We have launched our independent registered investment advisory (RIA) firm.

May 18, 2023

Welcome to Ehrlich Financial Group!

We've officially launched our Registered Investment Advisory (RIA) firm and rebranded our business as Ehrlich Financial Group. Rest assured that the D'Amore, Ehrlich & Associates team you've come to know and trust is not changing, we just have a new look and name that reflects the highly personal, comprehensive service you depend on.

We have decided to partner with Charles Schwab & Co., Inc. (“Schwab”), one of the leading custodians for independent advisors. Through this strategic alliance, you'll have access to an even wider range of resources and support. Our mission has always been to serve your best interest, and we are incredibly excited for the opportunities this partnership affords.

You can find answers to frequently asked questions below, but please don't hesitate to reach out if you have any additional questions! As always, we're honored to serve our clients, and we're excited to grow together in the years to come.

Ehrlich Financial Group

About Ehrlich Financial Group

"Ehrlich" is not only the founder's surname; it's a word that in German means "honest" and "sincere"—two values we have held since the beginning of our practice. We provide candid, trustworthy advice that aligns with your values and is in your best interest—always. By cultivating a lifelong, personal relationship with you, our aim is to be a valuable source of wisdom, knowledge, and support that you rely on through every season of life.

Frequently Asked Questions

Why are we leaving our Broker Dealer relationship with Ameriprise?

We are moving our business to an independent Registered Investment Advisory (RIA) business to have more control over the business, and to better serve our clients as a fee-only fiduciary advisor. Operating our business in this structure also allows us to better control the costs to our clients while continuing to provide a high level of service that our clients are accustomed to.

Additionally, as an independent RIA, we will have access to a broader range of investment products and services, including a wider selection of investment options, potentially leading to a more tailored and comprehensive financial plan.

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What does it mean to be a fee-only fiduciary advisor?

A fiduciary advisor is legally obligated to act in your best interests. Additionally, independent RIAs have greater freedom to offer unbiased advice, access a wider range of investment options, and provide more personalized service.

Fee-only fiduciary advisors are the gold standard when it comes to delivering financial planning and investment advice aligned with the best interest of the client. Fee only advisors only receive compensation, or fees, directly from their clients. In other words, they do not earn any commissions on products, nor do they receive compensation to refer clients to any investment or other professional. Simply put, the only money they make is earned directly from clients for advice.

This structure reduces conflicts of interest, and by design, is intended to facilitate a client advisor relationship where advisors provide advice that best serves the long-term needs of their clients.

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What level of regulatory oversight and compliance does an independent RIA have compared to a broker dealer?

Independent RIAs are subject to comprehensive regulatory oversight by the Securities and Exchange Commission (SEC) or state securities regulators. They must adhere to strict compliance and disclosure requirements to ensure client protection. Broker dealers are also regulated, but their oversight may be primarily carried out by self-regulatory organizations such as FINRA.

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If our existing clients at Ameriprise would like to continue to work with us, why do they need to move their investment accounts to a different custodian?

As a fully independent fee only fiduciary advisor, one of the most important decisions to make is where to custodian assets for clients that they provide advice to. We will no longer have access to and be able to manage or service accounts that remain on the Ameriprise Financial Custodian platform.

We have decided to partner with Charles Schwab to provide custodian services to our clients moving forward.

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Why have we chosen to custodian client investments at Charles Schwab?

After a thorough review of custodians in the RIA industry, we felt that Schwab was the strongest choice, both for you as a client and for our firm. Their industry-leading offering surpassed all the other firms we evaluated, delivering a higher level of support and services. Their experience and knowledge in this business will provide us with one of the best venues to manage your finances. We believe they will be a great custodian for your assets and you will feel that same confidence as you transition.

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Does this mean you are an employee of Schwab now?

No, it does not. We are our own independent firm. Schwab is simply the custodian we chose to hold our client accounts. We believe they are the strongest custodian for you and will provide the support and service we are looking for, for our clients and our firm. We have the flexibility to choose where we custody your accounts, so Schwab will work hard on behalf of our firm to provide the best ongoing service and platform available.

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How does Schwab support clients like me?

Schwab Advisor Services has extensive experience serving advisors with a variety of clients and complex needs. Their resources and support were designed to help us build customized strategies and experiences for our unique clients. This includes:

  • Personal trust services, including administrative support, trust accounting, and reporting
  • Administrative Corporate Trustee services (through Charles Schwab Trust Company of Delaware)
  • Philanthropic services and consulting through Schwab Charitable
  • A wide range of third-party investment offerings
  • A significant banking and lending platform through Schwab Bank.

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What measures does Schwab take to protect my assets?

Schwab is committed to safeguarding your private information and financial data. Consult the links below to read their complete privacy policy and for additional information regarding account security.

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What is the process for moving accounts to Charles Schwab?

Transferring your assets to Charles Schwab requires paperwork to establish your new accounts on the Charles Schwab custodian and transfer authorizations to allow them to electronically move and re-register your investments in your new accounts.

We will work with you to make this process as smooth as possible, reconcile transfers to ensure assets move fully in kind, and reestablish arrangements to provide income distributions or automated savings.

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How long does the transfer process take?

Transferring your assets to Charles Schwab requires paperwork to establish your new accounts on the Charles Schwab custodian and transfer authorizations to allow them to electronically move and re-register your investments in your new accounts.

We will work with you to make this process as smooth as possible, reconcile transfers to ensure assets move fully in kind, and reestablish arrangements to provide income distributions or automated savings.

Will Ehrlich Financial Group have access to my Ameriprise accounts during the transition?

Unfortunately, we will not have access to your Ameriprise accounts during the transition. If you have a service need regarding your accounts during the transition, we can assist you in contacting the Ameriprise Home office directly, or utilizing the client website, or contacting the newly assigned Ameriprise representative.

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Where will I log in to see my accounts once they've transferred?

You will be able to log into the Charles Schwab website once you have established accounts. After the transfers are complete we will also make the Ehrlich Financial Group portfolio portal available, which will provide greater performance and analytics information.

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Will I lose online access to my Ameriprise accounts?

You will not lose access to your Ameriprise Accounts or website log in.

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For existing clients, will there be a cost to move their accounts?

Ehrlich Financial Group and Charles Schwab will not charge any fees to move your accounts to the Charles Schwab custodian platform. Ameriprise Financial Services, LLC will charge account closure fees on brokerage and managed accounts. We have negotiated a budget with Charles Schwab to credit some of those account closure fees.

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Is Charles Schwab compensating Ehrlich Financial Group to transfer client assets to their platform?

Ehrlich Financial Group will not be receiving any compensation for moving our clients' assets to Charles Schwab. We have negotiated a predetermined budget from Charles Schwab to assist with reimbursing account closure fees assessed by Ameriprise Financial.

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Will the fee structure at Ehrlich Financial Group be similar to what I have experienced at D'Amore, Ehrlich & Associates?

Ehrlich Financial Group will charge a percentage of your assets invested or a flat fee for advice or a combination of both. This means that we can provide you access to a huge variety of investment options and are limited to investment options offered on a broker dealer platform, or incentivized to offer you specific products that might not be the best fit for you or your situation.

Under our new advisory agreements, there may be instances where you see a small cost to execute trades, typically $20-40. This will only occur in instances where the investment purchased with a trade execution charge is in your best interest due to the internal cost or other factors. Most of the investment vehicles that we utilize (exchange traded funds, mutual funds, stocks etc) do not incur trading costs when purchased or sold.

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