Private Wealth Partners, LLC
Feb 08, 2013 08:21PM ● Published by Anonymous
Who is Private Wealth Partners, LLC?
Private Wealth Partners, LLC (PWP) is a boutique wealth management firm located in Annapolis. They provide the intimacy and individualized attention a client would expect from a small company but are backed with the research and operational capabilities of Wells Fargo Advisors Financial Network, allowing them to cater to high net worth investors. They are committed to providing objective financial advice free from the conflicts of interest that many financial services firms face. One of the Partners, Eric Silk, Managing Partner, Certified Financial Planner™, believes that “the biggest advantage we provide to our clients is that our advice is free from any conflicts of interest. We do not operate under commission grids or quotas that many advisors from large firms have to operate under within their practices. That offers our clients a great sense of security knowing that we sit on the same side of the table with them.”
All five Partners, Doug Wilson, Eric Silk, Paul Peck, Mark Murphy and Matt Sobocinski were born and raised in Maryland, attended college in the Mid-Atlantic region and have worked in Maryland their entire lives. Residing in the Annapolis area, the Partners and their families participate in community endeavors through local charities and organizations, including Maryland Therapeutic Riding, the Chesapeake Baysavers Inc., Habitat for Humanity, their local churches and youth athletic associations. Mark Murphy, Managing Partner, Certified Financial Planner™, believes “the best part of being a truly ‘local’ firm is the pride you take in your reputation in the community. Our goal is for our clients to feel that same sense of pride that they are associated with us.”
The five Partners have always kept the best interests of their clients and their community paramount. With more than 75 years combined experience, their knowledge has helped them coach countless families and businesses throughout the various market cycles. Their reputation for quality service and integrity has been earned by creating satisfied, knowledgeable clients. Matt Sobocinski, Managing Partner, Certified Financial Planner™, says “all five of us are in the position now where we can spend our time focused on managing our clients’ portfolios and being attentive to their needs. Our clients have consistently and regularly referred us their friends and colleagues allowing us to grow our business that way.”
Who are their clients?
PWP’s ideal clients are families and individuals with at least $250,000 in investable assets, who have made a decision to make their financial security a top priority. “Our experience has taught us that there are two things that give a potential client the impetus to call us. They have either experienced a Critical Financial Event or are dissatisfied with their relationship with their current financial advisor,” concludes Doug Wilson, Managing Principal, Chartered Retirement Planning Counselor®.
“Critical Financial Events include retirement, starting a new job, a desire to save for college for a child or grandchild, marriage or divorce, receiving an inheritance, death of a spouse or simply figuring out a plan to deal with increasing medical costs or caring for an elderly parent,” adds Paul Peck, Managing Partner, Certified Financial Planner™.
Are they the right fit for you?
There are a number of steps to finding a financial advisor that fits your needs. PWP’s initial process helps ensure that both you and the financial advisor can make a well-informed decision about working together. Their business is not to sell products, but instead to promote an individualized plan to help you reach a comfortable future insulated from external circumstances.
“Often times we find that people’s biggest apprehension to engaging in a relationship with a financial advisor is fear of the unknown. Whether it is cost, pressure to invest outside of their comfort zone or not knowing what the obligations of a financial advisor and client should be,” says Mark Murphy.
The process of working with PWP begins with an initial meeting. This first meeting is an opportunity to get to know each other. The Partner will go over their experience and credentials, discuss Private Wealth Partners, LLC, and discuss how their ability to use the research and capabilities of Wells Fargo Advisors Financial Network may benefit you. They will also discuss their fee structure. Incidentally, PWP does not charge for the initial consultation or any subsequent meetings. They want to make sure that you are on board and that they are the right fit for you.
After this initial meeting, the Advisor will ask that you compile all of your statements and documents related to your current financial situation in preparation for the second meeting. Eric Silk adds, “This may seem like a daunting task for prospective clients but we assist them each step of the way to help make the process simple. Once we have all of this information gathered then we use our proprietary application called the Envision® process, which tracks where you are in relation to your goals.” At any given time this system allows the Advisor to monitor whether or not you are on track to meet your objectives as well as account for any of the aforementioned Critical Financial Events.
During the second meeting with your potential new Advisor he will go over the results of this process and provide his recommendations to your plan. Matt Sobocinski believes that “the great thing about the Envision® process is that it comes up with a simple output that is designed to be easily understood by our potential clients. We are also constantly updating and monitoring the plan to potentially cushion the effects of the Critical Financial Events our clients face and help keep them on track to reach their goals.”
Often times, following this second meeting, the prospective client will make a decision on if they want to work with PWP. Assuming they do, the Advisor will lay out the specific fees related to managing the portfolio in a manner that is straightforward and easy to comprehend. “We all believe it is critical to be transparent in our fee-structure. The reason why we have been successful at retaining clients and obtaining referrals is because we lay everything on the table before a prospect becomes a client so there are no surprises,” adds Paul Peck. Once an agreed set of strategies have been implemented and you are a client of PWP, the practice monitors these strategies and makes the necessary changes in the future based on changes in the market, certain Critical Financial Events, or changes in your personal goals and objectives. Doug Wilson says that he utilizes Envision® when he conducts his quarterly reviews with clients. “Envision® focuses everyone on long-term goals and not short-term fluctuations in the market. Clients truly can see the big picture after each review.”
PWP is a local practice with homegrown Advisors. They deeply value their reputation in the community and take pride in helping local families reach their financial goals. If you have never worked with a Financial Advisor, they will make it easy to see if you are on the right track. If you are currently working with another firm and are not happy with the attention you are receiving, or simply want a second opinion, they can assist you with that as well. They will either validate that everything you are doing is in line with your goals or reveal issues that may need to be adjusted. Either way, the process is tailored to put your needs and wants first with as great of ease as possible. Envision® is a registered service mark of Wells Fargo & Company and used under license. Wells Fargo Advisors Financial Network, LLC is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ©2011 Wells Fargo Advisors Financial Network, LLC. All rights reserved.
Private Wealth Partners, LLC
1997 Annapolis Exchange Parkway, Suite 450
Annapolis, MD 21401
800-988-4797 • 410-224-4848