[WSBARP] Recommendation for financial advisor

Mon Oct 21 11:33:43 PDT 2024

Regina,

Thanks for the thorough explanation, but what I think Chris is looking for is the "golden goose" of financial advisors, that is one that will work on a fee basis alone, with NO requirement of assets under management or a broker relationship with the client.

If anyone has some great referrals there, please feel free to share.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01DB23AD.137460B0]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<http://www.westseattlelaw.com/>

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Bellody, Regina M
Sent: Monday, October 21, 2024 11:26 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Recommendation for financial advisor

Hi Chris,

I am an active member who works as a client advisor in the wealth management industry, where I focus on planning and trust administration for clients with complex needs (trusts, family businesses, real estate). Happy to help with a referral, if you can narrow down the scope a bit.

In the industry, there are fiduciaries (like myself) who provide comprehensive planning for clients who have assets under management with the Bank (and typically, trusts and a banking relationship). We also have a dedicated planning team with three staff in our Seattle office, also included in that AUM management fee. Our clients regularly call on us to make informed decisions in all areas of life.

Several entities like US Bank engage in regular planning advice for clients through life changes and have differing fee minimums (our group is $3M in managed assets, which can also be met via loans and banking relationships). As fiduciaries, we are bound to always act in the client's best interests and are compensated with high salaries (no commissions). The lowest AUM relationship I am aware of is $1M (Northern Trust).

On the other hand, there are broker dealers, like Goldman, Morgan Stanley, Edward Jones etc., who are sales focused and earn the majority of their compensation through commissions. They are not bound to act in clients best interests and will often advertise planning services as a path to manage assets and earn commissions via securities transactions. They typically have lower minimums as well.

Finally, there are fee only planners who charge an hourly rate and do not manage assets, but they are harder to find. If your client does not have assets they would like to manage and grow, this would be the best fit.

Happy to connect directly if helpful, to answer further questions.
Regina

Regina M. Bellody, JD, CTFA, CAP
Vice President | Senior Private Wealth Advisor | U.S. Bank Private Wealth Management
o. 206.344.5311 | m. 206.920.8926 | client service. 888.265.7962 | regina.bellody at usbank.com

U.S. Bank Seattle Tower
1420 Fifth Avenue, Suite 2100, Seattle, WA  98101

Additional Contact: Jon Stewart l 206.344.5312 l jonathan.stewart at usbank.com<mailto:jonathan.stewart at usbank.com>

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Chris B
Sent: Monday, October 21, 2024 10:59 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [EXTERNAL] [WSBARP] Recommendation for financial advisor

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I have a client who is looking for a "true" financial advisor.

He's not looking for a stockbroker or anything like that, but rather, someone who can look at his situation and advise on things like whether to sell or refinance his house.  Whether to do a 1031 of a rental property, etc....  He is not a wealthy person, but still needs legitimate advice.

Anyone know of anyone who can do that kind of advising?

Chris Benis
First Avenue Law Group, PLLC
321 First Avenue West, Seattle, WA  98119
206.447-1900 office - 206.447.9075 fax - www. firstavenuelaw.com

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