True Wealth Management

Integrate & Delegate Your Financial Life

Schedule a Free Intro Call


True Wealth Management

Integrate & Delegate Your Financial Life

Schedule a Free Intro Call

We provide true wealth management, which we define as a collaborative relationship with financial life planning and investment management. Below we outline examples of the specific services included; however, this list is not exhaustive as we tailor our services to the needs of each client.

Collaborative Relationship

Financial Life Planning

Investment Management


Frequently Asked Questions

Ask us the hard stuff…

Frequently Asked Questions

Ask us the hard stuff…

Are you or your firm a Registered Investment Adviser (RIA)?

Yes, Laminar Wealth LLC is a Registered Investment Adviser (RIA). David Oransky and Mary Oransky are Investment Adviser Representatives (IAR) of Laminar Wealth LLC.

Are you a registered representative of a broker-dealer or a licensed insurance agent with any company or agency?

No, we do not sell any investment or insurance products. Other financial advisors have chosen to be dually registered under a hybrid business model so that they can earn both advisory fees from their clients and commissions from financial and insurance companies for certain products they recommend. While the current law allows this, we believe that wearing “two hats” is confusing and difficult to discern when your advisor is acting in your best interests as a fiduciary versus when they are acting as a sales person for the companies they represent. As a fee-only advisor, we never take off the “fiduciary hat” and are always representing you and acting in your best interests. If the need for insurance products arises (it often does) we will refer to you to a qualified insurance agent and then act as your advocate throughout the process.

Are you a fiduciary?

Yes, we are a fiduciary under the law. We will continue to be a fiduciary at all times during the advisor-client relationship and with respect to all of your accounts and all of the advice we provide to you. We believe in always placing your best interests first, acting with prudence, and avoiding conflicts of interest.

How are you compensated?

Laminar Wealth LLC a fee-only advisor, which means the only compensation we receive comes directly from our clients in the form of transparent advisory fees.

Do you receive any third-party compensation as a result of any investment or insurance products recommended?

No, we do not receive any commissions, including 12(b)1 fees, nor do we have any financial incentive to recommend certain financial or insurance products.

Do you own/receive compensation from a separate business that sells commission based investments and/or insurance?

No, we do not own or receive compensation from any other business or entity that sells commission based products or insurance.

Will you be recommending any proprietary products to me (e.g. funds owned or managed by the advisor or its affiliates)?

No, we do not recommend or use any propriety products. While proprietary products are not necessarily bad, they often are not the best or lowest-cost either. Moreover, recommending proprietary products often results in additional compensation to the advisor or their firm, a conflict of interest we think should be avoided.

Will you be engaging in any principal or agency transactions with me?

No, we do not engage in principal or agency transactions with our clients. A principal transaction is where the advisor, for its own account, sells or purchases securities from you. This is often seen when purchasing individual bonds and you are sold a bond out of the firm’s own inventory. Similar to proprietary products, this isn’t necessarily bad but often results in the firm making more money on the transaction and may not always be in your best interests. An agency transaction is where the advisor arranges a trade between two of its own clients. The danger here is that the transaction could be structured in a manner that benefits one client to the detriment of another. Any recommendation we make or transaction we effect on your behalf is done so because we believe it is in your best interests and we have no additional financial incentive.

Do you receive referral fees from attorneys, accountants, insurance agents, mortgage brokers, or any other professionals you may refer me to?

No, any referrals we make to other professionals are based solely on our belief that it will be beneficial to you. We do not accept any referral fees or kickbacks. These professionals may also refer clients to us, but they are under no obligation or expectation to do so and we will not compensate them for any referrals they make to us.

Will you provide me with your disclosure document Form ADV Part II or a state equivalent?

Yes, we provide this to all clients before entering into a formal advisor-client relationship and on an annual basis thereafter. We have also made this available to the public here.

Have you ever been cited by a professional or regulatory governing body for disciplinary reasons?

No, the firm and its representatives have clean records. You can view these public disclosures for any advisor or firm at http://brokercheck.finra.org/.

Will you provide me with references from other professionals or clients?

