Do I need to have a minimum amount of assets to work with OWN?
We work with a number of clients who have great jobs or incomes but haven’t yet been able to accumulate assets due to such reasons as paying down student debt, growing families, keeping up with the Jones, divorce, or other unique life events. For this reason we do not have a minimum asset requirement. The traditional financial service model is designed to serve those who are already wealthy and NOT those who are trying to accumulate wealth and in the most need of good advice.
We offer a complimentary consultation to discuss your circumstances and goals and help you determine if there's a good fit. As noted in our pricing section, we will work with you to determine the best value for your money and, if there’s not a good fit, we will happily refer you to another adviser who may be able to help.
Why did I decide to start OWN?
I believe there’s an opportunity to provide better advice at a better price. Jeff Bezos, founder of Amazon, has been credited with the statement, "Your margin is my opportunity". When I look over the current financial service landscape, I see too many people paying obscene amounts of money for professional management and not getting the advice they deserve. This is what drives me. For example, according to the 2017-2018 Advisory HQ Report “Average Financial Adviser Fees in 2017-2018: How Much Does a Financial Adviser Cost” the average Adviser fee schedule on a $1.5 million dollar account is .94% or $14,100 per year. Ask yourself, " Is it worth it?" Does that fee even make sense? Can the same or similar services be obtained for less?
Using the same example, ask your adviser, who currently manages your investment portfolio above for .94%, whether you should pre-pay your mortgage, use the account to buy a second home, start a business, or pay for your child’s education? This would mean your adviser's compensation would be reduced. Does that affect the advice they're giving? Does that potentially cloud their judgement? Although widely used, this fee structure makes little sense for consumers beyond convenience.
Why the name, Open Wealth Network (OWN)?
I’ve been an athlete my entire life, and now coach my children, and I’ve always heard and preached getting open. Open space is where opportunities can be found. If you watch young children playing sports they all initially run to the ball; it’s not until later that they learn to create space and get open. I feel like that’s what everyone is doing in the financial service industry; using the same words, charging the same fees, providing the same plain vanilla advice and products and I saw the opportunity to break away and help clients get open.
Wealth was purposely chosen because it symbolizes a more holistic approach over terms such as money or financial; it encompasses both the human and financial elements.
Network to help clients understand that we work with a network of professionals and subject matter experts rather than trying to be all things to all people and do everything ourselves.
Lastly, the abbreviation OWN is what I want my clients to do; regardless of where they are on their journey I want them to take action and, with my help, OWN their future.