Capable Wealth Frequently Asked Questions

FAQ

Who do you work with for one-on-one consulting?

My primary clients are physicians and dentists in the early stages of their careers. For physicians, this could be the last year or two of residency, and the handful of years just after becoming a full-time physician.

For dentists, this is the handful of years just after graduating from dental school.

These groups share some very similar needs that require advanced expertise.

  • Large student debt levels that need to be properly managed
  • Potential contract negotiation for buying into a group
  • Help starting your own practice
  • Very specific insurance needs
  • And many more...
If I’ve already been employed for a while, can I still work with Capable Wealth?

Yes. We don’t have a hard rule on how many years out of school we stop taking on a potential client. The idea is we want to begin working with our clients as early as possible in order to set them on the right course. We want to build the foundation for our relationship that will last for many years to come

What are the typical goals of a Capable Wealth client?
  • Creating and implementing a budget
  • Paying down student loans
  • Designing a plan to balance several savings goals at once
  • Saving for the future while navigating life transitions (such as getting married or becoming parents)
  • Creating better account organization and investment management
  • Having the financial flexibility to pursue a dream career shift or life change.
What would make me a good fit for Capable Wealth?
  • You aren’t interested in “risking it all to make it rich.”
  • You’re main focus is not on investing, but on creating your ideal lifestyle.
  • You don’t call me with some “great stock pick” from a co-worker.
  • You don’t let a couple bad days in the market derail your long-term goals.
  •  You don’t leave our meetings, disregard our plan and not execute on the action items.
If I opt for the “Quick Start” service, can I add on the monthly service later?

Absolutely. The Quick Start service often leads to long-term planning relationships. People often have 1-2 pressing matters that are of high importance. But sooner or later, we all benefit from comprehensive planning if we want to live our ideal lifestyle.

Do I have to pay for my first meeting with you?

No. The introductory meeting is meant for us to get acquainted and see if we are both a good fit to work together. There are no expectations of signing any contracts in this meeting.

In fact, I do not allow anyone to sign a contract and become a client until we have both had time to think about it. Even if you really, really want to, you still have to wait and think it over... 😉

Do we have to meet in person?

Only if you want to! Capable Wealth is a modern firm that embraces technology to make the planning relationship as efficient and effective as possible. We can certainly meet in person, but we also offer meetings over the phone and through video conferencing.

No more are the days of you having to drive through traffic to meet at an inconvenient location. Just go home, pop on your computer, and bam, we’re “meeting” from the luxury of your own home.

Do you work with people outside of NY?

Yes, our services and systems have been designed so that clients can easily work with us from any part of the country. As long as you have either a phone line or Internet connection, we can work together!

What is an introductory meeting like?

This meeting is all about the connection! We’ll discuss a bit of your background; mostly what prompted you to set up the call and what you’re looking to accomplish. I’ll also answer any questions you may have.

Initial meetings are complimentary, last about an hour, and are designed to provide you with a better understanding of what we do and what it is like to work with us.

How do I determine a financial adviser’s competency?

The CFP® is the most rigorous and highly regarded financial planning designation. Certified Financial Planner's, as well as Registered Investment Advisers are held to a fiduciary standard, which means they must act in a client's best interest. Look for experience and make sure they provide customized advice.

What is a Certified Financial Planner?

Most people think all financial planners are “certified,” but this isn’t true. Anyone can use the title “financial planner.” Only those who have fulfilled the certification and renewal requirements of CFP Board can display the CFP® certification trademarks which represent a high level of competency, ethics and professionalism. And because they are held to a fiduciary standard of care when providing financial planning services, a CFP® professional is required to act in your best interest. Source of Information: CFP Board.

Do you make money from selling products to your clients?

No. Financial planning fees paid by clients are my only form of compensation. I do not sell any insurance or investment products nor do I receive commissions of any kind.

Other advisers charge a percent of my money, why don’t you?

I primarily work with young physicians and dentists who are in the growth phase of their career and life. Individuals in this stage tend to be more focused on paying down debt than amassing large sums of money in an account. This is exactly why a lot of advisers choose not to work with this group, because they don’t have a large amount of money they can charge a percentage of to work with.

Why did you start Capable Wealth?

I started Capable Wealth to create a platform to educate and empower. I want to help people take back control of their money and use it as a tool to live the life they’ve always wanted.

