FAQs

Parrott Wealth Management - F.A.Q.’s

What is Parrott Wealth Management?

Parrott Wealth Management is a fee-only investment management and financial planning firm.  We work with individuals who want to live a purposeful retirement.

Are you a Certified Financial Planner?

I am a Certified Financial Planner practitioner and have held this designation since 2003.

How long have you been in the investment and financial planning industry?

I have been practicing as a financial advisor and financial planner since 1989.

Are you a fiduciary?

Yes.  I am a fiduciary.

What is a registered investment advisor?

A Registered Investment Advisor is defined by The Investment Advisers Act of 1940 as a "person or firm that, for compensation, is engaged in the act of providing advice, making recommendations, issuing reports or furnishing analyses on securities, either directly or through publications." An investment advisor has a fiduciary duty to his or her clients, which means that he or she has a fundamental obligation to provide suitable investment advice and always act in the clients' best interests. (Investopedia)

Do you offer a complimentary consultation?

Yes. In addition, there’s no obligation to work with Parrott Wealth Management after the completion of your financial plan.

Can you help me with my company retirement account?

Yes. I can help you set up your company retirement account.  I can assist you with investment selection, asset allocation and contribution amounts.

Do you provide workshops for corporations?

Yes.  I provide educational workshops to corporations and their employees.   The workshops cover retirement planning,  investment management, or financial wellness.

Can you help my company establish a corporate retirement plan?

Yes.  I can help you and your company set up a 401(k) plan or any other type of corporate retirement account.   I can act in a 3(21) or 3(38) fiduciary capacity.

Do you have a specific area of focus?

I focus on retirement planning, financial planning and investment management.

Do you have a minimum investment requirement for asset management?

No. I work with individuals who want or need help with retirement planning, financial planning or investment management.

Do you have a minimum asset level for financial planning?

I do not.  The financial plan is a stand-alone service.

Who is your custodian?

T.D. Ameritrade Institutional.

Will I be able to see and access my accounts online?

Yes. You can follow your account online. You'll also receive statements and tax information from T.D. Ameritrade.  You can also track your accounts on your phone through T.D. Ameritrade’s mobile app. You will also have a secure client portal with Morningstar.

How do you get paid?

I get paid based on a percentage of the assets under management and I receive a flat fee for financial planning.

What is your fee for investment management? 

My fee is .5% for accounts less than $10 million.  The fee is .35% for accounts between $10 million and $20 million.   The fee is negotiable for accounts greater than $20 million.

What is your fee for a comprehensive financial plan?

My fee for financial planning is $1,500.00.  This fee is waived for asset management clients.

What is your fee for a retirement plan analysis?

My fee for a retirement plan review is $500.00.  This fee is waived for asset management clients.

What’s the difference between your comprehensive financial plan and your retirement analysis?

The comprehensive plan reviews all your assets and liabilities including insurance coverage.  The retirement analysis answers the question, “Can I afford to retire?”

Do you charge a commission?

I do not charge any commissions for my service.

How can I add or remove money from my investment accounts?

Your account can be linked to your bank allowing you to move money between T.D. Ameritrade and your bank.   

Are you owned by a large bank, brokerage firm or insurance company?

I own 100% of my firm and I’m not owned by any other financial institution.

Do you sell any products?

I don't sell or manufacture any products.

Do you make house calls?

I do.  My schedule is flexible and I can meet with you at your home or business.

 

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