Upon engaging an investment management
firm to manage your portfolio, many advisors will insist that you
provide them with complete discretion to manage your portfolio.
Other firms will only manage your portfolio on a nondiscretionary
basis. That is, they will accept your portfolio, but prior to making
any adjustments to it they will always seek your approval.
Here, you have the flexibility to choose. In general, our fee
schedule varies with the amount of investment discretion you grant.
Higher levels of discretion allow your portfolio to be managed
more cost effectively. Consequently, our asset management fees
vary accordingly.
Remember, no matter how much discretion you grant to us, we have
a fiduciary duty to you and are therefore required to pursue your
interest. Because of this and because of our fee-only structure,
we have no incentive to generate excessive trading costs or to
engage in any other type of scheme that would run counter to your
interests.
We offer the following four degrees of discretion because we
realize that different clients have different levels of comfort:
- No Discretion
- This option requires us to obtain your approval before
we make any adjustments to your account.
- Sell Discretion
- This option allows us to make sales on your behalf without
first receiving your verbal or written approval. However,
we must still receive your approval prior to making any purchases
for your portfolio.
- Buy Discretion
- This option allows us to make purchases on your behalf
without first receiving your verbal or written approval.
However, we must still receive your approval prior to making
any sales from your portfolio.
- Full Discretion
- This option allows us to make purchases or sales to your
portfolio without first receiving your verbal or written
approval.
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Wessel Investment
Counsel, LLC
22 South Pack Square
Jackson Building, Suite 400
Asheville, NC 28801-3500
Phone: (828) 232-2000
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