Frequently Asked Questions
Q: Is there a Minimum account balance?
A: No. Our Clients can start a retirement account with as little as $250 with a monthly investment plan to grow their accounts. Some advisors set $$100,000 or even $500,000 minimum to work with them. Our plan is to help our clients start somewhere, and begin to build their wealth in the best way their financial means allow.
Q: How are you paid?
A: There are 3 ways in which we get paid:
- Financial planning where we charge a fee for services provided such as consulting, creating
a financial plan, recommending tax and financial strategies etc. Fees are generally hourly or
based on an agreed upon rate. (see fees page for more information)
- We can manage assets for you and charge an assets under management (AUM) fee, which
typically ranges between 1% and 1.5% depending on the strategy.
- We work with insurance companies to find you the best insurance products to meet your
needs. Whatever insurance company you choose pays us a commission. Because we are
independent we work with dozens of insurance companies and the commission we receive is
essentially the same from all companies. We do not favor any insurance company over another
we only recommend the companies that best fit your needs.
Q: What sets you apart?
A: As a faith based company, we believe financial planning isn't handing money over to an advisor and hoping for the best. We believe in adding value for our clients through regular contact, open dialogue and shared ideas. Because of our independence we don't work for any company that expects us to sell you particular products or services. We put our clients' needs first and set up a custom, easy to follow plan and make it all about building a relationship with you that will last. In essence your money is the fruits of your talents and will allow you to live life abundantly (John 10:10) and give back to others from those fruits.
Q: Do I need to be a Christian to work with you?
A: No. We believe everyone is entitled to the best financial advice and to build a relationship with a financial advisor that will help them meet their goals. The foundation of our company is on the biblical principles of integrity, honesty and treating others as we want to be treated. If you want to build that kind of relationship, we would love to work with you.
Q: Are you a fiduciary?
A: Yes. As an Investment Adviser Representative with a Series 65 securities license, we have a fiduciary duty to you. This means that we are legally required to put your interests above our own.
You would think that everyone offering financial advice is required to be a fiduciary, but sadly that is not the case. Before hiring a financial advisor we recommend you make sure they are a fiduciary.
Q: If I choose to invest with you, who holds my money?
A: Any funds that we invest with you are held in custodial accounts with a FINRA/SEC registered company. Red Barn Financial never takes custody of your money. You provide us with limited permissions to act on your behalf with respect to investment decisions, but we do not have physical custody of or withdawal access to your funds.