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Our Fees

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

Benefits of Working with Us

Below we provide three key factors that allow us to deliver peace of mind to our clients.

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

While we have not encountered such a situation, we do not charge clients who are unhappy with our service. If you are not 100% pleased with our services for any reason, just let us know how we can make things right. We will do our best to make you a satisfied customer but can just as easily waive our 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 our discretion.

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

Fee Structures

Depending upon the type and scope of engagement, our clients pay us in one of three ways we describe below.

Percentage of Assets

This is the most popular fee structure. We charge a percentage fee based on the type and size of your portfolio (i.e., assets under management or AUM excluding cash). 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 we are managing and whether or not we provide planning and advisory services. Our Personalized Index Portfolios approach requires more work for which we 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 our standard fee schedules. Each client's situation and demands are unique. Accordingly, we reserve the right to negotiate or amend our 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 our fixed fee, retainer, or hourly billing.

Fee Schedule 1
Assets under management% Fee (subject to a minimum annual charge of $10,000)
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 (subject to a minimum annual charge of $10,000)
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 (subject to a minimum annual charge of $5,000)
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 we prefer to estimate the scope of work required for a particular project and offer a fixed fee. We believe this works best for financial plans, investment or portfolio audits, and other ad hoc engagements. Similarly, we recommend retainers for ongoing advisory relationships where we may be on-call or participate in periodic investment meetings.

By the Hour

Our base rate is $500 per hour. We only bill the time actually spent on research, analysis, etc. We do not bill for initial consultations where we scope out projects and we do not bill for communicating our findings or presenting deliverables.