Legend Financial Advisors, Inc.® (Legend) is a Fee-Only U.S. Securities and Exchange Commission registered investment advisory firm with its headquarters located in Pittsburgh, Pennsylvania. Legend provides Wealth Advisory Services including Financial Planning and Investment Management strategies to affluent and wealthy individuals as well as business entities and non-profit organizations.
We recognize that along with financial success comes increased responsibilities and complexity. At Legend, we provide a holistic approach to managing all aspects of our clients’ financial situations. By doing so, we can examine the critical interdependencies among investments, income and estate taxes, providing income for retirement, daily expense management, as well as business counseling and philanthropic decision-making, if appropriate. We recognize that our clients’ unique financial needs and goals change over time, so we offer a spectrum of services. We can demonstrate the short-term as well as long-term benefits of smarter tax strategies and improved investment decisions. We will also show our clients how to securely transfer money to loved ones, establish a trust or foundation, or simply help them to manage their finances on a daily basis.
1. Unlike brokerage firms and Fee-Based Advisors who both receive commissions and as a result are inherently conflicted;
Legend is compensated exclusively by client fees, known as Fee-Only.
2. Legend’s Advisors have been selected over 30 times by national publications as “Best Advisors in the Country”.
3. Legend is a Fiduciary and is therefore required by law to always work in the clients’ best interests.
4. Legend has had a historical client retention rate averaging over 96%.
5. Legend designs dynamic, creative and personalized financial planning and investment solutions for its clients.
Legend's financial advisory team has been selected a total of 15 times to Worth magazine's list of "The Best Financial Advisors in America", 17 times to Medical Economics magazine's list of "The Best Financial Advisors for Doctors in America", three times to Dental Practice Report magazine’s list of the “Best Financial Advisors for Dentists in America”, and twice to Mutual Funds magazine's list of "The 100 Great Financial Planners in America".
Furthermore, Legend's founder, Louis P. Stanasolovich, CFP®, has been selected by Financial Planning magazine as one of six individuals to receive the inaugural Influencer Awards for 2010. The category that Mr. Stanasolovich was selected for was the Wealth Creator award recognizing the advisor who has made the most significant contributions to best practices for portfolio management. He has also been named to Investment Advisor magazine’s “IA 25” list three times, ranking the 25 most influential people in and around the financial advisory profession, as well as being named by Financial Planning magazine as one of the country’s “Movers & Shakers”, recognizing the top individuals who have done the most to advance the financial advisory profession.
WHO WE SERVE
Legend’s services are designed to assist affluent and wealthy individuals and their family members, as well as business entities and non-profit organizations. Clients who utilize our services are typically seeking unbiased advice with tailored recommendations, improved after-tax results especially with regard to investments, assistance with regard to the transfer of wealth to the next generation, protection of their wealth, and reduction of time spent overseeing their affairs and dealing with a multitude of advisors.
At Legend, we offer our Wealth Advisory Services in essentially the same manner as that being offered by family offices for the super wealthy, where all of that family’s advisors are under one roof and operate as a team in addressing only that client’s needs in a concerted manner. How we differ from a family office that deals only with one very wealthy client is that we serve many clients whose level of wealth cannot justify a team of advisors working exclusively for them. In other words, we provide the same type of services to multiple clients.
For clients that utilize Legend’s Investment Management services only, the fees are dependent upon the amount of assets that are allocated to each strategy, as well as the amount of assets that the client is asking Legend to manage. Our minimum quarterly fee for Investment Management services only is $2,187.50. For clients who wish to utilize both Legend’s Investment Management and Financial Planning services, our minimum fee is $10,000.00 annually. (For more information on our fees, please see question numbers 20 and 23 of our Frequently Asked Questions
and/or the “Fees” section under our Investment Management Services
If you believe your personal situation does not meet Legend’s minimum fee requirements, we may be able to assist you through our sister firm, EmergingWealth Investment Management, Inc. (EmergingWealth), a Fee-Only Securities and Exchange Commission registered investment advisory firm. EmergingWealth provides Investment Management services to individuals as well as business entities and non-profit organizations whose wealth is emerging. All investment portfolios are subadvised by Legend. Both Legend and EmergingWealth share a common advisory team and investment committee. The minimum quarterly fee for EmergingWealth's Investment Management services is $750.00. For additional information, please contact our President, CEO, and CCO, Louis P. Stanasolovich, CFP®.
HOW WE DIFFER FROM OUR COMPETITION
We differ from most of our competitors in several ways. First we are compensated exclusively by fees paid by our clients thereby allowing us to work in our clients’ best interests and solely for them. In other words, we always act in a fiduciary capacity when advising our clients. Unlike us, many of our competitors receive the bulk, if not all, of their compensation (commissions) from the products they recommend. Many times there are hidden commissions and compensation as well as other fees, which are not transparent to the client. In that capacity, by law, those advisors are required to work in their firm’s best interest, not the client’s. Other firms work as a fiduciary for their client only part of the time (they charge a fee part of the time) and are commissioned salespeople at other times. These advisors call themselves fee-based, attempting to confuse the client into thinking they are Fee-Only. Usually, in both of these situations, the individuals that represent these firms have an incentive to recommend high cost products, such as whole life and/or universal life insurance, variable annuities, and A, B, & C shares (typically higher cost share classes) of mutual funds.
