Serving the Unique Needs of Affluent Women and Successful Small Business Owners
Whether you’re a client or are thinking of becoming one, if you have questions, we’re happy to answer them.
How are you compensated for your services?
When Wealth Engagement was founded, we asked ourselves, “What’s the most transparent and ethical way for us to be compensated?” The answer: To charge a fee that’s a percentage of the assets we manage. Our fees start at about 1% and decrease as assets increase. Our strategies are most effective for portfolios of $1 million and above.
Do you receive commissions or any type of payments for investments from brokerage companies or mutual fund companies?
In a word: No. In keeping with the fiduciary standard (discussed next), we believe it’s a conflict of interest to accept payments of any kind other than those directly from our clients. We’re compensated only by our clients by charging a fee based on assets under management.
What does it mean to be held to a fiduciary standard?
First a definition: A fiduciary is a person or firm which oversees the assets of others and has an undivided duty of loyalty to act solely in the best interest of its clients. At Wealth Engagement, this standard is deeply embedded in how we do business. Our clients’ interests always come first. We believe in full disclosure and absolute transparency. This greatly eliminates many of the problems associated with commission-oriented, sales-driven, product-focused salespeople. Because a fiduciary is required, by law, to give full disclosure of how they are paid as well as any conflicts of interest they may have, before you do business with them, you as the client are therefore in a better position to make an informed decision. This is in contrast to many other investment firms which are not obligated to adhere to a fiduciary standard.
Does Wealth Engagement hold my assets directly?
No, Wealth Engagement LLC will not take custody of your assets. We use an independent custodian Folio which is owned by Goldman Sachs who is insured by the Securities Investor Protection Corporation (SIPC). This helps safeguard your assets and is consistent with industry best practices. All account assets are held in your name or entities you’ve created, like trusts and retirement plans. Neither Wealth Engagement nor the custodian firm can access or distribute funds from your accounts without your permission and knowledge.
Will you work with our CPA, attorney, and other advisors?
Yes, absolutely. We understand it’s in your best interest for every professional who plays a role in your financial life to be efficiently coordinated. Put another way, everyone in the boat must be rowing in the same direction. We have a great deal of experience working closely with clients’ attorneys, CPAs, and other advisors and welcome the opportunity to work with you to coordinate, implement, and manage your financial affairs.
How often will I receive a report on my accounts?
You’ll receive a monthly account statement from Folio Investments Inc. a Goldman Sachs Company, the independent custodian, plus a comprehensive, detailed portfolio report every quarter from Wealth Engagement which includes our thoughts and comments. This report contains such information as investment performance, allocations, and other portfolio variables.