Investment professionals can shop competitively to find the best option for you. They are investment professionals, able to charge for advice like a financial planner on a fee basis. For example, if you prefer to purchase a “stand-alone”written financial plan, you can pay a set fee and implement the plan on your own.
Or they can charge for individual transactions with an eye toward enhancing your returns and satisfaction with personalized service over time. The financial plan is often an integral part of this relationship, though there may be no itemized charge for it.
Lastly there is a ‘wrap’ or managed account which enables you to own funds, stocks and bonds without paying the traditional transaction fees. A predetermined annual percentage fee based on the assets under management is assessed on a quarterly basis. Generally as the account increases in value, the percentage fee is reduced. It tends to make many clients more comfortable with transactions since they don’t have to pay for them á la carte and they know what to expect on a quarterly basis.
Frank McKinley enjoys the ability to choose whichever arrangement suits you best. He also relies heavily on introductions you provide him. So there is an opportunity on each side of the table to serve the other. He must take good care of you as a client to ensure the growth of his practice through the introductions you provide.