HOW TO CHOOSE A WEALTH ADVISOR

Knowing what questions to ask a wealth advisor will save you time, effort, and money. Not all advisors are held to the same high standards and it’s important that each one you interview is transparent and upfront with their costs, fees, and services.  

Providing You Important Questions You Should Ask – and Acumen’s Responses

General Background

What is your average client portfolio?

Our client’s portfolios are wide ranging. Most fall between $1M and $20M. 

Who are your typical clients?

Our clients represent a wide range of professions and backgrounds across 23 US states. Our clients enjoy a range of the services we offer, including hands on guidance with estate planning, retirement, purchase or sale of a business, charitable giving, education savings, real estate, educating family members on family financial matters, liquidation events, inheritance, etc. We serve families, especially in times of transition (retirement, marriage, birth of children or grandchildren, loss of a loved one,) and business owners given our in-house team of specialists with skill sets that match these clients well. 

Conflict Free

How do you get paid?

We are fee-based. We earn our revenue for services we provide clients based on a percentage of the assets we manage for them. As a fiduciary, we believe earning a fee as a percentage of assets creates strong alignment with our clients’ interest. You can learn more about this in detail on our Form ADV and Form CRS.

Do you file annual disclosures to the SEC?

We file annual disclosure details about Acumen with the SEC called a Form ADV and Form CRS. 

Form ADV Part 2A discloses information in detail about our business practices, fees, conflicts of interest, and disciplinary information.  

Form CRS is a client or customer relationship summary.  This relationship summary tells you about the types of services the firm offers, fees, costs, conflicts of interest, required standard of conduct, any legal and disciplinary history, key questions to ask the adviser, and how to get more information about the firm.

Where do you hold clients’ assets?

This is a very important question that should always be asked. Acumen uses a third-party custodian, Charles Schwab, to hold client assets.  It is very important to work with a firm who holds assets with a third-party custodian. This provides our clients with an independent way to verify their assets outside of reports from their wealth advisor.

CARE

Are you a fiduciary?  What is a fiduciary?

Acumen is an independent Registered Investment Adviser (RIA) and is held by law to act as a fiduciary for clients, which is the highest standard of responsibility.  As a fiduciary, it is our duty to always act solely in the best interest of each of our clients.  

Learn more about the potential benefits of working with a fiduciary and RIA HERE.

Who will serve on my client service team?

At Acumen, we believe the team approach is the most beneficial model for managing our clients’ financial well-being.  As a client, you will have a dedicated team of specialists working together on your behalf.  Your client service team will include your wealth advisor, financial planning and investment management specialists, as well as in-house additional tax and real estate specialists.

SERVICES

What services do you offer?

We offer a comprehensive suite of services, all conveniently accessible in one place, including in-house estate and tax planning, real estate and intentional charitable giving guidance, and investment professionals experienced with private or closely held assets.  Our investment management team crafts portfolios customized to your requirements, existing investments, and personal assets.

• Investment management
• Integrated financial planning services:
  • Understanding cash flows/asset growth over time
  • Tax impacts and strategies 
  • Estate planning/wealth transfer
  • Risk/insurance assessment
• Retirement planning
• Philanthropy philosophy and strategies
• Family wealth continuity and education
• Proactive tax review and compliance
• Business owner advisory and business valuation 
• Real estate advisory

COMPREHENSIVENESS

What is your investment philosophy?

Acumen implements an objective, rules-based approach to making asset allocation decisions based on your goals, risk tolerance, and risk preferences.  We believe a portfolio built on sound asset allocation as the base, and layered with in-depth fundamental investment analysis is a solid approach for our clients. Acumen believes a thoughtful, appropriate mix of active and passive investment management is warranted for most portfolios. Learn more about our philosophy HERE. 

What experience do you have to navigate the complex world of financial planning?

COORDINATION

Can your firm coordinate and act as the leader of the other financial and legal professionals in my life?

Acumen believes in serving as the leader of your financial team and can effectively coordinate the activities of all of your other professional advisors including your CPA, estate attorney, business attorney, bookkeeper, insurance agent, banker, and relevant family members.

CREDENTIALS

What are your qualifications/professional credentials?

• CFA® – Chartered Financial Analyst- highest level of investment analysis certification
• CFP® – Certified Financial Planner- highest level of certification for comprehensive financial planning and advice
• CPA – Certified Public Accountant – helps with financial planning and active tax advice.
• CVA® – Certified Valuation Analyst – helps business owners faced with various issues.
• CTFA – Certified Trust and Fiduciary Advisor
• IACCP® – Investment Adviser Certified Compliance Professional
• CRPP® – Certified Retirement Plan Professional
• AIF® – Accredited Investment Fiduciary 
• PMP® – Project Management Professional 

Learn more about our 16 designations and certifications.

TECHNOLOGY

Do you have access to new technologies?

Yes, our clients have their own web-based client portal and mobile app to access account information at any time, in addition to online access to Charles Schwab, our custodian that holds client assets.

• We have robust financial planning software, eMoney, that links all your financial accounts to give you a complete picture of your financial situation. 
• We use additional software to help us provide guidance on specific tax planning (Holistiplan) and estate planning needs.
• We have several data and document management platforms we use to keep your data safe and secure.

Learn more HERE.

How is my digital information protected?

We take cybersecurity very seriously and have multiple security measures in place to protect from unauthorized access and potential breaches including encryption, firewalls and antivirus software, regular updates and patches.