The "How" Questions

The “How”

During our initial visit, the question of HOW we do what we do often comes up, especially in terms of:

  1. “How often do we meet?”
  2. “How do you develop your recommendations?
  3. "How is my money held?”
  4. “How do we handle our accounts if something happens to you?”
  5. “How do you get compensated?”

Let’s address each of these briefly…

If we found a basis for working together, how often would we get together? Let me start by saying we don’t force you in to any sort of regimented meeting schedule…we aren’t going to waste your time if you don’t want to meet and we don’t have anything to go over with you!

That being said, if you like to meet more often, we can meet more often, and vice versa…you determine how often we visit, but of course if there is something we need to address with you, we’ll definitely reach out!

How are recommendations developed?

We follow a refreshingly simple approach. We take the time to get to know you and your priorities, we collect your current financial details, and we design effective and creative strategies to work at getting you from where you are now to where you want to be throughout your future. If you like what we come up with and want to implement part or all of our ideas and recommendations, we can help you do that too.

At times, the question of, “Who holds my money?” comes up…

At Sorum Financial, we do NOT custody your assets. Any investment accounts are held directly at the broker-dealer (LPL Financial, in our case) OR directly at the product company, depending on the type of business we are doing. We can explain this in greater detail if you want, but bottom line is that we do not custody assets; we only figure out how to invest those assets and implement investing plans!

What happens to accounts if something happens to Nathan and/or Phillip?

Life does happen, and if one of us becomes disabled or dies, the other is available to continue to work with, if you so desire. If something takes us both out, you are easily able to transfer your accounts to any other financial advisor you might wish to work with, or LPL Financial may have options to help you find a new advisor or service your accounts in-house. That is the benefit of using a broker-dealer and having them custody client assets.

Finally, the question comes up as to how we are compensated.

We offer fee-based financial planning services, and if you wish to implement either investment and/or insurance plans with us, we can potentially be paid via fees or commissions. We are not “fee-only” because we believe there are many types of products that are better for the client if purchased in a commission-based environment, and some products are not even offered in a fee-only environment. We believe clients are smart enough, that when properly educated, can make an informed decision as to which method is best for them. But if you want to work with us on a “fee-only” basis and exclude all potential recommendations of commission-based products, we are happy to do that.

We are an open book when it comes to compensation - and other business information - so if any other questions come up, do not hesitate to ask.

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