We’re here to answer all of your questions and provide you with prudent perspectives to managing wealth.
Are you an independent firm?
LPL Financial has no proprietary products and are committed to keep it that way.We have no special affiliations or preferred relationships that could create conflict of interest when determining what products to use for a client’s portfolio. As the largest independent broker/dealer in the country, LPL Financial’s access to diverse products and managers gives Provo Financial all the tools we need to build modern portfolios.
What companies do you represent?
The list is too long to have on this site, but the size of LPL Financial gives us tremendous access to various types of companies and products. If there is an investment manager or platform not included within LPL Financial, it is often an underwriting or capacity decision on the behalf of our parent company, not a lack of access by LPL Financial.
How long have you been in business?
Provo Financial Services, Inc. was started by Christopher Provo in 1993. After a few years on Wall Street, Chris wanted to bring his passion and knowledge back to his community to deliver local, personal service while providing access to institutional level research and platforms.
What types of investments do you use?
Mutual Funds, ETFs, individual securities, alternative investments, and annuities. The mix is determined by a comprehensive look at liquidity concerns, risk tolerance, tax status, income needs, other investments, workplace benefits, trusts, estate needs, special needs planning, business continuity, and as well as other factors.
How do you pick your investments?
Investments are chosen based on factors such as risk tolerance and the specifics of each client. A comprehensive look at liquidity concerns, risk tolerance, tax status, income needs, other investments, workplace benefits, trusts, estate needs, special needs planning, business continuity, and many other factors help us determine what the appropriate investment mix might be for each client and each account.
Are the investments you use risky?
All investments will carry some degree of risk. It is difficult to generalize “the investments we use”, but part of our mission is to educate clients on the pros and cons of each product or strategy and allow them to make educated decisions about the amount of risk they wish to assume.
How do I rollover my 401(k)?
Rollovers at Provo Financial are handled with a specific case manager. We have staff that will walk you through the process including phone calls to current provider, filling out necessary forms, and, of course, determining where the money should go.
How do your advisors get paid?
This is the most common question clients have. With so much media attention on fees and the development of more fee-conscious products, such as ETFs, clients are right to ask whether the amount they are paying a financial advisor is necessary, appropriate, and in-line with industry practice. Fees will differ depending on account size and type of assets held. Quarterly advisory fees will typically not include alternative investments, annuities, private placements, CDs, and several other categories. Fee transparency is essential to good client communication and good long term client relationships. Depending on your specific situation, we will gladly provide you with a list of advisory and account related fees that apply to your portfolio before we begin any relationship.
The one common mistake we see as it relates to fees is clients who become so fee averse that they do nothing, sometimes for years. Being fee aware is the sign of a good consumer, however, trying to eliminate all sources of fees in a portfolio can often be a losing battle. At Provo Financial, we strive to give clients fee transparency, and will work with clients to keep costs reasonable. If you would like a review of the fees within your current portfolio, please request a consultation today.
How often do you meet with your clients?
This is the second most asked question. Clients engaged with advisory accounts will have their account review either in person or via phone/email quarterly. Most choose to come in either annually or semi-annually for more comprehensive, face-to-face review.
How do you meet new clients?
Clients come to our firm from a variety of sources. Most come from client and other professional referrals. Our firm's work with those in transition (divorce, widows, job changers) has opened the door for relationships with accounting, legal, and other professionals with whom we often partner to better serve our clients. In addition, advisors and staff are involved in community and networking activities throughout the year which lead to requests for consultation.
What can you do that I can’t do myself?
For the most part, the answer to this is “nothing.” Any of us could be trained to fix our own car or fly an airplane, it just happens that, at this point in our lives, we recognize that we do not have adequate training and therefore choose to pay someone who specializes in those areas to perform those tasks. There are certain products and strategies that are only associated with specific firms or broker/dealers; so there are some things that cannot be done even by a determined individual. Mainly, our clients come to us to have our team review their current situation and create a game plan, with all the tools at our disposal, that will help guide them to their individual goals.
Have other questions? Call us at (508) 842-0539 or request a consultation today.