Firm Description
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC was founded in
2003.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC provides
personalized confidential financial planning and investment management to
individuals, pension and profit-sharing plans, trusts, estates and business
owners. 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.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC is strictly a fee-only
financial planning and investment management firm. The firm does not sell
products, annuities, insurance, stocks, bonds, mutual funds, limited
partnerships, or other commissioned products to earn commissions although
it does use some of those products. The firm is not affiliated with entities that
sell financial products or securities. No commissions in any form are
accepted. No finder’s fees are accepted.
Investment advice is an integral part of financial planning. In addition,
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC advises clients
regarding cash flow, college planning, retirement planning, tax planning and
estate planning.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC does not act as a
custodian of client assets. The client always maintains asset control.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC places trades for
clients under a limited power of attorney.
An evaluation of each client's initial situation is provided to the client. 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. CAPITAL FINANCIAL
ADVISORS OF NEW YORK, LLC can refer clients to appropriate
professionals whose expertise we trust. No finder’s fees or referral fees are
accepted. Conflicts of interest will be disclosed to the client in the unlikely
event they should occur.
The initial meeting, which may be in person, by telephone at (518) 280-0030,
or via videoconference (typically Zoom or FaceTime) is free of charge and is
considered an exploratory interview to determine the extent to which financial
planning and investment management may be beneficial to the client.
Principal Owners
Kerry Mayo and Julie Sciandra are members of the Firm. Kerry Mayo owns
72.0% of the LLC. Julie Sciandra owns 28.0% of the LLC.
Types of Advisory Services
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC provides investment
supervisory services, also known as asset management services, and
furnishes investment advice through consultations.
On more than an occasional basis, CAPITAL FINANCIAL ADVISORS OF
NEW YORK, LLC 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 3/08/2024, CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC
manages approximately $217 million in assets for approximately clients.
Approximately $217 million is managed on a discretionary basis, and $0 is
managed on a non-discretionary basis.
Tailored Relationships
The goals and objectives for each client are documented in our client
relationship management system. Investment policy statements are created
that reflect the stated goals and objectives. 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:
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 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 firm charges $215 per hour for financial planning
services. It provides an estimate of the time it will take to complete the
services. 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.
Additional implementation work, if any, is billed separately at the rate of $215
per hour.
Advisory Services Agreements
Most clients choose to have CAPITAL FINANCIAL ADVISORS OF NEW
YORK, LLC manage their assets in order to obtain ongoing in-depth advice
and life planning. All major aspects of the client’s financial affairs are
reviewed. 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 Advisory Services is provided to the client in
writing prior to the start of the relationship. The agreements that govern
Advisory Services include: Financial Planning Engagement Letter and
Investment Management Agreement. Advisory Services may include: cash
flow management; insurance review; investment management (including
performance reporting); education planning; retirement planning; estate
planning; and tax planning, as well as guidance on the implementation of
recommendations within each area.
The annual Investment Management Agreement fee is based on a
percentage of the investable assets according to the following schedule:
_1.00%_ on the first $1,000,000;
_0.75%_ on the next $1,000,000 (from 1,000,001 to 2,000,000);
_0.50%_ on the next $4,000,000 (from 2,000,001 to 6,000,000); and
_0.40%_on the assets above $6,000,000.
Although the Agreements are ongoing, adjustments may be required.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC, at its discretion,
may aggregate client non-household family member accounts for fee
schedule purposes. The length of service to the client is at the client’s
discretion. The client or the investment manager may terminate an
Agreement by written notice to the other party. At termination, fees will be
billed on a pro rata basis for the portion of the quarter completed. The
portfolio value at the completion of the prior full billing quarter is used as the
basis for the fee computation, adjusted for the number of days during the
billing quarter prior to termination.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC may waive
management fees for immediate family members.
Retainer Agreement
In some circumstances, a Retainer Agreement is executed in lieu of the fee
schedule in the Investment Management Agreement, when it is more
appropriate to work on a fixed-fee basis. The annual fee for a Retainer
Agreement is dependent on the assets under management and is negotiable.
Tax Preparation Agreement
Tax preparation work is not included in the Advisory Service Agreements or
Retainer Agreements scope of work. CAPITAL FINANCIAL ADVISORS OF
NEW YORK, LLC prepares summary investment-related tax information for
the client’s tax preparer.
Hourly Planning Engagements
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC provides hourly
planning services for clients who need advice on a limited scope of work. The
hourly rate for limited scope engagements is $215 per hour.
Asset Management
Assets are invested primarily in no-load mutual funds, individual fixed income
securities and exchange-traded funds through Fidelity Institutional. Fund
companies charge each fund shareholder an investment management fee
that is disclosed in the fund prospectus. Fidelity Institutional may charge a
transaction fee for the purchase of some funds.
Stocks and bonds may be purchased or sold through Fidelity Institutional.
Fidelity Institutional may charge a fee for stock and bond trades. CAPITAL
FINANCIAL ADVISORS OF NEW YORK, LLC does not receive any
compensation, in any form, from fund companies or Fidelity Institutional.
Investments may also include: equities (stocks), warrants, corporate debt
securities, commercial paper, certificates of deposit, municipal securities,
investment company securities (mutual funds shares), U.S. government
securities, options contracts, futures contracts, exchange traded funds, and
interests in partnerships.
Initial public offerings (IPOs) are not available through CAPITAL FINANCIAL
ADVISORS OF NEW YORK, LLC.
Termination of Agreement
A client may terminate any of the aforementioned agreements at any time by
notifying CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC in writing
and paying the rate for the time spent on the investment advisory
engagement prior to notification or termination. If the client made an advance
payment, CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC will refund
any unearned portion of the advance payment.
CAPITAL FINANCIAL ADVISORS OF NEW YORK, LLC may terminate any
of the aforementioned agreements at any time by notifying the client in
writing. If the client made an advance payment, CAPITAL FINANCIAL
ADVISORS OF NEW YORK, LLC will refund any unearned portion of the
advance payment.