Overview
Professional Financial Solutions, LLC (PFS) has been in operation since 1997. The firm is
independently owned, primarily by Michael McLenigan, and Renee Sewall as of January 1,
2022. PFS offers three services: Financial Planning, Consulting, and Investment Management.
FINANCIAL PLANNING
PFS may provide its clients with a broad range of financial planning and/or consulting services
(including investment and non-investment-related matters). PFS’s services are tailored to the
individual goals and needs of clients. PFS provides financial planning services, which usually
are focused on retirement, but can include other client goals. Using information provided by
clients, PFS will analyze their goals in light of their situation to determine how to help them
achieve their goals. The end product is a document that includes a narrative summary,
recommendations, and the financial analysis.
CONSULTING
Consulting is offered to those clients that wish to focus on one issue related to their financial
situation. An example might be a strategy to pay down credit card debts. Since these are unique
engagements, it is difficult to describe the analysis but in most cases a document will be prepared
to illustrate the client’s situation and the recommended course of action to accomplish the
client’s goal. This type of service is rarely performed.
INVESTMENT MANAGEMENT
PFS also offers investment management services for their clients. These services are offered on
a fee-only basis. These clients are predominately individuals. Advice is provided on both the
accounts managed by PFS as well as those outside of PFS, such as the client’s current employer
retirement plan.
PFS generally recommends that our clients hold mutual funds and exchange traded funds in their
portfolios.
In most cases, PFS will prepare an Investment Policy Statement for investment management
clients. This document outlines the client’s target allocation and is based on their risk tolerance
and goals. As a result, each allocation decision is tailored to the specific client.
Clients can impose limits or restrictions on investing in certain securities or types of securities in
the portfolio. Such limits,
if significant, may cause results to be different than what PFS would
expect. If the limitations are significant, PFS may decide to no longer serve as adviser to the
client.
Investments managed as of December 31, 2023:
Managed on a discretionary basis: $261,370,195
Managed on a non discretionary basis: $24,753,549
Total investments managed: $286,123,744
Client Obligations
In performing its services, PFS shall not be required to verify any information received from the
client or from the client’s other professionals and is expressly authorized to rely thereon. If
requested by the client, PFS may recommend the services of other professionals for
implementation purposes. The client is under no obligation to engage the services of any such
recommended professional. The client retains absolute discretion over all such implementation
decisions and is free to accept or reject any recommendation from PFS. Moreover, each client is
advised that it remains his/her/its responsibility to promptly notify PFS if there is ever any
change in his/her/its financial situation or investment objectives for the purpose of
reviewing/evaluating/revising PFS’s previous recommendations and/or services.
Agreements
Prior to engaging PFS to provide financial planning, consulting services, and/or investment
management services, the client will be required to enter into a formal agreement with PFS
setting forth the terms and conditions of the engagement as well as describing the scope of the
services to be provided. For investment management services, the client will also complete a
separate custodial/clearing agreement with each designated broker-dealer/custodian.
Assignment
Neither PFS nor the client may assign PFS’s client agreement without the prior consent of the
other party. Transactions that do not result in a change of actual control or management of PFS
shall not be considered an assignment.
PFS’s services are tailored to the needs of its clients. A client’s financial plan is customized to
his/her situation, every portfolio is personalized, and the level of services needed by a client will
vary given what is going on in his/her life in a given period.