As AllStreet Wealth launches this week, I thought it would be helpful to explain everything about our company — from the name, to who we work with, to the price, to the process, to the content to expect.
Let’s get into it!
Traditionally, WallStreet and large financial institutions would only work with those who are older and have a large amount of wealth. This left accumulators (people in their 20’s, 30’s, and 40’s) to fend for themselves and get their advice from friends and family or from companies that sell insurance products (the only way they could make enough money to make it worthwhile).
The problem with this is that friends and family only really know what worked for them. Your parents may have the best intentions for you, but that does not mean they understand how you should handle your money. They faced completely different things when they were your age. They had higher starting salaries, lower debt, higher mortgage rates, and pensions. They also rarely had equity compensation, plus starting a business was way harder. So while they may be looking out for you, they may not know exactly how you should manage your finances — meaning you may have to turn to someone else for help. The other option you had 10 years ago was to go to a large broker dealer, and hope they would help you, but most of the time, they would just sell you insurance or an annuity and call it a day. Products do not solve your problem at all — leaving you unsure of what to do financially.
This is why we created AllStreet Wealth. The name is a play on WallStreet, as we are working with all the people WallStreet has traditionally turned away. We believe that financial advice is not only wanted by our generation, but needed. We are here to serve this younger generation and help them plan and live the lives’ they want.
Note: 5 years ago, everyone in the Industry thought that millennials wouldn’t want advisors. It was believed that they would want to use an online technology called Robo-advisors, but this has been proven to be wrong. A recent survey was done by Broadridge and they found that of the 39% of millennials who don’t have a financial advisor, 65% of them plan to start using one in the next 2 years!
It is safe to say that millennials are hungry for financial advice and want a real person to partner with. AllStreet would love to be your partner!
AllStreet Wealth is a fee-only Registered Investment Advisor (RIA). This means that we are only paid directly through the fees our clients pay us, and we don’t receive commissions on products or investments we recommend. We chose this route because we want to be fiduciaries and put our clients first. However, just because we don’t sell products, doesn’t mean we do not help our clients get the products they need. We help look at insurances, estate planning, taxes, etc. and refer you to the right people to help implement those needs.
Now for our fee structures, they are based on stage of life and complexity (we are doing half off our upfront fees for anyone who books a meeting during the month of September):
For those with under $350,000 in Assets we manage
For those with over $350,000 in Assets we manage (AllGrow)
The goal here was to make the fees affordable enough so that anyone who was serious about financial advice could afford them. Our goal truly is to help as many people as possible learn how to build wealth and achieve their dream life.
After working entirely with millennials for a few years now, we have come to realize that accountability is one of the most important parts of the job. People in their 20’s, 30’s, and 40’s want to make changes and follow through but then life hits them. They are busy working long hours, taking care of their families, traveling, spending time with friends, and they end up forgetting to do some of the tasks they need to do. This is why accountability is the driver of the relationship.
Here’s our process, The AllStreet Approach.
Step 1 – Get To Know Meeting
In this meeting, we don’t try to sell you on us like most other advisors. We just spend some time getting to know you, where you are at in life and financially, what you are looking for, etc. and then we share exactly how we work with clients, who we do the best work for, what the fee structure is, etc. so you can make the best decision for you with all the facts.
We promise that if we aren’t the right fit, we will recommend you to other advisors who will be. We believe everyone deserves quality financial advice, and we understand we aren’t the perfect fit for everyone and that’s okay.
Step 2 – Financial Planning Meeting
Once you decide it makes sense to work with us, we send you some homework. You will go into our financial planning software and enter all of your financial info as well as your goals. Then we give you a few deep questions to think about ahead of the meeting.
Then in this meeting we go deep. We get to learn about you, your goals, how you feel about money, what worries you about money, what your ideal life looks like, etc. Then we go into the financials to get an understanding of what you have going on, what you have through work, what your monthly cash flow looks like, etc. The goal is to truly understand where you are and where you are trying to go so we can make the best plan for you and your unique needs.
Step 3 – Plan Delivery
In this meeting, we go over the first plan delivery. All of our plans are one page front and back. The goal for us is to simplify the complex and deliver to you exactly what you need to go out and do for the year. The plan includes:
Step 4 – Accountability Meeting
This is where accountability comes into play. Most advisors stop after meeting 3, they implement the investments or insurances they will get paid on, then have you do all the other stuff on your own. That is not how we do things. We meet with you ¾ weeks after the plan delivery to help you implement everything on the plan. We want to ensure everything gets done because that is how you truly make progress. This means helping you get bank accounts set up and the automation, this means scheduling your debt payments, this means changing your 401(k), this means helping do your estate planning, and so much more. Accountability and implementation is as much our job as it is yours.
Step 5 – On-going Planning
Financial plans are great and all, but they become outdated fast. Laws change, the market has a major swing, you get a new job, get married, have a kid, move, get your inheritance, go back to school, etc. and all the sudden the plan needs to be adjusted. So after the initial process is done, we meet every time you have a question or something arises (and we don’t charge extra for this, we aren’t trying to nickel and dime you, we are here to help). We want to be there to help you make the right decisions and feel confident about them as your life changes. Some years we will meet almost every month because things will be changing fast, then other years we will just stay the course and stick with the plan. It really all depends on what is going on.
Every year we will also have an annual review when you get your salary increases and bonuses since this is the best time to meet as you can really make more progress if we always find ways to add new money to your surplus. The goal is to save half, and then inflate your lifestyle with the other half.
The annual review process is 3 steps:
Accountability is a part of the process every year, as it should be!
Our approach to growing comes from digital marketing so we will be posting a lot of content to help educate our peers on money, investing, and personal finance.
We will be doing a weekly video series called “The Crossroads.” In these videos we will answer ½ questions that are submitted from our audience as well as breakdown a recent blog post one of us has done. We want to make sure our audience can consume our content in whatever way they enjoy from video, to audio, to reading. Be on the lookout for the first Crossroads video this week!
We will also have a newsletter called “The AllStreet Journal” that will share some original content, the content Treyton and I both recently created, as well as include curated content from others that will be helpful for you. You can subscribe here.
Lastly, season 2 of The Long Game Podcast will be starting up and it will be Treyton and I breaking down financial topics for 10-15 minutes. There may be a few episodes similar to season 1 as we go, but this is the plan for the start of it.
If you want to see if we are the right fit for you, you can book a meeting here! The first meeting is entirely free and we promise we won’t be pushy. We want to work with people who make the most sense and we can do the best work for.
Financial Advisor