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Jared, what is going on?  This is a question I have answered a lot lately.  Back in July, I launched an RIA firm to expand the financial planning and portfolio management business.  “RIA” is an industry acronym that stands for Registered Investment Adviser.  Prior to this launch, for nearly 14 years, I had represented an independent broker-dealer (1st Global Research) in order to implement investment solutions for my clients.  Below are some frequently asked and answered questions about this change.

Q: Why is an accountant doing financial planning and portfolio management?

A: For some time I have been managing client portfolios and retirement accounts.  It integrates well with tax planning.  The retail brokerage business is filled with salespersons acting as planners, using expensive financial products.

Q: Why has Jared moved his office next door?

A: Jared has launched an independent RIA, Reservoir Wealth Management.  This is a fee-only, fiduciary financial planning and wealth management firm.  The move into the building next door was driven because of the need for separate offices and industry regulations.

Q: Why is this happening?

A: Quietly, wealth management has become a stand-alone business, and one which consumes the greater amount of my time.  I love portfolio management.

Q: Will Jared still be doing my tax return?

A:  I will be working hard to make sure tax clients are taken care of.  I have maintained an affiliation with the SWKRS firm, and my tax practice will focus on clients for whom I also manage portfolios and 401k plans.  I have wonderful, supportive partners and staff at SWKRS and we are working together to make sure all accounting and tax clients are served.

Q: Is Jared a stock broker?

A: No.  I am a fee-only adviser.  I am held to the fiduciary standard of care, which means that I must act in the best interest of the client and not “sell” the client a financial product in return for a commission.

Q: Who was 1st Global?  Who is TD Ameritrade Institutional?

A:  Jared’s service delivery model for wealth management has changed from affiliation with an independent broker/dealer to that of a fee-only, fiduciary Registered Investment Advisor (RIA).  Under the old model, Jared represented 1st Global.  Under the new RIA, Jared uses TD Ameritrade for client asset custody.