Skip to main content

Watch our latest video: "2Q2023 Market Review and Outlook for 2023"

I Stock 902922438

The Big Breakup: It's Not You, It's Me

Photo of author, Brian Gongaware, CFP®, SE-AWMA™.
Brian Gongaware, CFP®, SE-AWMA™
Director of Advisory Services

For 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.

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.

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 advisors 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 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 bank institutions or brokerage firms.

Who to seek for help with understanding your options?

It’s your money and your future. Take back control of your financial situation.

Related Insights
Steedle Blog Image FINAL

Any Life Transition Can Be Handled If You Have This

Transitions — life is FULL of them. They can be planned or unexpected, but they are always "side-steps" in your journey of life. Which means, the way you handle them dictates if a transition becomes a mere speed bump to navigate or, conversely, an abyss that will swallow you if you allow it. What's the best asset to have to ensure your success with transition? Find out!

Read More
Male student picking a book in a library

5 Money-Saving Tips for Freshmen Navigating the College Bookstore

College is expensive, but the bookstore is one area where you can cut costs. Here are five money-saving tips for college freshmen navigating the bookstore.

Read More
I Stock 517184982 FINAL KMS blog 7 6 23 BLOG version

Secure Your Financial Freedom: The Power of a Comprehensive Financial Foundation Review

At McKinley Carter, we understand that true financial freedom extends beyond wealth accumulation; it lies in the strength of your financial foundation. That's why we take great pride in offering a service that goes above and beyond the norm — a comprehensive review of your financial foundation that sets us apart from our competitors. Imagine your financial foundation as a shield, protecting your wealth, dreams, goals, and aspirations from unforeseen circumstances and enabling you to navigate life's uncertainties with confidence. At its core, this shield is made up of three pillars, each vital in fortifying your financial plan: the in-depth estate plan review, the comprehensive insurance review, and the annual financial LifePlan review. Learn more.

Read More
Play