As the new year commences, we wanted to share two important company updates with you:
No Fee Increases
Over the past year, many clients working with financial advisors across the country saw a substantial increase in their advisory fees due to last year’s market rally (in all likelihood, somewhere between 10-20%*). Inspire Wealth Partners will not be implementing any fee increases for clients in 2021. There will be a time in the future when our fees will be increased, but following one of the most challenging years in history, we don't feel like now is the time to do so.
If you aren't sure how much your financial advisory fees increased over the past year, ask your financial advisor.
Importance of Estate Planning
One of our goals in 2020 was to turn what started as a bootstrapped-idea with zero clients and zero revenue into a profitable and sustainable company. We're grateful and humbled by the steady stream of client referrals and the wonderful feedback from our local community, resulting in a thriving wealth management firm.
In 2021, our goal is to make sure all of our clients have their estate plan buttoned up. A well-designed estate plan enables you to gain control over aspects of your life both during your lifetime and after your death. It can also ensure your loved ones are adequately protected.
To support this goal, we've leveraged the expertise of a virtual estate planning firm to help our clients streamline the estate planning process at an affordable cost. Please let us know if you'd like to learn more about this service. For those that don't wish to utilize the virtual estate planning firm, we also work with a number of excellent local attorneys that we'd be happy to introduce you to.
We wish you an outstanding and prosperous year in 2021. Thanks for reading!
*An index-fund portfolio comprised of 70% Vanguard Total World Index (VT) and 30% Vanguard Total Bond (BND) increased by 13.94% in 2020. This also assumes the client's fee is based on a percentage of their assets and there were no contributions or withdrawals from the portfolio.
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