Why We Prefer
Advisory Accounts
Advisory accounts are different in many ways compared to commission-based accounts. With advisory accounts, financial advisors have a legal obligation – a “fiduciary duty” - to do what is in the best interests of the client. As fiduciaries, we are legally obligated to put our clients’ interests ahead of our own. Therefore, we use investments and a fee structure that puts both our clients and us on the same side of the table. In other words, the better our clients do, the better that we do.
Advisory services are client-focused and provide ongoing, tailored advice to meet our client’s long-term financial needs.
In addition, advisory accounts give us access to hundreds of top-notch portfolio & fund managers. With commissioned-based accounts, we are often restricted to using only one fund family, so that clients may have reduced commissions due to breakpoints.
Kelly Steele’s mother – who is also Isabella Steele’s grandmother – would not have known the legal definition of the “fiduciary duty”, but she knew its practical definition, when she once said, “Treat your clients’ money like it was my money.” In other words, we aren’t “playing” with our clients’ money; we are treating their money as seriously as we would treat our mother or grandmother’s money.
Our Fees
Many financial advisors are incentivized to sell high-commissioned products to their clients, which may or may not, be in their client’s best interests. As fiduciaries, we are legally obligated to put our clients’ interests ahead of our own. Therefore, we use investments and a fee structure that puts both our clients and us on the same side of the table. In other words, the better our clients do, the better that we do.
These fees are shared by Steele Wealth Management, Inc. and Osaic Wealth, our Corporate Registered Investment Advisor (RIA). Steele Wealth Management uses their portion of the fees to pay for employee salaries, the training & onboarding of new employees, office rent, computers & cells phones, marketing & advertising, and many of the technology platforms, such as RedTail, One View, MyRepChat, and FMG Suite. Osaic Wealth provides us with other technology platforms & programs, training & conferences, licensing & registrations, compliance oversight, back-office support, and access to funds & portfolio managers who have been vetted and approved.
We do our very best to provide value to our clients, so that they know that they are getting the most for their money. This includes more than just investment advice. For example, our clients who invest more than $500,000 with us may request a free financial plan, while those with less than $500,000 may request a financial plan for $2,500. All of our clients, regardless of size, receive tax planning, estate planning, and retirement planning advice.