What do you mean by Wealth Management Evolved℠?
Wealth management traditionally focuses on managing financial issues based on client questions, “How much money can I make and how much do I need?”
We base our wealth management services on our questions, “What fulfills your life now and how do you envision your life in the future?”
Our evolution is in the process through which our clients inventory, prioritize and articulate their goals so that for the first time, their financial decisions are motivated by their life direction, not the other way around.
Your Private Vista, then, is your view of the life you want to live and the financial decisions you’ll make to clear that path.
How do you help me inventory, prioritize and articulate my life goals?
From all our years of asking questions about life aspirations, passions, talents and purpose, we have mapped out an insightful journey of self-discovery for our clients. In fact, many of our clients think of this as sort of a personal life planning retreat. We find our clients are often considering how they might enrich their current and future lives for the first time.
The result of this personal journey is a view of resources, both financial and life, and goals for how to invest them. This is what we call a Private Vista, and it informs the financial planning and wealth management process.
What is a Registered Investment Advisory Firm?
Private Vista is an Registered Investment Advisory Firm, meaning that we’re registered with and regulated by the U.S. Securities and Exchange Commission (SEC). We are deemed a fiduciary by law. We also file an annual report to the SEC and states where we operate. The report includes our services, our clients, and how we’re compensated. This report is available upon request or at the SEC’s website.
What is a fiduciary?
A fiduciary advisor role is generally relationship driven with fees for compensation, while a non-fiduciary advisor role is often transaction driven with commissions as compensation.
A fiduciary must act in utmost good faith, and place clients’ best interests above all else. Private Vista is an independent firm that holds itself to a fiduciary standard. This distinguishes us from non-fiduciary advisors who might be employed by companies that sell financial products like a brokerage firm or insurance company.
How does Private Vista get compensated?
Financial Planning: Our planning is fee-based. Because transparency is imperative, we meet with clients initially at no cost to determine the right work scope and a commensurate fixed fee. Once clients agree to move forward, most of them revisit their plan annually at a reduced planning fee.
Investment Management: Management fees are distinct from planning fees. They are based on a fixed percentage of assets under management, which declines as assets increase. This fee is charged quarterly on the total assets Private Vista manages for a client. A current fee schedule is available upon request.
What do the certification initials after a professional’s name really mean?
In general, they mean that our professionals have put the time and study into learning theory and best practices for financial planning, wealth management, portfolio management, retirement income and a host of other services we offer.
Together, they mean that we offer a comprehensive range of experience and expertise to each Private Vista client to leverage as needed.
Finally, they mean that we have a solid foundation in our field from which to focus our innovations on adding real value to our clients’ experience.
Here are the specific certifications a variety of our professional have earned:
CFP®, Certified Financial Planner™
CPA, Certified Public Accountant
JD, Juris Doctor
MBA, Masters in Business Administration
CIMA®, Certified Investment Management Analyst®
ChFC®, Chartered Financial Consultant®
CPC, Certified Pension Consultant
RICP®, Retirement Income Certified Professional®
CLU®, Chartered Life Underwriter®