Chapter Five: Transparency

The Pain of Panes

Picture if you will the traditional advisory relationship … traditional in the sense of what our industry looked like when I became an advisor in 1987. Think of each recommendation, each portfolio holding, as a single pane of glass. It is transparent; on its own it is fairly easy to explain and understand what expense you incur for that investment. Now take a step back and look at your diversified portfolio of multiple holdings. Each represented by another pane of glass, another possible, if only slightly different, fee structure. Please proceed to stacking those collective panes of glass and tell me how clear the lens now is. I think you deserve a single pane of glass … at least that is my goal.

More than a moment or two of explaining fees is a waste of your time and not where you want your advisor to direct his energy. As such, our commitment to you will increasingly favor fees over commissions; clarity over the opaque.

However you choose to value what we bring to the table, if might be a good idea to highlight what you pay for and why:

• 30+ years of wealth management experience.
• 30+ years of quality client service.
• Acquired formal education and professional designations (see bio)
• Someone that will say “No.” Politely.
• Someone that will hold your hand … Hey nothing wrong with that. The Beatles said so.
• A steward of your larger financial picture, including understanding your estate plan, charitable intentions, succession plans and liability management issues; just a few of the many matters that need to be considered with professional advice.
• A commitment to working with your tax and legal professionals.
• Safe custody of your assets and accurate record keeping.
• Regular communication, including performance reporting.
• Access to Raymond James specialists when outside of our core competence.
• I’m anti-voicemail. No hiding behind technology here.

Any opinions are those of the financial advisor and not necessarily those of Raymond James.

In a fee-based account clients pay a quarterly fee, based on the level of assets in the account, for the services of a financial advisor as part of an advisory relationship. In deciding to pay a fee rather than commissions, clients should understand that the fee may be higher than a commission alternative during periods of lower trading. Advisory fees are in addition to the internal expenses charged by mutual funds and other investment company securities. To the extent that clients intend to hold these securities, the internal expenses should be included when evaluating the costs of a fee-based account. Clients should periodically re-evaluate whether the use of an asset-based fee continues to be appropriate in servicing their needs. A list of additional considerations, as well as the fee schedule, is available in the firm's Form ADV Part II as well as the client agreement.