Frequently Asked Questions
What are your fees?
Great Question. Our Fees are fully disclosed in our ADV Part 2A. Also, before signing any papers the specific fee associated with a particular client’s situation would be disclosed. We charge two types of fees. 1)for managing assets. our average fee is 1%. (please note: we do not get paid an incentive from the mutual fund or any company for recommending a particular investment. This allows us to stay impartial and unbiased – in other words, there is no conflict of interest. 2) We also charge a flat fee for putting together a financial plan. This is usually a one time fee which is determined by the work involved. Clients may chose to have an ongoing relationship with us beyond this flat fee which again is determined by the work involved. (for example it could be $1080 for the year or $90 a month)
- Please note: As stated in Yaish FInancial’s ADV Part 2A fees are negotiable.
Are you fee only or fee based?
We are currently fee only. Which means that we only get paid by clients to avoid a conflict of interest. There are two other types of fees. Fee based and commission based. Commission based mean that the “advisor” or broker gets paid only when clients purchase a product. Fee based means a combination of Fee Only and Commission.
We are considering moving to a fee based model in the future. Why? For one reason only, which is to help clients that need assistance with insurance. We advise clients on their current insurance position and make recommendations. It is our policy to offer this advice and without the sales pressure. Individuals have friends, family and other contacts involved in the insurance business. Our recommendations will assist their insurance professional in completing their needs. If however, the client requests that we fulfill this need for them then we will be equipped to do so.
As a fiduciary, Yaish Financial, has a legal obligation to act in the best interest of its clients. when the time comes if and when our staff become insurance licensed then we will fully disclose our potential conflict and the fees involved.
What does location independent mean?
While our firm is registered in the state of New Jersey, we have the ability to work with up to five clients in 47 other states before being required to register in an additional state(s).(Texas & Louisiana are the exceptions. They require us to be registered before working with any clients residing in these two states.)
With the help of cutting edge technology, we are able to meet with individuals and companies all around the United States. Examples include filling out paperwork and *signing documents (using docusign), meeting via phone or video conferencing, monitoring client assets via our state of the art client portal.
This model allows us to broaden our reach and improve access to our clients. The side benefit to clients is time and money saved.(driving & parking to meetings, time spent in commute, and if applicable, additional cost of paying for a sitter.
Do my funds get deposited in Yaish Financial's account?
Absolutely Not! You stay in control of your money at all times. Yaish Financial never takes custody of your money. So for example when John wants us to manage his money. John would open up a Schwab brokerage account. The owner of that account always stays John. John grants Yaish Financial permission to make trades and to take our fee from the account. (That’s why our clients sign a Limited Power of Attorney specifically to handle those tasks)
In addition to seeing the account on an ongoing basis. Schwab will send clients monthly statements of activity. Yaish Financial as well, sends out quarterly statements to clients.
After the intro meeting or the financial plan is presented, am I under any obligation?
Good question. The first meeting and plan are opportunities for the prospective client to learn and gain some recommendations. He/She may choose to act on those recommendations with another firm.
Are your fees tax deductible?
When it comes to tax matters we advise clients to consult with their tax professional. Having said that, clients may wish to refer to Section 212 of the Internal Revenue Code which seems to permit an itemized deduction for tax and/or investment advice in the miscellaneous section of Schedule A.Clients may also want to ask their tax professional about this fee being subject to a 2% floor of the adjusted gross income on a personal tax return.
This is not meant as tax advice. Yaish FInancial recommends clients seek the advice of tax professionals.
I am just starting out on my money saving and planning journey? I don't have very much saved and know very little about what I should be doing but I do know that I need guidance. Will you accept me as a client?
We are not going to turn you away simply because of the amount of assets you have or don’t have. There are firms with income or asset minimums. At Yaish Financial we are open to working with those that want to be helped regardless of their income level. For us its more important to have a good *fit. Schedule a 30 minute introductory appointment
*(no, that is not a legal or even possible to substantiate. its a feeling.)
You seem to offer many services. Is it all or nothing? Do you offer a piecemeal approach to your services?
Although we do strongly believe that we can make a greater impact by offering a holistic comprehensive financial plan, we understand that some people may only have a current need to resolve one specific financial matter or prefer to begin with a focused area such as college loans, or insurance analysis. Lets talk about your need.
How time consuming is it to work with a wealth advisor?
One’s financial health is not something to take lightly. We don’t believe in cutting corners. But we have developed a process that makes our meetings and planning more focused and efficient. For the most part the paperwork we need can be filled out and signed online. The statements and information we need can be sent to us via a bank-level secure link. When it comes down to the plan we have two options.
A) We call this model, the “Express”. May take more time now but we’ll cover more ground. We can implement whatever the clients wants to be done right away. (Depending on the situation, we may recommend consulting with a clients’ financial, tax or legal professionals.)
B) We call this the “Local,” with slow and steady approach. The client decides what should be taken care of, and we spread these actions into bite size tasks over some months. This approach is appreciated by those that are nervous about being overwhelmed with the tasks at hand and prefer to spread out the onus and work over a longer time period.
Why use a financial Advisor? Can't I do this on my own?
What does it mean that Yaish Financial is Registered Investment Advisor? (RIA)
Why would anyone want to use your firm instead of going to a large brokerage firm?
Is my private information safe with Yaish Financial?
If we didn’t answer all of your questions, lets connect in-person. Click below setup some time.
Connect With Us
1) Location Independent:
Virtual meetings available with clients in any of the United States.
Phone, Skype, Face Time or Google Hangout are preferred virtual means of communication.
2) Client’s Office or Home
3) Physical Address-
83 Lee Place, Suite 201
Bergenfield, New Jersey 07621