We offer a straightforward and transparent fee 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 and 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 on-going 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 Management | Annual Fee |
|---|---|
| First $1,000,000 | 1.0% |
| Next $1,000,000 | 0.7% |
| Over $2,000,000 | 0.5% |
Accumulator Model
This model is best suited for young professionals that are actively saving, but have not 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 monthly installments
| Assets Under Management | Annual Fee |
|---|---|
| All portfolios | 1.0% |
| Financial Planning Fee | |
|---|---|
| Portfolios Below $250,000 | $2,400 |
| Portfolios Between $250,000-$500,000 | $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.
Never Worked With a Financial Advisor?
At times potential clients need a better understanding of how fee-only financial planning and investment management work before they commit to an on-going relationship.
We 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 on-going 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 11 hours. Base Fee: $4,800.
We can help you reach your goals!
For nearly twenty years, Summit Financial Partners has been helping individuals and families reach their financial goals and to enjoy the comfortable retirement lifestyle they dreamed of.
Our offices are located just outside of Richmond in Glen Allen.
Call us today at 804-290-0162 to schedule an appointment.
