We know it can be hard to find the right team of financial advisors. Below are the steps we take from your initial consultation, to opening your account with us, as well as other information about what happens after you open your accounts.
Whom We Serve
While most of our clients are young professionals, entrepreneurs, and retirees, our innovative business model enables us to work with nearly anyone. We have no account minimums, so it doesn’t matter how much you earn, how young or old you are, or where you are financially. At Magellan Financial we look at each client and their goals uniquely, without the common conflicts you might encounter at another firm.
Young professionals and their families must often balance multiple financial goals. Many face decisions about student loans, personal investments, and retirement savings — while also weighing the purchase of a larger home and how much to set aside for their children’s college. It can be a challenge to navigate these competing financial priorities, especially when most of your time is devoted to building a professional career and enjoying your personal life.
That’s why at Magellan Financial, we help individuals and families in the accumulation stage of their careers make sense of their financial options. A growing number of our clients are under the age of 40 and are just beginning to build their investment portfolios. We provide them with wealth planning that considers a longer time-horizon and reflects that a family’s financial priorities change. We help young professionals — just like you — prioritize what matters most to them, make sound financial decisions, and be better prepared for retirement.
As small business owners ourselves, we understand both the challenges and the opportunities that entrepreneurs encounter each working day. We know that entrepreneurs face complex and, sometimes, conflicting responsibilities. At Magellan Financial, we offer business financial services to ensure a company’s profitability today, and financial success in the future. We do this via a synergistic approach that considers the way that a small business can positively impact not only employees, but their families.
We can coordinate with your accountant, attorney, and other professional advisers to create a solid foundation that can evolve along with your business. Our retirement planning services are one such area of small business expertise. We can help develop and implement a retirement package that limits administrative headaches for you while improving employee retention. We will help you plan for your own retirement, too, in a way that allows you to transition your business with your legacy intact.
You have worked hard and saved for several years now, but like many approaching retirement, you are probably wondering “will it be enough?” We will help you answer that question and prepare for life’s twists and turns. Part of our Retirement Is For Living planning process involves a careful consideration of the various risks you may encounter in the forthcoming decades. These include risks as far-ranging as financial, healthcare, housing, and public policy. We will help you prepare so you won’t just hope that you have enough money saved to retire.
Getting ready to retire also takes planning and coordination of different facets of your life as you transition into a new phase. We can help you manage the inevitable ups and downs of the markets and gain consistent income streams in retirement. Our system is designed for our clients to be properly invested, giving them the time, freedom, and confidence to enjoy retirement as they wish.
Understanding Your Financial Needs
Before we begin investing your account or preparing an investment plan, we first need to learn about your goals, objectives, and unique situation. Instead of a generic questionnaire, at Magellan Financial we combine Wells Fargo Advisors’ Envision® process with our own Investment Planning Process to help create a clear, concise picture of where you are today, what your goals are, and how to chart the course toward your desired future.
Proposal Stage – Customized Wealth Management and Investment Planning
We begin by providing you with an investment plan designed for your unique situation. With the information and understanding gathered during the consultation phase, we use our investment planning tools to create a picture of your current financial circumstance and a plan to help you achieve your stated objectives. At the presentation you will receive the following:
- A summary of your current assets, liabilities, spending patterns, and tax situation
- A picture of how your financial circumstances align with your long-term goals
- An initial wealth management plan, which will guide your investment strategy
We always encourage our clients to become engaged in the process and to ask as many questions as necessary to become comfortable with the wealth management plan and the resulting investment strategy.
Account Set Up and Asset Transfers – How This Works
All the paperwork is done by us. Once we have your current information, we will prepare all paperwork necessary to open and transfer your assets. We will ask you to review the documents to ensure their accuracy and then sign them. We will take it from there.
If you have accounts at other brokerage firms or banks, we will transfer these accounts to Magellan Financial so they can become a part of your comprehensive investment plan. Other accounts, such as your 401(k)Retirement Plan at your current employer, will remain at the current custodian but will become a part of your overall investment strategy. You will be informed of all fees and costs prior to transferring any account.
Your investment accounts will be opened at Wells Fargo Advisors Financial Network and an associate of Magellan Financial will be designated as your financial advisor. All of your assets will be held in custody with Wells Fargo Advisors Financial Network. We advise on your accounts, place trades and request changes on your behalf.
Once the accounts are opened, you will begin to receive account statements and trade confirmations. We highly recommend you Go Green and receive these documents online.
Implement the Investment Strategy
All of the information we gathered from the consultation process will be transformed into your actual investment plan. Included in the Investment Plan is the type of investments you will own and what types of accounts you have. Once your assets are received, we will begin to implement the agreed upon investment strategy.
Ongoing Contact and Plan Review
We maintain regular contact with every client, but our ongoing meeting schedules are determined by your preferences. Whether you prefer to meet quarterly or yearly, we are here to ensure you stay up-to-date with our continuing adaptations to your investments.