Frequently Asked Questions
Find the answers you need to make an informed decision about partnering with Achilles Wealth Management.
Who is Achilles Wealth Management?
Achilles Wealth Management is a fee-only, independent financial advisory firm designed to help minority professionals and small business owners make smart decisions with their money. We believe in educating our clients to help them develop achievable goals, understand their financial choices, and implement strategies for living their best lives.
Are you a fiduciary 100% of the time?
Yes, I am a fiduciary 100% of the time. What that means is I am legally required to put your interest first. My compensation only comes from giving my clients sound advice and not selling financial products. If we recommend a product or strategy, we truly believe it's in your best interest, not the firm.
Who do you specialize in working with?
I do my best work with minority business owners seeking to retire, invest, and save on taxes. I am uniquely positioned to offer the most value to these clients because we share some of the same challenges, values, and goals. I know exactly what it's like to be a family's first generation of wealth. I know exactly what it's like to support kids and parents who are struggling financially. I know exactly what it's like to pay off student loans while trying to fund my kid's education. I even know what deciding between supporting your church and paying off debt is like. I have spent the last decade developing strategies for people like me to get through these hurdles so they can live their best lives and build wealth for generations. And I do not take this task lightly.
What clients do you not work well with?
There are three types of prospects that we encounter. The first one is a do-it-yourself client. This individual would rather get the information and go off and do it on his own. A DIY client will never be a client. Another type of client cannot see the value you provide. Typically, this client does not have a problem we can solve cost-efficiently. As a firm, we would not take this individual on as a client. The third type of client is who we work best with. It's a client who can see our value and is ready and willing to delegate and partner with our firm to help them live their best lives.
Can you meet virtually and work with people in other states?
Yes! While many of our clients are in South Florida, we work with minority business owners and executives throughout the United States. Our firm is equipped to meet with clients and potential clients through video conferencing software, zoom. A complex and unique password protects each virtual meeting to adhere to our strict security guidelines necessary to protect your privacy.
What makes AWM different from other financial advisors?
Three meaningful things about Achilles Wealth Management separates us from other advisors: 1. We only work with current or former minority business owners and executives. We understand the unique challenges they face and provide solutions to take on those challenges. 2. We are culturally competent. Our client's cultural backgrounds have a significant impact on the way they view and understand money. Many of our clients want to work with someone who can truly understand their background and the vision of their best possible life without feeling uncomfortable sharing some of their biggest fears and challenges. 3. We allow our prospects to test drive our services before committing. This is why we offer a free financial plan before our clients pay us a dime in fees. We want you to see exactly how we can provide value before you trust us with your financial life.
How does Achilles Wealth Management make money?
At Achilles Wealth Management, we require all our clients to have a financial plan. This financial plan is developed and made available to our prospects and clients free of charge. With the plan complete, our clients have two options: 1) implement the plan independently or 2) hire us for full and ongoing services. Our full-service model includes ongoing oversight of investments, plan updates, tax planning, strategic planning, risk management, retirement planning, and estate planning. The ongoing annual fee for this service starts at $5000 per year or 1% of assets under management above 500,000.
What is my total cost to work with AWM?
My all-in cost ranges between $5,000 to $30,000. Where you fall in that range will depend on the complexity of your financial situation. My fee is commonly referred to as an "advice fee," but there are two other common fees that you should know. The first is a "transaction Fee." These are charged by custodians such as Morgan Stanley and Schwab to buy and sell investments in your portfolio. These fees can range from $0 to $50 per trade. The second is an "Expense Ratio fee." Fund companies charge these fees to cover operational costs. These fees can range from 0% to 3% per year. Even though I do not benefit from these other fees, I am still legally responsible for keeping them as low as possible.
Do you offer an hourly or one-time project fee option?
No. At Achilles Wealth Management, we believe in the benefits created by establishing and maintaining a long-term partnership. If we mutually determine that a long-term partnership would have a meaningful difference in your financial life, Achilles Wealth Management will offer you the option to subscribe to our full-service wealth management model. This service model allows our firm to provide financial guidance without our clients having to consider the cost of interacting with our team. We are not currently equipped to offer hourly planning services. If you need help locating an hourly financial planner, email us, and we will do our best to get you in the right hands.
Can I terminate our partnership if I am dissatisfied with your services?
Yes. Our goal is to provide value. If you ever feel the value we provide is not a multiple of the fee we charge, we recommend that you terminate our services. In addition, whatever fees you were charged in the most recent quarter will be fully refunded. If requested, we will also do our best to find you a new home.
What experience do you have in navigating the complex world of financial planning?
I've been helping business owners retire, invest, and save on taxes for over ten years. My goal has always been to put my clients in a position to live their best life, and I'm good at it! I also hold the most prominent designation in my field, the CFP® certification. As a CFP® Professional, I am held to strict ethical standards and was required to complete coursework and exams to prove my competency.
What services do you provide?
I will provide you with a document that lists all our services. Still, we generally offer Retirement Planning, Investment Management, Tax Planning, Estate Planning, Strategic Planning, and Exit Planning. Our services bring order to your financial life by aligning it with your goals, objectives, and values. We want you to live your best life and build generational wealth.
Where do you keep my money, and how can I see it?
We use a third-party custodian to hold your assets; in our case, we use Schwab. It's important to note that Schwab also provides investors with FDIC and SIPC protection, so you don't have to worry about them going out of business. You will have online access to see your accounts whenever you want, and you'll be able to visit a physical branch.
What is your investment philosophy, and how do you manage investments?
I like to do what works, which means investing in the world's greatest companies in the most diversified and tax-efficient way possible. Over time, these companies will put you in the greatest position to live your best life. My portfolio model is a collection of five to seven super boring ETFs. These investments are designed to get the job done and allow you to sleep at night. Even though owning the world's greatest companies long-term has always worked out, there will be years when these companies' prices decrease. For example, do you remember the financial crisis in 2010 or the pandemic in 2020? Because of that, we like to keep buckets of cash and bonds to keep our client's income safe during market volatility. Your allocation of stocks and bonds will heavily depend on your needs and goals.