Patrick McNamara is a CERTIFIED FINANCIAL PLANNER™ (CFP®) dedicated to bettering the lives of his clients through tax aware investment management and comprehensive financial planning in Boston and throughout New England. With access to industry leading resources alongside Claro Advisors, LLC, Patrick provides a commitment to serve his client’s best interests as he develops a deeper understanding of the meaning behind their wealth.
Patrick’s Advisory Services are offered with integrity, over 25 years industry experience and in conjunction with:
When you look back on your life 20 years from now, what do you want to feel - remorse or relief, disappointment or fulfillment, embarrassment or pride? Working with us will give you the power to direct your story. Let us help make sure your next chapter leads you to the destination you’ve been dreaming of.
For over 20 years, I have been serving the financial needs of business owners, individual investors and their families. I have significant experience providing customized financial plans to clients as well as managing investment portfolios through multiple bull and bear market cycles. Since I have over twenty years experience working in wealth management at the traditional, larger banks, I bring a unique understanding of the benefits of working with an independent advisor. I run my business with integrity, professionalism and full disclosure.
Patrick's Story
Growing up with five siblings in the suburbs of Syracuse, NY, I was taught the value of hard work and personal responsibility at an early age. This led me to develop an interest in finance, entrepreneurship and self-fulfillment through helping others which later set the foundation for my career as a financial advisor.
I received my BS in Business Administration from SUNY College at Oswego in 1995 and moved to the Boston area where I gained a first-class introduction to the financial services industry by working at Fidelity Investments Brokerage Division. I then built upon that experience by working as a sales analyst in the Private Client Group at Goldman Sachs while simultaneously completing my MBA at the Boston College Carroll School of Management.
After 19 years of building a successful practice at Morgan Stanley, I recognized that independent advice was the growth story of the wealth management industry. This transformation was being driven by pricing pressure, technology, the transfer of wealth from an aging generation and the slow but necessary evolution from product selling to finally advising clients as a fiduciary investment professional. The best way to adapt and meet that evolution for myself, my clients and future investors was as an independent fiduciary. So I made the decision to join Claro Advisors, an independent firm which was founded by like-minded, former Morgan Stanley Advisors.
Working as an Independent Investment Advisor requires me to serve as a fiduciary to my clients which means I have a fundamental responsibility to act in the best interests of clients at all times. A fiduciary is a person who holds a legal and ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person.
Freedom from the bureaucracy and constraints of a larger firm allows me to provide a much more personal and rewarding client experience. I can also offer clients an expanded service and product lineup at a more competitive price through the safety and comfort of the Fidelity Investments Clearing & Custody Solutions Platform. Being able to offer this industry-leading platform is like coming full circle for me – since I started my career at Fidelity Investments.
Patrick’s Personal Life
On a personal note, I live in the beautiful coastal community of Scituate, MA (aka the Irish Riviera). I’ve been blessed to be married for nearly 20 years to my wife Kerry who works as a Registered Nurse in the Cardiac ICU of Children's Hospital. We are committed to raising three incredible children as gracious and confident individuals destined for great things. They keep us engaged with youth sports and I enjoy coaching to stay involved. I’m also a passionate Boston sports fan who will sorely miss the Tom Brady years. Additionally, I love the peace and serenity of the mountains, beach and golf course. You may also find me traveling, cooking at home or enjoying live music.
Our Foundation Helps Define
Who We Are Today
In 2012, Ryan Belanger left Morgan Stanley at the age of 30 to start his own Registered Investment Advisor named Claro Advisors. He believed in providing a more impactful way to work with clients than what the “traditional” brokerage firms were providing at the time. The aim was to develop better planning, investing and relationships with clients that each begin specifically with their goals in mind.
10+ Years
of Operation
$1 Billion
of client assets under our care
99% Client
retention rate with national client base*
*Source: Claro Advisors analysis of 1,100 clients from 2012 to 2024
The name “Claro” was inspired by the Latin translation “to make clear in the mind.” Our goal is to simplify the chaos in your financial life by carefully walking you through a process that helps you get a handle on where you are today, determine what you want to achieve and then together map out how to get there. We work with you to implement and monitor the strategies needed to simplify the management, preservation and growth of your wealth.
