Where are my assets held and in whose name? Who is Lexington Financial’s custodian?
National Financial Services (NFS), a Fidelity company, is the custodian on all of our managed, advisory accounts. NFS is an independent, third-party custodian. Lexington Financial has no financial interest in NFS. All accounts are held in the name of the client.
What is a broker/dealer? Who is Lexington Financial's broker/dealer?
A broker/dealer is a company that a registered investment professional is required to affiliate with in order to buy and sell investment products on behalf of investors. The Securities and Exchange Commission (SEC) delegates the supervision of financial advisors to the Financial Industry Regulatory Authority (FINRA). FINRA, in turn, requires us to choose a broker/dealer to partner with on your behalf. We partner with Commonwealth Financial Network® (Commonwealth), an independent broker/dealer–RIA, based in Waltham, Massachusetts.
What services does Lexington Financial not provide?
We do not prepare tax returns, draft legal documents, or provide custodial services to our clients; however, we do work closely with our clients’ other professional advisors that perform these services.
Does Lexington Financial have a minimum asset level?
Although our firm manages in excess of $500,000 for the typical client, the objectives and values of our clients are more important than our clients’ initial assets under management. Each prospective client’s unique situation is examined to determine whether he or she is a good fit for Lexington Financial's culture and philosophy.
How often will I receive statements?
Statements are mailed out monthly by NFS. You can choose to receive them via e-mail instead. Your portfolio summary and statements are available at all times on our Investor360°® portal.
How do you charge for your services?
We are a fee-based advisory firm. We charge asset management fees that are debited from your managed account on a quarterly basis. Our advisory fee is transparent and listed clearly on each account statement.
What happens to my account if something happens to you? What is Lexington Financial’s succession plan?
The partners of Lexington Financial have a buy-sell agreement in place in case one of the partners dies or becomes disabled.
How often will my Lexington advisor meet with me if I want to become a client?
Some clients prefer to go over everything once per year. Others are looking for more frequent appointments. In general, we meet with clients as often as they prefer. That being said, 90 percent of Lexington Financial's clients choose an annual review with frequent e-mail and phone updates throughout the year.
What are the steps to becoming a client?
First we get some information about your situation and then if it warrants a meeting we will offer a complimentary consultation, to see if we can help and if you want our help.
When you consider developing a relationship with a financial professional, it’s important to understand the way that they run their practice. We believe that our systemized process and our client-first philosophy differentiate us from the rest of the field. We begin by assessing client goals and needs, building a plan in relation to those objectives, implementing the plan, and monitoring performance. Every client receives the same first-class treatment, and every client has the same experience. To be sure, the output—a financial plan or an investment portfolio—will differ depending on personal circumstances, but the quality and the logic that produced it will always be identical.
Lexington Financial, through accounts maintained at National Financial Services LLC, member NYSE/SIPC, a Fidelity Investments® Co., manages the client assets and helps ensure that each client receives timely financial planning and investment management information. Information is distributed via e-mail and our website. Person-to-person review meetings are completed on an annual or semiannual basis. Here, the portfolios are discussed and the client's goals and overall investment strategy are reviewed.
The benefits of independence
We are committed to putting clients first, and for that reason, we have partnered with Commonwealth Financial Network®, an independent broker/dealer with a 35-year history of focusing on the needs of its affiliated advisors. Commonwealth does not have any proprietary products, funds, or insurance policies, allowing us to remain free to make recommendations based on what’s right and best for the client.
On a scale of one to ten, where one represents buy and hold and ten represents market timing, what is your investment philosophy?
Two. We tend to buy and hold through all markets and stay true to our client models and sectors; however, periodically, we do see opportunities in a particular investment or sector that we feel represent a strong buying opportunity. In some instances, we may decide to put a small portion of a client’s portfolio in those opportunistic investments.
Is there a charge for an initial meeting?
NO—there is never a charge for an initial, introductory meeting.
How will I know if Lexington Financial is the right fit for me?
If you appreciate hands-on management, frequent communication, and the very best customer service, Lexington Financial could be a great fit for you. Our clients value our non-transactional, educational, and relationship-based approach.
Will Lexington Financial work with my existing team of professionals?
We will gladly work closely with your CPA, attorney, and other professional advisors. Additionally, they have their own list of preferred providers that they consistently consult on client questions and issues.