Frequently Asked Questions
Frequently Asked Questions
What is a fiduciary and what does that mean to your clients?
As a Investment Advisor Representative of Cambridge Investment Research Advisor, Inc, a Registered Investment Advisor, we are required to act in a fiduciary capacity under the Advisers Act. A fiduciary must always do and recommend what is best for the client, period. While it may seem obvious that all financial service providers are fiduciaries, they are not. Many financial advisors are instead held to the “suitability” standard, which only requires that an individual recommendation be deemed suitable for the client’s investment portfolio. There can be a vast difference between what is “best” and what is “suitable” for a client. We are proud to be held to the fiduciary standard of care and consider it a core tenant of our practice.
Where are account assets actually held?
The Leyens Group nor Cambridge Investment Research, Inc. hold or take custody of client assets. Client assets are custodied with Pershing, LLC which is one of the largest and well-known financial custodians. Account statements and trade confirmations come directly from Pershing, LLC but will be branded with our information. Clients have access to their accounts online through NetXInvestor which is provided by Pershing, LLC.
How is The Leyens Group compensated for their services?
We can be compensated in several ways depending on the scope of the service provided. For example, the vast majority of our investment business is investment management. For those services we charge a fee as a percentage of total assets under management. The actual fee is based on a tiered schedule which is disclosed and agreed upon during the early stages of our discussions. We believe that offering fee-based management services best aligns our interests with our clients’ interests. As an option, we also offer a flat fee for the delivery of a completed financial plan. This offers our clients the option to work with us without providing investment management or financial products. The fee is based on the level of planning and is agreed upon during the initial stages of the process. Finally, we are individually licensed to sell insurance products. As such, when providing insurance-based products as part of the planning process, we will earn a commission paid by the insurance company.
When and how often do you meet with or communicate with clients?
It is our desire and intention to provide each client the type of service they deserve and have every right to expect. We routinely communicate with our clients throughout the year. Providing guidance is an integral part of the planning process that we take very seriously. There is nothing easier than veering off course so it’s incumbent upon us to keep each client on track as promised. The best way to accomplish this is to stay connected. Our clients can expect to meet with us no less than annually to review their progress, update pertinent information and make adjustments. Between each annual review, we will connect with clients as often as necessary and our clients are always welcome to connect with us at their desired frequency as needed.
What type of clients do you serve?
We serve high net worth individuals, their families and their closely held businesses. We also work with clients who are in the early stages of establishing their wealth who are committed to growing their wealth and providing financial security to their family. We enjoy working with clients who value what they have achieved and constantly strive to be better.