As your financial advisor, we’re expected to make decisions about your money based on the highest degree of scrutiny. You can be assured that we use the same approach when choosing the service providers we employ to help you meet your financial objectives. This is why we’ve selected Fidelity Investments ® (“Fidelity”) as our primary custodian where our client accounts are safely held.
How does Fidelity Institutional work for our clients?
An Experienced, Reputable Firm Helping to Protect Your Assets and Privacy
For more than 70 years, Fidelity has built a reputation of integrity and financial management expertise. As a leader in the financial services industry, Fidelity has a thorough understanding of the products and services we need to help best serve you and how to deliver them to you in the most efficient and convenient ways.
Additional Protection for Your Investments
Fidelity has arranged for insurance protection beyond the coverage through the Securities Investor Protection Corporation (“SIPC”). While your assets are covered by SIPC up to $500,000, including cash claims limited to $250,000, Fidelity provides supplemental protection for your account over and above this SIPC coverage.1
Long-Term Vision with You in Mind
Because the firm is privately owned, Fidelity is able to help make decisions based on long-term benefits —not short-term gains — for the investors it serves. Combined with its strength, scale, and diverse set of businesses, Fidelity strives to provide the best possible experience for all its customers and continuously drive improvement. For example, Fidelity has a history of reinvesting a large portion of its profits in technology and services, which may help enhance the solutions we offer you.
Recordkeeping That Helps Simplify Your Life
The need to keep track of your transactions, including capital gains and losses, can be a burden on you — especially at tax time. Fidelity not only helps us with tracking and reporting so we can spend more time with you, but will also provide you with a simplified, consolidated statement each month reflecting all your investment positions and transactions. At the end of the year, you will receive one 1099 tax form and a summary statement, which can make preparing your tax return much easier. Additionally, you can view your account information anytime and anywhere via Fidelity’s robust website (Fidelity.com) and mobile app.
1 Securities in accounts carried by National Financial Services LLC, a Fidelity company, are protected in accordance with SIPC up to $500,000. The $500,000 total amount of SIPC protection is inclusive of up to $250,000 of protection for claims for cash, subject to periodic adjustments for inflation in accordance with the terms of the SIPC statute and approval by SIPC’s Board of Directors. NFS has also arranged for coverage above these limits. Neither coverage protects against a decline in the market value of securities, nor does either coverage extend to certain securities that are considered ineligible for coverage. For more details on SIPC, or to request a SIPC brochure, visit www.sipc.org or call 202.371.8300.
Why Patrick McNamara & Claro Advisors
Focused on trust, our business is based upon developing long-term relationships with our clients
Our typical client is well educated, family oriented and is in the retirement planning stage of a successful career. These individuals don’t have the time, desire or knowledge to manage finances on their own. They also want to avoid two things: 1: Overpaying in taxes and 2: Losing their retirement nest egg. As fee based, independent advisors, we do not earn any commissions nor do we offer any proprietary products which allows our advice to be completely objective and unbiased. Our goal is to help solve your financial problems so you can achieve financial security.
Individuals & Families
Your family’s future deserves professional attention in order to ensure financial security for years to come. We will help ensure that all phases of your financial life – cash & debt management, investment management, tax minimization, retirement savings, income strategies and estate planning, are all working together toward your financial goals.
Retirees & Pre-Retirees
Maybe you’re 10 years away from retiring or are currently enjoying your retirement chapter. Either way, Claro Advisors will help you determine how much you need to retire, if you can retire early and what you should do about Social Security and your Pension Plans. While in retirement, we will review tax efficient income options along with strategies to protect and mitigate losses during market downturns. Lastly, we will review your legacy and estate plan.
Small Business Owners
As a small business owner, you’re tasked with juggling everything from day-to-day operations to mapping out the future of your company. Together, we will develop an integrated financial plan that meets both your personal and business needs. This includes identifying and implementing the most appropriate business retirement plan and allowing you to maximize your tax and retirement savings at the least possible cost
Retirement Plan Sponsors
Managing a successful company retirement plan comes with fiduciary responsibilities and obligations to remain compliant with Department of Labor and ERISA regulations. We will help you evaluate and manage a plan that benefits both the owners and employees.
In today’s uncertain economy, financial planning has become increasingly important. With an overwhelming number of options for saving and investing, managing your finances can be difficult. Creating a financial plan helps you see the big picture and establish long and short-term life goals - a crucial step in mapping out your financial future.
