Key Questions You Need to Answer for a Secure Retirement
Reduce financial stress by answering these crucial questions.
We help successful families reduce financial stress by providing
objective financial planning and investment advice.
35% of couples say finances are the leading cause of stress in the relationship(SunTrust Bank, February 4th, 2015)
Why Fonville Wealth Management?
Boost Your Retirement Confidence
Studies show that working with a financial advisor can help you gain clarity on your future and boost your retirement confidence.
Reduce Your Financial Anxiety
84% of individuals with comprehensive financial plans are substantively more likely to report feeling on track with their financial affairs compared with those who do no planning or only limited planning.
Identify Hidden Opportunities and Threats
Money is emotional. That’s why getting unbiased and objective advice is so valuable. Recent studies from Dalbar show that the average investor did nearly 40% worse than long-term market returns. Panic, greed, and making hasty, emotional decisions are reasons cited.
Free Up Your Time
Henry Ward Beecher once said that “Being rich is having money; being wealthy is having time.” We help you free up time so you can focus more on friends, family, and career.
Did you know that over 13% of financial advisors at 10 major investment firms have a history of misconduct?(CBS News, March 3, 2016)
Get a Personal Financial Advisor You Can Trust
We believe that choosing the best financial advisor in Richmond, Va should be based on two foundations of trust. First, you must trust that your financial advisor will do what’s in your best interest. Secondly, you must trust that your financial advisor is competent enough to do what’s in your best interest. Both are important, but how do you know? The questions below should help you decide.
Are you required to put my interests first?
Yes. Fonville Wealth Management is a state registered investment advisor. This means we have a legal fiduciary responsibility to provide investment advice that is in your best interest.
Why is this question important? Many financial advisors are brokers instead of investment advisors. This means they are NOT required to act as a fiduciary and they are not required to put your interests first. Brokers are held to a lesser standard of care, called the suitability standard. This means brokers only have to provide recommendations that are suitable for you, even if the recommendation is not in your best interest!
What are your fees?
As a fee-only financial advisor, we are only compensated by our clients for the advice we provide.
Financial Planning and Investment Management: We charge a small fee based upon a percentage of your assets under management with us. This fee ranges between 0.20% to 1.0% per year depending upon your account size. Based upon industry research, our fees are lower than average and we always seek out low cost investment solutions.
Financial Planning only: $250 per hour
Why is this question important? Fees matter because they impact the total return on your investments. High fees may lower the probability of accomplishing your goals. While we believe that good advice is priceless, we don’t believe that our clients should pay more than average. Many financial advisors may receive commission compensation in addition to fees. This can increase your costs and create conflicts of interest. We never receive commissions.
If you have a 401(k) at work or you currently invest in mutual funds, you are currently paying fees even though you don’t see them. We use advanced software to analyze your investment costs and we make recommendations to keep them low.
Do you receive commissions?
No. We never receive commissions. At Fonville Wealth Management we believe there is a significant conflict of interest if your financial advisor stands to gain more financially by recommending one product over another. As a fee-only financial advisor, we are compensated directly from our clients and we never receive commissions or 3rd party payments. You benefit by reduced conflicts of interest and lower overall costs.
Why is this question important? The greater the advisor’s dependence on commission income, the greater the conflict. In the end, that conflict can cost you, both in out-of-pocket expenses and in the quality of advice you receive. This is why you need to know how your financial advisor is compensated.
As an example, some financial advisors might recommend high commission products like an annuity. Recommending an annuity could create a conflict of interest if your financial advisor stands to gain more financially by recommending one product over another. You want to be sure that your financial advisor is recommending a product because it is in your best interest, instead of their own.
Do you have any client complaints?
No. We do not have any client complaints, bankruptcies or required public disclosures. In fact, if you become a client, we are happy to show you a snapshot of our finances in case you are curious. You may also view our investment advisor public disclosure here.
Why is this question important? Did you know that financial advisors can provide investment advice even if they have a poor industry record? According to CBS News, over 13% of financial advisors at 10 major investment firms have some form of public disclosure like a bankruptcy or client complaint.
Find out if your financial advisor has a clean record:
Who will be part of my financial advisory team?
As your financial advisor, Katherine Fonville is your one point of contact. She knows a thing or two about great advice. After all, prior to founding Fonville Wealth Management, she actually trained financial advisors at Wells Fargo on financial planning best practices. But, Katherine also knows that great advice must come with a great team. That’s why she has taken great care in assembling a team of financial professionals – including any of your current financial professionals – who will work in concert to make sure all your needs are being addressed. Your team may include:
- Investment Experts (Download investment committee pdf here)
- Certified Public Accountant
- Estate Planning Attorney
- Insurance Professionals
Having your own team of experts working closely together helps maximize the effectiveness of your plan and makes sure it stays in sync, with every item properly addressed.
Why is this question important? Many financial advisors claim to be all things to all people. In our experience, nobody is an expert in everything. That’s why it’s important for your financial advisor to work with and communicate with an independent team of experts, who specialize in key areas of wealth management. This helps improve the level of advice you receive.