Five Star award winner Rick Welch

How to Choose the Right Investment Advisor

Registered investment advisors (RIAs) come in all shapes and sizes and can be found in a variety of places. Some advisors work for large financial companies, like banks or stockbrokers, others work for independent advisory firms. In both categories, you can find skilled investment advisors who have the experience, credentials, resources and smarts to work with you to properly and successfully manage your long term investing needs. If you are looking to hire your first RIA or are considering a change in advisors, then the following recommendations should prove helpful.

1. It is about you. The relationship between client and advisor is a personal one. Choose an advisor that you feel comfortable with, one who welcomes your questions and gives you answers that you can understand. Make it clear that you are looking for personalized investment advice that is strategically aligned with your financial needs, objectives, risk tolerance and investing time horizon.

2. Peace of mind. Your advisor should be someone you have confidence in to make decisions that are in your best interests. Without trust, there may be some sleepless nights in your future.

3. Safety. Most RIAs use institutional custodians, like banks or large brokerage firms, to hold and safeguard their clients’ investment account assets. Make sure you understand how your assets will be held, how trades will be executed and how regular performance reporting is accomplished.

4. What type of relationship are you looking for? RIAs from independent firms may offer a more personalized service, while those with a large company may have more available resources. Which scenario is best suited to you and your objectives? Will you work with a principal of the firm, an associate or a team of advisors? Developing a comfortable working rapport with your advisor is essential.

5. Communication is the key. Sound advisory relationships depend on good, clear and regular communication. Find out what type and frequency of communication you should expect.

6. Fees. Make sure you understand the fee structure upfront. Are fees based on a percentage of assets under management or does the advisor receive compensation from commissions on the investments they buy and sell for you? Some advisors may receive both fees and commissions.

7. Investment Style. How does the advisor design and manage a portfolio? Can the advisor clearly explain their investing style and approach? How are investment decisions made? What type of research do they rely on? How do they react to sudden changes in the financial markets?

8. Be your own best advocate. Remember that choosing your advisor is just the first step. Make sure that your advisor is serving you in accordance with a written investment policy statement that is current. Stay involved in the investing process. Do not follow any advisor blindly. Ask questions.

9. Nothing is forever. If you are unhappy with your advisors work, then tell him or her what corrective action is needed. If you no longer feel important to your advisor, speak up. If your telephone calls or e-mails take days to be responded to it may be time to make a change. The widely used Automated Customer Account Transfer Service (ACATS) makes moving your investment account assets from an old advisor to a new one an efficient, safe and routine transaction.

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This award was issued on 11/1/24 by Five Star Professional (FSP) for the time period 2/13/24 through 8/30/24. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 4532 Philadelphia-area wealth managers were considered for the award; 303 (7% of candidates) were named 2024 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2023: 3,885, 328, 8%, 11/1/23, 2/13/23 - 8/31/23; 2022: 3604, 305, 8%, 11/1/22, 2/21/22 - 8/19/22; 2021: 3576, 310, 9%, 11/1/21, 1/18/21 - 9/3/21; 2020: 4148, 366, 9%, 11/1/20, 2/10/20 - 9/11/20; 2019: 3910, 437, 11%, 11/1/19, 2/11/19 - 9/20/19; 2018: 3721, 439, 12%, 11/1/18, 2/20/18 - 9/19/18; 2017: 3022, 437, 14%, 11/1/17, 1/20/17 - 9/8/17; 2016: 2671, 660, 25%, 10/1/16, 3/5/16 - 10/7/16; 2015: 4696, 805, 17%, 11/1/15, 3/5/15 - 9/9/15; 2014: 4438, 856, 19%, 11/1/14, 3/5/13 - 9/9/13; 2013: 3354, 934, 28%, 10/1/13, 3/5/12 - 9/9/12; 2012: 2847, 773, 27%, 11/1/12, 3/5/11 - 9/9/11.

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Academy Wealth Advisers, LLC is a Registered Investment Advisor (RIA), registered in the Commonwealth of Pennsylvania. Academy provides investment management and related services to clients nationally. Academy will file and maintain all applicable licenses as required by the state securities boards and/or the Securities and Exchange Commission ("SEC"), as applicable. Academy renders individualized responses to persons in a particular state only after complying with the state's regulatory requirements, or pursuant to an applicable state exemption or exclusion.

Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria - required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP's consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP's consumer complaint process; feedback may not be representative of any one client's experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria - considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager's future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients' assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com.