NewDay Solutions, an independent advisory firm based in Hampton, N.H., which was formerly with Ameriprise, has joined Raymond James Investment Advisors Division, IAD President Bill Van Law announced Monday.
The new affiliation is being made in part so the firm can switch from a commission business model to a fee-only model while being independent, says Kathleen M. Thomas, director of portfolio services and lead wealth advisor for NewDay, which has $150 million in assets under management.
“I think fees are fairer. There is an inherent conflict of interest with commissions and we can be fully independent this way. Our clients seem excited about the change because they see I am excited about it,” Thomas says.
Also with the firm are Tammy Symons, director of advice services and wealth advisor; Jayne Veilleux, director of operations and brand awareness; Stephen Coopersmith, portfolio analyst; Lisa Morgan, financial planning assistant; Elizabeth Hellard, client service manager, and Jeanne Caito, administrative assistant.
“One of the important pieces in our search for a new home was to look for a firm that offered a full-service platform along with the independence to pursue whatever we need to service our clients,” says Thomas.
“I want to offer clients a low-minimum, low-cost -- almost a mini robo -- account that provides entry to a long-term financial relationship but won’t cost an exorbitant fee, as well as continue to offer a comprehensive, full-service platform for clients who value and appreciate that,” she adds. “I want to be transparent in what we charge clients, have them know what they’re paying for and not have to pay for something they don’t need.”
NewDay Solutions provides financial advice and wealth management services to individuals, families and small-business owners.