Frequently Asked Questions
1. What are your qualifications and educational background?
We have a diverse business and leadership background that we draw upon to help the different needs of our clients. Our founder and senior advisor, Lucille Shaw, has over 30 years of business leadership experience in the professional service industry and a university faculty position. She has over 15 years of experience in financial and asset management and over 25 years of tax planning and preparation experience. Lucille has been a highly driven entrepreneur since her mid-20s, with extensive start-up experience and tenacity to bring implementation to fruition and sustainability. She holds a Master's degree in Business Administration, is a Citadel Certified Estate Planner, and is a Registered Advisor.
2. What is your approach to financial planning?
Our business is about listening to and caring for your dreams and goals. Our approach is client-focused and life-centered. We listen and ask probing questions. We take detailed questionnaires and discussions of your goals and priorities. We want to know the most significant challenge affecting you and learn what you are looking for in a client/advisor relationship.
3. What services do you offer?
We offer Investment Advisory Services, Comprehensive or modular financial planning, asset protection strategies, and retirement planning.
4. How will I pay for my services?
Our client pays us for the value we bring to the hour by an hourly fee, fixed fee, or flat annual rate (assets under management). Financial consulting is flat fees or hourly. Comprehensive financial planning is on a flat fee basis and depends on the complexity of clients' situations. In most instances, every meeting will include reviewing your current financial situation and potential opportunities, gaps, or general strategies. While you won't receive a comprehensive review or financial planning services for which fees are charged, you should expect to get a sense of working together.
As a fee-only Independent Registered Investment Advisor (RIA) and Wealth Management boutique successfully serving San Diego County and Southern California for over 15 years, we offer professional expert advice, not selling products. We do not fit you into an investment product because we do not have a product inventory. Our compensation comes only from our clients, eliminating the commission-based conflict of interest. We work with qualified custodians who have custody of your investment accounts. We collaborate with but are not part of a brokerage, mutual fund, or insurance company. This relationship structure result is our unbiased recommendation that is genuinely in the best interest of our clients.
It also means we will work to reduce your investment costs instead of building in hidden fees to inflate commission. We can do this because we use institutional-class shares unavailable to retail investors. We also use custodians that afford the best execution and other relevant factors that we consider to be in the best interest of our clients.
5. Do you provide an agreement?
Yes, we provide an agreement that specifically defines the scope of the engagement. This eliminates any ambiguities as clients know what to expect from our involvement.
6. Will you be the only person working with me?
That depends on the type of engagement and the sophistication of your situation. We have a team of advisors and strategic partners to accommodate any case.
7. What is your investment philosophy?
Appropriately allocating investment assets for your goals and risk tolerance is essential in developing an investment portfolio. We believe that having a diversified, well-balanced portfolio, following long-term buy-and-hold strategies, and having patience; will increase the likelihood of achieving their long-term financial objectives. We also believe that your investment portfolio should reflect your tolerance for risk, time horizon, and goals. Thus, an Investment Policy Statement is created for clients with managed accounts.
8. What financial institution do you represent?
We represent our Clients. We are an Independent Registered Investment Adviser. This independence means we collaborate with brokerage firms, mutual fund companies, and insurance companies but are not affiliated with them. This relationship allows us to provide unbiased recommendations that are in the best interest of our client's goals and risk tolerance. We permit clients to direct brokerage; however, we recommend maintaining investment management accounts at Schwab. Finances for Life, LLC is independently owned and not affiliated with Schwab. Finances for Life, LLC does not receive fees or commissions from these arrangements. The qualified account custodian maintains custody of your funds and securities. We do not act as Custodians.
9. Do you provide a free initial consultation? Yes.
10. Why would you choose us as your wealth advisor when you have many to pick from big-name wirehouses and brokerage firms?
Choosing us will depend primarily on what you seek in a client/advisor relationship, the type of service, and the fee structure you want. The initial face-to-face meeting will help you assess why you should choose us.