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Julie, a California Licensed Professional Private Fiduciary and serving as trustee, wanted to be certain that her client’s investment portfolio was suitable for both her client according to the Uniform Prudent Investor Act (UPIA) and her own liability exposure. Was the portfolio invested properly, with care given to the amount of risk, growth potential, tax consequences, time horizon, investment objectives, holdings, and so forth? Could she produce documentation reflecting the investment decisions? Was the account fee reasonable? Was the brokerage firm reputable?

Not being an investment advisor, Julie knew that she needed to rely on a wealth management professional.

That’s where we came in. Taking advantage of our Second Opinion Service, Julie brought recent statements (with the Personally Identifiable Information blacked out) into our office for our review.

We learned that, though the investment account was noted as “Growth with Income,” meant for moderate portfolios, the account actually reflected an “Aggressive Growth” stance designed for an investor with a much higher risk tolerance. We were able to explain our findings in language that we believe Julie felt comfortable with and explained why we were concerned.

Julie next asked whether, if we were to manage the account, would we outline in writing our investment proposals, the investments selected, and the reasoning behind those investments? We were willing to do so, of course.

Finally came the conversation regarding fees. Julie was surprised that the fee structure at Bourke Wealth Management was actually more favorable than her client’s current arrangement.

Julie transferred the account to Bourke Wealth Management and we’ve been working with her ever since.

This material is hypothetical in nature and not intended for use as investment advice. It does not guarantee the attainment of your retirement goals. Individual results will vary.