What does this change mean for me and my family?

We are confident that this change will be full of positives for our clients as they get to continue working with the team they trust while benefiting from improved technology and communication.

Why didn't you tell us about this change earlier?

While we wish we could have notified our clients sooner, our contractual and ethical obligations to our former employer prevented us from sharing information prior to our resignations. Until our resignation and securities license transfers to LPL were complete, we had a duty to our former firm as employees, and it was important for us to live up to that standard. Part of the reason that you trust our team is our commitment to doing things the right way, and this is a prime example of how we always try to do that.

Will my service team be changing?

No! We are honored that our entire team has joined us to form Carnegie Private Wealth. Our clients can have complete confidence that their service team will remain the same as it has always been, but with expanded capabilities.

Can I keep my accounts where they are?

Since we are no longer affiliated with our former firm, we will have no visibility or access to your accounts. For this reason, we highly recommend moving them. Should you choose to keep your accounts where they are, they will be reassigned to a different advisor at our former firm, and you will start over with that advisor and whatever support team they have in place.

What questions should I ask the advisor who is assigned my accounts at your former firm?

Ask the advisor who comprises his or her support team and whether that group is shared with other advisors. 

• It has always been important to us as advisors to invest heavily in dedicated support for our client relationships. Our team has an investment strategist, a financial planner, three fully licensed associates and two additional support associates. This is a stark contrast to other advisors at our former firm, and we believe that our clients have come to expect and appreciate that level of support.

Ask them if they are a Certified Financial Planner (CFP®), which is a designation that the three advisors on our team proudly share. 

• This is a highly regarded and very important distinction in the world of wealth management and sets our team apart from most others. Among other benefits, this designation requires advisors to maintain a fiduciary relationship with their clients to ensure that they are putting their best interests above all else.

Ask them if they have been approved to manage assets on a discretionary basis. 

• Not all advisors are able to provide the discretionary management that our team has offered for the past five years. Your asset management will likely change dramatically if you choose an advisor team who is unable to offer the services we provide.

What is involved with moving brokerage accounts? How does the process work?

Our team will set up accounts that exactly mirror the accounts that you have at our former firm. You will then electronically acknowledge your desire to transfer your existing accounts to Carnegie Private Wealth. Once that acknowledgment takes place, the asset transfers will happen seamlessly with our team monitoring the whole process.

How will you manage the process of moving my relationship with so many clients to transition?

LPL is providing us with tremendous resources to assist with this move. We will have several people on site with us every day to help with the paperwork, account opening and transfer process, along with dozens more available remotely to assist with various parts of the transition process. This is one of the biggest advantages of our affiliation with LPL and specifically Strategic Wealth Services. Their focus is on making the transition process smooth so that we can focus on our clients.

Will it cost me anything to make this move?

No. We have negotiated for LPL to cover all transfer fees that might be charged by our former firm.

Will my advisory fees change in this process?

No. We have always taken pride in our competitive fees, which are set significantly lower than our competitors. We are committed to keeping client fees the same throughout this transfer process.

How long will it take to get back to “business as usual” with our normal review cycle?

We anticipate the transition process to be mostly completed by the end of the 2nd quarter of 2023. At that point, we will be able to get back to our normal client review cycle. Our focus for the next few months will be on ensuring a seamless transition for our clients. However, we are always available throughout this entire period should client needs arise that require immediate attention.

What happens to the financial plan that your team has built and monitored at your former firm?

We will work with you to rebuild your financial plan using cutting-edge financial planning technology from Right Capital, which we handpicked among many choices.

• We believe this new financial planning experience will extend and build upon your previous positive experience in many important ways. For example, we can now monitor spending against the budget our clients have established and provide projections of annual tax liabilities.

Has your investment process changed?

No. In fact, as an independent firm partnered with a large broker/dealer, we now have access to enhanced research and technology capabilities, as well as sophisticated portfolio construction tools that empower us to provide unsurpassed service. None of your current investments will need to be sold in the process of a transfer.

Do I need to change my bank accounts?

Absolutely not! LPL Financial is not a bank. While LPL offers brokerage accounts with check-writing capabilities and debit cards, you can leave your banking exactly where it is today. We can link your investment accounts to any bank that you choose. If, however, you decide to move your banking relationship, we are completely independent and can provide you with advice on the best banking solutions to meet your needs. We can even facilitate introductions to various banking institutions if you desire.

I have regular money movements into or out of my investment accounts. How will those be handled?

We will link your accounts to the same bank accounts that they are linked with today and will set up your regular money movements exactly as they were before.