When you have a financial plan, it’s easier to make financial decisions and stay on track to meet your goals. Working with us can help secure your financial well-being, give you peace of mind and help you reach financial planning success.
What is a CFP?
Individuals certified by CFP Board have taken the extra step to demonstrate their professionalism by voluntarily submitting to the rigorous CFP® certification process that includes demanding education, examination, experience and ethical requirements. These standards are called “the four E’s,” and they are four important reasons why the financial planning practitioner you select should display the CFP® certification marks.
Patrick’s recommendations are offered with integrity, over 25 years industry experience and are backed by:
Education:
CFP® professionals must develop their theoretical and practical financial planning knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by CFP Board. Other options for satisfying the education component include submitting a transcript review or previous financial planning-related course work to CFP Board for review and credit, or showing the attainment of certain professional designations or academic degrees.
Examination:
CFP® practitioners must pass a comprehensive two-day, 10-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. Based on regular research of what planners do, the exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.
Experience:
CFP® professionals must have three years’ minimum experience in the financial planning process prior to earning the right to use the CFP®certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.
Ethics:
As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.
What is included with a Financial Plan?
Written financial plan addressing every aspect of your financial life, including: a networth statement, debt repayment schedule, investment recommendations, retirement projection, college planning scenarios, Social Security maximization, insurance analysis, cash flow planning, tax planning strategies, estate planning and other topics as needed
A two page executive summary of specific recommended action steps
Your own personal financial web site to keep everything organized and in one secure place
An initial and annual review of the plan and recommendations
Unlimited access to your Certified Financial Planning Professional
Access to a network of financial professionals including CPAs, estate planning attorneys, insurance agents and mortgage brokers
Plus... we will assist as needed:
Analysis of current mortgage and implications of refinancing and/or accelerating mortgage payoff scenarios
Recommend an allocation of your current workplace retirement plan including assisting with Pension and distribution options
Assist with auto buying including buy vs. lease decisions and targeted lease payments
Review of current life, home and auto insurance policies via our network of financial professionals
Introduction to estate planning solutions including Living Will and Trust establishment
Our relationship begins with a discovery meeting. This helps us get to know you, your family and your business. We want to hear your story and learn to appreciate how you got to where you are. We’ll ask questions and gather data that enables us to better add value to your specific situation.
Your goals are what drives our investing. Once we have a clear understanding of your goals and needs, we’ll formulate a strategy that meets your investment objectives. But our role goes far beyond that. Whether it’s helping you establish good governance practices, working to develop estate and tax planning needs or managing concentrated risks, our team is dedicated to helping you understand the plan at a level you can comprehend.
Once we’ve outlined a roadmap, we begin the implementation process. Our job is to help you carry out your customized strategy from the big picture down to every detail. We’ll guide you each step of the way to ensure your objectives are being met.
Even after a carefully implemented plan is adopted and executed, we recognize that markets and environments change. It’s our goal to ensure that you understand the impact of these changes and adapt your plan as necessary. With constant monitoring, you can rest assured that we are always looking out for your best interests.
You may not have the time, desire or knowledge to manage your finances on your own. That’s where we come in. Through education and a well-rounded financial plan, we’ll present the most suitable options for you and your life ahead.
We believe in serving your best interests through:
Minimizing Tax Liabilities
Limiting Portfolio Downside
Providing Defined Outcomes
We advocate customized, protective investment strategies, which we believe help you achieve higher returns without taking on excessive risk.
Defined Outcome Investing
Defined Outcome Investing is appropriate for investors who desire:
We believe the most important risk to individual investors is the loss of capital, measured by peak to trough drawdown. We advocate "Defined Outcome" Strategies, which can provide investors a more predictable rate of return.
Many financial advisors sell investment products based on historical returns. Unfortunately, investors can never have the performance that already occurred. Thus, when their actual performance differs from their expectations based on past returns, they often make emotional driven decisions such as chasing returns at market highs or selling in fear, near market bottoms. This is one major reason why industry studies, such as those conducted by Dalbar, show that average investors have not experienced the average returns of the funds in which they invested.
