August 7, 2018
Good afternoon Chairman Clayton,
I am writing to you as a financial planner and investment advisor. My primary service is comprehensive financial planning, and I integrate investment management as just one part of providing advice on a full range of areas touching my client’s financial lives.
I estimate that I spend a total of 20% of my client time on investments, but most of that is behind the scenes research.
When I meet with my clients, I estimate that 95% of the time they want to talk about the non-investment parts of their lives: everything ranging from more effectively managing their cash flow to refinancing their mortgage, from making a job transition to preparing to retire one day, from identifying how much to save for their kids education to how to talk with their kids about money. We talk about how two individuals, with very different views and money stories, can come together to reach a place where they have a comfortable, joint strategy related to their money.
I am paid 100% by my clients, in a way that is 100% transparent and fully understandable to them.
My fees are stated in dollars, and they are fixed for the year, so that clients can budget for them.
I do not sell any products or accept referral fees.
However, I facilitate the purchase of appropriate insurance by vetting insurance brokers, and introducing them to my clients. I vet estate planning attorneys, and join my clients in their estate planning meetings. I vet CPAs, and collaborate throughout the year with them, so that we are proactively managing tax planning strategies.
I am a fiduciary to my clients.
And I talk with my clients and prospective clients about the importance of that exact word.
In talking with people over the past 15 years, the consistent message I’ve heard is that when they pay for advice, they expect that advice to be 100% in their best interest. They expect their advisor to render advice as a fiduciary.
Our industry has an opportunity to more clearly differentiate those who are offering products vs. those who are offering advice. And, my firm belief is that an advisor must be held to a fiduciary standard.
Respectfully,
Jennifer
Jennifer Lazarus, CFP®
NAPFA-Registered Financial Advisor
Lazarus Financial Planning, LLC
~ Driven by a Vision ~
www.lazarusfp.com