Managing your personal finances is difficult enough, but not having the right tools to do it well can bring additional stress, waste precious time, and potentially result in disappointing results down the road. And yet, there is more at stake than what can be captured by the numbers. Emotional wear and tear is tremendously costly, especially when your personal goals and life-long dreams are on the line. That’s why, at WHWM, we are teaming up with great technology and business partners to bring you robust, comprehensive wealth management you can trust with your most important financial planning decisions.
Technology = Leverage
WHWM was intentionally built from the ground up with a focus on leveraging the latest technology to serve our clients well. As a small, independent Registered Investment Advisor (RIA), we view investment in the latest technology as a core priority, because technology enables us to help our clients more efficiently and effectively.
From online scheduling tools to Zoom conferencing to our advanced planning software (RightCapital) we are leveraging the latest technology to serve you well. Zoom video conferencing allows us to walk through your financial plan and suggestions at times and locations most convenient to you. Using RightCapital allows us to have direct, secure connections to your financial institutions, so the balances and holdings are updated on a real-time basis. RightCapital also has a detailed budgeting module, a secure vault for exchanging and storing documents and information, and even has an app for your phone to see your net worth and spending.
Keep in mind, the purpose of the technology is not to replace the financial planner but to make us more efficient so we can focus on your goals, best options, and helping clients with the psychology of money and investing – free from the administrative work. And while we are happy to meet in person at your home, your office, or here at ours, we’ve found that it’s often most efficient to meet virtually via Zoom and save everyone travel time.
Custodians = No Bernie Madoff
WHWM never holds (custodies) your cash or securities (assets). Your assets are held by our custodians, either Schwab or Altruist. Charles Schwab & Co. is one of the largest financial firms around and was founded over 50 years ago. WHWM Clients with existing retail accounts with Schwab sometimes choose to use Schwab as their custodian for ease and familiarity.
Our other custodian, Altruist, is a new technology-forward entrant into custody that has made a name for itself as a mission-driven company focused on making financial planning accessible for advisors and their clients. You probably haven’t heard of them because they do not directly serve retail clients. Altruist focuses on providing independent RIAs with all-in-one custody, digital client onboarding, account transfers, portfolio rebalancing, and client performance reporting.
Regardless of which third-party custodian you choose to use, you will receive statements directly from them showing your transactions, positions, and market values on a quarterly basis. Both Schwab and Altruist are members of the Securities Investor Protection Corporation (“SIPC”), which means securities held in each of your different accounts are protected up to $500,000. They both also carry additional insurance with Lloyd’s of London extending the per client coverage to up to $150 million.
While we can invest your funds, we do not have the ability to withdraw any money other than our fees, which you approve. Additionally, WHWM has robust written policies and procedures around business continuity, contingency and disaster recovery. If anything were to happen to WHWM’s principal employee, you’d continue to have access to your assets custodied at Schwab or Altruist, your plan and account information during the transition to a new advisor.
Tap Into our Trusted Network
In addition to great technology and custodians, WHWM clients have access to a vast network of other experts and specialized advisors. WHWM is a member of the XY Planning Network (XYPN) and associated with multiple other organizations such as the Financial Planning Association (FPA), CFA Institute, American Institute of Certified Public Accountants (AICPA) and Texas Society of CPAs. We don’t purport to know everything, and things are always changing in this profession, but we do know where and whom to look for if needed.
At WHWM we don’t believe in leaving well-enough alone. By leveraging the latest financial planning software and tools, we are bringing the very best to each of our client’s unique, and often complex, financial situations. To discover the difference having a dedicated financial planner working by your side can make, contact Stephen Bodwell at Walnut Hill Wealth Management today.
Walnut Hill Wealth Management, LLC (“WHWM”) is a registered investment advisor offering advisory services in the State of Texas and in other jurisdictions where exempt. The information provided is as of the date indicated and subject to change.
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