Recognizing this problem, we gravitated towards alternatives to poorly performing fixed income and the heightened downside risk of the equity markets, So in 2022, we launched: Structurednotes.com
Investments that buffer and protect against downside losses rather than the common practice of building portfolios based upon historical data. Benefits include:
1.Predictability
2.Protection Against Market Downturns
3. More Certainty
4. Possibility of enhanced returns
Your money is too important to simply assume that recovery from losses is inevitable. If you are in retirement, and especially if you are taking distributions from your investments, significant losses can have devastating lifestyle implications. Every distribution taken from portfolios after suffering significant losses lengthens the time necessary for the portfolio to reach its previous value. This is why we advocate for loss prevention. We believe that managing downside risk first, is how to best position investors for forward- looking success.
You Cannot Control Performance, But You Can Prevent or Buffer Against Losses
Our investors can choose how much they are willing to lose, and we can customize investments that provide 100% principal protection within these drawdown ranges. These investments are mostly in the form of structured notes but are also structured as ETFs.Our stated "defined outcomes" projections can illustrate in advance your expected return under different market index return scenarios. Our approach is unique as many of the investments we utilize are exclusive to Claro Advisors clients. The result is a portfolio that allows you to tune out the noise and sleep at night.
Words, such as “conservative,” “moderate” or “aggressive”, may not mean much to an investor when evaluating the risk in their portfolios. Without an associated number for potential loss, it is difficult for investors to fully understand the financial impact of the risk they are taking. Understanding objective drawdown limits and ranges of return expectations can help investors and financial professionals be on the same page. Defined Outcomeportfolios are designed to be predicable, protective and forward-looking for the individual investor – no compromises.
Structured Notes: Protective Investing with Enhanced Upside:
Structured Notes are pre-packaged investments that normally include assets linked to interest plus one or more derivatives. They are generally tied to an index or basket of securities, and are designed to facilitate highly customized risk-return objectives. These objectives oftentimes include market downside buffers, upside leverage and enhanced income.
We have access to a broad range of fee based offerings from many national issuers including, but not limited to JP Morgan, Morgan Stanley, Citigroup, Credit Suisse and BNP Paribas. We lever our experience and relationships with these providers to create custom structured notes that are timely and meet specific client objectives. For more educational information please visit
structurednotes.com or click here to view our completed offerings.
We’re Dedicated to Managing Your Portfolio Based on You
Having a qualified retirement plan for your business can help increase your tax and retirement savings while also offering an important benefit to attract and retain an effective and engaged workforce.
Whether you are looking for a SEP IRA, 401k, Profit Sharing or Cash Balance Plan, we can help you review, identify and implement the most appropriate retirement plan for your business.
As a Fiduciary and independent 401k plan advisor,
We will coordinate with third party service providers from Administration, recordkeeping and payroll to make sure your plan is running without problems and in compliance with current regulations. Furthermore, we will assume all duties, responsibilities and obligations that arise from our status as a 3(21) Fiduciary under ERISA.
Plan Design Assistance:
We will work with you and your Third Party Administrator to customize a plan design that optimizes tax and retirement savings at the least possible cost.
Recommend Service Providers:
Our independence allows us the flexibility to partner with any Third Party Administrator or Recordkeeper to help build the ideal retirement plan.
Participant Education Consulting:
We will consult with the Plan on the effectiveness of the employee education program. The Advisor will conduct and coordinate education consulting efforts with the Plan’s current providers to maximize plan participation and retirement readiness.
Fee Analysis:
We will assist the investment committee or other responsible fiduciary in understanding the investment fees that are charged to the Plan and how those fees compare to the fees other similar investment vendors charge for similar services and products. We will also assist the Plan Sponsor, when necessary, in producing participant notifications regarding fees.
Investment Selection and Monitoring:
As a 3(21) Investment Advisor, we will act in a “co-fiduciary” capacity which means we share fiduciary responsibility for plan investment selection. This includes creation of an investment policy statement and assistance with investment lineup selection and ongoing monitoring.
Risk & Fiduciary Compliance:
Keeping your plan compliant and up-to-date with current Department of Labor, IRS and ERISA regulations is also an important part of what we do. We will construct a Fiduciary File that will be used by the Plan to keep documentation related to the Plan. This documentation includes, but is not limited to, Investment Committee minutes, Investment Policy Statement, investment analysis, educational work, fee analysis, vendor analysis, 404(c) information notices (if applicable), and plan design/work analysis.
