What We Do at North River Wealth Advisors
A lot of times we get this question from people: What do you guys do?
Besides the fact that it reminds us of the great scene in the movie “Office Space”, when the two consultants named Bob ask Tom what he does at his company, it is actually a great question! This industry can be very confusing and not every firm provides the same services.
At North River Wealth, one of our values is to simplify everything we can for our clients. With that in mind, we provide two distinct services for clients: we manage money and provide financial planning services. Even that can sometimes be confusing, so let’s break it down!
Managing Money
When we manage money for clients, it is typically an individual retirement account (IRA), a Roth IRA or a taxable brokerage/investment account.
For retirement accounts, we typically recommend using index funds, with the stock/bond/cash mix depending on your ability and willingness to take risk. For taxable accounts, we use a combination of individual securities and index funds and are always careful to look at the tax impact before making any decisions on behalf of our clients.
We use Schwab as our custodian, which means you get monthly statements and tax information from the Schwab site. We also make trades and rebalance client accounts through Schwab. Note that we have no affiliation with Schwab, they are simply the custody firm we’ve chosen to hold client assets.
Financial Planning
Financial planning can mean different things to different people. The way we look at it is: What is important to you and how can we help you get there? We aim to have open and honest conversations about money which help to structure and determine your goals.
Depending on your stage of life, goals-based financial planning may include:
- Retirement Planning: Ensure you have the resources and a strategy to enjoy a comfortable retirement.
- Tax Planning: Optimize your financial decisions and minimize tax liabilities.
- College Planning: Determine the best way to fund college for your children or grandchildren.
- Insurance Evaluations: Review your coverage to protect your family and assets.
- Estate Planning: Help plan for the transfer of wealth and ensure your requests are set up appropriately.
What we don’t do
We do not complete tax returns and we do not sell insurance. We certainly help clients with tax planning (ex: should I contribute to a Roth or traditional IRA, how can I lower my taxable income?) and insurance evaluations (how much should I have and what type?), but we do not offer these as standalone services.
How do we get paid?
For most of our client relationships, we charge a percentage fee based on the assets we manage and include financial planning services at no additional cost. That’s it!
No commissions, hidden fees or being sold any investment or insurance products. We are fiduciaries which means that we act in the best interest of our clients: the way everyone in the industry should act.
A Personalized Approach
We know that every family’s journey is unique. Whether we’re managing your investments, creating a financial plan, or guiding your family, our goal is to provide clarity, confidence, and peace of mind. If you’re ready to take the next step in your financial journey, we’re here to help. Don’t wait until it’s too late!
Authored by Stephen Blahovec and Michael Rausch of North River Wealth Advisors. We are an independent, fee-only financial planning and investment management firm located in Pittsburgh, PA servicing clients locally and across the country. To learn more, contact us here.
The picture / screen shot used in this blog post is from the 1999 film, "Office Space."
This content is developed by North River Wealth Advisors from sources believed to be providing accurate information. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.