His vision for starting GWS was to deliver investment strategies and wealth management services typically available at the highest levels of wealth. Today, clients benefit from these sophisticated financial services targeted to meet their unique needs.
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When you’re working with a fee-only advisor – otherwise known as a fiduciary financial advisor – clients typically pay a flat fee based on assets under management, fees based on a specific project, or a flat fee for the relationship.
At Glassman Wealth Services we generally charge an “assets under management fee” which covers our financial advisory services and all other components of our relationship and how we work with our clients. Our advisory fee starts at one percent (1%) of the first $2 million – which is the minimum investment to work with Glassman Wealth Services. The fee is reduced to three-quarters of a percent (.75%) for the next $3 million and then half a percent (.5%) for all assets over $4 million.
Sometimes we also work on a flat fee for clients who have more in-depth needs, or the assets are so large it just makes sense to cap the fee at a certain level and work throughout all the accounts regardless of what our financial advisors are managing or not managing.
The important benefit of a fee-only, fiduciary relationship with your financial advisor is that it removes any conflicts of interest from the relationship. Because our dedicated client advisors are charging a flat fee, they focus on what is in the best interest of the client – not the firm or their own compensation. Costs like commissions, marketing fees, mark-ups or other hidden fees are taken off the table so that our client advisors can focus on
The key to starting a relationship with a fee-only advisor is to have the upfront discussion about your financial situation, investor profile (including risk tolerance), your goals and other areas of your life that impact your financial health and investment plans – and what they are going to charge.
A fiduciary financial advisor is bound by a different standard that goes beyond transaction fees or commissions. They have the ethical responsibility to put your needs and interests front and center in the relationship.
The discussion becomes about the investment and what’s best for the client, not what’s in it for the firm.
