I started in the investment business with E.F. Hutton. I was with Paine Webber prior to starting our present firm, WaterStone Investment Counsel, in 1995. We are a fiduciary, registered investment advisory firm. Our clients' assets are held by either Fidelity Investments or Charles Schwab & Co. WaterStone is compensated by a management fee charged as a percent of the assets that we manage for our clients; usually 1%/year or less. We do not do commission business. Unlike some firms that charge a percentage of assets and then put you in mutual funds, which also charges an annual expense ratio, we invest our clients' assets in individual stocks and bonds. There is no double dipping. Why pay the broker and the mutual fund company to manage the same assets? We also do not invest our clients' assets in model portfolios. Every portfolio is individualized to that particular client's needs and risk profile.