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FAQs

Wealth Management

Investment Advisory Specific

Are you a fiduciary?

Yes, we have to act in your best interest and not put our interest ahead of yours.

What does it mean to be a fiduciary?

Being a fiduciary means we have an ethical obligation to act in your best interest. We owe it to you to provide our services in a manner that is backed by good faith and trust.

What is your investment approach?

We have deliberately adopted an institutional investment approach. Applying the same techniques that large foundations, endowments, trusts and pension funds utilize. Which ultimately leads to the development of a non-proprietary, customized investment strategy specific for each client. The screening criteria for investment selection continues to be utilized to ensure the maintenance of quality across all strategy components ongoing.

What are your investment results? Investment performance?

We are not a one “strategy fits all” type of advisory firm. We customize to each client. As each of our clients have unique and personalized investment objectives. That said, we can show backdated results on how different strategies have performed. With the recognition at past performance is not necessarily an indicator of future results.

What other services do you provide outside of investment advisory?

Our wealth management offering also includes a robust planning offering, including financial planning, retirement planning as well as estate & wealth transfer planning.

Is planning part of your service offering?

Yes, financial planning is a core offering of ours. We ideally like to integrate our clients financial plan into your investment strategy.

What type of clients do you specialize in?

We work with individuals and families on a daily basis. We have a particular expertise working with business owners and key stakeholders of family businesses.

How do you charge for your investment advisory services?

We charge an asset-based fee for investment management services. This means we are paid based on a percentage of assets under management in your account.

What are your credentials and what is your experience in the investment industry?

All lead advisors have their MBA’s and over 25 years of practical investment experience. Additionally, all of our investment professionals have acquired the necessary licenses to practice as investment advisors.

What are your research capabilities?

We have a wide array of research and intellectual capital providers that we utilize to provide market intelligence and manager diligence. One such resource is our partnership with Callan Associates, one of largest independent investment-consulting firms in the United States.

What type of visibility do I have on/over my accounts?

We provide online access to your accounts so you can check on your portfolio 24/7. We also provide comprehensive reporting on your account on a quarterly basis.

Who are other members of your investment team that I will be working with?

We take a team approach, so in addition to your advisor, you will have access and will be supported by our client service team. Every client typically has multiple points of contact beyond just your advisor to support any questions or needs that arise.

How transparent are the fees that I pay?

We make sure our clients see all of the fees they pay in an upfront and transparent fashion. Our reporting outlines not only our fees, but any other fees that may be charged from the funds used in their portfolio. Our reporting provides investment return detail on both a gross and net of fees basis.

How often do you meet with your clients?

We meet with them regularly to make sure we maintain good communication and to stay abreast of changes. Every client gets an annual review and are able to meet and talk with their advisor on a frequency that makes sense for them.

Do you help coordinate other accounts that I have that may not be under your management?

Yes, as it is important that a client’s entire investment exposure and composition is coordinated.

Do you work with my other advisors/professionals?

Absolutely. We take a collaborative approach to working with our client’s entire advisory team.

Do you actively adjust your portfolios given the market climate?

Yes. While our investment strategies are designed for the long-term, we do provide active management in the event market conditions warrant adjustments to your chosen strategy.

How do your services size up to the larger national investment firms?

We size up very well against the larger, national firms. We have taken careful effort to incorporate some of the best research available to advisory firms such as ours. Further, our non-proprietary bespoke approach to portfolio design distinguishes our investment processes from many other firms.

To what extent do you suggest proprietary products within your investment proposals?

We do not have or use any proprietary products.

Can you help me think through the best methods and sources for charitable giving?

Yes. We have the experience to help our clients make intelligent decisions regarding their charitable objectives. These decisions are often formalized in a client’s financial plan.

Do you offer tax sensitive or tax aware investment strategies?

Absolutely. Tax efficiency leads to higher after-tax returns. As a firm we have a responsibility to build intelligently designed, tax efficient investment strategies.

How are next generations thought about and addressed relative to our accounts?

We actively seek to involve the next generation when and where appropriate. And we truly welcome the opportunity to work with the next generation. We often look to our clients to suggest the “right timing” for these introductions and to when we should initiate these discussions.

401k Investment Specific

Do you provide 401k investment services to employers?

Yes. We provide investment advisory and consulting to business owners and plan sponsors offering this retirement benefit to their employees.

