Frequently Asked Questions
Are you a fiduciary?
Yes. A fiduciary's responsibilities are both ethical and legal. When a party knowingly accepts a fiduciary duty on behalf of another party, they are required to act in the best interest of the party whose assets they are managing. The fiduciary is expected to act solely in the best interest of the client.
What does the CFA® designation mean?
The Chartered Financial Analyst® (CFA®) designation is globally accredited in the financial industry for its intense focus on investment knowledge, analytical skill, and ethical standards.
Earning the CFA® charter is a highly selective process. Fewer than one in five candidates become a CFA® charterholder. To achieve the distinction of being called a CFA® charterholder, one is required to demonstrate a minimum of four years of professional investment experience, commit to uphold a comprehensive code of ethics, and pass three levels of rigorous exams that take an average of over 1,000 hours of study and test an advanced curriculum of investment management and analysis skills.
All CFA® charterholders are required to annually attest to their compliance with the CFA® Institute Code of Ethics and Standards of Professional Conduct.
James B. Runey, III has this designation.
Who has my money?
Runey & Associates Wealth Management does not hold your money. A financial institution called a custodian will hold your securities for safekeeping to minimize the risk of their theft or loss. Our clients have access to several of the industry’s top custodians including: TD Ameritrade and FOLIOfn.
What is a custodian?
A custodian is a financial institution that holds and manages a client's securities or other assets on his/her behalf. This reduces the risk of the client losing his/her assets or having them stolen. They are also available to brokerage a sell at the client's demand. Like a bank, a custodian provides an investor a place to store assets with little risk. Some examples of custodians available to our clients are: TD Ameritrade and FOLIOfn.
Is there a risk of any Bernie Madoff type schemes when I invest with you?
We pride ourselves on being open and transparent. Madoff’s clients gave their money directly to Madoff instead of entrusting it to a third party financial institution (custodian). Madoff then produced fictitious statements. Our clients receive account statements each month from the custodian. Unlike Madoff, our client portfolios are made up primarily of mutual funds and exchange traded funds (ETFs). There is a large quantity of public information available on these investments.
How do I get information about my accounts?
Once your investments are under the management of Runey & Associates Wealth Management, and in one of our custodian relationships, you will be able to go online at any time with appropriate levels of security to look at your investments. You will be able to obtain past statements and look up certain tax and other documents.