Years ago, when I first started in finance, I began getting a lot of questions from friends and family. “Jared, what should I do with my money?” Or, “Jared, how much should I be saving?”

At the time I was the “finance guy” in my family, so all of these types of questions were thrown my way.

It didn’t take long before I realized I was in over my head. At that point, I made the decision to go through the CFP course and become a Certified Financial Planner; both, so I could learn how to answer these types of questions, but also so I could learn the valuable info for myself.

After several years of informally helping people with their finances, it hit me, this stuff was really fun and I have a real passion for it. This is what I was meant to do!

I started researching how to start my own firm and planning my dreams.

In 2017, I left my former employer and officially opened Capable Wealth!

Where did the name Capable Wealth come from?

Naming Capable Wealth was one of the more difficult tasks, believe it or not.

The exercise I went through to come up with the name was through word association. I wrote down all of the words that I wanted the firm to embody; empowerment, trust, engagement, prosperity, and many more. I then created lists of synonyms for those words.

After I had a huge list of words that were relevant, I began brainstorming ideas.

Soon enough, Capable Wealth was born!

It is not just about my capability as a financial planner and life coach, it’s about helping people uncover their own capabilities for something more.

I believe everyone is capable of something great, sometimes they just need some expert guidance to help them in the right direction.

Why do you focus on physicians and dentists in the early stages of their careers?

I have a real passion for the medical and healthcare industries, and often think that it would have been fun to have taken that career path. I am always reading new articles and research studies on new health trends.

The younger individuals in these industries have very specific needs. They are dealing with all types of issues from massive amounts of student loans, contract negotiation for joining a group, specific insurance needs, cash management plans, etc. The list goes on and on. I have made it a focus of mine to become an expert in these specific areas so I can help them make the best decisions for their unique situation.

In the early part of her career my mother was a nurse, and other family members and friends of mine are in similar fields, so this has created an increased connection.

In 2013 my mother passed away from cancer. I was deeply moved by the compassion of the doctors and nurses that helped us through this time, and care about helping individuals like them with their needs.

I need help with my student loans and other debt; can you help?

Yes! I have helped many people with strategies around paying down their student loans, as well as other forms of debt. The key is to understand the best tactics and best ways to implement those tactics.

What is a fiduciary? And are you one?

A fiduciary is a person or organization that owes to another the duties of good faith and trust. Status as a fiduciary is the gold standard in wealth management and means the adviser is legally obligated to act in your best interests. As a Fiduciary I serve solely you the client and no one else. Most advisers are registered brokers or insurance agents and don't always have to put your interests first.

Capable Wealth is a fiduciary to its clients. A fiduciary is someone in a position of trust and confidence that must place the interests of those they serve ahead of her own. While the law is not entirely settled on whether a financial planner must serve in a fiduciary capacity, we believe they do and should. Capable Wealth embraces this role and the responsibility of always placing the client first.

A fiduciary has the highest ethical obligation to put your interests ahead of their compensation and any other considerations. I am a fiduciary – this is a fundamental value of mine and I wouldn’t have it any other way.

What is your investment philosophy?

I primarily practice passive investment management through low-cost index mutual funds or exchange traded funds. I help clients invest for the long-term based on their goals and risk tolerance.

I believe the true value of financial planning comes from the other areas, not specifically the investment side.

I am not a good fit for clients focused on stock-picking or “beating the market” or wanting active management.

I’m a big believer in understanding what you’re investing in, so I aim to educate clients and make sure they understand where they are putting their money.

Passive investment management is characterized by low portfolio expenses (i.e., the funds inside the portfolio have low internal costs), minimal trading costs (due to infrequent trading activity), and relative tax efficiency (because the funds inside the portfolio are tax efficient and turnover inside the portfolio is minimal).

By contrast, active management involves a single manager or managers who employ some strategy or technique to construct a portfolio that is intended to generate returns greater than the broader market or a designated benchmark. Empirical studies indicate most active managers underperform the market.

I’d like to learn more, what is the next step?

You can get started by scheduling an Introductory Meeting via the booking form on our contact page. We are excited to get to know you and will be happy to answer any questions you have regarding our process, services, philosophy, or any other related questions.

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Still looking for answers?

Feel free to contact us with any additional questions you might have. You might also enjoy exploring our blog, packed full of useful articles covering a wide range of finance and lifestyle topics designed to help you on your path to achieving financial confidence.

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