A retirement plan sponsor is a company or employer that offers a retirement plan as a benefit to employees. As such, if you own a business or company that offers a 401(k) plan, for example, your business qualifies as a retirement plan sponsor. But what does that mean?
Essentially, it means you have a lot of responsibilities on your plate. Plan sponsors may be accountable for making important decisions to determine plan design, employee eligibility, and investment choices, and they may also be responsible for regularly updating and amending the plan. Plus, unless you hire a third-party fiduciary service to take on the fiduciary liability of the plan, you’ll be held to rigorous rules and regulations as a plan sponsor that may fall outside of your expertise.
What Is The Plan Sponsor Responsibilities?
Plan sponsors may be accountable for making important decisions to determine plan design, employee eligibility, and investment choices, and they may also be responsible for regularly updating and amending the plan. Plus, unless you hire a third-party fiduciary service to take on the fiduciary liability of the plan, you’ll be held to rigorous rules and regulations as a plan sponsor that may fall outside of your expertise.
Is a Plan Sponsor a Fiduciary for the retirement plan?
A fiduciary is a person who is obligated legally to act in the best interest of his client. A retirement plan sponsor is automatically a fiduciary, although it is possible to share their responsibilities to reduce liability. However, the plan sponsor is not absolved of fiduciary duties, even if they delegate. Below is a list of the fiduciary responsibilities of the plan sponsor.
The plan sponsor is to act solely in the interest of the plan participants and their beneficiaries.
They are to carry out their duties with prudence and diligence; This is one of the principal responsibilities of the plan sponsor as a fiduciary. It requires having expertise in a diverse variety of areas about investment.
Lacking this expertise might require the hiring of another party with the needed knowledge.
Following Plan Documents: This is also a fundamental plan sponsor responsibility, this is because the document is the foundation for all retirement plan operations. Employers are therefore required to be familiar with this plan document, as well as making periodic reviews of its content.
Diversification Of Plan Investments: Diversification is another essential fiduciary duty of the plan sponsor as it helps to minimize the risk of losses.
How do you help me reduce my fiduciary duties as a plan sponsor?
As an independent advisor, we will help you maintain reasonable expenses, identify and mitigate potential conflicts of interest, increase participant and savings rates, and help educate employees. In addition, we will fulfill all the duties and responsibilities as a 3(21) Fiduciary under ERISA.
Why should I have a financial advisor for my plan?
A retirement plan can place a significant administrative burden on your time. Keeping the plan in compliance with current regulations can also be a challenge. A good financial advisor assumes much of the responsibility in managing it. That way, you can work more on the business.
Should I work with a Third Party Administrator (TPA)?
A TPA will ensure that the plan design conforms with your businesses’ retirement plan objectives. TPAs help ensure your annual plan data and participant records are accurate, and assist in keeping your plan compliant with IRS and DOL requirements.
What is a Safe Harbor 401k Plan?
Safe Harbor is a way of structuring a 401k Plan that allows business owners to maximize their contributions while avoiding IRS compliance testing. As a trade off for this provision, business owners must make a minimum contribution to each eligible participant which must be immediately 100% vested. This means the plan cannot discriminate against lower-earning employees.
How much does it cost to implement a Safe Harbor 401k?
You will likely need to hire a Third Party Administrator (TPA) to implement a plan. The annual TPA fees typically range from $1200-$2500 plus a small participant fee. However, the SECURE Act provides a tax credit for implementing a new qualified retirement plan. This credit is equal to 50% of the plan’s startup costs up to the greater of $500 or $250 times the number of “non-highly compensated employees” eligible to participate in the plan up to a maximum of $5,000 per year for up to three years.
What is a Cash Balance Plan?
A Cash Balance plan is a type of defined benefit plan that also qualifies for tax deferral and creditor protection under ERISA. Business owners use these plans to contribute significantly higher amounts to their retirement savings beyond the allowable 401k and Profit Sharing Plan Limits. Contributions are tax deductible and invested in an account with a conservative targeted rate of return.
Who should implement a Cash Balance Plan?
Business owners including 1099 employees who have maximized their 401k and profit sharing contributions. Cash Balance Plans can be “paired” with these defined contribution plans to “accelerate” retirement savings.
