Managing Funds

Greetings, all! We hope your year has gotten off to a productive start! At the Bona Fide base, we have been busy and it is shaping up to be an amazing year of growth and development. For this newsletter, we are going to focus on a topic we haven’t really touched upon in the past. It is a question we receive from time to time and we felt there would be some value in devoting a newsletter to it. The question is, ‘Why do I have to transfer my accounts to TD and/or Betterment for you to manage them?’. If this is something you’ve ever wondered about, we hope the following links will provide you with some answers.

  • ReadThis article from Investopedia highlights the best way to move from one advisor to another. Many of the same reasons apply to why someone would want to move their accounts from one location to another. One of the great benefits of working with an advisor to do so is that we handle all the details for you so you have the time and peace of mind to focus on your other obligations – consider this a concierge or white-glove service. Once all the accounts are in one place, keeping track of investment records and transaction history, maximizing tax efficiency, ensuring investment fees are as low as possible, and securing trades at the lowest possible cost are all easily achieved.
  • Watch: If you are working with us, we hope you are already sold on the reasons for having a financial advisor. The Money Guys do an excellent job of illustrating the value of working with a financial professional, and more so, a CFP, who is a fiduciary working for you and only you! In How and When to Hire a Financial Advisor, a stat we love is that of the 271,700 financial advisors in America only 3,700 are fee-only. We are proud to be fee-only fiduciaries, not driven by commissions or other sales fees. When you work with Bona Fide Finance and move your accounts over, the fees you pay are transparent and you can be sure that we are working to maximize your gains and minimize your fees. When you have accounts spread all over the place, you have no such assurances. As touched upon in the video, talking about this sometimes feels a bit self-aggrandizing, but sometimes it is important to beat on your own drum.
  • Listen: Ok, so we are deviating a bit from our original topic, but we felt with all the news around Robinhood and Gamestop these days, you might forgive us for this detour (and it does relate in a very important way). This podcast from MarketPlace breaks down what has gone on so far with Robinhood, Gamestop, and the Reddit group that has been making waves through the market. To bring this back to our original topic, one of the benefits of having your accounts under the Bona Fide umbrella is that we act as a kind of filter for you when these kinds of stories pop up. When we handle your investments, we ensure that you will stay above the fray when storms of irrationality flair up.

We hope these links have provided you with some clarity as to the benefits of moving your accounts to be managed by Bona Fide. It is an important decision and part of the holistic management process that is crucial to your long term financial success. Lastly, we want to remind you that your accounts are always yours. You always have full control of them and your money isn’t locked away from you. If you would like to chat more about this aspect of the business, we are always happy to take the time and answer any questions you may have. Feel free to share these links with friends and family and please reach out with any comments you have.

Make it an amazing month!
The Bona Fide Family