How do you vet your 401K providers?

When searching for the ideal recordkeeping partner for our clients, we evaluate and take stock of the following essential qualities:

1. Open architecture – we look for programs that provide a large and diverse universe of fund families

2. Cost / benefit balance – we evaluate platforms where both trustee and participant “dashboards” are robust and highly functional

3. Track record – we search for and seek to partner with providers that have history and well-earned reputation of being an industry leader

4. Suitability – quite simply, it has to be a good fit and appropriate for the needs of our clients

How can I lessen my fiduciary responsibilities?

There are several ways to lessen, if not, eliminate the fiduciary liability and to a large degree responsibility. Establishing a well thought out Investment Policy Statement (IPS) is a sound starting point. 3(38) elections can even eliminate the liabilities associated with being a qualified plan Trustee. Our job is to understand and explain these difference elections. And clearly relate those to Plan leadership.

Do you help in/with the creation of an Investment Policy Statement (IPS)?

Yes. We will create and annually update IPS’s to reflect all plan details and changes.

How much interaction can I expect with my employees?

Trustee and Plan intermediaries can schedule employee meetings any time. We recommend employee meetings once a year, minimally.

Planning – Financial, Retirement & Estate Planning Specific

What will a financial plan entail?

Each plan design is based upon your goals, your concerns, and your financial circumstances. The areas of analysis and opportunity selected to be part of the plan will focus on the areas that are relevant and critical to your financial future.

How is the fee determined for a financial or estate plan?

The fee is determined by an estimate of the work that we will have to do to complete your plan. We quote the fee in a range to accommodate variables that can occur during a planning engagement (i.e.. quality of data provided, complexity of the analysis, client responsiveness, etc). The fee range will be quoted to you as part of the engagement process, so you will have a sense of the cost before we start.

What goes into the planning process?

The most important part of the plan is the initial step, which is getting to know you. Finding out about you and your planning goals and concerns is critical because the plan is all about you. The “get to know you”  phase also encompasses finding detailed information about your financial situation. This includes everything from your assets and liabilities to your income and spending. During the planning process, we have “data confirmation” steps in which we make certain that we have interpreted the information that you provided us with properly. Once the plan is prepared, we will meet with you to present the plan and review the planning opportunities selected to fit your situation. After you have decided on opportunities that you wish to pursue, we will prepare an action list that will help guide you through execution of those opportunities. Finally, we will update the plan periodically as your life changes (separate fee).

What happens after the plan is complete?

When the plan is complete, the next step is execution of the planning opportunities that you wish to pursue. If so desired, we can assist you with the implementation of chosen planning initiatives alongside the rest of your advisory team (e.g. your attorney and/or CPA).

Will there be reviews on a regular basis? What if I just have a planning question every now and then?

Plan reviews can be conducted on a regularly scheduled basis, or on an as needed basis. We remain available to be a sounding board and resource for your planning questions after your plan is complete.

What makes you different from other planners.

Our experience and depth and breadth of knowledge in all areas of the personal and business financial world. Our analytical skills and ability allow us to present you with personalized and coordinated advanced planning opportunities tailored to your specific situation. We also pride ourselves on our ability to clearly and succinctly educate you on the selected opportunities so you may make a well-informed decision.

Do you work along with my (our) other advisors (CPA, Attorney etc.).

Yes, we insist on it. We take a team approach to your planning. We like to share our work with your advisors to get their input and help make your plan a true coordinated team effort.

What if I need a product/service, such as life insurance, as the result of my plan? Can I or do I have to buy it from you?

If you need or decide to investigate a product or service after your plan is complete, we are happy to assist you with finding the right solution, but please know you are under no obligation to you use us. Our planning stands on its own. However, we can provide a wide array of financial services and products, and if you wish us to help in this regard, we can do so under a separate agreement through our firm’s insurance planning arm.

Investment Banking

Mergers & Acquisitions Specific

What are the primary investment banking services that you provide?
We focus on providing sell-side M&A and capital advisory services for middle market companies.
Who are your typical clients?

We typically work with mature and growing businesses that generate $10+ million of revenue or $1+ million of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). However, we do make exceptions for smaller businesses with strong management teams and a defined growth plan.

