Wesling Financial offers you peace of mind by placing your interests first and using tools and analyses covering the spectrum of best practices to fully support your goals and interests.
At Wesling Financial Planning, one of the tools we use to place the interests of clients first is our fee schedule. We do not take commissions or referral fees from any sources, and we do not pay others for referrals. We appreciate it and are honored when referrals are made to us.
What Fees does Wesling Financial Charge Clients?
Unlike most so-called financial advisors--most advisors are stock brokers and insurance agents--our fees are straightforward and paid by our clients. At the beginning of each client engagement, we set either an hourly fee or a flat fee. Since the flat fee does not change as assets grow, clients can enjoy the peace of mind of knowing that we are working towards the achievement of their goals without the conflicts of interest brought about with commissions and proprietary products.
For our financial planning clients, a flat rate is set based upon four factors:
- The complexity of the engagement;
- The net worth of the client;
- Client cash flow; and
- if desired, the amount of investable assets to be managed.
Independent, Unbiased Advice
Wesling Financial Planning does not sell investments or any other products. We manage investments through the use of no-load and no transaction fee mutual funds. Clients may use a custodian of their choice such as E*Trade, Schwab, or other similar company. When they ask us to make a recommendation, we'll discuss the advantages and disadvantages of various types of custodians. We can provide the most extensive range of services at the lowest cost through our institutional relationship with Fidelity Investments. We do not work for Fidelity, and they do not pay us, but are able to leverage this relationship to the advantage of our clients.
Flat Fee Engagements
Flat fee engagements can be set up to last many years, including across generations. The accompanying fee comparison shows how the flat fee arrangement can save clients and their families thousands of dollars over the lifetime of financial planning services.
Typically, flat fees are set around 1% for a portfolio or a net worth under $1,000,000. When cash flow is the predominant factor, the flat fee percentage could be up to 2%. Fees generally range from a few thousand dollars per year, up to our current limit of $25,000 per year. When we manage a portfolio over $1,000,000, the flat fee may be reduced to 0.5% or less.
Competitive Hourly Rates
Our standard hourly rate is $250.00 per hour and is used with clients requiring help with a very specific financial question or issue. Past examples of client requests include the analysis of an investment in an entertainment production, or a request for a divorce financial analysis. Additionally, we have special rates for our hourly clients when we travel for them or when we have to testify in court or participate in mediation proceedings, though such events are quite rare.
Our hourly rate for tax preparation services ranges between $150 and $200. Retainer-based clients may receive a discount.