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Survey Results

2022 Survey Methodology, Results, Client Quotes, and Disclosure

Commonwealth Retirement Advisors seeks to help its clients prepare for and live a happy retirement. While all humans experience stress, an important part of our job is to help our clients minimize financial stress. We do this by constructing and then managing investment portfolios that our clients can easily understand and offering to prepare a written retirement plan that projects income, expenses, and investment throughout the client’s lifespan. We then endeavor to keep this plan updated annually and meet with the client subject to their availability. We track our success by soliciting client feedback during our regular update meetings and by surveys we do periodically following those meetings.

Latest Survey Construction

Survey Date: January 1, 2022 – Dec. 31, 2022

Survey Participants: 82 (Data below reflects the percentages of those who chose to respond)

Response rate: 62% (132 sent, 82 responses)

Participant Selection: Clients with $500,000 or more managed by our firm. $500,000 is our published minimum, although we serve some clients with less, primarily family members of other clients. These households were not surveyed. Clients were surveyed following their annual review meeting. Clients that opted to have no meeting or deferred their meeting were not surveyed.

 

Survey Questions and Results:

Please enter up to three words that come to mind when you think of us:

  • Knowledgeable
  • Professional
  • Friendly
  • Trustworthy
  • Caring

*The above represents the top 5 frequent words that appeared when asked the above question. For a complete list of all words clients used to describe us please refer to the appendix.

 

Survey Results:

The survey results were provided by clients of the firm at the time of their statements in 2022. No clients were provided any direct or indirect compensation for their testimonials. Experiences of each client depended on their unique facts and circumstances.
In addition, we are adding quotations to all client quotes listed.

Below is a full list of the comments/quotations from clients when asked: “Please use this box to make any comments. We really appreciate your completing this survey!”

  • “We feel very confident having CRA handling our investments and also appreciate the friendships we have made.”
  • “We appreciate your work on our behalf.  You’ve helped make our first couple of years as retirees as stress-free as possible”
  • “I love coming for my updates – it helps me to prepare and think about the future. All of the staff are amazingly friendly, it feels just like family. I can’t imagine being in better hands. [Client]”
  • “Thanks to you I am retired and feel financially comfortable about it.”
  • “No need to worry about financial matters when your firm is in charge.”
  • “Thank you for all your help over the years. We look forward to working together in the future.”
  • “Very comfortable with managing our assets and providing oversight and guidance of our estate plan and lifestyle changes associated with retirement”
  • “Nice visit! [Client]”
  • “enjoy seeing you – have fun at disney (sic) [Client]”
  • “We appreciate the clarity and thoroughness of our financial meetings with Ryan and Chris. Their advice and guidance are always on point. Their outstanding preparation and research make for interesting and insightful presentations.”
  • “We feel very fortunate to have been introduced to you!”
  • “We feel so fortunate to be a part of the Commonwealth family. And by family, I mean that you make us feel as if we are part of your family and not just clients.”
  • “Very satisfied with the products, staff and advice offered.”
  • “We have always found CRA helpful, promptly responding to our questions, very personable, and professional.  We enjoy our discussions.”
  • “Thanks for the work the entire “team” does!  Each year we meet we are more impressed!   Keep up the great work.”
  • “So happy to have Commonwealth looking out for my family.  Thank you”
  • “The best!  Glad we have you minding the store!”
  • “For the reviews, I’d like to have the presentation prior to our meeting.”
  • “Very pleased with our decision to invest through your team.  Trusted partners for our future.”
  • “Everyone one on the staff is there if needed. I feel very comfortable about asking questions knowing I will get the truth. Sharing your knowledge has helped me make good decisions. Thanks, [Client]
  • “The annual get-together was fun, it should be continued.”
  • “I feel Commonwealth Retirement Advisors cares about my financial security and provides the appropriate information and advice.  Everyone makes me feel comfortable and secure and they are always available to answer questions or provide recommendations.”
  • “We appreciate the nice booklet with a summary of the presentation. The long term history of  the stock market is always helpful to stay focused on the long-term objective of staying solvent. We appreciate your responses to our questions.”
  • “I like that the team at the commonwealth is very personable, knowledgeable, and professional.”
  • “We like working with the entire Team.  Christopher is a big asset to your organization and we truly enjoy meeting with him, and we appreciate the side bar conversations that we have with him regarding our families and animals.”
  • “It’s always great visiting with all the folks there! I felt badly that I had to rush away towards the end of our time together, because they never rush with me! Whenever I call with a question, concern, or request, they are always prompt to respond.”
  • “I was glad to review with Ryan about RMD’s and tax planning for them.  Kim and Tracy are always willing to assist in any way. Their customer liaison duties are endless, but they make each member feel like family. Thanks!”
  • “I loved my visit. Because of the weather, I got to interact with 6 different employees. I loved every minute!”
  • “We have no worries about our financial future. It is the best peace of mind!”
  • “First class organization. Ryan and his staff always make my wife and I feel that they have our best interest in mind when we have our review. They are just a phone call away if I have any questions or concerns. I would definitely recommend.”
  • “Your firm does an excellent job managing my portfolio as can be seen in its growth.  It is a pleasure working with you and always fun to see you.  I am so thankful that you are managing the portfolios for [Client’s family member] and [Client’s family member] and [Client’s family member] and [Client’s family member]!”
  • “Thanks to you I am retired and feel financially comfortable about it.”
  • “Really miss the creative social gatherings, but understandable.”
  • “Commonwealth has very special employees that really make you know they are always there for us. We feel like we all are a family. Especially since our son [Redacted] is with us.”
  • “Wonderful group of people who are always willing to clarify and assist!”
  • “As always thanks so much! You are all in our prayers.”
  • “We were sorry we weren’t able to meet in the office but appreciated the time devoted to us last week.  We enjoy your insights into the financial world and your confidence in the portfolio you have established for us.  Enjoy your trip!”
  • “We are confident that our money is being managed the best way it can be. Thanks!”
  • “Really trust and rely on the advice.”
  • “Keep up the good work!”
  • “I have enjoyed our very long partnership!”
  • “Thank you for all you do!”
  • “I would have given the highest response on the first question except that I don’t worry about those things because you do it for me.  Thanks for being there.  Because of your group I rarely even think about money.”

