Why work with a Certified Financial Planner (CFP)?
Most people think all financial planners are "certified," but this isn't true. Anyone can use the title "financial planner." Only those who have fulfilled the certification and renewal requirements of CFP Board can display the CFP certification trademarks which represent a high level of competency, ethics and professionalism. And because they are held to a fiduciary standard of care when providing financial planning services, a CFP professional is required to act in your best interest.
How are we compensated?
As fee-only advisors, we are compensated only by our clients. We do not sell products or accept commissions. Fees are based either on financial planning hourly or subscription rates or as a percentage of assets under management. Assets under management billing will be deducted on a quarterly basis, at the beginning of each quarter, automatically from your account (performance will be reported net of these fees). Subscription services are charged at the beginning of each quarter.
What's an "RIA" and how is it different than a broker-dealer?
All financial advisors fall into one of two broad categories: Registered Investment Advisor (RIA) or broker-dealer. Siena Private is a Registered Investment Advisor. What's the difference and why does it matter? RIA's are fiduciaries, broker-dealers are not.
What is our investment philosophy?
What is our process for working with new clients?
We begin by spending time getting to know you, including your financial goals, investment experience and history, and your current portfolio allocation and financial reality. We then develop recommendations on how to increase your likelihood of achieving your goals, how to best prioritize your goals, and actions to reduce risk in your financial life. This includes a target asset allocation to achieve the necessary growth to meet your goals without taking on unneccessary risk; as well as insurance recommendations and estate document review. We will also develop a tax-efficient portfolio transition.
Where are assets custodied (held)?
We custody, or hold, client assets at nationally recognized custodians to house and protect clients' assets. If you are already custodied at one of these custodians, you can maintain that relationship and even, in some cases, same account numbers, when you become a Siena client. If you don't currently have accounts at these custodians we will help you determine which is a better fit for you based on your technological preferences, physical convenience to local branches, and relevant product offerings.