NKY WEALTH MANAG E M E N T G U I D E
Find the Right Expert Local financial advisers have some tips for those looking for financial assistance BY M ARC EMR AL
58
NKY MAGAZINE WINTER 2017
N K Y W E A LT H M A N AG E M E N T
H
ave you’ve been laid off and have stock in your severance package? Did you just inherit some money? You may need a financial adviser, but how do you find one? Three Northern Kentucky advisers have a few suggestions on what you should look for. Darren Wurz, who operates the Northern Kentucky office of Wurz Financial Services, says he would want to get advice from an independent adviser and know how they are being compensated. “Make sure you know how your adviser is being compensated,” Wurz says. “Is he fee-based?” Th at i s a l s o i mp or t a nt to Steven O’Connor, president of Altus Wealth Management. “What are the fees and charges for investing your money and what other services do they offer,” are other questions O’Connor would ask. And he said you should know the two models of advisers—a registered representative and a fiduciary.
“What we tell all of our clients is to ask the person to whom they want to work are they a fiduciary,” O’Connor says. “As a fiduciary you have to act in their best interest at all times. We explain that a [registered representative] works under a suitability standard, where they just have to offer something that is suitable.” And those fees should be transparent, says Kelvin Stroupe, senior vice president and regional director of wealth for BB&T Wealth Advisors. “When you discuss fees, is the individual being transparent with the difference between their office or their advisory fees and fees a third party would charge the client,” Stroupe says. “That’s the big thing, is there transparency in the fee schedule.” But he cautions not to sacrifice a small fee over other issues. “If you are shopping on price you might lose out in other areas.” O’Connor says you have to know the fees and expenses when developing a relationship with an adviser. “If I am going to pay you something,
Steve O’Connor, Altus Wealth Management
what other services are covered under that fee,” he says. One other thing is you should understand
Are you second guessing your investment choices? When you try to manage your investing on your own — and even when you have help — it’s common to look around and wonder if you could be doing better. We offer personalized financial strategies with a broad range of investment choices and support from a talented force of market analysts, investment planning specialists, and portfolio managers. Call today for a second opinion.
Frank Wealth Consulting Group of Wells Fargo Advisors Steven L. Frank, CFP® Senior Vice President – Investments Phone: 513-651-6541 steven.l.frank@wellsfargoadvisors.com Judy Hearn, CRPC® Financial Advisor Phone: 513-412-5214 judy.hearn@wellsfargoadvisors.com 255 E. Fifth St., 1400, Cincinnati, OH 45202 Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. © 2017 Wells Fargo Clearing Services, LLC. All rights reserved. 0816-03253 [99917-v1] A2074 (3688001_511203)
PNC WEALTH MANAGEMENT® | Wealth instills confidence, but it can create concerns as well. By meeting face-to-face with a dedicated team, we can provide you with a highly customized and insightful financial strategy to help put your mind at ease. So you can make the most of your wealth now and for future generations. For more information, call Kelly Wathen, Wealth Director, at 513-651-7195 or visit pnc.com/wealthsolutions
The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Wealth Management® to provide investment and wealth management, fiduciary services, FDIC-insured banking products and services, and lending of funds through its subsidiary, PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and to provide specific fiduciary and agency services through its subsidiary, PNC Delaware Trust Company. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank and SEC registered investment adviser. “PNC Wealth Management” is a registered trademark of The PNC Financial Services Group, Inc. Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value. ©2017 The PNC Financial Services Group, Inc. All rights reserved.
www.BestofNKY.com
59
NKY WEALTH MANAGEMENT
Kelvin Stroupe, BB&T Wealth Advisors
Darren Wurz, Wurz Financial Services
is how much risk you are willing to take in investing your money. “I think, in my opinion, anyone who comes into a liquidity event, or an event in which they have assets to manage, they need to understand the difference in risk tolerance, what’s an acceptable risk and what is a necessary risk,” says Stroupe. “Risk tolerance is a measurement of risk,” he explains. “Any financial adviser is going have you do a risk tolerance questionnaire so they can determine what your appropriate asset allocation will be.” Two other points to consider, Wurz says, are the experience and the educational credentials of the adviser. And these just scratch the surface. But according to experts, you want to use an adviser. As Wurz asks, if you want to do it on your own, can you be objective with your own money? “It’s an emotional process,” Wurz says. “You have blind spots and risks you are not aware of. You can get caught up in the euphoria of the market or panic of the market.” n
Commonwealth Bank & Trust Company
Medical Banking Group As a part of the Medical Banking Group, our Licensed Healthcare Professional Lending Program† is specifically designed with medical professionals like you in mind. It offers competitive rates and terms to help you get the most out of your practice. With a quick and easy application, rest assured you can obtain the capital you need from a bank you trust.
COMPLETE FLEXIBILITY
Unlike other loans, you can use it for whatever your medical practice needs, including: • Practice expansion and renovation • Medical equipment purchases
• Increased staffing • Office repairs and upgrades
ADDITIONAL FEATURES
The Licensed Healthcare Professional Lending Program also includes: • Loan sizes up to $100,000 (stated income) to $750,000 (verified income) • Competitive interest rates: STATED INCOME • 4.50% if term is ≤ 3 years • • 5.00% if term is ≤ 5 years • • 5.75% if term is ≤ 7 years •
Rx
VERIFIED INCOME • 4.40% if term is ≤ 3 years • • 4.90% if term is ≤ 5 years • • 5.50% if term is ≤ 7 years •
Contact a banker about the details of this loan program to get started!
†
60
NKY MAGAZINE WINTER 2017
Restrictions apply.
Chad Carpenter: 859.746.5322
www.cbandt.com/business-banking/medical †
Restrictions apply.