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How Much Do You Know About Investing?

These days, investing in financial markets is a common practice. Yet, many Americans remain under-informed about how various investment products really work. Want to know how you rank? Challenge yourself with our brief quiz, "Test Your Investment IQ."

What is fiduciary responsibility and why is it important?

Fiduciary means to hold a confidence or trust. A financial services industry professional who has a fiduciary responsibility to his or her clients must put a client's needs and interests ahead of his or her own. Certified Financial Planners have a fiduciary responsibility to their clients. While stockbrokers and insurance agents are regulated and licensed, they do not have a fiduciary responsibility to their clients. The recommendations they make must only meet the "suitability standard." In other words, the risk level of the product must be suitable for the client based on income, assets, risk tolerance or another standard that is specified in the prospectus. Advisors with a fiduciary responsibility are less likely to push products that earn them a quick buck.

What are your qualifications, experience, and your educational and professional background?

David Treece has been in the financial services industry for over 20 years, and Treece Financial Group has been at its current location for ten years. David Treece has several securities registrations (Series 6, 65, 62, 63 and 22) and also life, health and annuity insurance licenses. Treece is an Accredited Investment Fiduciary (AIF), and has an MBA from the University of Michigan, Ann Arbor. He has been involved in the South Florida community for the past 25 years and has been widely featured in the media for his financial services and community work.

Who holds my assets? How do I know my money is in safe hands?

All assets are held at a third-party custodian, most often Pershing LLC, which is part of the Bank of New York, Mellon. The custodian prepares tax documents and performance reports and provides online access to your account. We never take custody of your assets. For more information, please see the Cetera Advisors flyer about Pershing called “ Protecting Your Assets .”

How often will I get reports from you?

Your assets’ custodian (the outside firm that independently accounts for your investments) will send reports with transactions and other information on a monthly or quarterly basis. We can provide comprehensive customized reports at any time subject to your request.

How often will you meet with me?

We will meet with you either in person or over the phone whenever you need us to. We meet formally at least once per year when we provide you a comprehensive report that shows your portfolio’s performance and analysis.

Do you have a minimum account size?

Yes, many of the programs we use have minimum account $50,000. Others have minimums of $100,000. We realize that everyone has financial needs, there is no minimum account size for the preparation of a financial plan.

Who is your typical client?

You—in fact, because every client is unique. We specialize in retirement planning and most of our clients are saving for retirement, close to retiring, or already in retirement. We have many married couples or couples who are in a domestic partnership. We also have many clients who are single, including many who are older and alone, and we pride ourselves in being able to offer high levels of service to these clients. We have a strong relationship with the LGBT community in South Florida. Our clients come from more than 20 different countries and a wide variety of backgrounds. David Treece is fluent in Spanish.

What's the difference between financial planning and retirement planning?

Financial planning covers all aspects of a person's financial well-being. This includes savings, investments, retirement and college savings plans, insurance coverage, and estate planning. Retirement planning covers only investments made for retirement.

What is estate planning?

Estate planning is the process of preparing for the transfer of one’s wealth to family, friends, charities, etc. upon one’s passing. The most important reason to set up an estate is to minimize the taxes paid on the transfer of assets upon death.

Estates are also set up to provide specific instructions on how one’s wealth is used to care for that person into old age when they might lose the ability to care for themselves. It is an excellent idea to begin estate planning early.

Why should I use your firm instead of a larger, institutional advisory firm?

Treece Financial Group provides an advisory relationship that takes pride the “personal” touch. We are a boutique firm that keeps in close touch with our clients. We get to know our clients as individuals and not just “accounts.” This personal interest creates a level of service which we believe cannot be matched by the larger financial companies and banks.

Why do I have to provide so much personal information?

Consider a visit to your doctor. Without complete and fully accurate details, your doctor cannot prescribe the best course of action. The same applies to financial planning. In order to obtain the best service for your “financial health,” all details and specifics must be disclosed.

Do you share fees with other professionals you refer?

No. We often get asked to recommend professional and other services. We never accept commissions or fee splits from those we recommend.

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