Morningstar has shown there is a correlation between lower cost funds and better performance1. Many financial advisors will point out the importance of low costs, and then charge 1% or more for themselves, which we believe is too high2. For non-business level 401(k) or 403(b) plans, our fees can be found here. Unlike many financial advisors and brokerages, we are not being paid by anyone "on the back end" to sell you anything that is not in your best interest. Our financial advisors are fiduciaries.
Asset tiers include all accounts in a household combined. The minimum yearly fee is $1,000 per household, not per account (this is an overall minimum, not "in addition to" the percentage fee). Certain retirement plan accounts or 529 accounts are a flat rate 0.75% fee regardless of the household asset level.
When One Day In July manages a 401k plan, the fees above apply to the entire plan's balance, not to each employee. Non One Day In July fees are charged by, and paid only to, the custodian such as Schwab.
For further information regarding fees, please refer to our Form ADV Part 2A, Items 5A-5D.
Most people have assets spread across different accounts. They may be 401(k)s, 403(b)s, savings, educational, taxable, or other types of accounts. One Day In July financial advisors can work across all of them. This gives us a holistic view of your financial situation and allows us to optimize for things like taxes.
Amazingly, it is legal for mutual funds, annuities, and whole life insurance providers to pay financial advisors to sell you their products! This is a blatant conflict of interest. These extra fees are then passed along to you by the fund instead of by the financial advisor. The industry refers to them using the euphemisms "sales charges," "commissions," and "trails," but whatever the term, we believe they are unethical. You are the only one who pays us, and we make sure our billing is clear and understandable.
Many financial advisors work for national investment firms, commonly referred to as "wirehouses."3 These advisors may be incentivized to cross-sell other financial products, such as mortgages or other banking services, for the financial benefit of the firm.4 One Day In July does not do this. We are 100% independent and our financial advisors have no pressure to sell other products or services. We don't work for a wirehouse. We work for you.
Simplicity leads to understanding, understanding leads to discipline, and discipline leads to good results. It also makes your life easier, particularly at tax time. The financial industry has gone to great lengths to complicate the process. Most of this complexity is unnecessary and does not lead to better returns. Here in Burlington, Vermont, 300 miles north of the financial bustle of New York City, it's tranquil on the shores of Lake Champlain. Our financial advisors will reflect this tranquility and simplicity in your investment strategy.
As the Japanese proverb says, "It is only in still water that we can see."
Read more: 99% of trading is pointless.
Tired of trying to remember new logins for web-based portals everywhere you turn? We keep it simple. You will have a login for our custodian Schwab, and that's it. We don't add any more for you. As Microsoft's current CEO says "What is scarce in all of this abundance is human attention." We're going to pay attention to you, not burden you with more software to figure out. We will not redirect you to a website to get answers - you can pick up a phone and call us, or email, and we'll respond. All clients get their financial advisor's cell phone number. We do not believe in call centers.
To do well for you over a long period of time, we need to understand your situation and think in decades, not months or even years. This is not always the prevailing culture in finance. Today, clients of larger firms often will get call center treatment when they have questions, and your financial advisor won't necessarily stay the same. Additionally, we're not contracted by your employer, so if you change jobs it will not disrupt our client-advisor relationship. At One Day In July, we will be with you over the long term.
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Shelburne, VT Financial Advisor
145 Pine Haven Shores Road, Suite 2212
Shelburne, VT 05482
Chesterbrook, PA 19087
Burlington, VT Financial Advisor
Burlington, VT 05401
Rochester, VT Financial Advisor
Available for meetings in Rochester, VT and surrounding area.
Bennington, VT Financial Advisor
Available for meetings in Bennington, VT and surrounding area.
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