Do you specialize in certain industries?
We draw on the firm’s deep knowledge, experience and relationships to deliver objective advice and drive successful outcomes. Based on the strength of our relationships with both strategic and financial buyers, we primarily focus on the following sectors:
  • Business and Financial Services
  • Consumer, Food and Retail
  • Healthcare Technologies Industrials
  • Renewable Energy
  • Transportation and Logistics
Can you help me sell my business?
The short answer is it depends. There is strong demand for high quality businesses, but not every company is ready for sale. We can help you get there over time and we would welcome the opportunity to learn more about your goals and objectives. We offer a free, no obligation evaluation of your business. Please contact us to schedule an introductory meeting by phone or appointment.
How long does it take to sell a business?
We believe that process is the single most important factor to achieve an optimal outcome. Our sell-side M&A processes are highly customized and require at least six months to prepare, market, negotiate and sign a definitive agreement.
How are you compensated for selling a business?
  • We are compensated either based on a percentage of the sale price or as a flat fee, whichever best suits the business owner’s needs. We recommend structuring our investment banking fees based on a percentage of the sale price, which directly aligns our interest with the business owner’s interests. From time to time, we do accept payment in the form or warrants, which enables the business to defer our payment and also ensures that we are completely aligned with the business owner’s interests.
  • It is worth mentioning that investment banking is a full-time job that requires us to dedicate a significant amount of resources before a transaction is completed. We have to perform due diligence, build financial models, create marketing materials and prepare an online data room for prospective buyers/investors, among other workstreams. As such, we require a nominal retainer fee upon signing of our engagement agreement to cover some of the upfront costs; however, the vast majority of our fee is earned only if a transaction is completed.
  • Why should we engage BaldwinClarke?
    We work for you. We have a distinguished track record serving as an advocate for clients and partner to business owners through every stage of the sale process. We are committed to thoroughly preparing you for the sale of your business and we take on as much of the heavy lifting as possible in order to enable management to focus its efforts on achieving maximum performance.

    Valuations & Appraisals Specific

    Does your firm provide formal business valuations?

    Yes, we have been delivering valuations since 1998.

    What are formal valuations typically used for?

    Formal credentialed valuations are often used as supporting IRS tax documentation that arises out of personal and business planning initiatives. Common engagements involve appraising a business, a business interest or an asset holding. Typical planning initiatives that call for a formal valuation include business sale & purchase, buy/sell agreements, estate & gift transfers, and option/equity award analysis.

    What size company do you have experience appraising?

    We have experience evaluating entities with revenues ranging from less than $1 million to above $200 million.

    Is there a certain niche or specialty your valuation practice has?

    We spend most of our time and have a long track record of appraising privately held businesses, either in whole or in part. Looking at where we spend most of our time, we tend to be most active providing valuations that address estate and gifting transfer planning as well as corporate planning initiatives (e.g. buy/sell agreements)

    Is there an industry you specialize in?

    We have worked across numerous industries, including manufacturing, distribution, wholesale, retail, business services, IT, financial services, healthcare, and real estate to name a few. We are always happy to discuss our experience in more detail and will always tell you if we do not feel we have the requisite experience to do a great job.

    What other types of valuations services do you provide other than formal business valuations?

    Thanks to our investment banking background, we have a deep experience providing sale valuations designed to provide strategic insight into a potential range of value a company might achieve in a marketed process. We also provide calculations of value for when clients need an indication of value, but do not necessarily need the rigor of a formal appraisal.

    How many valuations has your firm done?

    Our 20-year+ practice has delivered over 300 valuations. Our staff has been responsible for delivering over 700 successful appraisals.

    How much does a valuation cost?

    The answer is “it depends.” The cost of the valuation is dependent on a number of variables, all of which would be discussed and reviewed prior to providing a cost estimate. Common variables that influence the cost include the readiness and quality of information available, the complexity of a company’s capital structure, and level of required discount methodologies employed.

    What does it take to get started?

    After an exploratory conversation to learn about your objectives, we provide each client with a detailed engagement agreement that spells out the purpose of the valuation, the terms of work and a fee range. If all looks agreeable after a collective review, we mutually sign our agreement and simply ask for a deposit to commence our work.

    What appraisal credentials does your staff have?

    Our staff includes professionals that maintain the Accredited Senior Appraiser (ASA) and Certified Valuation Analyst ® (CVA ®) credentials. The ASA credential is overseen by the American Society of Appraisers while the CVA is governed by the National Association of Certified Valuators and Analysts – both of which are prominent, nationally recognized organizations.

