FAQ's

Q. Almost all investment advisory firms look pretty much the same. What makes Jeff Harris & Associates, Inc. different from everybody else?

A. You’re right, it’s hard to distinguish any significant difference from one investment firm to another. The fact is almost all independent, fee-based investment advisory firms have access to similar products, so the real difference boils down to the people running the firm and their business philosophy.

Let’s focus on our business philosophy. Like a good doctor, we need to know as much about your current situation as possible before we make any recommendations. This isn’t so we can “sell” you something, but so we can genuinely help you. That means we’ll need to review your tax returns, wills and or trust documents, life and long-term care insurance policies as well as your bank and brokerage and retirement plan statements.

The reason this is important is because most business owners have never had an unbiased review of their overall financial situation by an experienced professional with knowledge in all these areas. Typically they’ll have bought various products over time with no coordination resulting in confusion and frustration. Often, there will be multiple brokerage accounts because the clients are uncomfortable with a single broker handling all their money.

That’s why we work on a fee basis with our clients, so you don’t have to worry about us making recommendations to generate sales commissions. In fact, we believe your trust and confidence is so vitally important to a good working relationship that we provide a rather unique, and some say amazing offer!

Q. What types of clients can benefit most from your services?

A. Generally our clients they have the following characteristics: First, they want an advisor who can help them with a variety of financial issues, like tax and estate planning, insurance benefits, loan agreements and business interests, not just investments. Second they prefer to work on a fee basis with their advisor so they don’t have to worry about conflicts of interest.

Third they want an advisor who will stay in touch with them regularly and keep them up-to-date, but doesn’t bother them needlessly. Fourth they want a trusted resource to bounce financial ideas off of from time to time. Fifth they want an advisor who can help their family manage the finances in case anything unexpected happens to them. Most of our clients are age 50-70, but we do work with folks older and some younger.

Q. OK, sounds good. So what’s the next step if I wanted to get started?

A. We would send you a questionnaire to complete to help us begin the process. It will take you anywhere from 45 minutes to a couple hours to complete depending on how organized you are. This step is crucial to your ultimate success because it helps you pull together the vital data necessary to your success. Then, we would schedule an appointment and have you bring the questionnaire with you and copies of your tax returns (personal and corporate if applicable) life and long-term care insurance policies, wills and or trusts, loan agreements, brokerage, bank or Credit Union statements, retirement or pension statements, and anything else that could help us help you. If you’re married, your spouse must attend this initial meeting with you because they need to know what’s going on with the family finances.

Q. How long will this initial meeting take and how much does it cost?

A. It varies from one to two hours, depending on the complexity of your case. There is no charge for the initial meeting. We don’t keep any of your information unless you choose to work with us.

Q. What happens next?

A. That’s up to you. If you want to proceed with a financial review and analysis we’ll need copies or the originals of your information. Of course, we give all this back to you once we’re done. Normally, it takes two to three weeks (sometimes longer) for us to complete your analysis. We take our time so we completely understand your unique situation. And we’ll call in outside experts like CPA’s and attorneys (no extra charge) when needed. Once your analysis is complete we’ll get back together and review it with you. Again, your spouse must attend this session if you’re married.

Q. What if I don’t want a comprehensive financial review, but just want to hire you to manage my investments?

A. Yes, we can do that, but we don’t recommend it and here’s why. First, the more we know about your overall financial situation the better we can serve your investing needs. For example, if you own substantial real estate assets that generate steady cash flow you may not need as much fixed income (bonds) in your portfolio. Second, you may be subject to Alternative Minimum Income Tax rules (AMT) which may eliminate the benefit of some investment strategies. Third, if you have other investment holdings we don’t know about you may wind up with an over concentration of stocks or bonds that could expose you to unnecessary market risk.

Q. OK, we’ve done the review. Now what?

A. We prefer you take your analysis home and spend some time quietly going over it. Write down any questions that come up so we can review them together during our next meeting. Ideally we should meet again the following week for a final review. Then you decide how you want to proceed. Of course you’re free to act on any or all of the recommendations. We’ll help you with any paperwork that needs to be completed. However, if you need updated legal documents you’ll need to have your attorney draft those for you and they will charge separately for that service.

Q. What are the benefits of having a comprehensive financial analysis?

A. Knowing you have a true financial advocate working for your benefit, without the conflict of sales commissions is very reassuring. Also, an important byproduct of the process is improved organization of all the financial “stuff” and open communication between spouses. Often, this is the first time married couples have sat down together to seriously look at their finances, and how the various assets relate to one another.

We also review your life and long-term care insurance benefits and premiums for appropriate coverage and costs. Any necessary updates to estate documents are recommended and strategies to avoid probate fees, and estate taxes are outlined. Proper titling of financial assets is addressed to ensure smooth transfer to the spouse or heirs in the event of death or incapacity.

Improved investment returns over time is a primary objective. Of course this is not guaranteed due to market fluctuations. A detailed retirement plan is also part of the analysis showing anticipated retirement income using various data points.

Finally, you will have a single source for financial information that will greatly simplify your life. And, if anything unexpected happened to you, your spouse and heirs would have a trusted resource to help them with the transition.

Q. How much does a comprehensive financial analysis cost?

A. It depends on the size of your investment assets, which are stocks, bonds, cash, real estate, notes payable, retirement plans and business interests.

Investment Assets	Single	Married Couple
Up to $999,999	$1,450	$2,250
$1,000,000-$2,499,999	$1,850	$3,050
$2,500,000-$4,999,999	$2,650	$3,450
$5,000,000-$9,999,999	$3,050	$4,150
$10,000,000	$3,450	$4,950

Half is payable upfront and the balance is due after review of the analysis. This is for a complete analysis including Tax, Insurance, Investments, Retirement, and Estate Review.

Q. How can I make sure my plan is kept up-to-date because of the constant changes that occur with tax law, investment markets and my own personal situation?

A. If you choose to retain our firm to provide on-going investment management you will automatically receive updates to your plan at no additional charge.

Q. How much does it cost to have you manage my investment portfolio?

A. See our “Fee Schedule”

Q. I don’t live in your local areA. Can I still work with you long-distance?

A. Of course. We’re able to work with clients nationally and internationally.

Q. OK, I’d like to get started. What do I do?

A. Call our office at 1-800-296-2680 or 574-2508 and ask for a new client packet. Or you can e-mail us at jean.hampe@raymondjames.com.