Frequently Asked Questions
1. How much do you charge for investment management?
Investment management fees are 1.5% of the value of the account annually. Fees are charged quarterly at the beginning of each quarter. The quarterly fee is .0375%.
2. How much do you charge for financial planning?
Financial planning fees will vary according to the client's needs. If a complete financial plan is needed, the minimum charge is $1,500 but may be more depending on the complexity of the plan. Any financial planning charge can be offset by investment management fees.
If a partial plan is needed, charges could occur on a flat fee basis or on an hourly rate basis. These fees are negotiable between the advisor and the client.
3. Can you do financial planning over the internet?
No. Financial planning is a highly personal situation and it is required that continued meetings be held. It is our belief that this can only occur in our office.
Investment management, however, can be done over the internet. Applications can be completed online, however they must be mailed to our office as we must have an original signature. You may complete the applications online and then print them to be signed. After signing, simply mail to our office to establish your investment account.
4. Why do you need a copy of my driver's license?
The US Patriot Act, passed by Congress in 2002 requires that we obtain a copy of your driver's license to assist in identifying terrorist activity. Please furnish a legible copy of your driver's license with your application.
5. What brokerage firm do you use and can I use my own firm?
We use Folio Institutional to process all investment accounts. You may use any brokerage firm you like as long as they will comply with three criteria.
1. They must allow us to deduct the fees from your investment account and submit them to us.
2. They must allow us to trade on your account on your behalf.
3. They must provide us with a copy of your monthly statement.
We use Folio Institutional because they are inexpensive and provide all of the services we require.
6. Do you have access to my money?
No. While you will grant us the authority to make trades on your account and the authority to withhold our fees, we cannot make withdrawals from your account.
7. How easy is it for me to access my money?
As easy as you want it to be. For a small charge you can have check writing privileges on your account and access your money by simply writing checks. You can also set up your account to have a monthly automatic distribution deposited to your checking or savings account if you so desire. You can also make other withdrawals any time you like by simply completing a form and faxing it in.
8. Can you prove what your past returns have been?
Not entirely. If you come to our office we can show you the breakdown of past trades and how our performance results were computed. However, we cannot release this information as we don't want to reveal our current investments or our trading strategies until you become a client.
9. Are your past returns accurate?
To the best of our ability. We have deducted all transaction costs and fees so the returns shown are after all expenses. This is the return you actually will receive.
10. What if we don't like your investment program, how easy is it to get out and are there any charges to do so?
It is very easy. Simply let us know and we will cease the management of your account. We will refund any unearned fees and there are no additional charges from Clifton Myers Financial Advisory for discontinuing the account. Trade PMR may have a small cancellation fee (currently $50) for moving the account from them.