I have a line of credit secured by my brokerage account. What happens to that?

We have partnered with Goldman Sachs to take over these lines of credit and have negotiated interest rates that are the same or better than our clients’ current rates in almost all cases. Goldman is ready to assist us in transitioning these lines of credit in a seamless fashion.

How did you choose the name of your new firm?

We chose Carnegie Private Wealth after a long process of working with an independent branding team. We wanted something that people immediately connected to Charlotte and specifically South Park. Many people are not familiar with this story, but the first library in Charlotte was actually funded with a grant from the Carnegie Foundation in 1891, so there is a long history of the name Carnegie in Charlotte. The family name of Carnegie is well respected and immediately brings to mind prosperity, but also the concept of wealth serving a higher purpose, which is something that is important to us. For us, it hit all the right notes and felt like a good fit. It is an added benefit that our new office is located in the Carnegie Point building.

Are you taking on new clients at Carnegie Private Wealth?

While we absolutely will be taking on new clients when the transition process is completed, our focus will be 100% on our existing clients for the next few months.

Where is your new office located?

Our new office is on the 5th floor of the Carnegie Point building (6101 Carnegie Blvd, Suite 520). It is located on the corner of Carnegie Blvd and Barclay Downs. We are so excited to show our clients our beautiful and completely updated office. We have handpicked every detail of our new space—from the furniture to the paint colors to the layout of the offices and conference rooms—and we think that our clients will absolutely love it. We are also excited to utilize the superb outdoor space of Carnegie Point, which overlooks Barclay Downs, for regular client gatherings.

What is your new website and how do I log into my account?

You can visit our new website at www.carnegieprivatewealth.com. As soon as your account has been transferred to LPL Financial, we will contact you to let you know how to enroll in our new client online portal, which you will access directly through our website.

Why did you choose LPL Financial as your broker/dealer?

After careful research, we have selected LPL Financial because we feel that they provide the best platform to serve our clients. We did not make this decision lightly and can assure you that we went through a rigorous review of all available options before deciding to make the change. However, we reached a point where we knew we needed to find a better home for our clients and be supported by a culture that prioritizes clients’ needs and interests above everything else. We strongly believe that LPL has that culture and have witnessed it in action through this process. LPL is the largest broker/dealer in the country supporting independent firms like ours, and they are committed to giving advisors independence and freedom to serve their clients to the best of their abilities. With 21,000 financial advisors affiliated with LPL nationally, they have significantly more scale than other competitors. LPL is 100% focused on advisors and their clients rather than being distracted by dozens of other businesses, which benefits clients in a myriad of ways. Specifically, LPL provides clients with access to ever-improving technology and resources.

What is Strategic Wealth Services?

Strategic Wealth Services (SWS) is an elite support team within the larger LPL organization that is completely dedicated to larger practices like ours with more complex client needs. Through SWS, we receive comprehensive support in all areas of running a business such as accounting, human resources, technology support, marketing, real estate and compliance. Our SWS support team makes operating our business easier so that we can focus on what is most important—helping our clients reach their financial goals by providing top-notch service and advice.

If I transfer my assets, where will they be held, and how safe will they be?

As a Financial Industry Regulatory Authority (FINRA) member firm subject to the federal securities laws and the rules of industry self-regulatory organizations, LPL prioritizes its obligations to protect client assets in their custody with the utmost care and scrupulous adherence to financial protection rules, including those governing the segregation of client assets. With more than $1 trillion in client assets serviced and custodied, LPL provides an enormous catalog of services and resources, as well as a long history of financial stability. The LPL Financial SIPC Membership provides account protection up to a maximum of $500,000 per customer, of which $250,000 may be claims for cash. An explanatory brochure is available at www.sipc.org. Additionally, through London Insurers, LPL Financial accounts have additional securities protection to cover the net equity of customer accounts up to an overall aggregate firm limit of $575,000,000 subject to conditions and limitations. The account protection applies when an SIPC member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against losses from the rise and fall in the market value of investments.

How is my personal information protected?

To protect your personal information from unauthorized access and use, LPL Financial uses security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. LPL’s online environment uses security technologies, including layered security and access controls over personal information. For further information, please visit LPL’s Privacy/Security page at https://www.lpl.com/disclosures/privacy-security.html.

Necessary Disclosures

*Based on total revenues, Financial Planning magazine, June 1996–2022
**Cerulli Associate, 2019 U.S. RIA Marketplace Report
Securities and advisory services are offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.