Headquartered in Plymouth, Minnesota, Wealth Enhancement Advisory Services (WEAS) is a fee-based firm with offices concentrated in the Midwest, with additional locations in the Northeast, Southeast and West. The firm's client base comprises high-net-worth and non-high-net-worth individuals, as well as institutional clients.
WEAS appears on SmartAsset's list of the top financial advisors in the United States.
Wealth Enhancement Advisory Services Background
Wealth Enhancement Advisory Services was established in 2001. The firm is a wholly-owned subsidiary of Wealth Enhancement Group, LLC, or WEG. In turn, WEG is under the indirect ownership of TA Associates Management, L.P. and Onex Partners. The firm's leadership team includes CEO Jeff Dekko and chief financial officer (CFO) Kelly Windorski.
The firm's advisors hold a number of certifications, such as the Certified Financial Planner™ (CFP®) and chartered financial analyst (CFA) designations.
Wealth Enhancement Advisory Services Client Types and Minimum Account Sizes
The client base at WEAS is composed of thousands of individuals, most of whom fall below the high-net-worth threshold. The firm's institutional clients are retirement plans, charitable organizations, corporations and other businesses.
Minimum investment requirements vary on a program-to-program basis, ranging from $50,000 to $5 million. The firm may waive these minimums at its discretion.
Services Offered by Wealth Enhancement Advisory Services
Wealth Enhancement Advisory Services offers a wide range of financial services that include:
- Financial planning
- Risk management
- Tax planning
- Retirement planning
- Insurance planning
- Third-party money management
- Investment management
- Portfolio rebalances
- Security analysis
- Retirement plan consulting
WEAS tailors its financial planning and investment management advice to the individual needs of clients. This involves doing a deep dive into each client's time horizon, risk tolerance and ultimate financial goals. It also offers the following investment programs that each use distinct investment philosophies:
- WEAS No Transaction Fee Program (NTF)
- WEAS Managed ETF Program (MEP)
- WEAS Instutional Program
- WEAS Total ETF Portfolio Solutions Program (TEPS)
- Asset Location
- WEAS Managed Variable Annuities (MVA)
Wealth Enhancement Advisory Services Investment Philosophy
Offering a multitude of investment programs, this firm pursues several different investment philosophies. These approaches vary not only in their security selection but also in terms of their respective risk tolerances and liquidity levels.
However, there are some constraints across the firm's programs. WEAS abides by Modern Portfolio Theory (MPT), which seeks to maximize returns for a specific risk tolerance. Through this use of MPT, the firm looks to strategically allocate assets in the interest of creating a diversified and optimized portfolio. To achieve this diversification, the firm mostly invests in mutual funds, exchange-traded funds (ETFs) and individual stocks, among other securities.
Fees Under Wealth Enhancement Advisory Services
Wealth Enhancement Advisory Services charges clients a range of different fees that largely depend on the types of services they subscribe to. These fees are negotiable and vary based on the complexity of the services that are needed. The firm does state, though, that advisory fees will never exceed 2% of AUM annually.
General financial planning services will typically run you a fixed fee of up to $25,000. Fees are due on either a monthly or quarterly basis. Ongoing financial consulting services generally range up to $600 per hour. A flat fee for ongoing services can run between $250 $50,000.
What to Watch Out For
Wealth Enhancement Advisory Services has no legal or regulatory disclosures.
One thing to be aware of, though, is that certain advisors at Wealth Enhancement Advisory Services may be brokers or insurance agents, making the firm fee-based. In these non-advisor roles, they collect transaction-based fees, which have the potential of creating a conflict of interest. That said, the firm is a fiduciary and is therefore legally obligated to act in clients' best interests at all times.
Opening an Account With Wealth Enhancement Advisory Services
If you're interested in opening an account with WEAS, visit its website and request a meeting with an advisor. You can also call the firm at (800) 492-1222.
All information is accurate as of the writing of this article.
Tips for Financial Planning
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