1.Who is your ideal client?
The ideal client for Drucker Wealth Management would either be someone who is seeking guidance on how to achieve financial security for themselves and familes or experiencing a transition in their life, for example: new job, loss of a job, marriage, divorce, retirement, selling of a business. Our clients are typically 55 years or older, where approximately 73% of our clientele are single women.
2.How long have you been doing this?
Lance will be entering his 28th year as a wealth manager for Drucker Wealth Management, a firm that was established in 1958 by his father Bernard.
3. What credentials do you have?
Lance possesses undergraduate degrees in Accounting and Finance. He is a Chartered Financial Consultant, and Chartered Life Underwriter and is currently studying for his Certified Divorce Financial Analyst Designation.
4. How are you compensated?
At Drucker Wealth Management, we charge a fee that equates to a percentage of assets that we manage on your behalf. We charge a flat fee to create a written financial plan and for insurance based products (Life, Long Term Care, Annuities), we earn a commission from whichever insurance carrier we utilize on your behalf.
5. How often can I expect to hear from you?
At Drucker Wealth Management, we believe it is important to stay in close contact with our clients. We send out opt-in weekly e-mail market newsletters, quarterly hard copy newsletters, monthly investment statements as well as quarterly portfolio evaluation statements. In addition to the abovementioned written contact, you will also recieve quarterly conference calls, semi-annual review meetings with your advisory team, quarterly client events. ie: Sunset cruise around Manhattan, educational conferences, Holiday dinners and, of course, as needed calls and hand-holding. We will be here for you whenever you need us most.
6. What type of advice can I expect from you?
We provide advice and guidance across all areas of wealth management. For example, we advise on what to invest in, whether to buy stocks or mutual funds, if you should use index funds or active fund managers, which investments to use inside of your retirement accounts, what types of risks are associated with each investment, what expected rate of return you might receive from your portfolio may be, which investments you should own in non-retirement accounts, what types of taxable income your investments will generate, how you can rearrange investments to reduce taxable income and what taxes you will incur when you buy or sell investments. We are also open to any specific questions you may have about any of the abovementioned topics.
7. Have you ever been cited by a professional or regulatory governing body for disciplinary reasons?
8. Do you provide a comprehensive written analysis of my financial situation and recommendations?
Yes. At Drucker Wealth Management, we offer all clients the opportunity to create a full financial plan using the one of the top planning software programs; Money Guide Pro. This plan will take into account the following: your budget, your goals/objectives, your current assets, and your current asset allocation. The software utilizes Monte Carlo analysis (sophisticated gaming theory) to help both you and us in deciding the best options for your financial future.
9. What is a fiduciary and why should I care?
A fi•du•ci•ary is an independent financial adviser held to a Fiduciary Standard who occupies a special trust and confidence when working with a client. As a fiduciary, the financial advisor is required to act with undivided loyalty to the client. This includes disclosure of how the financial advisor is to be compensated and any corresponding conflicts of interest. A fiduciary is simply someone who represents your interests, even above their own interests. You can see why this is important when you must grant an advisor limited discretion to act on your behalf. You want to be certain that investment decisions made for you are not only suitable for you, but are truly in your first and best interest. At Drucker Wealth Management, we possess the knowledge and skill set to advise you on the best financial investments that will ensure your financial security well after your retirement.
10. Aren't all advisors fiduciaries?
Fiduciary advisors make up less than 10% of the financial services industry! This means that 90% of financial advisors do not have a legal duty to put your interests first, even above their own interests. Most investors are shocked to learn this. Cerulli Associates, a Boston firm that studies the financial industry, recently calculated that approximately 250,000 people throughout the U.S. call themselves financial advisors (there is no legal standard for calling yourself a "financial advisor"). Of those, 232,000 are sales people who work for their firm, not you. Only 23,000 are registered investment advisors (also known as fiduciary advisors). Sales representatives selling insurance, mutual funds or other financial products are most likely not fiduciaries. Registered Investment Advisors and Investment Advisor Representatives are fiduciaries.