Basepoint Wealth, one of Eastern Iowa’s largest independent fee-only fiduciaries, understands the unique challenges and opportunities of managing wealth in the Midwest and Middle America
Advice, Not Sales
The story of Basepoint Wealth is a story of professional colleagues in Iowa who came to an important realization about what people are looking for when they seek help from financial advisors:
“People seeking financial advice want just that: Advice.” Kate Wallace, the firm’s President& Senior Wealth Advisor, says.“All too often, clients seeking financial advice are actually solda product under the guise of financial advice. Our independent, fee-only model allows us to focuson providing advice. Not sales.”
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Basepoint Wealth was founded in 2017, serving individuals and businesses across the Midwest. The purpose of the firm was to provide clients with the opportunity to receive advice and financial services in a non-sales-focused environment.As a fiduciary, the firm is bound to do what is in the best interests of their clients at all times.
The Basepoint Wealth leadership team is made up of five individuals: Kate Wallace, CFP®, ChFC®, RICP®, APMA®W. Allen Wallace, CFA, CPA/PFS, CFP®, Landis T. Wiley, CFP®, Bryan Knudson, CFP®, and Katie Ortgies, CRPC®
These individuals are passionate about educating clients and sharing how economic theory and time-honored strategy can benefit clients, regardless of their goals. Each brings a unique skill set to the team, and each has helped create a firm that is ready to address the most complex and unique needs of their clients.
The firm is now one of the largest fee-only fiduciaries in Eastern Iowa, with offices in Cedar Rapids, Dubuque, and Davenport.
Seamless Service Built to Last Generations
One of the early accomplishments of Basepoint has been to successfully transition clients to new advisors as their current advisor moves into retirement.
Through a meticulous process of examining the needs and goals of their clients and matching them with like-minded advisors on their staff, the Basepoint team has been able to help clients, and their advisors, during what can sometimes be a complicated and emotional process. As more senior advisors retire from the workforce, their clients are paired with intelligent, enterprising advisors whose strengths will serve the needs of the clients in the long-term.
This valuable function of Basepoint is reliant on a recruitment program focused on attracting strong, educated talent.“We turn away more partners than we pursue,” Landis Wiley, Managing Partner, says about advisor recruiting, “it’s allabout finding the right fit to grow the culture, the internal knowledge base, and the team - it’s the only way this works.”
As the team grows, it is imperative that the guiding principles of Basepoint are communicated to new employees.
“We reject blind implementation of Modern Portfolio Theory,” says Allen, who serves as the firm’s Chief Investment Officer, describing the philosophy guiding the firm’s staff.
Allen, who writes the “Resources & Insights” content on www.basepointwealth.com, is referring to the Nobel-prize winning theory that was developed by Harry Markowitz in his paper “Portfolio Selection,” published in 1952 by the Journal of Finance. The theory explained how risk-averse investors can construct portfolios to maximize returns based on a given level of market risk.
“I agree that the mathematics are elegant,” Allen continues, “But as Einstein said: ‘If you’re out to describe the truth, leave elegance to the tailor.’ We try to never substitute math when common sense will do, and that includes the importance of fundamentals like: know what you own, and know why you own it.”
Additionally, Basepoint’s Wealth Advisors meet weekly to review and discuss the strategies best suited to meet their clients’ goals. Each advisor, including the senior management team, present cases to their peers to review financial planning strategies for their clients. Through dialogue, the recommendations are improved and confirmed before being presented to clients for implementation or further discussion.
The commitment to a shared philosophy, team-based review of portfolios, and client-focused continuity of service are the driving forces in creating a 21st century wealth management company that is built for sustainability.
From Here You Can Go Anywhere
In a marketplace that is saturated with large firms offering name recognition and the perceived value associated with national brands, Basepoint is delivering an independent, transparent, client-focused alternative. Furthermore, the firm is expanding its wealth management process to add a tax and accounting services division.
While Basepoint is independent, Fidelity Clearing & Custody Solutions does serve as its primary custodian, but the relationship is not exclusive, and Basepoint engages custodians that are most efficient and effective for their clients’ needs on an individual basis.
And, to underscore the extent to which they are wealth managers before they are investors, they proactively share that they believe their clients’ assets do not need to be in the market at all times. Basepoint’s value for liquidity, safety, and awareness of the stakes of investing are outlined in their uniquely intuitive “Seven Principles” series on the “Financial Resources” section of their website.
“Our value proposition,” Kate says, “is understanding that your life is more than just numbers. We listen to our clients, getto know them personally, understand what is important to them, and map the strategies to get them there.”
“If you look at our logo,” Kate continues, “you see the dot on the zero-point, or the basepoint, on an X/Y axis. We meet our clients where they are and use our own principles to chart a path that show how and when they might be able to attain what is important to them. But we look at where you are starting. From here, you can go anywhere.”
Basepoint Wealth is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Past performance is not indicative of future performance.
This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
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