WHAT TYPES OF CLIENTS DO WE TYPICALLY WORK WITH?
Our typical client is a small business owner, or working couple with a family who understands the importance of proper planning but doesn't have the time. They want a partnership approach to building and navigating a plan and are comfortable leveraging technology to create efficiency.
DO I NEED A MINIMUM AMOUNT OF ASSETS TO WORK WITH LAKE ROAD ADVISORS?
This depends on the type of service you need. For clients who choose the Asset Management & Financial Planning package we generally look for investable assets of at least $250, 000. For clients who are unable to invest that amount, the Ongoing Financial Planning monthly subscription model is a better fit.
CAN WE WORK TOGETHER VIRTUALLY?
Absolutely. While we always like to meet in person, the majority of our interaction with clients is done via phone, email, and Skype as we work with families across the country.
HOW DOES LAKE ROAD ADVISORS GET PAID?
Lake Road Advisors gets paid in two ways, either as a percentage of the assets that are managed, or a flat fee that can be charged yearly and/or quarterly. To learn more click here.
WHAT IS AN RIA?
A Registered Investment Adviser (RIA) is an investment adviser (IA) registered with the Securities and Exchange Commission or a state's securities agency. The numerous references to RIAs within the Investment Advisers Act of 1940 popularized the term, which is closely associated with the term investment advisor (spelled "investment adviser" in U.S. financial law). An IA is defined by the Securities and Exchange Commission as an individual or a firm that is in the business of giving advice about securities.
WHERE CAN YOU FIND REGULATORY INFORMATION ON LAKE ROAD ADVISORS?
Lake Road Advisors, LLC is a Registered Investment Adviser (RIA) with the State of New York. You can confirm this by visiting the Securities and Exchange Commission's (SEC) website at www.adviserinfo.sec.gov and searching using the firm's identification number 281657.
WHAT IS A FEE ONLY ADVISOR?
Fee-Only Advisors are financial planners that are Registered Investment Advisers (RIA) with a fiduciary responsibility to act in their clients' best interest. They do not accept any fees or compensation based on product sales, which leads to fewer inherent conflicts of interest, and generally they provide more comprehensive advice.
WHAT IS THE FIDUCIARY STANDARD OF CARE?
There are two standards that financial planners and advisers are held to, the fiduciary standard and the suitability standard. The fiduciary standard charges financial planners with putting their clients' best interest ahead of their own. For instance, faced with two identical products but with different fees, an adviser under the fiduciary standard would be compelled to recommend the one with the least cost to the client, even if it meant fewer dollars in the company's coffers -- and his or her own pocket. The suitability standard requires that adviser’s investment recommendations must fit clients' investing objectives, time horizon and experience. Under this standard of care, if an advisor has three suitable products, he can recommend the one that pays him the most as long as its suitable. It doesn’t have to be the best decision for the client.
WHAT IS AN INDEX FUND?
An Index Fund is a type of mutual fund or exchange traded fund (ETF) with a portfolio constructed to match or track the components of a market index such as the Standard & Poor's 500 Index. The index fund provides specific market exposure at a low operating cost and with minimal turnover.
WHY THE NAME "LAKE ROAD ADVISORS"?
As financial planners our job is to simply help our clients achieve their goals. For me, Lake Road (named for East Lake Road on Keuka Lake) represents a personal goal, one that means spending time with family and friends and not losing site of what is truly important.