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What is the process you use to manage my money?

How does Charles Carroll manage my money?

The first thing we do is create a financial plan for you. We call it a living financial plan. It’s living because as your life changes, we are going to make changes to that financial plan to get you to those goals and aspirations that we set at the beginning. Once we have the financial plan in place, it will give us a guideline — a framework to work toward the asset allocation in your portfolio. Once the asset allocation is in place, we determine the securities that go into your portfolio and then give you feedback along the way to determine how you’re doing in achieving the goals that you’ve set.

Can I see the value of my accounts on-line?

Every client of Charles Carroll has a client web portal. The portal is web based. It’s on a secure system and allows you access to your statements, your agreements, your performance reports that you might have, how your securities are doing, what the intent is and how we manage your assets, as well as giving you security reports — the individual security reports if you’d like to see what’s happening within your portfolio.

What can I do to make sure that the advisor can’t access my money?

Everyone should make sure that the manager of their assets is not the same company as the custodian of their assets. There should be a wall between the two. If the custodian of the assets is also the manager of the assets, there’s the opportunity of moving that money in and out of different firms. At Charles Carroll we set up a Chinese wall between the two. We can’t access the assets. We can’t take money out of the assets. We can only make trades to make sure there is a separation of what we are able to do for you. That way you know that you have control of your asset base.

How can I avoid double fees for managing my account?

There’s a lot of conversation in the marketplace about fees. The first thing you want to do is make sure they’re not compounding fees within the asset management program. You want to make sure you don’t have a management fee let’s say on mutual funds AND then pay another fee — what they call a money manager fee on top of that. If you do that, you’ve got compounding fees. You could have fees in the 1 ½ to 2 ½ % range. What we do at Charles Carroll is we try to provide for you individual securities that do not have management fees., individual equities, individual bonds. We do use ETF’s but they have lower management fees, much lower than what you could find in a mutual fund. And then what we do is assess you with our management fee. And our management fee is lower than what you’re going to find in an equity mutual fund.

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