Who does Wealth of Confidence work with?
The quick answer: Educators/Professors, Retired Educators, Education Administration & their partners
If you do not identify with the list above we may be able to find you an awesome planner that specializes in your needs. Reach out and we can send over some great resources.
The longer answer:
Wealth of Confidence clients are:
Looking for guidance on all aspects of their financial picture, not just their investments
Interested in a fee-only, fiduciary experience that does not include commissions
Considering a long-term relationship with an experienced planner
Understand that plans are pointless and that planning is everything.
Wealth of Confidence clients do not:
Take the advice of family, friends, or colleagues over the advice of a trained professional. PS we love family and friends =)
Get in and out of the market based on news from their favorite finance show
Base financial advice on investment performance
Where does Wealth of Confidence work?
Wealth of Confidence is equipped to work with people all over the United States*. Web-based video calls are set up for those that are geographically unable to come into the office. We also know that time is precious so we recommend video calls for those that can not physically come into the office during meeting hours.
As mentioned above we are big believers in specializing We also know the handful of fee-only planners that work with educators in other states. If we know of one in your state we may refer you to that planners, for your best interest.
*Some states may require registration before working with clients
How does Wealth of Confidence get paid?
Wealth of Confidence is a fee-only firm. This means that we do not receive money from anyone besides our clients. No commissions, no referral fees, NADA. Clients are billed one-time and/or monthly and are able to pay from cash flow or accounts, if possible.
Frequently Asked Questions
We are an open book, if you do not see an answer to your questions do not hesitate to reach out.
Do I need a certain amount of money to work with Wealth of Confidence?
One thing that makes the firm unique, compared to most, is that there are no account minimums to work with a financial planner. We believe that planning should be accessible so we cut out the minimum account sizes and offer hourly & monthly retainer services.
Why does Wealth of Confidence work with educators?
Most people reading this got into education to teach not for the money. The same rings true for Wealth of Confidence. We wanted to make sure that we make planning accessible and that we work with a group that is underserved. We were constantly cleaning up expensive accounts and messes created by people pushing products on campus. Enough was enough, we found the need we must fill. While there are many fee-only firms in the U.S. we are one of only a few that specialize in working with educators. It has been an extremely fulfilling mission and we look forward to the years ahead.
We also believe that specializing is extremely important. It allows us to deep dive into your specific needs and build a process that is meant just for you.
What companies do you represent?
ZERO! When you are a fiduciary you represent your client, not a company. We can help you look at the world of options and figure out what makes the most sense for your life. We are beholden to no one and we don't deal in proprietary products.
Do you have references?
Sorry but the answer to this one is no for a few reasons:
1) In the planning world, testimonials are a BIG NO NO! So we can not ask our clients to praise our services unless we ask them all to. If you see anyone with a testimonial they are either breaking the rules or not a planner (insurance sales can do this, and they are not planners)
2) Anyone that handpicks a client for you to call will only send you the ones that are insanely happy, they will never send anyone that doesn't love them. So this is not a good way to pick your planner.
3) We are big on client privacy so we do not give out their information and we do not ask if we can share it.
I was told by an advisor that I do not pay him/her but their company does OR I was told that this does not cost anything. Why do I need to pay you for your services?
This is one of the oldest and most deceptive tricks in the book. You absolutely pay for the services those people render. They represent massive companies that make their money somehow and that somehow is you via the account that you open or the product you buy. So you may not write a check but you are either paying by way of commissions, capped earnings rates, and/or surrender charges. Do not let anyone lead you to believe that your account does not cost you anything and that you are not the one paying for it. No one shows up to work for free not you and definitely not the person signing you up for a 403b.
I have a 403b that I set up when I started working, how can you help me with that?
There is a big misconception that 403b accounts are the same as financial planning. 403b accounts are vehicles that allow you to save for retirement and are a blip on the planning radar. Most accounts set up by educators are done via representatives that walked on campus or set up booths at the yearly benefits fair. If you are not receiving much service than chances are VERY high that you are paying way too much for that account. Under our services, we help navigate the best savings option for your district. Since we do not represent any plans we can put you in one that is good for you. This can save you thousands over your working years. Real Example: We just moved an educator from a high-cost plan to a low-cost plan and she will save a minimum of $27,000 over the next 13 years. Little moves can pay off BIG TIME!
I am not sure I am ready to take the plunge into planning, what should I do?
Kick back, relax, and check out our podcast One Million Apples. You can get some great information there and we also do light assessments if you are ever interested.
What is fee-only vs. fee-based?
Most people call looking for a "fee-based" planner but they are actually looking for a fee-only planner.
Fee-only planners receive money from their clients for their service and no one else. Fee-only planners do not represent any products or companies they represent their clients. They can not take commissions or sales related compensation from a third party. This means that you receive third party advice that is not attached to a specific product or accounts. are a fiduciary you represent your client, not a company.
Fee-based is another way to say commission and fee it just sounds better. Companies that are structured this way can still sell commission products and may represent specific companies. They may receive most of their income from fees vs. commissions but that is not a guarantee.
If you have any more questions do not hesitate to schedule a call.