faq

The safety and security of our clients’ assets is paramount and among our deepest concerns.  We hold all client assets with a third-party custodian. After an extensive due diligence process, we chose Fidelity Institutional® (“Fidelity”) to fill that role.

Fidelity provides a comprehensive clearing and custody platform, brokerage services, trading capabilities, and practice management and consulting to RIAs, including strategic acquirers and professional asset managers, as well as retirement recordkeepers, broker-dealer firms, banks, and insurance companies through National Financial Services LLC (NFS) or Fidelity Brokerage Services LLC, Members NYSE, SIPC. In addition to providing services to third-party institutions, the NFS brokerage platform supports all the clearing and custody businesses at Fidelity, including Fidelity’s retail and capital markets businesses, bringing NFS assets under administration to more than $6 trillion, as of September 30, 2022.

In less complicated terms, Fidelity offers us the ability to run an independent wealth advisory firm while offering the back-end support and security of a major institution.

Long-term colleagues, Dan Speirs, Lyle Meek and Jenni Chesini lead the advisory team. Dan previously operated separately from Lyle & Jenni but with frequent—often daily—collaboration, so the decision to go independent together was an easy one. We also added two phenomenal support members to the team: Brianna Ferguson and Meredith Collins. Brianna worked with Lyle from 2014 to 2016, and Brianna and Meredith worked alongside each other for several years starting in 2016. The entire team is thrilled to reunite and bring our collective expertise and enthusiasm to Cerro Pacific!

We continue to employ the same wealth management approach, so you should not notice a significant change. We do, however, now enjoy enhanced technologies, research, and team support.

You will be able to view your account through our secure client access portal 24/7 in real time as well as through Fidelity’s client portal. In addition, we will supply you with regular performance reports.

Once we have your completed paperwork on hand, we will submit it immediately for processing so we can transfer your account and keep your periodic contributions or distributions intact. If you need to move funds during the transitional period, please contact us for guidance.

You will need to complete a set of documents authorizing transfer of your accounts. This will include paperwork from both Fidelity and Cerro Pacific Wealth Advisors. We will provide you with the necessary paperwork in a manner that is most convenient for you, and we are happy to explain each document.

No. As long as you complete the paperwork we provide, your assets will transfer in kind without being subject to liquidation or taxes. Any transfer fees assessed will be reimbursed once your account transfers to Fidelity. Any quarterly fees already assessed to your account will be reimbursed on a pro rata basis by Wells Fargo and reassessed by Cerro Pacific Wealth Advisors post-transfer.

Contact us! Please do not hesitate to call or email us if you have additional questions about these changes. We would be happy to discuss them further with you to ensure you are comfortable with the next steps in our journey together. Our main office line is (805) 457-3300.