+ What is fee-only?
Some planners, advisors, and brokers work under different fee structures. Some receive commissions, while others receive fees (from you) and commissions under a structure termed “Fee-Based”.
In contrast, Fee-only is just another way of saying we work for you, and only for you. Any fees we ultimately receive are paid just by you. No commissions, no third-party payments, 100% independent. We think that puts us on the same side of the table as our clients.
+ What’s a fiduciary?
Popularized by NAPFA and later Tony Robbin’s book: “Money Master the Game”, Fiduciary means we must legally act in your best interest. Part of being a fiduciary means your investment accounts are held with an independent third-party custodian.
+ What’s a custodian?
Like a bank or brokerage firm, custodians house your account(s) and the investment within, process trades, and provide statements and confirmations to you.
+ What do you charge?
We generally charge a fee for retirement planning and financial planning services. Those fees generally range from $1,800 to $6,500 or more depending on the scope of the work we are doing. Our engagement letter will list the fee for the services proposed, so you’ll know what you’ll be paying. For investment management, fees are no higher than .25%/quarter (1% annually). You can read more about our fees here
+ Is there a fee for the first meeting?
Nope! This is a chance for us to get to know you, your goals and your financial situation.
+ Am I a good fit for McClain Lovejoy?
We’re a bit more casual than typical suit and tie financial firms. We think that puts you at ease and makes for better retirement plans and better outcomes for you.
+ Do I need a minimum amount to work with McClain Lovejoy?
You don’t. Many firms–even fee-only fiduciary firms–have such high investment minimums they effectively cannot work with the vast majority of people. We think that’s just silly. We prefer to focus on two things. Are you a good fit for our firm and can we help you?
+ Where is McClain Lovejoy based?
Our office is in Liberty Park, just off of I459. We are in station #5 building.
+ How do I see my accounts?
You can access our secure client portal and view your account via our client login page
+ How do I access my retirement plan?
You can access our secure client portal and view your retirement plan via our client login page
+ I’m not in Birmingham, can you work with clients remotely?
Oh yes! We have a couple of clients we’ve never met in person (yet) and some we’ve not seen in years because of distance.