Yes, we would be happy to share the names of other professionals we have worked closely with to serve our clients, such as CPAs, attorneys, or insurance agents so that you can learn more about our abilities and client services. Given the private nature of our work and our commitment of trust and loyalty to our clients, we are unable to provide contact information for client references.

In what accounts (i.e. with what custodian) will my investments be held? What safeguards exist to ensure my funds are not stolen?

We require that all clients hold their accounts with an independent custodian. Safeguards such as these prevent the type of theft and fraud that was experienced by clients/victims of Bernie Madoff, where the advisor was also acting as the custodian. While you may choose any qualified custodian, we typically recommend opening accounts at TD Ameritrade Institutional due to their low fees, array of services, and the ability for you to easily authorize us to manage your accounts with a limited power of attorney (LPOA). An LPOA enables us to place trades and deduct advisory fees from your account(s) but restricts cash withdrawals or transfers to accounts not owned by you. Advisory fees will only be deducted from your account in accordance with a written advisory agreement and we will send an informational invoice to you at the same time. Additionally, TD Ameritrade will provide trade confirmations and monthly statements to you directly so that you have a record of what activity has taken place in your accounts. TD Ameritrade also provides an Asset Protection Guarantee that can provide up to $150 Million of coverage for your account.

If I decide not to work with you anymore, what happens to my accounts?

In the event that you decide not to work with us anymore, we will simply disconnect our authority over your account(s) held at the independent custodian (e.g. TD Ameritrade Institutional). All of your accounts always remain in your name and at the same custodian. You could then authorize a new advisor on your account, manage it on your own, or transfer it to another custodian. No matter what, you always remain in control and have direct access to your accounts through the independent custodian.

In addition to the advisory fee, what additional costs am I likely to incur with regard to my investment portfolio?

One of our primary roles as your investment advisor is to reduce your all-in investment costs. In addition to the transparent advisory fee you pay directly to us, there are two additional direct costs that you may incur to implement your investment portfolio.

  • Fund Expense Ratios: This is the annualized fee that mutual funds and exchange traded funds (ETFs) charge their shareholders. It includes management fees, administrative fees, operating costs, and all other asset-based costs. According to a 2016 Morningstar Report, the asset-weighted average expense ratio across all funds was 0.61% in 2015. This figure has come down significantly over time but is still unnecessarily high in our opinion. By contrast, the asset-weighted average expense ratio of the investment portfolios we recommend for our clients typically range from 0.10%-0.25%.

  • Transaction Fees & Commissions: These fees are charged by the custodian where your accounts are held and incurred when you buy or sell certain investments. We often recommend TD Ameritrade Institutional as a custodian to our clients in part due to their low fees. In fact, most of the ETFs we recommend trade commission-free at TD Ameritrade. The ETFs and mutual funds that are subject to transaction fees cost $9.99 and $24.00, respectively, per trade. We keep your total transaction costs low in two ways. First, our investment philosophy lends itself to low turnover and thus fewer transactions than a more active or tactical strategy. Second, anytime we are looking to purchase a fund on your behalf we evaluate the impact of any transaction costs and will purchase a commission-free substitute when appropriate.

Will you provide investment management services without financial planning?

No, in order to determine the most appropriate investment portfolio we must first have a thorough understanding of your overall objectives and how your investment portfolio integrates with the rest of your financial life. Providing investment advice without a financial plan would be like a physician prescribing medicine without first examining and diagnosing the patient.

Who in the firm will be working with me?

David and Mary work collaboratively on all clients. We have made the conscious decision to limit the size of our practice and don’t intend to hire associate advisors. One of the aspects our clients tell us they like best is that they know they are working with a stable team and won’t be passed off to a new associate advisor.

What type of client is a good fit for you?

The clients we work best with tend to share our philosophy on life and money. We may be a great fit for you, if you…

  • Live well within your means

  • Seek to balance living for today while still planning for tomorrow

  • View human capital (time, energy, and skills) as your best resource even if you also have significant financial resources

  • Have a long-term perspective to investing and aren’t easily tempted by hot tips or get rich quick schemes

  • Believe that minimizing investment costs is a better approach to maximizing returns than stock picking or market timing

  • Are in a high tax bracket and want to minimize the tax drag of your investments


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