pays to be a preferred provider, advisors that also accept 12b-1 fees on top of advisory fees, or if the advisor gives advice to boost or maintain assets under management (AUM), when it’s not in the best interest of the client.
How do we get paid?
We are compensated by fees that are transparent and cost effective. The two main areas of financial advice that we charge for are financial planning, and investment management. We will generally charge an initial set-up fee, which can include building a net worth statement, cash flow analysis, goal analysis, and current portfolio analysis. We also charge for ongoing investment management.
Listed are the types of fees that may be charged. We are committed to disclosing any conflicts of interest if they arise, and to clearly explain all options to our clients.
Asset Management Fees: We charge up to 1.50% of the assets we directly manage, although we generally charge less than the maximum amount.
Hourly Fees: We charge up to $250 per hour for this option.
Project Fees: We charge up to $2,500 per project.
All fees are negotiable, and by fully educating our clients on the different options, they are able to make an informed decision about what is best for their situation.
Individuals and Families
While our clients range from retired executives and professional athletes to young professionals who understand the need to plan, we understand that many people require our services. Our ideal client has a true interest in understanding how their investments and markets work, learning what is in their best interest, and is the type of person who wants a continuing, long-term relationship with their advisor.
Small Businesses and Corporations
We have taken our extensive research of the industry and applied it to employer retirement plans. This gives our corporate clients the confidence that we are working to help them uphold their fiduciary duty to their employees. We have experience in the vast majority of plans available, from 401(k) and Profit Sharing plans, to 403(b) and private pensions.
With no obligation, we welcome you to ask us questions, see how we work, and experience our unique process and extensive research.