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
- Charitable Organizations
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Fixed Fees (Other than subscription)
Provident Wealth Management, LLC Overview
Provindet Wealth Management, LLC is a fee only Registered Investment Advisory firm with its headquarters located in Brentwood, TN. Since its inception in 2004, the firm has been providing investment advice only to its clients. The firm aims to provide high-quality and personalized service to its clients by offering financial planning and portfolio management services to individuals and small businesses. The fee arrangement of Provident Wealth Management, LLC is fee only, which means that the firm charges its clients based on the services it provides. This way, the clients can be sure that the fees they pay to the firm are solely based on the advice and management provided, rather than sales commissions or other financial incentives. The firm's team of advisors is highly experienced and dedicated to providing customized financial solutions to its clients. Whether its clients are seeking retirement planning or investment management, Provident Wealth Management, LLC offers tailored services designed to meet their specific needs and goals. As a result, Provident Wealth Management, LLC has gained the respect and loyalty of its clients over the years and continues to be a trusted investment advisory firm in the industry.
Provident Wealth Management, LLC caters to a diverse set of clients consisting of individuals, high net worth individuals, and charitable organizations. The firm understands that every client has unique financial needs and develops personalized solutions that cater to their goals and objectives. From investment management, financial planning, and retirement planning, Provident Wealth Management, LLC provides comprehensive financial services to clients of all backgrounds and financial profiles. At Provident Wealth Management, LLC, clients are given a choice between two fee structures. The first is a percentage of AUM, which is a fee based on the percentage of the total amount of assets under the firm's management. This fee is commonly used for investment management services, where the cost is based on assets managed by the firm. The second is a fixed fee, which is a flat rate fee that is charged for a specific service provided by the firm. This fee structure is primarily used for financial planning and other advisory services. Provident Wealth Management, LLC ensures that the fee structures offered are transparent and competitive with industry standards. The firm works closely with clients to determine the best fee structure that suits their financial goals and objectives.
Typical Clients, Fee Structures & Investment Minimum
The Part 2 Brochure for Provident Wealth Management, LLC does not state a specific investment minimum. Instead, they explain that they typically do not require a minimum dollar amount to open and maintain an advisory account. However, the firm does have the right to terminate an account if it falls below a certain minimum size that they, in their sole opinion, deem too small to effectively manage. Therefore, it is best to contact Provident Wealth Management directly to inquire about their specific investment minimums.
How This Office Can Help Erie County, PA Residents
Provident Wealth Management is a financial advisory firm that assists clients in Erie County, PA to plan and achieve their financial goals. The firm offers a range of financial planning services to individuals, families, and business owners. They specialize in retirement planning, investment management, estate planning, tax planning, and risk management. They work closely with clients to develop a comprehensive financial plan that takes into account their unique financial situation, goals, and risk tolerance. Living in Erie County, PA, individuals and families face unique financial challenges due to the local economy and the state's taxation policies. The region has a diverse economy, with some traditional industries in decline, while there are new and promising sectors emerging. Provident Wealth Management helps clients navigate this dynamic economic landscape and helps them leverage available financial opportunities. Additionally, Pennsylvania has complex tax laws that can make tax planning and compliance challenging for individual taxpayers and business owners. Provident Wealth Management has expertise in tax planning and can help clients optimize their tax liabilities. Overall, the firm provides personalized financial planning services that give clients the peace of mind that their financial future is secure.
Services Offered by Provident 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 Provident 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.
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
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)
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
Firm Headquarters
This firm has no other locations.
State Registrations
Provident Wealth Management, LLC is registered to service clients in the following states:
- California
- Florida
- Georgia
- Kansas
- Louisiana
- Montana
- North Carolina
- Pennsylvania
- Tennessee
- Texas
- Virginia
- West Virginia
Disciplinary History
Provident Wealth Management, LLC does not have any disclosures. Please visit it's Form ADV for more details.