Welcome to Weinstat Wealth Management
Our disciplined investment process, coupled with highly personalized service, has resulted in long lasting relationships with our clients.
Investing well is a lot like cooking a perfect meal. Choosing quality ingredients, the right skillet, adjusting the flame "just so." At Weinstat Wealth Management, I am the "chef," and it is my personal mission to serve you your successful asset portfolio.
The idea to invest professionally sparked more than 25 years ago, as a partner at Weinstat and Weinstat, CPA's. As the second "Weinstat" in the company name, I worked alongside my father, Arnold Weinstat, a wise man and an excellent accountant. As our Registered Investment Advisory (RIA) business grew, I split it away with myself at the helm and hung up my CPA "hat" for good. Not only did I invest my own funds, but also those of close family and friends, new clients and long-time accounting clients.
Today and always, I strive for outstanding results, mixing ingredients of sectors and stocks, earnings and economy – and more. While past performance is not a guarantee of future returns, we have dined quite well.
This is my recipe for success. I am all in. For you and for me. This is Weinstat Wealth Management, Inc.
About the Firm
The firm has one shareholder, Michael Weinstat. He is a former Certified Public Accountant, a skill set not generally found in most investment firms. Working exclusively on a fee-for-service basis, he is keen to avoid conflicts of interests that can occur when advisors work on commission. Weinstat Wealth Management, Inc. is not licensed to sell commissioned products including certain mutual funds, stocks, bonds, insurance and annuities. Michael specializes in long term investment strategy and portfolio management. He trades through the highly regarded institutional division of Fidelity Investments and has no affiliation with any financial companies. Weinstat Wealth Management, Inc. holds discretionary power over all its accounts.
Weinstat Wealth Management Inc. is a Registered Investment Advisor with the Securities and Exchange Commission. As a registered investment advisor, Michael Weinstat the 100% owner, has not received any formal training to become an RIA.
About Michael
Michael Weinstat received his B.S. degree in business management from Syracuse University in 1984 and joined the firm, Weinstat and Weinstat, CPAs. Michael has invested his own capital since the mid-’80s and started investing professionally in 1994. In 2010, Michael created Weinstat Wealth Management, Inc. and is the 100% shareholder. He retired his CPA license and now dedicates himself to the equity markets.
Our Services
We offer separately managed equity accounts and no-load equity mutual funds for clients who want to grow their assets over a long period of time.
For fixed income, we offer no-load bond funds and individual bonds, both taxable and tax-free.
To learn about our philosophy for each of these investment types, see below.
Our Philosophy
For separately managed accounts, Michael believes in a concentrated portfolio that is not only successful, but different. One reason why 80% of money managers do not beat the market is because they over-diversify, resembling index funds. By focusing on his best ideas, Michael avoids holding an excess of mediocre companies simply to have access to certain sectors. Weinstat Wealth Management (WWM) tends to hold between 25-30 companies in its portfolios. While in the very short term, performance can be volatile, long-term results have proven beneficial to its clients.
Most money managers (especially at mutual funds) hold fully invested accounts. WWM, on the other hand, generally holds between 5 and 15% of the portfolio in cash. WWM knows that cash is an inefficient use of capital. It also believes it is imperative to hold a sufficient cash cushion to take advantage of buying opportunities during pull backs and corrections. This strategy is fully disclosed to clients.
WWM does extensive research targeting great companies selling at reasonable or cheap prices. WWM looks for companies with a low PEG ratio. A company with a growth rate equal to or higher than its PE is a preferred starting point. WWM also looks for companies with a low PE relative to its historical PE and a low PE relative to the market multiple. Other opportunities are companies with sustainable earnings growth, high return on equity, free cash flow, a stock buyback program and a clean balance sheet. A company that has a safe dividend is a bonus. A company's management and its competitive advantage is very important. WWMs strict criteria sometimes makes finding 25 companies to own difficult, but quality is more important than quantity.
WWM specializes in equity management, with most clients looking to grow assets over time. For those that need fixed income, WWM invests in both no-load bond funds and individual bonds. For the bond funds, it invests in well-known names. Depending on the amount of assets, it leans towards funds with bonds of longer duration with higher yields. For clients who prefer individual bonds, WWM purchases both taxable and tax-free bonds.
WWM specializes in equity management, with most clients looking to grow assets over time. For those that need fixed income, WWM invests in both no-load bond funds and individual bonds. For the bond funds, it invests in well-known names. Depending on the amount of assets, it leans towards funds with bonds of longer duration with higher yields. For clients who prefer individual bonds, WWM purchases both taxable and tax-free bonds.
