Fee-Only Investment Advisory and Financial Planning Firm Serving Greater Richmond, Virginia

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We offer a straightforward and transparent fee-only structure

Although all of our client relationships combine both financial planning and investment management, there are two main ways to work with us depending on your needs, goals, and your stage of life.

Wealth Management Model

As the classic fee-only relationship, the Wealth Management model is generally for those with a more established career who have been able to save more than $500,000.

We work with you on an ongoing basis, with the proper asset mix determined after evaluating risk tolerance, life stage, and goals.

The financial planning aspect of this relationship tends to focus on retirement and tax planning.

ASSETS UNDER MANAGEMENTANNUAL FEE
First $1,000,0001.0%
Next $1,000,0000.7%
Over $2,000,0000.5%

Accumulator Model

This model is best suited for young professionals that are actively saving but have not yet accumulated $500,000 in investable assets yet. They are typically in their 20s, 30s, and 40s. Because there is no minimum asset level for this service model, there is a separate annual financial planning fee that is often paid in quarterly installments

ASSETS UNDER MANAGEMENTANNUAL FEE
All portfolios1.0%

FINANCIAL PLANNING ANNUAL FEE             $1,200

Financial planning is often more “modular” for these clients, as their focus is generally not on retirement as their main concern, but more immediate goals are their focus, such as paying off student loans, maximizing their employee benefits and saving for their children’s education. Over time, these clients will migrate over to the Wealth Management model as their asset levels increase.

We understand that choosing to establish an ongoing working relationship with a financial planner for the first time may feel a little overwhelming and there are likely a lot of questions before you may feel comfortable with the arrangement. At times our potential clients need a better understanding of how fee-only financial planning and investment management work before they commit to an ongoing relationship. Because of this, we are happy to offer a limited number of financial planning projects per year where a client can pay a one-time financial planning fee and receive a financial plan and investment recommendations. These relationships can become ongoing at the client’s discretion by signing up for either the Wealth Management or Accumulator Model. Otherwise, follow-up meetings are not part of the relationship. The fee for this service is based on our hourly rate of $400 and each engagement will incur a minimum time commitment of 12 hours. Base Fee: $4,800.
As fee-only financial planners, we are only compensated by our clients as opposed to being paid via commissions for financial products sold. Our rates are based on the Assets Under Management scale featured above, so you always know exactly what our services cost and why. This allows us to sit on the same side of the table as you and work with your best interest as our priority. We will always clearly articulate the details of the arrangement and ensure that you are never left wondering about hidden fees or additional purchases. Please refer to our two planning models for details on the price structure and feel welcome to ask any additional questions you may have.
A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests. (Investopedia) This is important to us as we value the relationships we establish with each of our clients and we strive to earn and maintain your trust as we work together to create a holistic financial plan that you feel comfortable and confident with. At Summit Financial Partners, our fiduciary duty mandates that all of our fees are fully disclosed to our clients and we are paid only by our clients and never from outside sources. That means you will never be pressured to buy costly, commission-based products to fund your retirement. With our fee structure, there are no uncertainties. They are straightforward and transparent. There is never fine print to understand or any hidden fees. You will know exactly what fees are being drawn from an investment or portfolio before they are incurred.