Frequently Asked Questions
- What is the minimum portfolio size needed to get started?
- How do I get started?
- How often do you meet with clients?
- Where are my assets be held?
- Who is Pershing LLC?
- What is a custodian?
- What are custodial fees?
- Who is Multi-financial?
- Who will have access to my money?
- Am I FIDC insured?
- What exactly does a Financial Advisor do?
- What is involved in the financial planning process?
- How do I access money in my account(s)?
- How long does it take to receive a cash distribution if my money is invested?
- Can I access my account online?
- Who should I issue a check payable to when Stein Wealth Advisors, LLC invests money for me and where should I mail the check?
- How and when do I pay my flat annual advisor fee?
- How do I send money directly to Pershing LLC?
- What happens to all of my accounts if my Stein Wealth Advisor, LLC Financial Advisor dies?
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Question:
What is the minimum portfolio size needed to get started?
Answer:
Back to TopWe work with clients of all portfolio size levels.
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Question:
How do I get started?
Answer:
Back to TopWe offer an initial no-cost, no-obligation, no-pressure "get acquainted" meeting, either over the phone, or in-person. The purpose of this meeting is to address your financial concerns, needs, goals, and objectives, and also to give you more detail on our firm and investment philosophy and services. Most people find this stimulating and enlightening.
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Question:
How often do you meet with clients?
Answer:
Back to TopWe typically meet with clients three to four times a year, but can be as often or as little as the client prefers.
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Question:
Where are my assets be held?
Answer:
Back to TopPershing LLC is the custodian of your assets. Pershing is the custodian of choice because they offer the most cost effective and convenient way to invest in many different securities and they have a commitment to technology and service. They act as a custodian of your assets, which means they hold the actual securities and cash for you in your accounts and are responsible for safe-keeping.
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Question:
Who is Pershing LLC?
Answer:
Back to TopPershing LLC is a subsidiary of The Bank of New York Mellon Corporation, the nation's oldest continuously operating bank, and one of the world's leading providers of securities services. Pershing has approximately $770.2 billion in assets held in custody. The parent company, The Bank of New York Mellon Corporation, has $22.3 trillion in assets under custody and administration.
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Question:
What is a custodian?
Answer:
Back to TopA custodian is a brokerage or other financial institution that holds and manages a client's securities or other assets on his/her behalf. This reduces the risk of the client losing his/her assets or having them stolen. They are also available to the brokerage to sell at the client's demand. A custodian also provides an investor a place to store assets with little risk. Brokerages normally require a fee for custodial services.
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Question:
What are custodial fees?
Answer:
Back to TopCustodial fees are charged to a client by his/her brokerage for safekeeping services. Safekeeping occurs when the brokerage holds securities on behalf of the client. They are also available to the brokerage to sell at the client's demand. Brokerages provide an investor a place to store assets with little risk. Brokerages are not allowed to use the items in safekeeping for their own ends. Assets in safekeeping remain in the client's name. For this reason, brokerages normally charge custodial fees for safekeeping services.
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Question:
Who is Multi-financial?
Answer:
Back to TopMulti-financial Securities Corporation is our broker-dealer. A broker-dealer is a company or other organization that trades securities for its own account or on behalf of its customers. When executing trade orders on behalf of a customer, the institution is said to be acting as a "broker". When executing trades for its own account, the institution is said to be acting as a "dealer." Securities bought from clients or other firms in the capacity of dealer may be sold to clients or other firms who themselves are acting again in the capacity of dealer, or they may become a part of the firm's holdings.
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Question:
Who will have access to my money?
Answer:
Back to TopStein Wealth Advisors, LLC is only authorized to buy and sell securities in your account with your permission. We do not have discretionary trading authority over any of our accounts, and we do not have access to your money! You are the only person with direct access to your account funds.
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Question:
Am I FIDC insured?
Answer:
Back to TopNo, you are insured with SIPC through Pershing LLC. Pershing is a member of the Securities Investor Protection Corporation (SIPC®). As a result, securities in your account are protected up to $500,000. For details, please see www.SIPC.org. Please note that SIPC does not protect against loss due to market fluctuation. However, it does protect against institutional failure. In addition to SIPC protection, Pershing also provides coverage in excess of SIPC limits through a private insurer, Lloyd's of London. The excess account protection purchased through Lloyd's of London offers the highest level of coverage that is available in the industry today.***1 The excess insurance policy provides the following protection for assets held in custody by Pershing and its London-based affiliate, Pershing Securities Limited:
- An aggregate loss limit of $1 billion for eligible securities—over all client accounts2
- A per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion3
The Lloyd's of London insurance does not protect against loss due to market fluctuation. For more information about Lloyd's of London, please see www.lloyds.com. An excess account protection claim would only arise when Pershing failed financially and client assets for covered accounts, as defined by SIPC (for Pershing LLC accounts) or the Financial Services Compensation Scheme (FSCS) (for Pershing Securities Limited accounts), cannot be located due to theft, misplacement, destruction, burglary, robbery, embezzlement, abstraction, failure to obtain or maintain possession or control of client securities, or to maintain the special reserve bank account required by applicable rules.
