Clients First

In every one of our business practices, we put your interests first.

  • Our business model maximizes transparency.  You pay each service provider directly for the tasks they perform—Constancy for financial planning and investment advice and management; DFA for fund management; a third-party custodian for securing your assets and executing transactions—so you can see clearly the fees each charges.
  • Our fees align with your interests, are straightforward and low relative to industry standards—0.70% per year on your managed assets for the first $1 million and 0.50% per year for assets above that.  As our business grows, we plan on sharing economies of scale with our clients in lower fees.
  • We do not charge an incremental fee for the stock portfolios we manage internally, as this is an integral part of our service.  However, if the stock trading costs of these portfolios outweigh the fees of the comparable mutual funds, we will use the mutual funds.
  • We do not make commissions or share fees from the third party funds we use in our Constancy Investment Portfolios.  We have selected these funds purely on their ability, in an uncertain world, to maximize the probability of successful outcomes for our clients.
  • The funds of Dimensional Fund Advisors (DFA), our most important third party investment partner, have no “loads” or sales charges.  Similarly, the funds have no 12b-1 fees.  So, all of your money is put to work, without any up-front or back-end commissions or other distribution payments.
  • DFA funds have a single share class, with the same low fee charged to all investors.  DFA regularly reduces fees on many of its funds, as the firm shares its scale advantages.
  • We do not use “soft dollars” to pay for research and other investment-related products and services. Our fee covers these expenditures. So, as we buy and sell stocks in our portfolios, we strive for best execution at the lowest possible price per share.  DFA likewise stopped using soft dollars in 2013.  This will help the returns of our portfolios slightly, and more importantly results in maximum transparency.
  • We will undertake our best efforts to have our trades executed on exchanges and other trading venues protected from predatory high-frequency trading practices.
  • We eat our own cooking. All principals invest their discretionary personal financial assets in the Constancy Investment Portfolios and the funds comprising them.

As we face decisions with respect to how we conduct our business, we will always put ourselves in your shoes.