The second major way in which we differ from our competitors is that we work as a team for our clients, providing personal attention every step of the way. In most firms, each advisor has his or her own set of clients. While any two advisors in the same firm may operate in a somewhat similar manner, clients almost always receive two different levels of service as well as quality of advice. At Legend, all clients are firm clients and are counseled in the same manner and receive the same high-quality level of advice and hands-on, courteous service. Each of our advisors specializes in a different area and works on the clients’ behalf in a concerted manner thereby ensuring the quality of advice and level of service we are providing. Also, we take over the time-consuming task of managing client’s affairs among multiple advisors both internal and external to Legend. We are always eager to work with a client’s existing advisors to recommend strategies that address our client’s needs. Should a client need an advisor in a particular area that requires expertise that Legend does not provide, (for example a labor attorney, if we were counseling a business), we will recommend a prescreened professional who can assist in this area.
We further differ from our competitors in that we create customized solutions for our clients. One simple example of this is, oftentimes, our clients come to us with investments, which have a low cost basis. At many of our competitor’s firms, they would simply sell the asset and fit the proceeds into their investment offering. At Legend, an analysis of all investment securities as well as their tax ramifications would first take place and then be discussed at length. A strategy would then be developed and agreed upon by the client. If a particular security no longer fits the portfolio, a plan of attack would be developed to liquidate it.
Not only do we have a number of investment management offerings, which can be tailored to each client’s needs, but we are constantly on the lookout for new investment strategies to offer to our clients.
OUR EXPERTISE AND HOW IT IMPACTS OUR
CLIENTS' FINANCIAL SITUATIONS
Due to our extensive professional contacts, we have incorporated and improved the “best practices” of numerous advisory firms from across the nation into our Wealth Advisory Services package. Furthermore, our advisory team members are routinely sought by professional associations, the national media, industry vendors, professional publications, and other advisory firms to speak, write, and/or provide counsel regarding our industry leading client advisory practices and financial knowledge.
Also, unlike other financial advisory firms, we offer expertise in all key areas of Wealth Advisory Services including: Income Tax Planning, Investment Management, Estate Planning and Trust Services, Asset Protection and Insurance, Expense Management and Reporting, and if applicable, Philanthropy, as well as Business Advisory Services. This expertise allows our financial advisors to deliver the best possible personalized advice and is provided without conflicts of interest.
At Legend, we also add value to our services by keeping abreast of industry and legislative changes, providing staff members with continuing education and training programs, and addressing each client’s situation on an individual basis. We are committed to establishing trust, respect, and a lasting partnership with our client. We value our long-term client relationships as advisors, partners, and in many cases friends.
OUR MISSION STATEMENT
“THE LEGEND WAY”
Our mission is to achieve an unequaled standard of excellence in our profession by providing personalized value-added services and to become indispensable to our clients by assisting them in making educated, intelligent financial decisions. We deliver these services to our clients, whether they be individuals, trusts, businesses, or non-profit entities, through our Wealth Advisory Services including Financial Planning and Investment Management. Legend Financial Advisors, Inc.® is nationally recognized as a firm on the cutting-edge of the Wealth Advisory process, and will continually develop new services and planning concepts to maintain that edge. We consistently strive to go beyond our client’s expectations. Our greatest reward is our client’s peace of mind.
OTHER LEGEND AWARDS
In 2009 and 2010, Legend has been named by Wealth Manager magazine as one of the country’s “Top Wealth Managers”. Legend ranked two consecutive years (2010 and 2011) on Inc. magazine’s Inc. 5,000 list of the fastest-growing, private companies in America.
The Pittsburgh Business Times has included Legend in its annual “Pittsburgh 100” list, ranking the area’s fastest-growing, privately held companies for three consecutive years including 2004, 2005, and 2006. The Pittsburgh Business Times also named Legend to its annual “Best Places to Work in Western Pennsylvania” list for seven years including 2005, 2006, 2007, 2008, 2009, 2011 and 2012. In 2009, 2010, and 2011, Legend was a finalist for the Pittsburgh Human Resources Association's "People Do Matter" award in their Learning and Development category.
In 2004 Legend’s founder, president, and CEO, Louis P. Stanasolovich, CFP® was named one of only 15 people by Fortune Small Business magazine and Winning Workplaces as one of "America's Best Bosses." Mr. Stanasolovich was also selected by Smart Business Pittsburgh as a "Pacesetter" for three consecutive years (2008, 2009, and 2010), an award that recognizes outstanding and innovative business and community leaders who have made a significant impact on the region and its future. In 2009, he was selected as a nominee for the Ernst & Young “Entrepreneur of the Year” award for the Upstate New York, Western Pennsylvania, and West Virginia region.
Legend’s Diane M. Pearson, CFP®, PPC™, CDFA™ has been selected as one of “Pennsylvania’s Best 50 Women in Business” in 2006 by The Pennsylvania Department of Community and Economic Development. She has also been selected twice as the Pittsburgh Chapter of NAWBO’s “Woman Business Owner of the Year” (2004 and 2011). In 2007, she was honored by NAWBO as the "Woman Business Professional Associate of the Year." In 2005, Diane was named as one of the Pittsburgh Business Times’ Fast Trackers 2005 for her impact on the business and social climate within the Pittsburgh region.
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