Estate Planning Services
While Claro Advisors is not a law firm and does not prepare any legal or estate planning documents, we can refer you to an estate planning attorney or work with your current attorney.
For clients who have less complex estate planning needs, we can offer a 10% discount at Trust and Will, a third party online estate planning company.
Trust & Will is a modern, secure solution for those with uncomplicated estate planning needs, and the only online estate planning platform with SOC2 Certification for cyber security. If estate planning feels overwhelming, allow Trust and Will to simplify.
Often overlooked, robust tax planning is one of the most valuable pieces of a holistic financial plan. We can analyze your financial picture to identify unique strategies and work within the tax code to mitigate the effect that taxes will have on your networth. And with the power of Holistiplan, we can employ the use of artificial intelligence to help find those gaps in a fraction of the time.
What is tax planning?
Tax planning refers to our review of your tax return to identify potential planning opportunities - both now and in the future - to keep your lifetime tax liability as low as possible. This is different than tax preparation (usually done by your CPA or an online service like TurboTax), which is focused on keeping you compliant with what the government thinks you owe each year.
Why is tax planning important?
Taxes touch every part of your financial life. Your tax return is a financial fingerprint: it's completely unique to you, complete with valuable clues and information, all of which is buried in dozens of pages and hundreds of numbers. Understanding your return equips us to have more valuable and actionable conversations with you. Additionally, we can demystify the world of income taxes and help you understand this important piece of your financial picture.
Who is tax planning for?
Everyone! Regardless of your income sources or filing status, nearly anyone who pays income taxes can benefit from having a professional review of your tax return to identify relevant planning opportunities. At worst, we'll review your return and conclude you are currently maximizing every available tax saving opportunity. That's great "peace of mind" news. Alternatively - and more frequently - we'll identify a handful of tax saving opportunities, both in the current year and in future years.
What kind of opportunities might be identified?
We will evaluate a number of opportunities during tax planning, including topics like tax efficient withdrawal strategies, charitable giving, realizing capital gains, Roth IRA conversions, tax credit eligibility, and more. We can run projections to see how potential changes (e.g., filing status, tax law changes, the sale of a business, stock option exercises, etc.) may impact your upcoming tax liability.
What are the Next Steps
Step 1
Take our two minute quiz to see if you may be overpaying in taxes. Or schedule a call with a CFP Professional.
We use advanced Optical Character Recognition (OCR) technology to read your tax return and instantly create a summarized report that highlights red flags and tax-saving opportunities.
Step 4
We will use this analysis to build out scenarios to immediately identify key income breakpoints for tax planning opportunities like ROTH conversions, tax-efficient withdrawals, charitable giving, and much more.
Claro Advisors does not provide tax and/or legal advice. Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.
A Registered Investment Advisor (RIA) is a firm engaged in the investment advisory business and registered either with the Securities and Exchange Commission (SEC) or state securities authorities. RIAs have a fiduciary duty to their clients, which means they have a fundamental obligation to provide suitable investment advice and always act in their clients' best interests.
Yes, I am professionally and legally obligated to act in your best interest. This seems like common sense however not all professionals in our industry are fiduciaries. Many brokers and insurance agents receive commissions for recommending specific investment products which may cause a conflict of interest. We only get paid by our clients.
A CERTIFIED FINANCIAL PLANNER™ (CFP®) professional is an individual that is authorized to use the CFP® certification marks by the CFP Board. CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals must first acquire the knowledge required to deliver professional, competent and ethical financial planning services to clients. Additionally, they must pass a comprehensive certification examination, complete three years of professional financial planning experience and adhere to the high standards of ethics and practice outlined in the CFP Board’s Standards of Professional Conduct. CFP® professionals are also required to complete 30 hours of continuing education every two years, including two hours of ethics education. CFP® professionals providing financial planning services must also abide by a fiduciary standard, meaning they must in good faith act in the best interest of the client.
Any assets you entrust to our firm are placed in custody with Fidelity's clearing firm, National Financial Services, LLC. Securities in accounts carried by National Financial Services LLC (NFS) are protected in accordance with the Securities Investor Protection Corporation (SIPC) up to $500,000. The $500,000 total amount of SIPC protection is inclusive of up to $250,000 protection on claims for cash, subject to periodic adjustments for inflation in accordance with terms of the SIPC statute and approval by SIPC’s board of directors. NFS also has arranged for coverage above these limits. Neither coverage protects against a decline in the market value of securities, nor does either coverage extend to certain securities that are considered ineligible for coverage. For more details about SIPC, or to request a SIPC brochure, visit www.sipc.org or call 202.371.8300.