    Insurance

    What types of insurance do you offer?

    We primarily offer life, disability and long-term care insurance.

    How do you determine how much insurance that I need?

    Insurance needs are based upon an analysis that factors in what income and other goals (education, debt repayment, etc.) that you wish to provide for and what assets and income sources that you have or will have available to provide for them.

    There are many insurance products out there to solve my insurance needs. Will you help me evaluate the available insurance alternatives?

    Yes, we will educate you on the benefits and costs of the various alternatives in an
    effort to help you make a choice that will work today as well as in the future.

    How do you get paid?

    We get paid a commission for insurance products. However, we do not let the commission influence the products that we present. Our job is to help you make the right decision for you and not us.

    Do you represent one specific company or the insurance universe?

    The universe. We carefully screen any company that we present to make sure they are financially sound.  We understand that the purchase is a marathon not a sprint and it is as important to plan as best as possible for the future and not just today.

    Do you sell pet insurance?

    Don’t we wish, but we are always happy to help find a resource for your all-important furry family member.

    What makes you different from other insurance reps?

    There are many quality insurance representatives out there. What makes us different than most is our in-depth knowledge of financial, estate and business planning along with our independence and client centered approach.  We always put our clients and their needs above our own and are proud of it.

    Want to know more?

    Contact us

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    #Finterms: Total Enterprise Value

    Total Enterprise value, or TEV, is valuation metric that quantifies the total value of a company. TEV is often used when evaluating the overall economic worth of a business in the context of a sale or acquisition.
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    One Bedford Farms Drive
    Suite 102
    Bedford NH 03110
    Contact Us
    (603) 668-4353
    info@baldwinclarke.com

    About

    • What’s a Fiduciary
    • Our Process
    • Our Story
    • Meet the Team
    • Giving Back
    • Employment Opportunities
    • What’s a Fiduciary
    • Our Process
    • Our Story
    • Meet the Team
    • Giving Back
    • Employment Opportunities

    Services

    For Individuals & Families

    • Wealth Management
    • Insurance Planning
    • Wealth Management
    • Insurance Planning

    For Business Owners & Entrepreneurs

    • Wealth Management
    • Investment Banking
    • Insurance Planning
    • Wealth Management
    • Investment Banking
    • Insurance Planning

    For Businesses

    • Wealth Management
    • Investment Banking
    • Insurance Planning
    • Wealth Management
    • Investment Banking
    • Insurance Planning

    For Nonprofits & Governments

    • Wealth Management
    • Insurance Planning
    • Wealth Management
    • Insurance Planning

    Resources

    • The BC Journal
    • WealthDirect
    • Documents & Forms
    • Client Portal
    • The BC Journal
    • WealthDirect
    • Documents & Forms
    • Client Portal

    FAQs

    • Wealth Management
    • Investment Banking
    • Insurance Planning
    • Wealth Management
    • Investment Banking
    • Insurance Planning

    Wealth Management Services (“Investment Advisory”, “Financial Planning”, “Retirement Planning”, “Estate & Wealth Transfer Planning”, “Exit Planning”, “401(k) & 403(b) Advisory & Management”, “Qualified Plan Design & Consulting”) are offered through Baldwin & Clarke Advisory Services, LLC (BCAS). BCAS is a Registered Investment Adviser with the United States Securities and Exchange Commission (SEC). BCAS’ Form CRS and other disclosure documents can be found here. The information in this website has not been approved or verified by the SEC, or by any state securities authority. Additional information about BCAS is available on the SEC’s website at: www.adviserinfo.sec.gov, using CRD#105666. Registration does not imply a certain level of skill or training.

    Investment Banking Services (“Pre-Transaction Planning”, “Business Valuations”, “Buy-Side & Sell-Side M&A Advisory”, “Debt & Equity Capital Advisory”) are offered through Baldwin & Clarke Corporate Finance, LLC.

    Insurance Planning Services (“Life Insurance Planning”, “Disability Insurance Planning”, “Long-Term Care Insurance Planning”, “Shareholder Life Insurance Planning”, “Executive Benefit Planning”, “Key Person Insurance Planning”) are offered through Baldwin & Clarke, LLP.

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