Certified Financial Planner
Certified Public Accountant
Welsh Financial & Accounting Services, LLC is owned and operated by Michael Welsh who is a Certified Financial Planner (CFP) and Certified Public Accountant (CPA).
Michael is a Registered Investment Agent (RIA) who offers financial planning services as well as tax preparation and planning services. He is a fee-only planner which means that he accepts no sales commisions, referral fees, or other income from products that he would recommend. As an RIA, Michael has a fiduciary responsibility to act in his client's best interest as compared to non-RIA planners who are held to a lower suitability standard. Fee-only financial planners receive their fees directly from clients either in the form of a flat fee, hourly rate charged, a retainer, or advisory fees which are based upon a percent of assets managed.
Michael receives his financial and tax planning service fees from either a flat fee or a hourly rate which are determined by the scope of the work. He believes that advisory fees or asset management fees are not in the best interest of the client in the long run. Advisory fees or asset management fees usually cost the client 1% of their total investments. For example, if a client has $500,000 under management and the financial planner is charging 1% annually to manage these funds, this would cost the client $5,000 each year. Over a twenty year period this would amount to over $148,890 in fees (this assumes these funds would earn 4% over the 20 year period). Michael beleves these advisory fees greatly diminish the client's investment capital growth and are not necessary for the client to achieve their long term goals.
Michael makes investment recommendations based upon the client's overall situation and he works with the client to make sure they stay on track to meet their goals. This includes annual client reviews and rebalancing of their investments. Every client of Welsh Financial & Accounting Services, LLC works directly with Michael who has over 25 years of experience with financial and tax planning.