How is Woodside different from other advisors?
Woodside is a fee-only Registered Investment Advisory firm and, as such, we are compensated only by our clients. We do not accept commissions and we do not pay or receive referral fees of any kind. In fact, there are no third party payments at all that would color our investment or planning advice.
In addition, it is important to note that when we work with clients, we are acting in a fiduciary capacity and are held to a fiduciary standard. This means that we have a duty to put our client’s interests first. Many people think all advisors are held to a fiduciary standard but the majority of “financial advisors” are held only to a suitability standard, which means that their only obligation is only to suggest investments that are suitable, which is a much lower standard.
It is also important to note that when we work with clients, we are always working in a fiduciary capacity. Other firms may reference a fiduciary standard in their literature or on their website but may only be a fiduciary in certain instances or when working with certain types of accounts. Dually registered advisors can act as a fiduciary in some circumstances but also "switch hats" and revert back to a suitability standard. Ask any advisor you are thinking of retaining if they act as a fiduciary at all times and with all types of accounts.
Does Woodside hold my assets directly?
No, Woodside is not a custodian. Your assets will be held at a qualified custodian and that custodian will send you monthly statements and notify you of any trades made in your account(s).
Do you charge separate fees for financial planning?
No, our Wealth Management clients are charged a single fee that covers portfolio management services and comprehensive planning services. We believe that financial planning is critically important to the success of our client relationships so we want our clients to contact us whenever something changes in their financial life, without fear that an additional cost will be incurred.
How often will I meet with you?
In the first year that we work together, we will meet several times. Once our relationship is firmly established we meet with clients on whatever schedule works best for them. For clients who are busy raising families and juggling multiple commitments, annual meetings are often sufficient. For retirees, we often meet quarterly or semi-annually. The frequency of meetings is entirely dependent on your needs, if something changes in your financial life or you have a question of any kind, come on in and discuss it with us.
Will you work with our accountant and attorney?
Yes! Our best relationships are those where we work together with your accountant, attorney and insurance agents.