Five Star award winner Robert Haley

What is “wealth management”?

As wealth managers we do more than traditional financial planning and investment management.

While one of our traditional responsibilities is to help individuals and entities invest wisely, ultimately the success of our working relationship will depend upon our ability to:

Help clients be clear about their goals, concerns, and tolerance for the unpredictable.
Help clients understand the risks and potential rewards of the options available, so they can make informed decisions.
Work with the clients to develop and agree upon an investment strategy, and then invest appropriate resources according to that strategy.
Work with clients and their tax and legal advisors to be sure the rest of the wealth management plan is in place.
Monitor client expectations over time to be certain they are reasonable and achievable.
Monitor investment performance and the validity of the selected strategies for changes in life and in the world around us, and help clients make any necessary adjustments when appropriate.

Financial planning and wealth management require a process that should continue one’s entire life. Our experience is that individuals will be more confident in their decisions if they take the time to create a long-term plan. This will allow them to be more comfortable with change, whether it be gradual or dramatic. It also makes it easier as the years go by to know if the strategies in place are on target to meet your long-term objectives, or if adjustments need to be made.

By Robert Haley, J.D., CFP® | March 2018

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This award was issued on 4/1/20 by Five Star Professional (FSP) for the time period 06/1/2019 through 02/7/2020. 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. 824 Portland-area wealth managers were considered for the award; 85 (10% of candidates) were named 2020 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2019: 848, 100, 12%, 4/1/19, 7/19/18 - 2/11/19; 2018: 814, 94, 12%, 4/1/18, 7/21/17 - 2/13/18; 2017: 902, 217, 24%, 4/1/17, 7/25/16 - 2/15/17; 2016: 811, 223, 27%, 3/1/17, 9/16/15 - 2/12/16; 2015: 1107, 224, 20%, 4/1/15, 9/16/14 - 2/12/15; 2014: 1558, 190, 12%, 4/1/14, 9/16/13 - 2/12/14; 2013: 2551, 330, 13%, 4/1/13, 9/16/12 - 2/12/13; 2012: 1454, 260, 18%, 4/1/12, 9/16/11 - 2/12/12.

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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.