Important Considerations we want you to be aware of:

  • We conducted this survey internally rather than using a third party. Because we have internally prepared these results, we have retained all material used to arrive at our results.
  • Our internally prepared results we have presented have not had the results audited by a third party. We believe these results to be accurate, but we may have made inadvertent recordkeeping or calculation errors. We believe it highly unlikely that any such error would be material.
  • The survey was not anonymous. Less satisfied clients may have been reluctant to respond. We have no reason to believe that there are significant numbers of dissatisfied clients among those that did not respond.
  • Many families we serve are not highly knowledgeable investors and choose not to spend time following markets. This is why they choose to work with an Investment Advisor.
  • The primary way we evaluate our client relationships is through discussions in our periodic update meetings and phone calls. We use the survey information to supplement what we have been told.
  • While we view the survey results as excellent, they should not imply that we never make mistakes or have lapses in our service. Investing is inherently risky and not every decision we make proves profitable. There have been periods of time when our client portfolios have declined in value, and we expect periodic declines in the future.
  • Our client retention rate has been 100% since April 2021. We do not include clients who died or became incapacitated and are under a family member’s or trustee’s management. We also do not count individuals who inherited money and temporarily became clients while transferring the assets to their own control or financial advisor. Lastly, we did not include clients that did not meet our asset minimum of $500,000 in managed assets custodied at Charles Schwab. Charles Schwab is our primary and only custodian for client accounts.
  • It is natural for things to change in all business relationships. We expect some modest client turnover in the future. We will continue to work hard to maintain the confidence and trust of our clients.
  • We have included ALL client quotations from the 2022 survey for your review. Client quotations used in our materials were collected from the 2022 survey. No client has been compensated, directly or indirectly, to complete a survey or provide a testimonial. We are not aware of any conflicts of interest that would create a bias with any comments.

Appendix:

Below are all the words clients used to describe us when asked: “Please enter up to three words that come to mind when you think of us.”