Fees

My firm is fee-only. This means 100% of my revenue comes from my clients. In particular, I do not receive commissions from third parties (e.g., mutual funds or insurance companies) that could bias my advice. If you are getting free financial advice, then you are probably getting what you pay for (or less). Below I explain how I bill my clients for services and highlight some of the fee-related benefits of working with my firm.

Benefits of Working with Me

Below I provide three key factors that allow me to deliver peace of mind to my clients.

My independence and fee-only status ensure my advice is genuine, but my competence is what really allows me to deliver value to my clients. This value derives from my analytic expertise and research-based culture. These traits make me more efficient, allow me to conduct more thorough due diligence, and ultimately improve the performance of your investments.

While I have not encountered such a situation, I do not charge clients who are unhappy with my service. If you are not 100% pleased with my service for any reason, just let me know how I can make things right. I will do my best to make you a satisfied customer but can just as easily waive my fees or initiate a refund where applicable. Waived fees and refunds only apply to the most recent engagement or period of engagement. Previous projects or periods may be considered at my discretion.

Transparency is a key element of my client relationships. My fees are not buried in fine print. On the contrary, I discuss fees prior to engagement and provide clients with invoices so they are always aware of how much they are paying. Moreover, for clients who invest in funds or with third-party managers, I also calculate and aggregate the additional fees charged by these entities so my clients know their total cost of wealth management.

Fee Structures

Depending upon the type and scope of engagement, my clients pay me in one of three ways I describe below.

Percentage of Assets

This is the most popular fee structure. I charge a percentage fee based on the type and size of your portfolio (i.e., discretionary assets under management). The percentage is smaller for larger portfolios as assets reach certain thresholds (see Fee Schedules below).

The percentage fee also depends upon the types of investments I am managing and whether or not I provide planning and advisory services. My Personalized Index Portfolios approach requires more work for which I charge higher fees. However, it eliminates the role of third-party funds or managers and thus removes a layer of management fees.

The fees below represent my standard fee schedules. Each client's situation and demands are unique. Accordingly, I reserve the right to negotiate or amend my fees on an individual basis.

Fee Schedules

Full-service financial planning and investment management:

  • Fee Schedule 1 applies if using Personalized Index Portfolios for investment management
  • Fee Schedule 2 applies if using Manager-of-managers approach for investment management

Investment management services only:

  • Fee Schedule 2 applies to Personalized Index Portfolios
  • Fee Schedule 3 applies to Manager-of-managers approach

Note: Clients interested solely in financial planning or advisory services (i.e., no investment management) should refer to my fixed fee, retainer, or hourly billing.

Fee Schedule 1
Assets under management% Fee (minimum annual charge may apply)
Assets up to $1,000,000 Charged at 1.5% per annum
Further assets up to $5,000,000 Charged at 1.0% per annum
Further assets up to $10,000,000 Charged at 0.75% per annum
Assets in excess of $10,000,000 Charged at 0.50% per annum
Fee Schedule 2
Assets under management% Fee (minimum annual charge may apply)
Assets up to $1,000,000 Charged at 1.0% per annum
Further assets up to $5,000,000 Charged at 0.75% per annum
Further assets up to $10,000,000 Charged at 0.50% per annum
Assets in excess of $10,000,000 Charged at 0.25% per annum
Fee Schedule 3
Assets under management% Fee (minimum annual charge may apply)
Assets up to $1,000,000 Charged at 0.75% per annum
Further assets up to $5,000,000 Charged at 0.50% per annum
Assets in excess of $5,000,000 Charged at 0.25% per annum
Fixed Fee / Retainer

In many cases I prefer to estimate the scope of work required for a particular project and offer a fixed fee. I believe this works best for financial plans, investment or portfolio audits, and other ad hoc engagements. Similarly, I recommend retainers for ongoing advisory relationships where I may be on-call or participate in periodic investment meetings.

By the Hour

My base rate is $250 per hour. I only bill the time actually spent on research, analysis, etc. I do not bill for initial consultations where I scope out projects and I do not bill for communicating my findings or presenting deliverables.