Frequently Asked QuestionsAnswers to common questions we are asked in regards to how Mission Wealth operates.
- All wire or distribution requests have to be verified with a phone call.
- Any distribution requests to addresses or non-linked accounts (such as indicated above) can’t be done without you signing new paperwork authorizing such a distribution (per Schwab and Fidelity rules, they will not act on instructions from our office without your signature).
Schwab has handpicked approximately 200 firms nationwide and Fidelity about 100 to which they refer clients. MW is on a very short list of firms “approved” on both platforms. For perspective, there are approximately 26,000 firms in the country.
Yes, our conversations are confidential. We adhere to industry and professional ethics standards.
Since we are not attorneys, however, our files and our staff can be compelled by court order to share information.
Non-discretionary management means that the client needs to approve the timing, amount and pricing of each trade.
Discretionary trading allows your advisor to make transactions on your behalf without your approval on each transaction. Mission Wealth operates on a discretionary basis, which allows us to rebalance, replace investments and manage the collective investments of our clients in an efficient and timely manner. For each client, before we invest money, we come to a mutual agreement regarding the asset allocation and risk levels, and we stick to those agreed-upon parameters. If we deem a change to those parameters to be warranted, we obtain permission with the client on those modifications.
With how the financial industry is structured, your funds are not assets of the custodian (with the exception of “cash” or money market funds, which have SIPC protection limits). In the unlikely event they were to go out of business, you can transfer your funds to another institution (i.e., just like the brokerage clients of Lehman Brothers and Bear Stearns did in the 2008 crisis).
Fidelity's “Safeguarding Your Accounts”