A1A Wealth Management, Inc.
Fee-Based Financial planning  * Investments * Insurance
Amelia Island - Fernandina Beach - Jacksonville   Florida
A1A Wealth Management, Inc. Moving to River Capital Advisors, L.C.
 

FOR IMMEDIATE RELEASE

Contact:

Mark Dennis, CFP®

904-583-1887

mark@A1Awealthmanagement.com

 

A1A Wealth Management, Inc. Moving to River Capital Advisors, L.C.

Fee-only wealth managers join forces

Independent Certified Financial Planner™ professional Mark Dennis has announced that as of December 9, 2013 his firm, A1A Wealth Management, Inc. will be moving all services into the fee-only registered investment advisory firm of River Capital Advisors, L.C., a wholly-owned affiliate of the public accounting firm, Smoak, Davis, & Nixon, LLP. Dennis will continue serving clients as a fee-only wealth manager and financial planner at River Capital.

According to Dennis, “As a solo financial planner, you have the benefit of providing clients with objective, personalized advice, but there is only so much you can do alone before you have to think about growing your firm. The tricky part is how to do that without losing the personal touch clients value so much.”  There is also the limitation of how much and what type of advice one planner can provide. For example, financial planners and investment managers often encounter tax issues with clients that need the additional expertise and professional oversight of a certified public accountant (CPA). This requires clients to meet with and maintain separate relationships with an accountant and an investment professional. These separate advisors may or may not communicate on a regular basis or even agree upon the same financial strategies.

As an affiliate of a local CPA firm, River Capital Advisors utilizes a team approach to financial planning and wealth management. Clients typically are served by a panel of professionals which may include a financial planner, a CPA, and an investment specialist, all for a competitive asset based fee.  As a fee-only registered investment adviser, River Capital does not sell any financial products.

“In addition to the team approach,” says Dennis, “River Capital also embraces the same fiduciary standard of care that I do for my clients. That means we keep the clients’ interests ahead of our own at all times, and it is one of the key reasons I chose to combine my financial planning practice with theirs.  A financial firm that relies on commissions from the sale of financial products has a less stringent suitability standard to maintain, but the commissioned sales structure can create potential conflicts of interest. Given a choice between two similar investment products with different commission amounts, which one is the commission-only salesperson likely to recommend? It’s a fair question that clients should ask. A fee-only approach takes that dilemma off the table and keeps our focus on the needs of our clients.”

Rather than growing the firm slowly by hiring and training additional staff, Dennis determined that moving his financial planning and asset management practice over to River Capital Advisors was a more sensible approach. Although the A1A Wealth Management name will be going away, the independent, client-focused service and support remains and is significantly enhanced. “Now my clients no longer have to be concerned if I am away from the office at an appointment, out sick, or on vacation,” says Dennis. “They also benefit from having CPAs within the firm who can address difficult tax questions without requiring a separate trip to an accountant’s office. It’s also helpful having other professionals in the office with whom to discuss planning and investment strategies.”

Locally-owned CPA firm Smoak, Davis, and Nixon LLP was organized in 1924, making this esteemed accounting firm one of the oldest in Northeast Florida.  The accounting firm launched River Capital Advisors, L.C. as a fee-only registered investment advisory affiliate in 1998. With the addition of Certified Financial Planner™ professional Mark Dennis, the current financial services team collectively has over 150 years of professional experience with which to assist clients across a variety of investment, tax, and financial planning needs and has over $132 million in assets under advisement.

For more information, contact Mark Dennis at 904-583-1887 or email mark@A1Awealthmanagement.com.

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