Who are your ideal clients?
Working busy professionals in their 30s and 40s who are looking for help with their finances and investment management.
Qualities of someone who will not be a good fit?
Someone who is looking for stock tips, market timing, think they can beat the market or obsesses over investment returns.
I'm not in New York City, can I still work with you?
Yes! We can work with you virtually.
What does it mean to work "virtually"?
All meetings are on Zoom and correspondence will be exchanged through a secured vault in the planning software. A virtual relationship is similar to meeting in-person with no differences or any changes by this meeting format.
Why does a flat fee model matter?
In traditional banking, advisors are paid a commission for certain products (i.e. mutual funds, ETFs, stocks and bonds). While we'd like to believe that advisors always act in the best interest of the client, this model is problematic because it incentivizes advisors and creates a bias, and unfortunately, the client doesn’t become the first priority.
Sometimes advisors prefer the traditional model because that means they don’t need to have a direct conversation with the customer about what the fees actually are. The fee is already built into the customer's gains, so that if your money grows by 5% in a fund, and the advisors fee is 2%, you'll simply see a 3% growth in your money. The fee is paid automatically, discretely.
But the downside of that is you may be limited to a certain set of funds that the advisor gets commission on, and the exploration around whether you'd be making a higher gain with another fund is closed off.
The flat fee model is a response to the problems and limitations in traditional wealth management. It completely removes the "sales-oriented" variable of financial advising, and focuses on the quality of advice to the client. JWK is not afraid to offer total transparency to the client. We will have direct conversations about what you're paying for and what you've gained exactly from a fund that you invested in. We believe in the kind of financial advising where trust is structured into its very core and then delivered as a lifelong philosophy.
How do I measure success?
Success is first and foremost measured by your satisfaction and comfortability when it comes to your finances.
Why are the early years the best years for wealth building?
Early years are the best years because the growth of your invested money increases exponentially over time. This "compounding effect" means the money you originally invested grows at a higher rate with each consecutive year. Each year of delaying your financial planning could set you back thousands of dollars long-term.
You can think about this positive compounding of interest as the opposite of going further into credit card debt. You know how paying your minimum amount spirals you further and further into debt over time? The same effect happens in the positive direction with investments. Even a small automated savings toward your investments will spiral you in a surprising wealth growth over 10, 15, 20 and 30 years.
In addition to when you invest, the way you invest early can make a big difference in the long term. For example, considering how your investments are taxed (i.e. savings account vs. 401k vs Roth, etc), will be important in how your wealth can grow.
JWK's no account minimum is designed for first-time wealth builders to start early, so they don't miss out on that compounding growth over time.