Financial Advisor News

Piedmont, CA

Financial Advisor News

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Piedmont, CA

by: ALISON VAN DYKE

FIRST AND MAIN FINANCIAL

(510) 601-1935

Oakland, CA | East Bay; Independent Financial Planners and Fiduciary Standards

Hi, my name is Erik Wolfers. I’m the Managing Member of First & Main Financial. We’ve been helping clients with personal finance since 2001.

Today I’m going to talk a little bit about perspective and expertise and the fiduciary standard in the financial services industry, or practicing as a fiduciary. We got a new client last week, a single mom who is struggling with buying a home; because of the cost of homes, and she also has other basic desires to retire on time or maybe a little bit late — sending a daughter through college.

On the phone in our initial call we discussed the concept of using an interest-only mortgage to buy a home and also potentially using a line of credit as a cash reserve—using equity in the home as an emergency reserve.

Often when people buy a house they use most of their cash and then they don’t have an emergency reserve and that feels uncomfortable for them.

So, we did quick calculations and went deep into concepts. I was happy to help her but then she decided to work with us in a more detailed basis.

It takes years to gather experience and expertise on all different facets of the personal financial services industry, and when you work as a fiduciary, as we do, our only interest is helping our clients achieve the best outcome possible—which is an idea that’s not resident for many people. In their minds, they’re worried the financial services industry is going to take advantage of them, or not be looking out for their best interest, which is often true.

We are interested in primarily helping our clients get the best results possible—and there are other people like us that operate in the same way. But, being a financial planner/financial advisor is like anything else: years of accumulated experience provides insight and perspective that you simply can’t have if you haven’t been doing the work for a long time.

I always encourage people to work with a fiduciary, work with someone that’s experienced, and I also lean toward independent companies because then there’s no conflicts of interest.

If you are looking for some financial guidance; whether for a one time financial plan or continuing advice on your investments, we invite you to meet with a First & Main Financial planner for a free consultation. We would be more than happy to sit down with you, assess your situation and review our services to help navigate your financial future.

Oakland, CA | East Bay; Local Financial Advisor Providing Best Service Levels

Hi, I’m Erik Wolfers. I’m the Managing Member of First & Main Financial. We’ve been providing financial planning and wealth management services since 2001. Today I’m going to talk a little bit about service levels.

We have clients who come to us for financial planning and then they want to become ongoing clients and use us for wealth management services. Because, once we’ve done a financial plan for them, we know everything about them and they can see the benefit of having a partner or teammate to help them reach their life goals with respect to their wealth and retirement and college education and those kinds of things.

Clients often times have accounts at various institutions or 401K accounts that they left from previous jobs and they don’t wan to aggregate the dollars because it’s a lot of work, and so we take care of all that for them and simplify their lives. Often times we can turn several accounts into one account.

And on an ongoing basis, when clients need transactional information for contributions to retirement accounts or tax forms, often times we respond to clients with those requests within seconds or minutes or almost always the same day at the worst.

We want to treat our clients the way that we would want to be treated, but we don’t make a big fuss about it; it doesn’t matter who who you are or how much wealth you have, we treat all of our clients the same.

So, if you’re looking for a partner with your finances overtime and you want your life to be easier and you want expert advice, we’re here for you.

If you are looking for some financial guidance; whether for a one time financial plan or continuing advice on your investments, we invite you to meet with a First & Main Financial planner for a free consultation. We would be more than happy to sit down with you, assess your situation and review our services to help navigate your financial future.

Oakland, CA | East Bay; Market Volatility During the Coronavirus Pandemic

Hi, I’m Erik Wolfers. I’m the managing member of First and Main Financial. We do wealth management and comprehensive financial planning engagements for our clients. We’ve been doing it since 2001.

Today I’m talking about the stock market for a minute. We have a lot of clients contacting us, believing that the stock market is going to go back down again.

Through this Covid-19 pandemic, the stock market dropped at the most rapid rate ever in the history of the stock market and then came back significantly—and many people don’t believe it’s possible for it to trade where it is given the way the world looks right now. But the stock market is rational. Mostly it does have a tendency to trade at extremes in euphoria or in times of panic. But the people that are participating, millions of people with trillions of dollars, are behaving rationally. They wouldn’t be putting more money into the stock market if they didn’t think the situation was going to improve.

So, the stock market can’t be wrong. It does get expensive at times or very cheap at times at the extremes, but it’s taking in all the information available at this time and it’s price where it is. And if the situation continues as it has, it’s probably or maybe going to slide higher as it has been, once it’s sort of reach the new equilibrium point or base point; and if things turn out to be much worse than anyone could have imagined, then it’ll go lower.

But it also could jump higher on positive news, like for treatments for Coronavirus or a vaccine coming out sooner rather than later. So, you can’t really argue with the stock market, you can’t guess, you can’t predict the future, so we’re invested for the long-term.

If you are looking for some financial guidance; whether for a one time financial plan or continuing advice on your investments, we invite you to meet with a First & Main Financial planner for a free consultation. We would be more than happy to sit down with you, assess your situation and review our services to help navigate your financial future.

 

 

Oakland, CA | Managed Accounts: What Level of Service Should You Receive for the…

Hi my name is Erik Wolfers. I’m the managing member of First and Main Financial. People have been trusting us with their life savings since 2001. Today I’m going to talk a little bit about money management. We’ve just gotten new clients after going through a financial planning process with them.

When we looked at their Investments they decided to also move their Investments to us for ongoing wealth management and comprehensive services.

The money had been managed by a national brand name firm in an account called a Managed Account which assumes there’s some level of expert management happening inside of the account.

They were paying 1% plus the firm was using some number of in-house, brand name products; so they’re kind of double-dipping on fees.

But in looking at their accounts it was obvious that the accounts were not managed in a customized fashion or in an expert fashion. They were managed more like by formula or what is more commonly known nowadays as robot style investing, and the clients were not getting excellent responsive service.

So, if you’re paying 1% and really more than 1% and not getting great service and the performance in your account isn’t great, it’s obviously not optimal for you, the client.

They moved to us and we’re going to provide an exceptional level of service and use money management products and techniques that have been proven to work well over time.

There are a number of firms like ours out there, that put the client first and charge fair fees. And so, I always encouraged people even if you don’t choose us, to work with somebody that’s an expert, that has experience, and that’s going to put your interest first.

If you are looking for some financial guidance; whether for a one time financial plan or continuing advice on your investments, we invite you to meet with a First & Main Financial planner for a free consultation. We would be more than happy to sit down with you, assess your situation and review our services to help navigate your financial future.

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BIO: At First & Main Financial, Alison Van Dyke helps clients with their financial lives. She has worked in Corporate Finance for Bank of America and Chase Manhattan Bank. Alison is pursuing the CFP® certification; she received her MBA at Georgetown and her B.A. in Political Science from UCLA.

235 Wildwood Avenue,
Piedmont, CA 94610, USA

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Piedmont, CA 94610, USA

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BIO: At First & Main Financial, Alison Van Dyke helps clients with their financial lives. She has worked in Corporate Finance for Bank of America and Chase Manhattan Bank. Alison is pursuing the CFP® certification; she received her MBA at Georgetown and her B.A. in Political Science from UCLA.