How long has RCL Capital Management existed?
RCL Capital Management first registered as an investment advisor in the state of Pennsylvania in October of 1997.
How many clients does RCL Capital Management currently serve?
The firm currently serves approximately 75 clients. The goal is not to be the biggest, but rather to be the best financial advisor and asset manager for a select group of clients that work with RCL Capital Management. Research has shown that individuals view their financial matters in a very personal way and I believe that the relationship between a client and an advisor should be very personal as well.
Is a client required to be a Pennsylvania resident?
No. While a concentration of clients reside in the municipalities surrounding Wexford, PA including the townships of Ross, McCandless, Bradford Woods, Gibsonia, Cranberry and throughout western Pennsylvania, we also serve clients in other areas of the country such as Virginia, New York, Georgia, New Jersey, Oklahoma, Louisiana, and California.
Does RCL Capital Management specialize in a particular practice area?
My area of specialty is in the retirement planning market. The focus is on preparing individuals for this exciting, although challenging, aspect of their financial lives so that apprehension is replaced with financial freedom.
How does RCL Capital Management get paid?
My fee is based on a percentage of assets under management. The calculated fee is transferred from the client account balance under management into my account at the end of each quarter. Invoices are not mailed to clients and checks are not written by clients for the amount charged. However, the fee is detailed on the client account statement so that the propriety of the amount charged can be verified. In order to maintain our objectivity, commissions are never collected from the investments recommended.
Is there a fee for an initial consultation?
No. The purpose of meeting for an initial consultation is in order to give a prospective client the opportunity to get to know me and it also provides me with the opportunity to get to know the prospective client. On certain occasions, this process has extended over several meetings in order for us to adequately get to know each other. We are investigating the potential for entering into a relationship that will hopefully last a lifetime and that relationship should only begin after we are comfortable with each other.
Will a client ever be relegated to working with another advisor within RCL Capital Management?
This business is based primarily on a personal relationship between me and each of my clients. Therefore, I believe that it is critically important that the relationship remain intact for as long as you are a client of RCL Capital Management. As we continue to grow, administrative tasks might be delegated to others or outsourced but the management of your account and our relationship will never change.
Does RCL Capital Management sell insurance?
No. The immediate commissions earned from selling insurance can be significant. I do not want to compromise my objectivity by having clients question whether I am recommending an insurance product simply because of the commission earned from the transaction. My objectivity, both perceived and real, is critically important to the trust relationship between a client and advisor and should not be jeopardized by the potential to benefit financially in the short term from commission income. Furthermore, I am a financial professional who is passionate about investment management and financial planning. I am not an insurance salesman. An outside network of insurance professionals can be referred in the event that a client has the need for any type of insurance product.
Will RCL Capital Management prepare my income tax return?
Although I am a CPA with an understanding of personal income taxes, I do not have a passion for preparing income tax returns. Furthermore, the busy workload of a tax season would prevent me from devoting my full attention towards managing client assets during this hectic time of year. I have a network of tax professionals who can be referred in the event that a client has the need for tax preparation and tax planning services.
However, the area of investment management should not happen in a vacuum and ignore the impact of income taxes. My background provides a level of understanding in this area that is not typical of most financial advisors. It is not the amount that you make; it is the amount that you keep after taxes that matters.
I have also encountered clients that have struggled with obtaining the cost basis of investments sold when preparing their income tax returns. RCL Capital Management does not simply provide clients with the information required to calculate the cost basis, we actually prepare the calculation for them.
What makes RCL Capital Management unique?
I believe that a financial advisor should be a financial professional and not a financial salesperson. My background is as a CPA and not selling securities or insurance products and, as unbelievable as it sounds, this background is not typical for those who call themselves financial advisors. Unfortunately, this profession is dominated by financial salespeople. My background is important because my priority is providing independent, objective financial advice that is always in the best interest of the client rather than attempting to sell the financial product that will result in the largest commission for me.
Clients of RCL Capital Management develop a personal relationship with an advisor that will last a lifetime. Many prospective clients have become frustrated with experiences with large firms where their 'advisor' had quit, was terminated, or was promoted to another position and they were assigned to a new advisor. I feel strongly that a financial advisor should never be assigned to a client. This is a personal relationship based on mutual respect and trust. Working with RCL Capital Management will provide an experience where a mutually positive relationship is initiated between a client and an advisor that begins with the sharing of financial information and culminates in the accomplishment of agreed-upon lifelong financial goals.
What prevents RCL Capital Management from cleaning out a client's account and moving to South America?
RCL Capital Management generally has the ability to access client accounts for the purpose of trading securities and the collection of quarterly fees. However, the amount that can be removed associated with quarterly fees is limited to a very small percentage of the total assets. Furthermore, RCL Capital Management is not the actual custodian of client accounts. Accounts are held at independent, third-party custodians such as TD Ameritrade who will not provide the account balance to anyone who is not the account owner (i.e. the client).
Does RCL Capital Management have account minimums?
No. My goal is to establish a life-long relationship with clients that result in each of them accomplishing their financial goals regardless of their current asset levels. Everyone should have financial goals, not just those individuals with a specified minimum asset level. If a person plans for a long-term financial goal, they will eventually accumulate a reasonable amount of assets upon which I will receive compensation, but only if I effectively do my job.
Are there penalties to move assets away from RCL Capital Management?
No. Unlike a decision to work with many other advisors and purchasing the investment products that they recommend, a client can change their mind at any time to go in another direction. If a client decides a week later that they do not want to work with RCL Capital Management, there are not any charges associated with removing us as their selected financial advisor. Furthermore, the investments chosen by us do not have early distribution penalties or sales charges that are typical of those selected by financial salespeople.
What types of investments can be purchased by a client of RCL Capital Management?
Any type of investment that can be purchased at any typical brokerage firm can be accessed including mutual funds, stocks, bonds, and CDs. The only investments that are specifically excluded are loaded mutual funds since loaded mutual funds pay a commission to the salesperson responsible for the transaction. Since we are fee-only advisors and do not collect commissions, we recommend comparable funds that do not include such charges or loads (i.e. no-load mutual funds). No-load mutual funds can be traded without the client paying a recurring sales charge every time that a change is deemed necessary.