“Excess of SIPC” Coverage
In addition to SIPC protection, NFS provides for brokerage accounts additional “excess of SIPC” coverage. The excess of SIPC coverage will be used only when SIPC coverage is exhausted. Like SIPC protection, excess of SIPC protection does not cover investment losses in customer accounts due to market fluctuation. It also does not cover other claims for losses incurred while broker-dealers remain in business. Total aggregate excess of SIPC coverage available through NFS's excess of SIPC policy is $1 billion. Within NFS's excess of SIPC coverage, there is no customer dollar limit of coverage of securities, but there is a $1.9 million on coverage of cash waiting investment. This is the maximum excess of SIPC coverage currently available in the brokerage industry.
We are based in Boston and I reside just South of Boston. We can meet in our Boston office, your office, home or any alternative location. We also have video conferencing and screen sharing capabilities for virtual meetings.
I charge an inclusive fee that is a percentage of assets under management. There are no separate charges for transactions, financial planning or consultations. Read our Form ADV to learn more.
Typically, I schedule meetings with clients on a semi-annual or annual basis depending on their individual preferences. Communication is ongoing through both phone and digital means. I also have regularly scheduled events throughout the year which clients may attend.
Claro does not provide tax, accounting or legal advice to clients or prepare tax returns. However, we do incorporate tax mitigation strategies as part of our financial planning process. We will also coordinate with your tax preparer or introduce you to other CPAs if needed.
We do not prepare any estate planning documents. If you do not have an estate plan or an attorney, we will help you articulate your estate planning goals and help you find the right tax or legal advisor, and then work closely with them to ensure your financial plan reflects your estate planning needs.
While I’m licensed to sell insurance I typically would recommend one of our external insurance partners. However, we develop risk mitigation/income strategies as part of our financial planning process that may serve as a viable alternative to conventional insurance products.
Yes, we will prepare a financial plan based on the information you provide to us. These plans are updated daily and will be stored on our secure, financial planning portal which you can access at any time. These plans include stress tests, “what-if” scenarios and cash flow projections based upon your goals.
Prior to our first meeting, we will send you a link to our secure financial planning portal which will allow you to provide necessary documents and information that will help us prepare for our meeting. If this is our first meeting and you are trying to get a feel for who we are and whether we would be a fit, no preliminary information is required. We will try to get a sense of your goals and expectations during our conversation.
I have over 20 years managing client assets through multiple bull and bear market cycles. I help investors filter out the noise, headlines and emotions and maintain a disciplined investment plan. Individual Equities and ETFs are emphasized for growth and actively managed mutual funds and discounted closed-end funds are typically used for income. I also try to increase portfolio returns by taking advantage of inefficiencies and dislocations in the closed-end fund marketplace. Ideas that offer a "high probability for success" instead "high risk/high reward" are emphasized Select structured products are incorporated to help minimize potential losses while also providing enhanced returns.
We have selected Fidelity Investments as the custodian for our clients’ assets, in recognition of the firm’s history, strong institutional reputation and the caliber of the services it makes available to Claro Advisors and our clients.
I generally have a minimum portfolio size requirement of $100,000. However, I will assist our client’s family members and friends regardless of asset size.
The transfer process is very easy, paperless and can be completed in a matter of minutes. We use Dropbox and Docusign for the secure, electronic exchange of paperwork. Once you sign the Docusign, your account holdings will be transferred in about a week to our custodian, Fidelity Investments. You can then access your accounts through www.Fidelity.com or via the Fidelity App.
Located in Boston & Serving Clients Throughout New England
Let’s Connect
Whether you’re ready to schedule an introductory conversation or have remaining questions about our services, contact us today. We look forward to working with you.
Claro Advisors Service Provider Insights
Claro Advisors leverages investment insights and/or investment products from industry leading service providers to best serve our clients needs and objectives. These companies are unaffiliated with Claro and include, but are not limited to the following:
Fidelity Institutional SM Clearing & Custody Services
