Fresca Keller Wealth - Lexington, KY | Financial Advisors (2024)

FAQs

Who are the top 5 wealth advisors? ›

The top 5 are: 545 Group, Jones Zafari Group, The Polk Wealth Management Group, Hollenbaugh Rukeyser Safro Williams, The Erdmann Group.

Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.

You might not need a wealth manager if you have clear goals and are confident you can create and implement strategies to protect and grow your wealth. However, a wealth manager may be a good idea if you have substantial assets, would benefit from an expert, and have questions you need help answering.

While ZipRecruiter is seeing salaries as high as $146,556 and as low as $46,385, the majority of Wealth Management Advisor salaries currently range between $82,400 (25th percentile) to $121,900 (75th percentile) with top earners (90th percentile) making $138,166 annually in California.

Wealth advisors are a type of financial advisor who typically work with very wealthy clients and offer holistic financial planning, including services such as estate planning, tax help and legal guidance, in addition to investment management.

But, if you're already working with an advisor, the simplest way to determine whether a 1% fee is reasonable may be to look at what they've helped you accomplish. For example, if they've consistently helped you to earn a 12% return in your portfolio for five years running, then 1% may be a bargain.

But even the best financial advisors are at the whim of the market. Most professional investors who try to beat the market actually underperform it over a given time period. And those who do manage to outperform the market over one time period can rarely outperform it again over the subsequent time period.

As we have established, the main difference between a private wealth manager and a financial advisor comes down to the type of clientele they work with. If you have a high net worth, you're more likely to go with a wealth manager. Otherwise, you'll probably employ a financial advisor.

Most of my research has shown people saying about 1% is normal. Answer: From a regulatory perspective, it's usually prohibited to ever charge more than 2%, so it's common to see fees range from as low as 0.25% all the way up to 2%, says certified financial planner Taylor Jessee at Impact Financial.

What are the disadvantages of wealth management? ›

Cons of Private Wealth Management

There is also always the risk of misalignment between your financial goals and the wealth manager's incentives. Some wealth managers may prioritize products or investments that generate higher commissions or fees which might not always align with your best interests.

If you're making big decisions that affect your financial security, then you need a fiduciary advisor to give you the best chance at unbiased advice.

According to various studies and publications, the average age of financial advisors is somewhere between 51 and 55 years, with 38% expecting to retire in the next ten years.

Percentage-Based Advisors

This fee can range from 0.5% to 2%. Advisors that charge a percentage usually want to work with clients with a minimum portfolio of about $100,000. This makes it worth their time and will allow them to make about $1,000 to $2,000 a year.

“If this is the case, the investment portfolio needs to take the operating business into consideration when decisions are being made for the investment portfolio.” Harding says billionaires seek advisors with whom they have a strong alignment and no conflicts of interest.