Do you have a minimum investment amount?
Since we limit the number of clients relationships Legacy maintains, we cannot offer our services to everyone. Currently, our minimum investment amount is $250,000. Our typical household has closer to $500,000 under management but we reserve the right to work with anyone we feel is a good fit for what we do. Younger clients with high incomes but smaller investment balances are often a fit for Legacy Next. This platform offers a more digital offering for clients with less sophisticated current needs, but the desire to connect with a firm like Legacy so they have access to Legacy Financial Strategies when their needs change in the future.
What is a Registered Investment Advisor?
RIA firms are registered with the Securities and Exchange Commission or state securities regulators, are subject to the Investment Advisers Act of 1940 and have a fiduciary duty to act in the best interest of their clients. Read more about the benefits of an RIA.
Where do we meet?
We meet most of our clients in our office because we have access to our technology and their account information. However, if you feel it is difficult to make it to our office because of scheduling or mobility issues we do have the ability to come to you at your work or home on a limited basis. We also utilize phone or web conferences for clients who prefer the convenience.
What does the initial consultation consist of?
The goal of the initial consultation is for us to get to know each other better. We will tell you more about what we do and how we work with clients. We’ll want to hear more about your situation, what you’re looking for in a financial advisor and why you’re interested in Legacy. We view our relationship as a partnership and want to make sure it will be a good one.
How does Legacy charge their fees?
Legacy charges either a percentage of assets under management for discretionary investment advisory services or a fixed annual or hourly fee for financial planning services, but rarely both. Annual planning fees are generally waived when assets under our management meet the minimum threshold. Our investment advisory fee structure is “tiered” and is reduced as the amount managed by Legacy increases. The rate starts at 1.75% and drops to as low as .75% as client assets approach $2 million in assets. Alternative arrangements are available for clients with unusually low complexity or for clients who may have become clients when their previous firm was acquired by Legacy.
Typically, clients who meet our investment minimum are not charged an additional planning fee. Legacy also offers non-discretionary investment advice for a fixed annual cost. The rate depends on the complexity for individual 401(k) account advice or guidance on accounts not held at a custodian where we can manage directly with discretion. Typically these fees range from $250-$2,000 per year. Legacy is a “fee only” firm. This means we cannot receive commissions. We don’t sell any products or receive compensation from any investment company or fund. Our clients pay us directly. Fees can typically be pulled directly from a client’s investment account at an agreed upon frequency and rate.
What do I bring to the initial consultation?
You can bring whatever you feel comfortable sharing. Some people choose to bring income, asset and liability statements for us to better gauge their overall situation, while others just bring themselves. It’s up to you!
Do you conduct 401(k) reviews?
Yes, we include 401(k) reviews for a separate fee. These reviews include in depth analysis of holdings and risk levels and contain recommended allocations. Clients receive these written reports at a frequency they choose and are responsible for making recommended changes.
Is financial planning a one-time deal?
Absolutely not! We view the plan as a living, breathing thing that will change as your life changes. During our meetings, we work together to see how your financial plan needs to be updated depending on changing goals or circumstances in your life. In addition, as part of our financial planning service, you’ll have access to your own personal financial dashboard. This secure and private technology platform links financial planning, investment management and cash management, allowing you access to all of your accounts anytime, anywhere. You can quickly review your holdings, track progress toward your goals, view spending habits and monitor cash flow.
How frequently do you meet with clients?
Each client household is evaluated on an individual basis to gauge how frequently they need a scheduled face-to-face meeting or phone call. We want to ensure there is adequate time to cover all of the issues that need discussion. At the end of each year we reevaluate meeting frequency to determine if pre-scheduled meeting frequency needs to be adjusted.
Are scheduled meetings the only time we will have contact?
No. Legacy’s clients have access to us year-round and we’re happy to speak to you any time a question arises or a financial issue needs to be discussed.
Will you work with our CPA or attorney?
Of course! We are always willing and hope to work with other professionals our clients utilize to make sure they have their affairs in order.
Are you required to sell any products from any company?
Absolutely not. Legacy is independent and acts as a fiduciary, putting our clients’ interests above all else.
Are all of your clients in town?
While the majority of our clients live in Kansas and Missouri, near our office in Leawood, we have clients all over the county. We remain in close contact through physical meetings primarily, but also by teleconference and screen-sharing.
Who can we expect to work with?
Most of our clients engage with one advisor for the majority of their meetings, however we utilize a team approach, which means multiple in-house experts are available to serve different needs. Increasingly, we find it helpful for clients to be familiar with multiple team members and for team members to be familiar with all client situations.
What custodians do you use?
Currently, we hold the majority of client assets at Charles Schwab Institutional. We also use Fidelity Investments for certain client situations. It’s important to know that we don’t work for these custodians. We’ve simply decided to use their platform to fulfill our investment management needs for clients.