INDUSTRY INSIGHT
YOUR FINANCES
SPONSORED CONTENT
The Big Breakup:
It’s Not You, It’s Me
F
or decades wealthy and mass affluent families have worked
with major bank and brokerage institutions. With changes in
the financial industry, such families would be better served
exploring a superior relationship model.
Pittsburgh banks over recent years have quietly raised your fees
and increased their minimum client size while cutting services and
staff. Bank and brokerage clients should ask themselves:
• Am I still a valued client?
• Would they seek me as a client today?
• Am I getting their best resources (advisors, tools, investment
thinking)?
• Are my personal financial plan and wealth management needs
receiving the attention they, or I, deserve?
If you suspect the answer to even one of the above questions is
“No,” likely the answer to all four questions is “No.”
Having started my career within the two largest Pittsburgh financial
institutions, I’ve seen the service model from the inside. Since then
and over the past 20 years, we have designed and refined a fiduciary
service model for our clients.
Who We Are…
• As fiduciaries – serving your best
interests and avoiding conflicts of
interest
• As financial strategists and
coordinators – helping you design
and take the actions needed to
take the best possible care of your
total financial situation
• As astute observers of
markets, politics, technology, and
demographics – helping you
assess the impact of global forces
on your assets, your community,
and your peace of mind
McKinley Carter
Wealth Services
100 Bradford Road, Suite 400
Wexford, PA 15090
724-940-4400
mc-ws.com
McKinley Carter Wealth Services, Inc. (“McKinley Carter”) is an SEC-registered investment adviser. For additional information about McKinley
Carter, including fees and services, send for our disclosure brochure as set forth on Form ADV using the contact information herein. Please read
the disclosure brochure carefully before you invest or send money.
This week, reach out to your individual advisor and pose the
following questions. If you don’t have an individual advisor but now
have an (800) number, there are many other solutions to pursue right
away.
• Ask what their minimum client size is. Many organizations will
keep “small clients” because they just keep paying.
• Ask what their entire fee schedule is. The fee schedule is helpful
to understand where you fit in their business model. With a
tiered-fee structure, are you paying at the highest rate?
• Ask if they are regulated under a Fiduciary Standard. Not all
firms/advisors/brokers want to be subject to fiduciary standards
(clients’ best interests). Many prefer to render guidance with a
much lower Suitability Standard.
“So, I need to find a new financial advisor—what should I look for?”
Let’s start with the basics: Experience, Credentials, Accomplishments
in working with investors like you.
This may seem obvious as first-level requirements. Just as
important are the human characteristics that should define your
financial advisor.
• Your advisor must be approachable. Your advisor should not talk
“over you” or “down to you.”
• You want them to see and explore all your potential. Have honest
conversations about your financial goals and dreams to assess
what may be truly possible.
• Seek a firm that is client centric and dedicated to action. Simply
talking about objectives and priorities is incomplete. “Words may
inspire but only action creates change.” – Simon Sinek
While this may be critical of Pittsburgh banks and brokerage
firms, it is because every week we see their changing business
model and the negative consequences for you, the asset owners.
We want to highlight some of the known issues and encourage you
to take control. Most of our new clients come to us from one of the
Pittsburgh-based bank institutions or brokerage firms.
Who to seek for help with understanding your options?
• Myself (Brian Gongaware) or a member of our team here in
Wexford
• Letsmakeaplan.org – search for a CFP® professional
• brokercheck.finra.org – search the background of an individual
or firm
It’s your money and your future. Take back control of your financial
situation.
This Industry Insight was written by Brian T. Gongaware,
CFP®.
Brian is a Principal of McKinley Carter, serves as Director
of Advisory Services in the Wexford office, and is also
a Certified Financial Planner™ professional. He uses his
deep expertise in client relationships and investment
management to help clients identify their financial goals
and needs, and design appropriate financial and investment
strategies.
NORTH ALLEGHENY
❘
SPRING 2019
31