At first glance, it may be hard to tell advisors apart. In reality, advisors can differ in a lot of ways: the services they provide, how they charge for them, what professional certifications they hold, whether they are a fiduciary or not, and several other categories.
Today, we wanted to walk through some of the qualities that set Clarity Wealth Development apart from other financial advisors, whether they’re in the local Corvallis area or Willamette Valley, somewhere in Oregon, or anywhere in the United States.
The short version is this: Clarity Wealth Development is a fiduciary, fee-only, women-owned advisory firm that is committed to helping people live out their values through financial planning. We are also committed to self-improvement, which is why all of our advisors either hold or are working toward the CFP® designation, widely regarded as the most comprehensive training program available for advisors.
That sounds nice, but what does it all mean? Read on to find out!
What Makes Clarity Wealth Development Different?
We Are Planning First, Investing Second
We specialize in helping people near or in retirement make the most of their savings by building a retirement plan that aligns with their values and minimizes their tax burden.
While some advisors offer individualized services, our client engagements are all-inclusive and they cover:
- Financial planning: Identify your goals, build a plan based on your values, partner with you through implementation, address issues as they arise.
- Retirement planning: Build a plan for the retirement you’ve always wanted, strategic tax planning to keep as much of your money as possible, keep up with required minimum distributions, etc.
- Tax planning: Harvest capital gains when it makes sense, minimize trading to avoid unnecessary tax hits,
- Legacy planning: Ensure your estate plan and will reflect your most recent wishes, build a legacy plan that you can be proud to leave behind
- Investment management: Create and manage an investment portfolio that supports your financial plan
I listed investment management last on purpose. Many financial advisors primarily manage investments while also helping you with some other financial issues when needed. While that approach may work for some, we believe it ultimately results in investing with no direction.
We believe the way you invest should support your life goals, that’s why we begin with a plan.
We Listen to Our Clients
One of my favorite parts of what we do is helping clients uncover the values that drive their life goals and building a plan to match. I like to think we’re pretty good at listening 🙂 But don’t take it from me! You can hear it straight from a few clients:
NOTE: The following testimonials are from a sub-set of current clients of Clarity Wealth Development. No compensation or incentives were offered or provided in exchange for these testimonials.
“I always feel listened to and that my money is invested according to my wishes. Because they make money when I do, not based on commissions from specific funds, I feel confident that my money is being invested wisely.”
Dianne, current client
“Your practice is not high society. You have knowledgeable and friendly staff who have always provided us with excellent service. You or other providers have given us easy to understand instructions, advice, tailored to us personally.”
- Ronald, current client
“I have been with Clarity Wealth for a long time. Everyone there is personable, and helpful. I feel like I can get any questions answered honestly and I trust them.”
- Cathy, current client
“You listen to my concerns and goals. You demonstrate to me how your actions support those goals and address those concerns. You have spent time and effort to understand how to manage me as well as my money. And you have a sense of humor!”
- Sue, current client
We Are a Fee-Only Advisor
We are a fee-only advisor, meaning that our only compensation comes from a fee based on how much money we manage for you. You never have to guess how we are compensated or how much you are paying us. We clearly outline our fees on our website and never accept compensation from anyone other than our clients, which means we work for you and no one else, not a fund company, not a broker dealer.
*Fee Schedule subject to a $5,000 minimum annual fee.
No commissions. No hidden fees. In our opinion, it’s the only way to put the clients’ interests front and center and avoid conflict of interest on the part of the advisor.
What other ways can advisors be compensated?
Many financial advisors are fee-based, meaning they charge a fee similar to ours but also collect commission for selling insurance products, annuities, etc.
Some advisors use a subscription model where they charge a monthly fee. These advisors typically work with younger clients who are early in their saving journey.
The reason we are fee-only advisors is simple: We sell a process, not a product.
Commission inevitably adds friction to the advisor-client relationship. Advisors who earn a commission on products like insurance policies will understandably be inclined to encourage you to buy a policy from them rather than getting one somewhere else that may be better.
At some point, your life circumstances will change enough that your financial picture needs to change accordingly. Our fee-only model enables your plan to unfold naturally, with as little friction as possible, as life unfolds.
We Adhere to the Fiduciary Standard
Advisors give a lot of advice – it’s kind of our job! But how can you know whether you can trust our advice?
Advisors are required to either hold to the fiduciary standard or the suitability standard:
- The fiduciary standard (the way we do it) means we are legally required to act in the clients’ best interest. Every decision we make and every bit of advice we dispense is subject to scrutiny by an external auditor to ensure everything we do meets the highest bar.
- Advisors who operate according to the suitability standard are only required to make “suitable” suggestions, which leaves a lot of room for interpretation of what counts as “suitable.”
When establishing the Clarity way of doing business, we knew we wanted to be a different kind of advisor. Our fee-only model eliminates conflict of interest by removing commissions, then you add in the fiduciary standard, and you can see that we are client-first in everything we do.
Our owners Kay Dee Cole (left) and Kim Hall
We Are Women-owned
As a women-owned firm, we have created a unique place of business that emphasizes empathy, trust, and collaboration. We have found that many clients – both women and men – appreciate the unique perspective we bring to financial planning that extends beyond the numbers. We also understand that our employees wear many hats outside of their roles as financial advisors and have intentionally created a work environment that encourages not only the flourishing of our employees, but also their families.
CFP® Designation
I love learning. After leaving my position at Oregon State University, I was thrilled to find that Clarity Wealth Development is built on a foundation of learning every day.
The CFP® designation is widely considered to be the most rigorous training program for financial advisors. That’s why we sponsor every advisor to become a Certified Financial Planner™ as soon as they’re ready.
On our team, Kay Dee Cole and I (Kim Hall) have the CFP® designation. Shane Littleton is currently a CFP® candidate, and Michele Onaka and Alena Zaffery will begin the process soon.
Becoming a CFP® is no easy task. You have to:
- Complete college courses
- Get at least 4,000 hours of professional experience
- Pass the CFP® exam
- Commit to adhere to the CFP® standards
While it is a lot of work, we strongly believe that it is worth it so our advisors can learn the theory and practical application from the best minds in financial advice.
We also encourage everyone on our team to participate in professional networks, mastermind groups and to attend conferences. Participating in dialogues with thought leaders and engaging in workshops and training opportunities ensures that our team continues to deliver best in class service.
If you’re in the market for a new advisor, I would invite you to reach out to us and see if we’re a good fit. If it makes sense, great! If not, we have a large network of trusted professionals who we would be happy to connect you with.
Want to Talk?
If you want to learn more about working with us, click here to schedule a complimentary consultation.
