FAQ

• What is the difference between a wealth manager and a financial advisor?

A wealth manager and a financial advisor are similar in many ways, but there are some differences. While both professionals provide financial guidance, a wealth manager typically focuses on comprehensive wealth management; which includes investment management, estate planning, tax strategies, and more. On the other hand, a financial advisor may offer a broader range of services, such as budgeting, retirement planning, and insurance advice. It’s important to choose the right professional based on your specific needs and goals.

• When should people seek financial advisors?

People should consider seeking the help of a financial advisor when they have specific financial goals, need assistance with investment strategies, retirement planning or when they require guidance on managing their overall financial situation. Financial advisors can provide personalized advice and help individuals make informed decisions based on their unique circumstances. Whether you’re planning for the future, navigating a major life event, or simply want to improve your financial well-being, a financial advisor can be a valuable resource.

• What can I expect working with Oak Partners?

When you choose to invest with Oak Partners, it’s not just about your finances. We pride ourselves on building strong relationships with our clients. We strive to be more than just an investment company.  Much of our time is spent collaborating with other professionals on behalf of our clients (Tax, Legal, Insurance). We work as a team with our clients to do everything we can to help them pursue their personal goals.  As an investment fiduciary, partner, friend and mentor, we are dedicated to helping you work towards your financial goals while responsibly managing your assets and building your wealth.

• What is your investment portfolio management process like?

At Oak Partners, we believe that effective portfolio management and planning begins with a strong relationship. We understand that every individual and family’s investment goals are unique; therefore, we take each client’s personal experience into account. Before providing advice, we make it a priority to listen and understand your needs.  The personal financial success of each client is our only priority!

• What can I expect for my first meeting with Oak Partners?

Before we dive into managing your investment portfolio, we always start by having thoughtful and in-depth conversation about each individual or family’s personal financial goals and history. It’s important for us to understand each client’s financial habits, personal goals and experience with financial concepts. This helps us provide advice that is tailored specifically to each client.

• What should I bring to my first meeting?

It’s helpful to bring some important documents and information. This may include your bank statements, mortgage information, paystubs, investment account statements, pension information, tax returns and any other relevant financial documents.  It’s also a good idea to come prepared with a list of your financial goals and any questions you may have. This way, your team of advisors can better understand your situation and provide personalized guidance.

• What’s the difference between wealth management and financial planning?

Wealth management is a broad concept that typically encompasses financial planning. Financial planning generally involves working with a financial professional to identify your goals and create a clear roadmap. Wealth management goes beyond that and may call for additional services as well. Think of it as financial planning on a broader scale!

• What does wealth management cost?

Our firm works primarily on an asset management fee basis.  This means the accounts managed by our firm, if appropriate, will be charged a management fee on a quarterly basis.   This fee provides the revenue for planning, investment management and concierge level service and practical financial advice about everyday decisions our clients may be facing.   Very occasionally, in order to complete a detailed project outside the realm of our typical wealth management services we work on an hourly retainer.   All costs incurred by our clients are always outlined and clearly discussed before any fee is ever charged.  We feel we provide a great value, and we think clients would agree.

• How can I preserve my wealth?

To preserve your wealth, it’s important to employ a number of comprehensive strategies.  Financial markets can be very effective at growing wealth in the United States; however,  we believe the risks presented by markets also require a program of active management. This includes not only buying but also selling when appropriate.  Diversification can be a powerful tool, and it also helps to maintain a perspective that is aligned with the timing of your goals.   Keeping these factors in mind, perhaps the most important component of risk management is regularly reviewing your financial plan and investments to make sure they are aligned. Additionally, having a well-rounded risk management plan, including insurance protections, can help safeguard your assets. It’s always a good idea to consult with a wealth manager who can provide personalized guidance based on your specific circumstances and goals.

• What sets Oak Partners apart from other investment companies?

We are first and foremost fiduciaries to our clients.   Our only objective is helping our clients achieve their goals through planning, growth and risk management.   We do this through discretionary asset management, which means we implement investment selection and buying and selling strategies in the context of everyday asset management decisions for our clients.    This frees the client/advisor conversation from being overly focused on investment selection and broadens the dialog between our clients and our advisory teams to focus on other vital areas of financial management and planning.  We also develop and manage much of our client investment strategies in house, which can have the effect of reducing overall investment cost headwinds in our client portfolios.   This fiduciary, discretionary asset management, attention to cost management combined with a relentless focus on strong client relationships and personalized advice is what sets us apart from other firms.