FAQ's

Most private wealth managers make money by charging a percentage of the assets under management (AUM). For example, a wealth manager may charge between 1% and 3% of the asset managed. But keep in mind that the larger the account, the higher the fees.

The short answer is yes. Ken Robinson, certified financial planner at Practical Financial Planning, says while a 1% fee may be common, advisers who charge based on AUM are increasingly scaling down from 1% at lower thresholds in the past. But if you get a lot of service, the 1% fee isn’t always a bad thing.

Investment Advisor Representatives (IARs) are fiduciaries, meaning they are legally obligated to act in the best interest of their clients. While broker-dealers and other financial professionals may not have the same fiduciary obligation, they are held to standards under Regulation Best Interest (Reg BI), which requires them to prioritize their clients’ best interests when making recommendations.

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