SIENA

Fee-Only Advisor

All investments held at major U.S. brokerage firm and not Siena. Siena founders hold doctoral and other advanced degrees.

Evidence-Based Management

Concentrate on asset classes which provide 94% of a portfolio’s return.

Fiduciary Duty to Client

Highest duty recognized by law.

Institutional Funds

Wholesale prices.

No Conflicts of Interest

Truly independent and objective.

No-Load Funds

Uses Asset Classes for Optimal  Diversification with Low Turnover

No Insurance Products

Insurance is not an investment.

No Surrender Charge or Period

BROKER

Commissioned Broker

A Broker is known by many names: Fee-Based (not fee-only) Advisor; Investment Advisor; Financial Planner; Manager of Managers/Wrap Account; Retirement (Pension) Planner; etc.

Active Management

Concentrates on security selection and market timing tactics which provide only about 6% of a portfolio’s return.

No Duty to Client

“Caveat Emptor” or Buyer Beware; only “suitability.” Broker’s duty is to their company.

Retail Funds

Highest prices.

Conflicts of Interests with Clients

Commissions and products can create conflicts of interests with clients (e.g., one product offers brokers more commission than another).

Mostly Loaded Funds (Commissions)

Often described as “A”, “B”, or “C” shares.

Funds Often Suffer From Style Drift with High Turnover

e.g., small cap fund purchasing mid caps to chase returns.

Many Insurance Based Products

Annuities, cash value life insurance, etc.

Often Very High Surrender Charges

e.g., annuities as much as 10%; Surrender periods can be as long as 10 years.