Firm Description
Patrick M. Sweeney & Associates, Inc. was founded in 2001. Our principal
office and place of business is located at 900 Technology Way, Suite 260,
Libertyville, Illinois 60048. Regular business hours are 8:30am to 5:00pm
Monday through Friday CST.
Patrick M. Sweeney & Associates, Inc. provides personalized confidential
investment management and financial planning to individuals, pension and
profit-sharing plans, trusts, estates, charitable organizations, and small
businesses. Advice is provided through consultation with the client and may
include determination of financial objectives, identification of financial
problems, cash flow management, tax planning, insurance review, investment
management, education funding, retirement planning, and estate planning.
Patrick M. Sweeney & Associates, Inc. does not act as a custodian of client
assets. The client always maintains asset control. Patrick M. Sweeney &
Associates, Inc. places trades for clients under a limited power of attorney.
A written evaluation of each client's initial situation is available to the client,
often in the form of a net worth statement. Periodic reviews are also
communicated to provide reminders of the specific courses of action that
need to be taken. More frequent reviews occur but are not necessarily
communicated to the client unless immediate changes are recommended.
Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are
engaged directly by the client on an as-needed basis. Conflicts of interest will
be disclosed to the client in the unlikely event they should occur.
The initial meeting, which may be by telephone, is free of charge and is
considered an exploratory interview to determine the extent to which
investment management and financial planning may be beneficial to the
client.
Principal Owner
Patrick M. Sweeney is the firm’s principal owner.
Types of Advisory Services
Patrick M. Sweeney & Associates, Inc. provides investment supervisory
services, also known as asset management services on a discretionary and
non-discretionary basis. In addition, the firm manages investment advisory
accounts not involving investment supervisory services and furnishes
investment advice through consultations or other devices which clients may
use to evaluate securities.
On more than an occasional basis, Patrick M. Sweeney & Associates, Inc.
furnishes advice to clients on matters not involving securities, such as
financial planning matters, taxation issues, and trust services that often
include estate planning.
As of December 31, 2022 Patrick M. Sweeney & Associates, Inc. managed
$136,484,606 on a discretionary basis and $933,386 on a non-discretionary
basis.
Tailored Relationships
The scope of each client’s relationship is determined by mutually agreed upon
goals, objectives, and risk tolerance. Clients may impose restrictions on
investing in certain securities or types of securities.
Agreements may not be assigned without client consent.
Types of Agreements
The following agreements define the typical client relationships.
Advisory Service Agreement
Most clients choose to have Patrick M. Sweeney & Associates, Inc. manage
their assets in order to obtain ongoing in-depth advice and life planning. All
aspects of the client’s financial affairs are reviewed, including those of their
children. Realistic and measurable goals are set and objectives to reach
those goals are defined. As goals and objectives change over time,
suggestions are made and implemented on an ongoing basis.
The scope of work and fee for an Advisory Service Agreement is provided to
the client prior to the start of the relationship. An Advisory Service Agreement
includes cash flow management; insurance review; investment management
(including performance reporting); education planning; retirement planning;
estate planning; and tax preparation, as well as the implementation of
recommendations within each area.
The annual Advisory Service Agreement fee is based on a percentage of the
investable assets according to the following schedule:
8/10ths of 1% on account values less than $500,000;
6/10ths of 1% on accounts values more than $500,000.
The minimum annual fee is $800 and may be negotiable. Current client
relationships may exist where the fees are higher or lower than the fee
schedule above. We retain the discretion to negotiate alternative fees on a
client-by client basis.
Although the Advisory Service Agreement is an ongoing
agreement and
constant adjustments are required, the length of service to the client is at the
client’s discretion. The client or the investment manager may terminate an
agreement by ten days’ written notice to the other party. At termination, fees
will be billed on a pro rata basis for the portion of the quarter completed.
Tax preparation work is performed as an integral part of the Advisory Service
Agreement. These services may be performed as part of the Advisory
Service Agreement or on an hourly basis.
Financial Planning Agreement
A financial plan is designed to help the client with all aspects of financial
planning without ongoing investment management after the financial plan is
completed.
The financial plan may include, but is not limited to: a net worth statement; a
cash flow statement; a review of investment accounts, including reviewing
asset allocation and providing repositioning recommendations; strategic tax
planning; a review of retirement accounts and plans including
recommendations; a review of insurance policies and recommendations for
changes, if necessary; one or more retirement scenarios; estate planning
review and recommendations; and education planning with funding
recommendations.
Detailed investment advice and specific recommendations are provided as
part of a financial plan. Implementation of the recommendations is at the
discretion of the client.
The fee for a financial plan is predicated upon the facts known at the start of
the engagement. The minimum fee is $800 and may be negotiated. Since
financial planning is a discovery process, situations occur wherein the client is
unaware of certain financial exposures or predicaments.
In the event that the client’s situation is substantially different than disclosed
at the initial meeting, a revised fee will be provided for mutual agreement.
The client must approve the change of scope in advance of the additional
work being performed when a fee increase is necessary.
After delivery of a financial plan, future face-to-face meetings may be
scheduled as necessary for up to six months. Follow-on implementation work
is billed separately at the rate of $200 per hour.
Retainer Agreement
In some circumstances, a Retainer Agreement is executed in lieu of an
Advisory Service Agreement when it is more appropriate to work on a fixed-
fee basis. The annual fee for a Retainer Agreement is $800 and may be
negotiable.
Tax Preparation Agreement
Tax preparation work may be included in the Advisory Service Agreement or
Retainer Agreement scope of work.
Tax preparation work performed separately from an Advisory Service
Agreement or a Retainer Agreement is billed at a flat rate agreed upon by the
client. Eligible federal and applicable state returns are filed electronically
without an additional fee.
Hourly Planning Engagements
Patrick M. Sweeney & Associates, Inc. provides hourly planning services for
clients who need advice on a limited scope of work. The hourly rate for
limited scope engagements is $200.
Asset Management
Stocks and bonds may be purchased or sold through a brokerage account
when appropriate. The brokerage firm charges a fee for stock and bond
trades. Patrick M. Sweeney & Associates, Inc. does not receive any
compensation, in any form, from brokerage houses or fund companies.
Investments may also include exchange-traded funds, corporate debt
securities, certificates of deposit, municipal securities, investment company
securities as mutual funds shares, and U. S. government securities. Initial
public offerings (IPOs) are not available through Patrick M. Sweeney &
Associates, Inc.
Termination of Agreement
A Client may terminate any of the aforementioned agreements without
penalty at any time by notifying Patrick M. Sweeney & Associates, Inc. in
writing with ten days’ written notice, and paying the rate for the time spent on
the investment advisory engagement prior to notification of termination. We
do not currently accept advance payments; however, if the client made an
advance payment, Patrick M. Sweeney & Associates, Inc. will refund any
unearned portion of the advance payment.
Patrick M. Sweeney & Associates, Inc. may terminate any of the
aforementioned agreements at any time by notifying the client in writing with
ten days’ notice. If the client made an advance payment, Patrick M. Sweeney
& Associates, Inc. will refund any unearned portion of the advance payment.