Kotys Wealth, located in Valparaiso, has been providing sound wealth management for their clients in Northwest Indiana for over ten years and is dedicated to making sure all questions are answered to provide the best wealth advisory services possible. In that same spirit, they have answered ten of the most common questions asked by prospective clients on what they do, how they do it, and how Kotys Wealth goes about the process of making money "a tool for our clients to achieve their goals and desires, not a burden of responsibility," as President Wes Kotys puts it. Read more below to decide if wealth management can better help you realize your financial dreams!
1. Do You Receive Commissions On Financial Products?
Kotys Wealth Professionals is a fee-only Registered Investment Advisory (RIA) firm. We are not ever paid by commissions. Kotys Wealth Professionals clients either pay hourly fees for comprehensive financial planning services, a flat fee based on a particular project, or a percentage of the assets managed. Kotys Wealth Professionals provides advice and makes recommendations regarding Life insurance, Disability insurance, Long Term Care insurance and income needs without being paid on the products associated with these recommendations. Our business model is all about providing conflict-free, unbiased financial advice to each of our clients.
2. Are You A Fiduciary And Why Is This Important?
We embrace our industry’s fiduciary standard, and act as a fiduciary for each Kotys Wealth Professionals client. This is critical as many large firms are running away from this standard, fearing it will limit their ability to sell their own products to investors.
Our President, is a member of National Association of Personal Financial Advisors (NAPFA), and has taken the fiduciary oath promising to follow a stringent code of ethics covering
- Objectivity
- Confidentiality
- Competence
- Fairness & Suitability
- Integrity & Honesty
- Regulatory Compliance
- Full Disclosure and
- Professionalism
3. What Is The Benefit Of Hiring A CFP®?
It's the assurance that your financial advisor is among only 17% of all advisors in the industry. A CFP® undergoes extensive training in financial planning, estate planning, insurance, investments, taxes, employee benefits and retirement planning, and is required to uphold certification by adhering to the CFP Board's Standards of Professional Conduct and completing regular continuing education in new financial instruments. CFP® certification is the most recognized credential in the personal financial planning industry.
4. How Often Will You Meet With Me?
When you become a Kotys Wealth Professionals client we will give you an opportunity to customize your experience with us during our pleasant on-boarding process. Together we will fill out a preference survey to determine how often you would like to have review meetings, whether you want to receive our market commentary, receive invitations to our client events, and even how you like your coffee when you visit us.
5. Do You Guide Your Clients Through Life Changes?
Building a unique financial plan and investment portfolio suited for your current goals is just the beginning. Life is not static and neither is our process. This is why we provide timely, reassuring advice for our clients for all transitional events — marriage, having children, moving, career changes, business succession, retirement, even the difficult times of divorce or the death of a spouse.
6. Would You Work With My Accountant And Attorney?
Absolutely — Not only do we enjoy collaborating with your other professionals, we believe open communication with your CPA and attorney will ultimately provide you and your “professional team” with the most efficient outcome. Too often, financial matter have been taken care of in isolation from one another. We believe one of our major roles as a fiduciary is to recommend collaboration when it makes sense. This allows for a truly holistic experience.
7. What should a quality financial plan cover?
At Kotys Wealth Professionals, every financial plan is as unique as every client we serve — but the common thread is that they are all remarkably comprehensive. We believe it is vital that we review virtually every facet of your financial life, so we can help you achieve a better "return on life." Once we fully understand your life's priorities, we then assess any gaps in your financial situation that need to be filled. Together, we will create a living blueprint — one that adapts to change and life events — to help you accomplish your goals.
While all of these categories will not apply to your exact situation, rest assured that your plan will cover everything that is relevant to you. Our long list of areas we are ready to discuss may include, but is not limited to:
- Retirement Planning
- Investment Planning
- Cash Flow Analysis
- Business Succession Planning
- Accumulation Planning
- Debt Management
- Education Planning
- Survivor Needs
- Tax Planning
- Estate Planning
- Disability Income
- Major Purchase Planning
- Insurance Planning
- Long Term Care Needs
- Divorce Planning
8. How Do You Invest Your Own Money?
Most financial “sales people” are trained to answer this question with things like, “I would put my own mother’s money in this” or“I have my money here, so if it is good enough for me it should be good enough for you.” Our experience shows us these comments are often followed up with presentations about equity-index annuities or other complex products which need to be sold because they are difficult to understand and pay insurance agents and advisors outrageous up-front commissions.
Our answer to this question is that we certainly invest our money in portfolios that we manage, however they are designed to meet our individual goals and risk profile. The portfolios we build for you will follow the same discipline process as the ones we build for ourselves, but will certainly be unique to your financial picture.
9. What Kinds Of Clients Do You Work With?
We work with people who have a passion for life. One common thread we find in our clients is they are “down to earth” people who have a love and passion for their lives, their careers, their charitable aspirations, and their families. The term “millionaire next door” has become a cliché; however many of the amazing people we work with fit this bill. Our clients' goals very from growing successful enterprises to spending time with grandchildren.
Everyone assumes the next person has more money than they do, and we have come to understand this concept has kept some people from making an initial contact with us. For this reason, we invite you to contact us for a no obligation initial consultation. We believe this should be an interview between you and our team to determine if we are a good fit. We have a healthy business and are glad to help people find what they are looking for, turning their questions to an actionable roadmap.
10. How Accessible Are You?
At Kotys Wealth Professionals you will not experience call menus or long wait times. Our dedicated team is here to assist you with quality and efficiency. If there is a time when you must leave a message, we will respond promptly to address your situation. We have clients as far away as Alaska and have spent many hours honing in our service model so that every client feels we are available when they need us. If you need to set a meeting or have a phone call outside of our regular scheduled times, just contact us and we will work with you. If you are afar, and a face-to-face meeting is in order, we will utilize one of the many technology options available to have a web conference ensuring your questions are answered and concerns dealt with. It is our goal to always exceed your expectations with highly personalized service.