Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
Available Fee Structures
- Hourly
- Fixed Fees (Other than subscription)
Provident Financial Planning, LLC Overview
Provident Financial Planning, LLC is a fee-only registered investment advisory firm that has been in business since 2022. Headquartered in Southlake, TX, the firm is committed to helping individuals and small business owners achieve their financial goals through investment advice. As a fee-only firm, Provident Financial Planning is dedicated to providing unbiased advice to their clients without any potential conflicts of interest. The firm offers a range of services, including financial planning and portfolio management for both individuals and small businesses. With a focus on helping clients make informed decisions about their investments, Provident Financial Planning is dedicated to providing personalized advice to each client based on their unique needs and goals. Whether you're just starting out or looking to grow your wealth over time, the team at Provident Financial Planning can help you achieve your financial goals. As an investment advice only firm, Provident Financial Planning is committed to providing sound financial advice to their clients. Their team of experienced advisors is dedicated to keeping up with the latest trends and developments in the industry to ensure that they are providing the best possible advice to their clients. Whether you're looking for help with retirement planning, investment management, or any other financial planning needs, Provident Financial Planning is here to help you make informed decisions and achieve your goals.
PROVIDENT FINANCIAL PLANNING, LLC caters to a diverse range of clients, including individuals and high net worth individuals seeking advice on their financial planning. The firm acknowledges that each of its clients has their unique financial goals and objectives, and thus, it tailors its services to suit their individual needs accordingly. PROVIDENT FINANCIAL PLANNING, LLC uses a personalized approach to offer sound and realistic financial advice to their clients. When it comes to fees, PROVIDENT FINANCIAL PLANNING, LLC offers two fee structures depending on the specific service provided. For hourly billing, clients are charged an hourly fee based on the amount of time spent on the service. This fee structure is ideal for clients who need assistance with their financial planning on an as-needed basis. Alternatively, fixed fees provide clients with an all-inclusive package for the service rendered, and it is predetermined before the work is done. Clients can rest assured that there are no hidden fees or surprise charges. Overall, PROVIDENT FINANCIAL PLANNING, LLC is upfront and transparent about its fees, which allows its clients to budget accordingly for their financial planning services.
Typical Clients, Fee Structures & Investment Minimum
Unfortunately, the Part 2 Brochure for PROVIDENT FINANCIAL PLANNING, LLC does not mention anything specific about their investment minimum.
How This Office Can Help Westlake, TX Residents
Provident Financial Planning, LLC is committed to providing top-notch financial planning services to their clients in Westlake, TX. Their services are tailored to help clients tackle specific financial situations that they may face in their day-to-day lives. These situations may include estate planning, retirement planning, investment management, and tax planning. For those in Westlake, TX who are interested in estate planning, Provident Financial Planning, LLC provides services such as wills, trusts, and life insurance planning. They understand that estate planning can be a complex and overwhelming process, but their team of professionals will make it simple and easy for their clients. In terms of retirement planning, Provident Financial Planning, LLC offers services that can help clients maximize their pension benefits, minimize taxes on their retirement income, and much more. They are dedicated to providing their clients with a solid foundation for their financial future, no matter what obstacles they may face.
Services Offered by Provident Financial Planning, 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 Provident Financial Planning, 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
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.
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.
Unavailable
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.
Subscription (Newsletter or Periodical)
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
Other Office Locations
This firm has no other locations.
State Registrations
Provident Financial Planning, LLC is registered to service clients in the following states:
- Texas
Disciplinary History
Provident Financial Planning, LLC does not have any disclosures. Please visit it's Form ADV for more details.