Most of our clients are financially savvy. Some of our clients prefer to allocate their time to other activities that are more important to them (e.g., their family, their careers, their hobbies, or enjoying their retirement and grandchildren). And, some of our clients prefer to work with us as advisors, much as professional athletes work with personal trainers. All of our clients appreciate our ability to fit all of the pieces together into the big picture and to keep the focus on their specific goals. At Third Millennium Advisors, we add value by helping you develop a plan, implementing and adjusting it when necessary, and freeing up your time to focus on the things that matter most to you. Our knowledge and accountability as your trusted wealth manager can help you take the necessary actions to meet your goals.
Fee-based planners are compensated primarily by the client instead of receiving commissions for selling investment products. Fee-based planners sell no proprietary financial products. Compensation may be based on a percentage of assets under management or, in the area of financial planning, on a fixed fee or on an hourly basis. Fee-based advisors provide objective, unbiased financial advice based on the client's financial situation and goals. Strictly “fee-only” planners act in this same manner, though they are unable to offer the benefit of life insurance products that may serve as valuable risk management vehicles. William W. Cameron, Third Millennium Advisors’ president, continues to hold life and health insurance license so he can assist clients with acquisition of life and health insurance products, including long term care insurance. Mr. Cameron works with insurance brokers to match the client with the most appropriate insurance policy rather than selling a specific company's policies.
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. Registered Investment Advisors with more than $100 million in assets under management are registered with the Securities and Exchange Commission. Other Registered Investment Advisors are registered with the state securities authorities.
Third Millennium Advisors is registered with the Commonwealth of Virginia. Third Millennium Advisors can work with clients in other states. Many states have reciprocity agreements with Virginia, and we can work with a small number of clients in these states before we have to formally register in these states. In the states that do not have a reciprocity agreement with Virginia, we would have to register directly with that state before we could work with any client in that state.
Licensed by the Certified Financial Planner Board of Standards, CFP® Professionals must complete an advanced college-level course of study addressing financial planning subject areas, including insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning. In addition, they must pass the comprehensive CFP® certification examination and obtain at least three years of full-time financial planning-related experience. To maintain the designation, CFP® Professionals must complete 30 hours of continuing education every two years.
For investment management services, Third Millennium Advisors charges a percentage of assets under management on a sliding scale. This fee is specified in the investment management agreement, so you will know in advance how much we make.
For financial planning services, we generally quote a fixed price depending on the complexity of the client’s situation. We may charge an hourly fee for general financial consulting or for more complex, less defined financial planning services.
Our services are best suited for clients with assets under management greater than $250,000, totaled across all of their accounts. Although we do not have a minimum size for individual accounts, our more detailed investment management process works better with accounts over $100,000. We take a less detailed approach for smaller accounts.
Third Millennium Advisors does not have custody of its client assets. Client assets are held at a third-party custodian. We commonly recommend Schwab Institutional, a division of Charles Schwab & Co., Inc., to be the custodian for our clients. We believe that Schwab Institutional has the strength and security to protect our clients’ assets.
A fiduciary manages assets for the benefit of another person. A fiduciary must act in the best interests of this other person. A fiduciary must put the interests of this other person ahead of his or her own interests. A fiduciary has a duty not to be in a situation where personal interests and his or her fiduciary duty conflict, a duty not to be in a situation where one fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from his or her fiduciary position without knowledge and consent. A fiduciary is held to a higher, stricter standard of behavior than many other financial professionals.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.