Our Clients
Communication is critical and WWM emphasizes frequent client interaction as part of its philosophy. Part of its goal is to educate clients about the market, as well as their own holdings.
Each quarter, WWM sends clients an extensive report that evaluates their portfolio’s returns, both in absolute terms and relative to the market. It includes Michael’s commentary about market conditions and trends, as well as information about the economy, and how it affects the market. It also reports on several of WWMs select mutual funds, explaining the ups and downs they experience.
For high net-worth clients who are invested in separately managed stock accounts, WWM also provides mid-quarter updates going into further detail.
Weinstat Wealth Management, Inc. - Form CRS
Weinstat Wealth Management, Inc. ("we", "us" or "our") is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser. Investment advisory services and compensation structures differ from that of a registered broker-dealer, and it is important that you understand the differences.
Free and simple tools are available to research firms and financial professionals at www.Investor.gov/CRS. The site also provides educational materials about broker-dealers, investment advisers and investing.
We provide investment advisory services, including discretionary investment management and financial planning services to individuals, trusts and estates (our "retail investors").
When a retail investor engages us to provide investment management services we shall monitor, on a continuous basis, the investments in the accounts over which we have authority as part of our investment management service. Furthermore, when engaged on a discretionary basis, we shall have the authority, without prior consultation with you (unless you impose restrictions on our discretionary authority), to buy, sell, trade and allocate the investments within your account(s) consistent with your investment objectives. Our authority over your account(s) shall continue until our engagement is terminated.
We offer investment management and financial planning services as part of our standard investment advisory engagement. We also provide tax guidance and business consulting. When we provide financial planning and investment services, we rely upon the information provided by the client for our financial analysis and do not verify any such information while providing this service. We do not limit the scope of our investment advisor services to proprietary products or a limited group or type of investment.
Additional Information:
For more detailed information about our Advisory Business and the Types of Clients we generally service, please See Items 4 and 7, respectively in our Adv Part 2A.
Conversation Starters:
- Given my financial situation, should I choose an investment advisory service? Why or why not?
- How will you choose investments to recommend to me?
- What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?
We provide our investment advisory services on a fee basis. When engaged to provide investment management services, we shall charge a fee calculated as a percentage of your assets under our management (our "AUM Fee"). Our annual AUM Fee is typically, and does not exceed,1.00%. We do not impose a minimum fee for investment management services, although fees may be discounted. The minimum asset level is $ 400,000 for mutual funds and fixed income portfolios and $750,000 for equity accounts. Exceptions to these minimum account levels are made for family members of current clients.
We typically deduct our AUM Fee from one or more of your accounts, in advance, on a quarterly basis. Because our AUM Fee is calculated as a percentage of your assets under management, the more assets you have in your advisory account, the more you will pay us for our investment management services. Therefore, we have an incentive to encourage you to increase the assets maintained in accounts we manage.
Other Fees and Costs:
Your investment assets will be held with a qualified custodian. Custodians generally may charge brokerage commissions and/or transaction fees for effecting certain securities transactions. In addition, relative to all mutual fund and exchange traded fund purchases, certain charges will be imposed at the fund level (e.g., management fees and other fund expenses).
You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.
Conversation Statrter:
- Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. As an example, we may recommend a particular custodian to custody your assets, and we may receive support services and/or products from that same custodian, certain of which assist us to better monitor and service your account while a portion may be for the benefit of our firm.
Conversation Statrter:
- How might your conflicts of interest affect me, and how will you address them?
Additional Information:
For more detailed information about our conflicts of interest, please review our Adv Part 2A.
Our financial professional is generally compensated on a salary basis and may also receive compensation as owner of the registrant. You should discuss your financial professional’s compensation directly with your financial professional.
No. We encourage you to visit www.Investor.gov/CRS to research our firm and our financial professionals.
Furthermore, we encourage you to ask your financial professional: As a financial professional, do you have any disciplinary history? If so, for what type of conduct?
Additional information about our firm is available on the SEC’s website at www.adviserinfo.sec.gov. You may contact our Chief Compliance Officer at any time to request a current copy of your Adv Part 2A or our relationship summary.
Our Chief Compliance Officer, Michael Weinstat, may be reached by phone: (516) 666-0144.
Conversation Statrter:
- Who is my primary contact person?
- Is he or she a representative of an investment adviser or broker-dealer?
- Who can I talk to if I have concerns about how this person is treating me?