Lloyd's currently has an A ("Excellent") rating with "Stable Outlook" from A.M. Best and an A+ ("Strong") rating with "Stable Outlook" from Fitch Ratings and Standard & Poor's® (S&P®). These ratings are based on the financial strength of the company and are subject to change by the rating agencies at any time. The current Lloyd's of London excess insurance policy is scheduled to expire on December 10, 2010.
- 1The $1 billion aggregate loss limit for eligible securities is the highest policy offered in the industry.
- 2http://www.pershing.com/about_us/4575.htm
- 3http://www.pershing.com/about_us/4575.htm
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Question:
What exactly does a Financial Advisor do?
Answer:
Back to TopA financial advisor is a professional who renders investment advice and financial planning services to individuals, businesses, and governments. We help clients maintain a desired balance of investment income, capital gains, and acceptable level of risk by using proper asset allocation. Financial Advisors use stocks, bonds, mutual funds, real estate investments trusts (REITS), options, futures, notes, and insurance products to meet the needs of their clients.
The Investment Advisors Act of 1940 imposes standards on investment advisors than broker-dealers. Sometimes, you will hear them referred to as having a "fiduciary" relationship with you. This means an investment advisor has the responsibility to act in your best interests. In addition to having the same obligations as brokers, investment advisors must also:
- Act in your best interests when providing you with investment advisory services.
- Place you interests above their own.
- Avoid or disclose any material conflicts of interest, including disclosure of compensation paid to or received from affiliates as a result of the advisory relationship or any recommendations made in connection with the advisory services.
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Question:
What is involved in the financial planning process?
Answer:
Back to TopFinancial planning is the process of meeting your financial goals through the disciplined management of your finances. Financial goals can include buying a home, saving for education costs or planning for retirement.
For many clients, reaching long-term financial goals through an investment advisory service is a solid approach to take. Of all the investment advisory services available, financial planning typically differs from other types of investment advisory services because of the breadth and scope of the advisory services provided. When you engage in a financial planning relationship, you benefit from a holistic approach to meeting your needs and reaching your goals, while receiving a higher level of protection.
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Question:
How do I access money in my account(s)?
Answer:
Back to TopThis depends on the type of account.
Retirement Accounts– Checks are not available for retirement accounts. Call our office and we will fax/email/mail a form to you in order to make a withdrawal from your requirement account. The money can be received via a check or wire transfer (there is small fee for this service).
Non-Retirement Accounts– Checks can be ordered for these types of accounts or you may call our office at 724.260.0491 begin_of_the_skype_highlighting 724.260.0491 end_of_the_skype_highlighting and make request for an "on demand" withdrawal.
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Question:
How long does it take to receive a cash distribution if my money is invested?
Answer:
Back to TopYou will receive your cash distribution on your equity trade settlement date. Your equity trade settlement date for stocks and bonds is usually three business days after the trade was executed. For government securities and options, the settlement date is usually the next business day. This does not include Saturday, Sundays or Holidays or when the exchanges are closed. Please allow extra time to receive the check through the mail after the settlement date.
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Question:
Can I access my account online?
Answer:
Back to TopAbsolutely. There are two different ways to have full access to your account online, through www.allbridge.com and www.netxclient.com. Please contact our office at 724.260.0491 for log in problems.
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Question:
Who should I issue a check payable to when Stein Wealth Advisors, LLC invests money for me and where should I mail the check?
Answer:
Back to TopIssue a check payable to Pershing LLC when you are investing money and it should be mailed to:
Stein Wealth Advisors, LLC4150 Washington Road, Ste 110 McMurray, PA 15317-2534Attention: Melissa J. Stein
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Question:
How and when do I pay my flat annual advisor fee?
Answer:
Back to TopYou are invoiced annually in January of each year for your flat, annual advisor fee. These invoices are due by January 31st. Issue a check payable to Multi-Financial Securities Corporation and mail it to:
Stein Wealth Advisors, LLC4150 Washington Road, Ste 110 McMurray, PA 15317-2534Attention: Melissa J. Stein
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Question:
How do I send money directly to Pershing LLC?
Answer:
Back to TopIssue a check payable to Pershing LLC. Please write your account number on the check or in your cover letter. Mail the check to:
Pershing LLC1 Pershing Plaza Jersey City, NJ 07399Attention: Pershing Money Desk
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Question:
What happens to all of my accounts if my Stein Wealth Advisor, LLC Financial Advisor dies?
Answer:
Your accounts become house accounts with Multi-Financial Securities Corporation and/or you are free to employ another financial advisor with Multi-Financial or any other broker-dealer.