New Offerings at Prospero Wealth

Hello everyone. Much has changed since I went full-time with Prospero Wealth in mid-July and we’ve seen an incredible groundswell of support from new and existing clients. This has been the most professionally rewarding period in my life. Thank you for your referrals and your trust.

Since going full time, I’ve been able to focus on broadening our product offering and enabling deeper relationships with clients. There are a ton of moving parts out there, but I wanted to share with you some highly visible changes and opportunities.

• Tax Preparation and Tax Planning Services

  • We are working with a company to provide tax preparation, tax planning, and professional tax advising in 2022. This is a virtualized tax prep company that offers very competitive rates on their tax returns. If you need a great tax preparation team that’s integrated with your financial advisors, this is the way to go. All of the tax return process will happen on a live portal where Marcus and I can provide advice and loop learnings back into our financial plans. If you provide us with your 2020 Tax Return, we can provide a quote on what that same return would have cost with our new provider.

• Estate Planning and Monitoring

  • If you do not yet have your estate planning documents, we are now working with a wonderful provider that can create those for you, using local attorneys in whatever state you happen to be located. If you already have planning docs, we can add them to a service that monitors for state or federal changes that may impact your intended outcomes and review them as part of your financial plan. Instead of a static narrative document, our provider turns your estate plans into gorgeous visuals that are easy for everyone to understand.

• Ongoing Advising for Accounts Outside of Prospero Wealth

  • As we’ve done more financial planning, we’re finding a persistent need to provide ongoing advice to accounts held outside of our direct oversight at Prospero Wealth. We are happy to advise on these accounts for a price that’s a fraction of our normal AUM fees. In this arrangement, you provide us with account docs (twice a year) and we provide written recommendations and guidance tailored to your investment goals (as well as our most up-to-date allocation guidance).

• Venture Capital for Non-Accredited (AKA “Average Joe”) Investors

  • This is very new but very cool. We are working with a company that has approval from the SEC on a new type of fund that allows non-accredited investors to invest in early stage startups with starting contributions as low as $1,000. These are still long-term illiquid investments, but they allow more casual investors access to an asset class that was typically the domain of much wealthier individuals.

• Dimensional Separately Managed Accounts (SMA)

  • Those of you who have worked with us across a broad range of your portfolio assets know that we are big fans of the quant-based index approach at Dimensional. For investors looking to go _beyond indexing_, we now have an option providing significantly improved customization, personalization, and tax management capabilities. At the end of the day, this means more returns for you. Building these custom portfolio approaches used to require account minimums of $20 million; they can now be run for accounts of $500k. If this is interesting to you, let us know and we can walk you through a strategy build and look at your individual tax analysis. We think you will be appropriately impressed.

• Schwab is our new Custodian

  • Schwab enables us to meaningfully improve our customer experience while opening up a world of new integration capabilities. All new clients will be onboarded through Schwab. Our hope is to eventually migrate all of our existing clients from Interactive Brokers and Betterment for Advisors to Schwab, but there’s no rush and we’re happy to show you the value of that move over time. If you ARE interested in getting over to Schwab sooner rather than later, let us know. We’re happy to start now!

• Accredited Investor Opportunities in Real Estate, Venture Capital, Private Equity, Collectibles, and Crypto

  • As public equities look to be on the tail end of an epic run, we find many clients seeking diversification in other spaces - largely non-public trading opportunities . These are all areas that I have personally been investing in for years and I’ve been looking for a way to do this for clients that works with state regulators. If you are an accredited investor looking to diversify more than $200,000 into these spaces, please reach out. We can help you create, build, and manage a diversified portfolio of assets for the long haul.

Hopefully, you found a number of things in that list that look interesting to you. It’s been a busy few months. Please contact us or grab time on my calendar if your interest has been piqued or you have ideas on how we can better serve you and your families. Speaking of families, here is mine!

All the best,

Eric