Grace and Henry, tired educators from the Boston area, had worked with a financial planning firm, but by 2005, they had become disenchanted with the firm’s methods. They wanted someone unaffiliated with any particular fund or investment house. A friend recommended they check out a fiduciary firm. A fiduciary is someone who manages money or property for someone else. A fiduciary, by definition, manages your money and property for your benefit, not theirs.
The couple was also interested in connecting with a local firm where they could interact directly with an individual advisor or a team. Grace said, “We’re both teachers and it’s important that we understand what’s happening with our investments and why.”
About ten years ago, Grace’s father died. His financial records were difficult to find, and he had accounts spread all over several financial institutions. “It was so confusing,” said Grace. “Our advisors were there for us, finding multiple bank accounts, investments, and basically untying knots. It was a major undertaking, and they saved us.” The couple asked the team to help organize Grace’s mother’s accounts, as well. When she passed away, her financial affairs were in order, which helped make a difficult time less difficult.
“Another nice thing about our advisors is their breadth of knowledge,” says Grace. “We’ve asked them about financial planning, of course, but they’ve also given us great information about college planning for our kids and grandkids, and CCRCs (Continuing Care Retirement Communities). I always leave a meeting knowing more than when I walked in.”
While breadth of knowledge is important, what also matters are the well-organized meetings and meticulous plans the advisors create. “Their attention to detail is impressive,” says Grace. “They listen to us and address our questions and concerns. They even give us homework!”
The Craigs like the way they’re treated by their new advisory team. “For us, it’s about personal relationships,” says Grace. “We don’t feel like numbers. We feel like we’re part of the family.”
The article listed above summarizes a hypothetical scenario developed to illustrate the kind of people we help and the problems we solve.