Do I have to be “Rich” to hire you?
The short answer is no; however, we do offer a premium service which requires an ability to pay our fee. Our clients have the option to pay for our services similar to how you would for other utilities or services, e.g. on a monthly basis.
The long answer is that 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. This is the reason I started OWN. 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.
The solution for those without a certain level of assets has traditionally been an impersonal call center approach or a product oriented approach with it’s high costs, restrictions, and conflicts of interest. 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. People are paying obscene amounts of money for professional management and not getting the advice they deserve. 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. Now, depending on the advice you’re getting, this may or my not be worth it; however, with 20 years of experience and robust technical credentials, I feel this is pretty high.
Using the same example, ask your adviser, who currently manages your investment portfolio above for .94%, whether you should pre-pay your mortgage or use the account to buy a second home, start a business, or pay for your child’s education; this would mean their compensation would be reduced. Although widely used, this fee structure makes little sense beyond convenience.
Why the name, Open Wealth Network (OWN)?
There are several thoughts that went into the name. First, I love open space and the outdoors; my happy place has always been on the top of a mountain pretty much anywhere. I’m not an accomplished athlete but I’ve played sports my entire life, and now coach my children, and I’ve always heard and preached getting open. Open space is where opportunities lie. If you watch young kids play sports they all initially run to the ball; it’s not until later that they learn to create space and get open. I felt like that’s what everyone was doing in our industry; using the same words, charging the same fees, providing the same plain vanilla advice and products.
It’s also my mindset to keep an open mind and be open to new ideas, new ways of thinking, and new ways to serve my clients. Wealth was purposely chosen because it symbolizes a more holistic approach over terms such as money or financial; it encompasses 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 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 responsibility, with my help, and OWN their future.