Frequently Asked Questions
1) What services do you offer?
Personalized, fee-based wealth management, retirement and college education planning, investment management, insurance planning, debt and cash flow management.
2) What’s Your Financial Planning Experience:
Patrick Freeman has worked in the financial services business since July of 1996.
3) Will you be working with me, or will a staff member or partner be working with me?
You will always work directly with Patrick, although it is important to note that Patrick acknowledges that he is certainly not an expert in all fields, so he has assembled a best-in-class team of subject matter experts in the areas of income tax planning, estate tax planning, insurance planning, and financial planning, as well as highly a highly competent administrative staff to make sure clients always get the advice of an expert.
4) Do you offer ongoing advice on my financial plan? Do you help me implement my plan?
Yes, this is the most important piece of the puzzle. Just like thinking about exercising is not what gets you in shape, merely having a great financial plan does not actually do anything to improve your financial life. You must actually implement the plan on an on-going basis.
We have regularly scheduled progress meetings. These meetings are critically important to you for two reasons: First, I function as your “friendly” accountability coach, to make sure that you are actually doing what needs to be done to get good results in this area of your life. Second, you will receive proactive investor “mental toughness” training at these meetings. This continually reinforce the principles that are required to achieve success and help you to put the inherent volatility of stock market investing in the proper long term context. The result of this process is enhanced peace of mind that nothing in your financial life is “slipping through the cracks”, and also that your investment game plan is giving you the highest probability of achieving your goals for the reasons that are important to you.
5) What are your educational qualifications?
Patrick Freeman has been in the financial services business since July 1996. He earned his CERTIFIED FINANCIAL PLANNER™ designation in early 2000. He graduated in 1992 from Arlington High School, and in May 1996 from Texas A&M University.
6) Is your firm registered? With what agencies?
Yes, we are registered with the Texas Securities Board. We go through routine audits by the State Securities Board where they come to our office, go through all of Freeman Wealth Management financial records as well as my own personal financial records, etc to ensure total compliance with regulatory standards.
7) How do I know that if I decide to move forward that you won't steal all of my money like Bernie Madoff?
A) See above. We are routinely audited by the Texas State Securities Board B) You will never be asked to give your money to me or anyone at my firm. We trade on the institutional side of industry giant Fidelity Investments. All checks are made out to Fidelity. You can go to Fidelity.com to see your money, or you can go by any Fidelity retail office to visit your money. If FWM went out of business, or I got hit by a bus, your money would be safe at Fidelity, and you could easily move it to another advisor if you so desired. C) I rarely lose a client (in fact we are growing rapidly from happy clients introducting us to other people that they care about). Most of my clients have worked with me for a long period of time (10 years plus). If you would like, I am happy to put you in contact with however many you would like to talk to (I will need to get their consent for this first).
8) How long have you been in business?
I started in the financial services business in July of 1996. Freeman Wealth Management was an outgrowth of the prior business, and it was started in May of 2006. I have been nominated 5 years in a row now as a 5 star wealth manager as seen in Texas Monthly (less than 4% of the wealth managers in D/FW can say this).
9) Have you ever been publicly disciplined for unlawful or unethical practices in your profession?
10) How do I pay for your services?
In almost all cases, clients pay us either a flat fee for creating a plan for them, or an on-going fee which is a percentage of the assets that they have under our management.
11) What do you typically charge?
It depends on the complexity of your situation and exactly what we are doing for you. One thing that I believe in strongly is total transparency and simplicity for you, so you can rest assured that if you decide you want to work with us you will understand very clearly our simple fee structure. Typically, we receive either $2500-5k for the creation of a stand –alone financial plan or 1-1.5% per year of the assets under our management. This means that if you decided to transfer 500k to us to help you to manage, we would charge you around 1% of that amount per year, or 5k per year to us.
12) How do I know if I am a good fit to work with you?
Our clients typically have the following characteristics: 1) They have a strong desire to get great results in their financial life (this means they actually implement the plan that we create and act on the recommendations given). 2) They place a very high value on their time: Our clients are very intelligent individuals (many of my clients are actually financial people like investment bankers, traders, etc). They could do much of the work that they hire us to do themselves, and "cut out the middle man". However, they choose to work with us any way because they recognize the value of delegating this area of their life to our firm so that they can be freed up to focus even more time and energy on the areas of their life that cannot be delegated (creating great memories with their family, maintaining excellent physical health, excelling in their career/business to earn even more money, etc). 3) They have a clear understanding of the things that are within their control to improve their financial situation (in other words, they focus on the things they can control like saving the appropriate amount of money to meet their goals, lowering their tax bill, lowering the expenses they pay inside of their investments, staying diversified, handling their risk management program in a efficient manner, etc). They don't get bogged down in things that no one can control: what the stock market is doing today, etc.