Wealth Planning is a critical component of each Getzen Group client in our care. Preferred Account clients receive ongoing Wealth Management Consulting Services (WMCS)® as a bundled service, we do also offer it as a stand alone fee for service. Creating a successful plan requires thoughtful consideration of multiple variables that can affect the success of your plans and financial independence. Below find a thorough description of our WMCS offering.
Wealth Management Consulting Services (hereinafter “WMCS®” or “consulting services”)
Wealth planning services will typically involve providing a variety of services, principally advisory in nature, to clients regarding the management of their financial resources based upon an analysis of their individual needs. An IAR (investment Advisor Representative CFP) of GGI will first conduct a complimentary initial consultation. After the initial consultation, if the client decides to engage the Firm for WMCS®, an IAR will conduct a follow-up meeting during which pertinent information about the client’s financial circumstances and objectives is collected. Once such information has been reviewed and analyzed, a written wealth management plan, designed to achieve the clients’ stated financial goals and objectives, will be produced and presented to the client. The primary objective of this process is to allow GGI to assist the client in developing a strategy for the successful management of income, assets, and liabilities in meeting the client’s financial goals and objectives. Some clients may only require advice on a single aspect of the management of their financial resources. For these clients, GGI offers financial plans in a modular format and/or WMCS® that address only those specific areas of concern. These areas may include, but are not limited to, investment planning, retirement planning, education planning, advice on existing or potential investment products, asset allocation, tax and estate planning and/or financial decision-making/negotiation. Financial plans are based on the client’s financial situation at the time the plan is presented and are based on financial information disclosed by the client to GGI. Clients are advised that certain assumptions may be made with respect to interest and inflation rates and use of past trends and performance of the market and economy. Past performance is in no way an indication of future performance. GGI cannot offer any guarantees or promises that the client’s financial goals and objectives will be met. As the client’s financial situation, goals, objectives, or needs change, the client must notify GGI promptly.
For clients wishing to engage the Firm for financial planning services, fees will be based on the negotiable schedules set forth below and as agreed upon between the client and GGI.
Fixed Fees:
The fee for a wealth management and/or financial plan generally ranges between $400 and $1500. One-half of the estimated fees will be due upon signing the financial planning agreement, with the balance due upon completion of the contracted services. For clients who choose to engage the Firm for portfolio management services, the remaining portion of the financial planning fee may be waived at the Firm’s discretion. Under no circumstances will GGI require prepayment of a fee more than six months in advance and in excess of $500. Factors that are considered when determining the cost for GGI’s WMCS® and a financial plan include but are not limited to:
1. The scope of the plan; plans that cover all aspects of a clients financial plan such as business succession, estate planning, retirement needs, education planning, and successor trusts, among others, would warrant a higher fee that a more simplistic client situation covering typical financial needs for current money management and retirement.
2. Complexity of the client financial situation, i.e., trusts, estates, business ownership, tax brackets and other personal needs.
Hourly Fees:
For clients who request specific consulting related services, GGI charges an hourly fee of $400 for its WMCS®. These fees are calculated and payable at the completion of each session. Specific consulting services may be in the form of general advice given on retirement needs or education planning, among others. In these cases a client would not be charged for a written financial plan but instead will only be billed for hourly consultation with a professional. The hours needed will vary from client to client. The client may terminate the financial planning and/or WMCS® consulting agreement within five days of the date of acceptance without penalty to the client. After the five-day period either party may terminate the agreement by providing written notice to the other party. However, the client will incur a pro rata charge for bona fide financial planning and/or consulting services rendered prior to such termination. In the event there are any prepaid, unearned fees, GGI will promptly refund a pro rata share to the client.