Q: What is Wealth Management?
A: We believe wealth management is the integration of investments and protection planning and strategy design. A clients plan must be coordinated at all levels throughout their lifetime and their family’s multigenerational time horizon. We believe that done properly our planning process can maximize your accumulation of wealth and solve problems before they occur.
Q: How does Mike Mills Wealth Management charge for its services?
A: Mike Mills Wealth Management advisors are fee based. Typically fees are based on a percentage of your overall assets managed, but occasionally we will set up a flat annual retainer, or charge hourly if that makes more sense for the specific issue at hand. Our fees are accessed on a sliding scale, as portfolio value increases, the corresponding fee decreases.
Because we prefer to charge fees on assets managed or retainer it means the cost clock is never ticking and we are always on annual retainer should you have a financial question. If hired we want to be the quarterback of your financial affairs and expect to be involved in any major financial decisions you or your family makes in the future.
Q: What is the cost to meet with a Mike Mills Wealth Management, LLC advisor?
A: Nothing, the initial consultation is free of charge. This allows all involved to evaluate if our approach is the most efficient and cost effective long term solution for them.
We have a variety of possible client engagements and after the end of the first meeting we will present a recommended engagement letter and appropriate fee for your given circumstances. For financial planning we have a $2500 minimum fee for other less complicated services we charge $150/hour.
Q: Why is a fee based planner better than a commission based planner?
A: How Mike Mills Wealth Management is paid is not as important as providing unbiased advice that positions clients in the best situation to accomplish their goals. That said; Commission based planners often face more perceived conflicts of interest and have far fewer product choices. By operating in a flat fee based environment with full disclosure, Mike Mills Wealth Management is free to recommend investment vehicles that we feel are best suited to fit client’s situation. It also means we are able to seek any investment public or private. Many private investment opportunities like private equity & real estate are typically avoided my most investment firms even though they have been one of the most successful investment areas because compensating the advisor is not allowed by their broker dealer.
Q: Does Mike Mills Wealth Management, LLC have a minimum portfolio size?
A: Yes, typically $500,000, however we occasionally waive this minimum under certain circumstances, particularly if there is reason to believe that there could be significant increases in the future that would exceed this minimum.
Q: What is the overall philosophy that guides your company?
A: Our philosophy is to, first and foremost, act in the best interests of our clients. Yes, we realize that most financial firms say this, but how many actually structure their organization in such a manner that makes them free to provide unbiased recommendations? At Mike Mills Wealth Management, we do two things that enable us to maintain this focus. First, we remove commissions and other broker incentives from the equation. Then we actively seek out unique investment opportunities that other firms may not give you access to.
Q: I’m not in Dallas Ft. Worth Can you still be my advisor?
A: Absolutely, because of our military heritage we service clients all over the US and Europe. We have invested in the technology to conduct remote meetings that are very effective. We do a fair amount of traveling and will likely meet with you when we are in your area.
