Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Selection of Others Advisors
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
- Charitable Organizations
Available Fee Structures
- Percentage of Assets Under Management (AUM)
Legacy Wealth Management, LLC Overview
Legacy Wealth Management, LLC is an investment advisory firm that has been providing fee-only services since 2019. The firm is headquartered in Ridgeland, MS and offers investment advice only. Their main services include financial planning and portfolio management for individuals and small businesses. The firm is committed to providing clients with personalized investment strategies that take into account their unique financial needs and goals. As a fee-only advisory firm, Legacy Wealth Management only charges clients for the advice and services they provide, without taking commissions or selling investment products. This ensures that their clients receive unbiased advice that is aligned with their best interests, rather than being influenced by potential conflicts of interest. Legacy Wealth Management's team of experienced advisors provides a range of investment services, including selecting and monitoring other advisors. They work closely with their clients to understand their financial objectives and risk tolerance, and then take a disciplined approach to constructing and managing their portfolios. This customized investment approach is designed to help clients achieve their financial goals, whether it be saving for retirement, funding a child's education, or building a sustainable income stream in retirement.
Legacy Wealth Management, LLC serves a diverse client base that includes individuals, high net worth individuals, and charitable organizations. Their personalized financial services cater to the unique needs of each client and cover a wide range of financial planning and investment management needs. They work closely with their clients to understand their financial goals and craft tailored strategies that align with their objectives. Legacy Wealth Management, LLC offers a variety of fee structures depending on the service provided. Clients can opt for a percentage of assets under management (AUM) model where the firm charges a percentage of the total assets they manage on behalf of the client. This structure incentivizes the firm to grow the client's portfolio and ensures that their interests are aligned. Other fee structures include hourly, fixed, and retainer-based fees. These different fee structures provide flexibility and cater to different client needs and preferences. Clients can rest assured that Legacy Wealth Management, LLC's transparent and competitive fee structures ensure that they receive top-notch financial services at a fair price.
Typical Clients, Fee Structures & Investment Minimum
According to the note in Legacy Wealth Management, LLC's Part 2 Brochure, they do not have a minimum account size. However, clients should be aware that LWM may charge a minimum fee as mentioned in Item 5.
How This Office Can Help Plantation, FL Residents
Legacy Wealth Management offers a range of financial services to clients in Plantation, FL. Their team of experts work closely with each client to create individualized financial plans that address their unique needs and goals. They offer services such as retirement planning, investment management, estate planning, tax planning, and risk management. Many residents in Plantation, FL may be facing financial challenges such as saving for retirement or managing debt. Legacy Wealth Management can help clients navigate these challenges and develop a plan to achieve financial stability. They can also assist with estate planning and tax planning for those looking to prepare for the future and maximize their assets. Overall, Legacy Wealth Management provides comprehensive financial guidance and support to help clients achieve their long-term financial goals.
Services Offered by Legacy Wealth Management, LLC
Core Advisor Services
Financial Planning
Financial planning services encompass the process of devising strategies for your future financial well-being, including preparing for events such as retirement, funding your child's college education, or planning for the transfer of assets.
Portfolio Management for Individuals & Small Businesses
Portfolio management entails the careful selection and strategic management of investment combinations tailored to meet the needs of individuals and small businesses.
Market Timing Services
Market timing services involve the endeavor to generate short-term profits from investments by capitalizing on opportunities to buy at low prices and sell at high prices.
Other Services
Selection of Other Advisors
The firm provides support in selecting and engaging other advisors who possess specialized expertise to complement your financial needs.
Publication of Periodicals or Newsletters
The firm engages in the dissemination of diverse financial educational materials through the publication of periodicals.
Educational Seminars & Workshops
The firm organizes and conducts seminars or workshops aimed at enlightening investors on various financial concepts.
Fee Structures
Financial advisory fees usually are based on the services provided. Fee types charged by Legacy Wealth Management, LLC most likely consist of the following fee types: asset-based, hourly or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by the firm.
Available
Percentage of Assets Under Management (AUM)
This fee structure charges a percentage of the assets under management by the firm. Fee structures are often tiered based on the amount of assets managed, with higher AUM often charged a lower rate.
