Green Lake Financial Partners
Trusted, independent, commission-free financial services
Frequently Asked QuestionsIf you can't find an answer to your question here, please contact us.
Q: Who are Green Lake Financial Partners' "partners"?
A: Our clients; we view our fiduciary advisory relationships as long-term partnerships. This is why we don't accept commissions, make every effort to avoid and disclose conflicts of interest, and structure our fees so that we make more money only when you make more money.
Q: What kinds of services do you offer?
A: We offer both financial planning and investment management services.
During our Comprehensive Financial Planning process, we sit down with our clients to gather relevant information about their financial situation and life goals. With that information, we prepare a comprehensive package of recommendations tailored to each individual and covering a wide range of issues including retirement, insurance, investments, cash flow, large purchase goals (including education and homes), tax reduction, and estate planning (wills, trusts, etc.)
Investment Management is when we select investments for, manage, and rebalance your portfolio on your behalf. We also monitor and report the progress towards your investing goals, advising you on how to stay on course in the face of turbulent markets or changes to your financial situation and needs.
You can read more about our services here.
Q: How much do you charge for your services?
A: Our Comprehensive Financial Planning packages vary based on individual client needs, but range from $1,250 - $4,950, with most clients falling into the lower end of that range.
For Investment Management services, clients investing up to $1 million with us, we charge 0.5% of assets under management (and 0.25% for assets above $1 million and under $10 million.)
Clients can also request hourly work at $195/hour, but we generally provide financial planning services as a 'package' deal so that clients know exactly what their paying and what their getting.
More detail on our fees can be found here.
Q: Who will be managing my money if I take advantage of your Investment Management services?
A: Our Principal Advisor, Ward Williams, a Registered Investment Advisor with the state of Washington.
Q: Do you require clients to have a minimum net worth or amount of assets under management with you to use your Investment Management services?
A: No. However, because we generally charge a minimum quarterly fee, we do encourage clients to invest enough (about $60,000) with us to keep their fees around 1% of AUM or less.
We take special care not to offer services to clients that won't benefit them more than it will cost them. If it's not worth it for you, we won't sell it to you.
A: Our disclosure information & Form ADV Part II can be found here. Our privacy statement can be found here.
Q: What do you think the market will do in the coming weeks/months?
A: In the tongue-in-cheek words of J.P. Morgan, "it will fluctuate." For many reasons, we do not believe that anyone advertising their ability to accurately forecast the short-term returns of the market or its 'sectors' will be able to do so with any reliability.
However, we do believe in tried-and-true methods of choosing investment portfolios that can be expected to perform well over long periods of time. Among other tools, we use historical returns, fundamental investment analysis, and current market data to guide us in helping you meet your goals.
Q: Will social security be around when I retire?
A: According to the Social Security Administration (SSA), yes! Even based on current (2010) law, if no changes were made to the system, there would still be $760 for every $1,000 in benefits promised by 2037. Of course, the further away from retirement you are the tougher your benefits will be to predict.
For those under 40, I recommend saving as if you won't receive any (or at least very little) social security, just to play it safe. For those retiring in the next 5 - 10 years, I doubt your estimated social security benefits will change much, if at all.
Per the SSA, social security replaces about 40% of the average worker's preretirement income. (However, if you're reading this website you're probably above average. In our experience, social security typically provides between 20 - 30% of our client's retirement income needs.)
(c) Copyright 2010 Green Lake Financial Partners