How long have you been in business?
Smith Anglin was founded in 1967 as a traditional tax and accounting firm. In 1989 investment services began to be offered by individual advisors through an independent relationship with H.D. Vest Investment ServicesSM. In 2007, Smith Anglin became an independent Registered Investor Advisory firm using Fidelity Brokerage Services LLC (Fidelity) as their custodian. In 2012 Smith Anglin added Schwab Advisor Services as an additional custodian for client accounts.How many clients do you have?
We have several hundred financial and tax clients. However, the focus over the last few years has been on growing our financial services business. Approximately 95% of investment assets are from high net worth clients using managed portfolios. We will be happy to provide references.What is your investment advice based on? Asset allocation? Do you use mutual funds or individual stocks and bonds?
Our conservative investment philosophy and specific investment advice and implementation are based on the disciplines of Asset Allocation and Modern Portfolio Theory, as described in our marketing material, which is available upon request. Because we assemble a customized plan for each client, we can utilize various investment products to address the needs of our clients. We monitor on an on-going basis the performance, risk and other relevant characteristics of the securities we utilize and that we are considering implementing into our strategies.Are my investments insured?
Both Fidelity and Schwab are members of the Securities Investor Protection Corporation (SIPC), and brokerage accounts maintained with Fidelity and Schwab are protected by SIPC coverage. SIPC protects brokerage accounts of each customer up to $500,000 in securities (including a limit of $250,000 for cash only). Money market funds held in a brokerage account are considered securities. Both Fidelity and Schwab provide additional unlimited protection (often referred to as excess SIPC) to supplement its SIPC coverage for cash and securities. This coverage is limited to securities held in brokerage positions, including mutual funds if held in your brokerage account and securities held in book entry form. Neither SIPC nor the additional coverage protects against loss of market value of the securities.My IRA assets may be quite large. Do you provide IRA-liquidation analysis and other advice on techniques for tax minimizations?
The customized Personal Analysis that we prepare for every high net worth individual that completes our Client Profile Worksheet includes a section in which comprehensive Retirement Capital Estimates show the effect of IRA Required Minimum Distributions (RMDs). This analysis is updated as often as is warranted, especially when there are changes to the Internal Revenue Code.Do you provide estate planning?
Yes. The customized Personal Analysis includes a section which analyzes the basic estate planning needs of the prospective client. In addition to this analysis, we can arrange to have an estate planning law firm in Dallas provide a complimentary review of the documents of any prospective client. For clients and prospective clients that want to meet with an attorney from this law firm to discuss what their needs may be, we are happy to facilitate a complimentary estate planning consultation for them.Do you have a program to assist surviving spouses?
Yes. Our firm has been in existence for more than 40 years. Through handling the investment, tax, estate planning, and insurance needs of our clients, we have years of experience assisting surviving spouses, children and other relatives in dealing with the financial issues that arise when a loved one passes away. This assistance includes helping with the organization of financial records, the filing of pertinent documents with financial and insurance institutions, and even assistance in the filing of necessary tax documents with Federal and state entities.Describe any other services you offer specifically to high net worth clients.
Complimentary tax preparation and tax filing services are provided to clients with more than $1 million in total assets under management. For those clients with less than $1 million under management, tax services are offered at a reduced rate. Clients enjoy unlimited access to our Client Service Department to discuss any financial, tax, estate planning, or insurance planning issue. Distributions may be taken from accounts via check or electronic funds transfer (EFT) at no cost. A more detailed description of the comprehensive list of services offered to our clients is set forth in our marketing material.What kind of statements do you provide to track my investments? How frequently will they come? Can I follow my portfolio on the Internet?
Clients receive monthly statements and quarterly performance reports. Our clients can access their monthly statements, current values of security positions, daily activity, current asset allocation and other account information via the Internet. Two different Web sites provide thoroughly detailed information. The Web sites are secure, encrypted, and password-protected.Do you sell any financial products such as insurance and annuities?
Smith Anglin is a full service financial services firm. Individually licensed advisors offer life insurance products and annuities to our clients when suitable. During the meeting and analysis preparation process, we evaluate the life insurance situation of each client and give recommendations accordingly. If needed, we provide insurance quotes in the Personal Analysis. More often than not, the high net worth individuals that we meet are adequately insured. Annuity products are often not suitable for our clients, but may be appropriate in certain instances.How are you compensated for the various services you provide?
In most cases accounts are managed using a fee based program. The fee is a flat percentage of a client’s investment account. Typically, our annual (maximum) fee is 1% for accounts under $1 million, and the annual fee goes down (in percentage terms) as the account reaches certain breakpoints. For example, the fee drops to 0.60% for amounts between $1 million and $5 million and drops again to 0.50% for amounts over $5 million. Our annual fee is 1.25% for accounts under $500,000. Clients in our managed account (fee-based) program pay no transaction charges.What is the exact breakdown of investments?
The breakdown of our Model Portfolios, including each holding and corresponding percentage weighting, is available upon request. An investment client may have assets in any one, or more than one, or none of our model portfolios. Our recommendation for each client is based on several factors including the individual client’s goals, risk tolerances, expenses, income, and assets.Who audits your investment business?
Investment business is audited by industry regulators and their periodic examinations. Internal compliance supervision is provided by an outside firm specializing in independent Registered Investment Advisory firms.
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