Between 0.50% and 2.00% of assets under management (annually), often lower for a robo advisor. Fees are typically charged quarterly by the firm and will show on your investment statement. View typical advisor costs here.
~96% of registered firms offer this fee structure.
If you have $1 million managed by a firm at a 1% management fee, you would be charged $10,000/year to manage your assets (or $2,500 per quarter). This would be automatically deducted from your investment portfolio.
Unavailable
Hourly
Similar to an attorney, a financial consultant might charge fees based on hourly rates. This fee structure can be advantageous when seeking specific or ad hoc advice.
Charges generally span from $150 to $400 per hour, depending on the extent of the services required.
~33% of registered firms offer this fee structure.
If you needed hourly consulting to sell a business or transfer your estate to your children but did not want your assets managed by a firm, you could consult a firm at an hourly rate to answer any questions you may have.
Subscription (Newsletter or Periodical)
Fixed Fees (Other than subscription)
Fixed fees are a one-time, lump-sum payment rendered for a specific service, such as creating a financial plan without ongoing management or implementation. This option is beneficial if you solely require guidance for a particular objective rather than a long-term consultancy or asset management.
Fixed fees for creating a financial plan often range from $1,000 to $3,000.
~49% of registered firms offer this fee structure.
If you did not want a firm to manage your assets but needed to create a retirement plan, life transition plan such as divorce or loss of a spouse, estate transition plan, business financial plan, or any other financial planning, you could consult with an RIA firm to help you with the creation of that plan.
Commissions
Occasionally, advisors are compensated through commissions by selling certain financial products, such as mutual funds or life insurance policies, or as a broker-dealer by facilitating the buying and selling of securities. Advisors who receive commissions may be incentivized to make specific suggestions to clients in order to secure a commission. Advisors who operate on a fee-only basis do not earn commissions, whereas fee-based advisors may do so.
Often 3% - 6% of the value of the security.
Only ~3% of registered firms say they offer this fee structure, but other advisors may receive “soft dollars”. Many mutual funds charge 12b-1 fees to cover the promoting and selling of the fund’s shares. While your advisor does not charge these fees, they may receive a kickback for recommending the investment.
An advisor selling their client on a life insurance policy and receiving a commission on the sale of that policy, or recommending a specific investment and receiving a kickback for that recommendation.
Performance-based Fees
Advisors typically obtain performance-based fees if a portfolio surpasses a predefined benchmark. This fee is determined through various methods, but is most commonly assessed as a percentage of investment gains. Performance-based fees may incentivize advisors to undertake riskier decisions in pursuit of generating higher returns.
“Two and Twenty” is common among hedge funds with a 2% management fee and a 20% incentive fee above the “hurdle rate,” or performance threshold the fund is compared against.
32% of registered firms offer this fee structure.
A hedge fund earns a 15% return with a 20% performance fee in above the performance of the S&P 500, which grew 7% that same year.
20% of fund growth in excess of S&P 500’s 7% growth for that year = 15% hedge fund growth - 7% S&P 500 growth = 8% difference x 20% = 2% performance fee (in addition to the management fee).
Other
Firms occasionally offer unconventional fee structures when charging clients. For more detailed information about a firm’s specific fee structures, please refer to their Form ADV and Part 2 Brochure.
Types of Clients
*The Securities & Exchange Commission defines someone as “high net worth” if they have $750,000 or more in investable assets or $1.5M of estimated total net worth.
This Office Location
- Mon 8:30 AM–5:30 PM
- Tue 8:30 AM–5:30 PM
- Wed 8:30 AM–5:30 PM
- Thu 8:30 AM–5:30 PM
- Fri 8:30 AM–5:30 PM
- Sat Closed
- Sun Closed
Other Office Locations
Firm Headquarters
This firm has no other locations.
State Registrations
Legacy Wealth Management, LLC is registered to service clients in the following states:
- Louisiana
- Mississippi
- Texas
Disciplinary History
Legacy Wealth Management, LLC does not have any disclosures. Please visit it's Form ADV for more details.