Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Pension Consulting Services
- 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
- Pension & Profit Sharing Plans
- Corporations or Other Businesses Not Listed Above
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Summit Wealth Strategies Overview
Founded in 2016, Summit Wealth Strategies is a Fee Only investment advisory firm based in Chesterfield, MO. The firm has quickly established itself as a reliable and trustworthy partner for individuals and small businesses seeking investment and financial planning services. As a registered investment advisory firm, Summit Wealth Strategies operates under strict regulations, ensuring that clients receive only investment advice that is in their best interests. Summit Wealth Strategies specializes in financial planning services, helping clients identify and achieve their long-term financial goals. The firm also offers portfolio management services that are customized to individual needs, providing a personalized investment approach that maximizes returns while minimizing risks. Additionally, the firm's pension consulting services provide expert guidance on planning and implementing effective pension strategies. Summit Wealth Strategies is committed to providing comprehensive investment solutions to clients, and as such, the firm offers a selection of other advisors who can provide additional specialized services. This allows clients to access a range of professional expertise and advice as they work towards achieving their financial goals. With its focused investment approach and a commitment to its clients' success, Summit Wealth Strategies remains a trusted partner for those seeking investment and financial planning advice.
Summit Wealth Strategies is a firm that provides financial planning and investment advisory services to a wide range of clients. These clients include individuals seeking to manage their personal finances, high net worth individuals with substantial wealth and assets to protect, and pension or profit sharing plans for businesses and organizations. In addition, the firm is equipped to serve other types of corporations that require financial guidance and support. At Summit Wealth Strategies, clients can expect tailored solutions and personalized attention to help them achieve their financial goals. There are various fee structures available to clients at Summit Wealth Strategies, depending on the type of service they require. For those seeking investment management services, the firm charges a percentage of assets under management (AUM), which means that clients pay a percentage of their overall investment portfolio value. For financial planning and other advisory services, the firm offers hourly rates or fixed fees, which enables clients to select the payment plan that best suits their needs. This flexibility in fee structures ensures that clients receive transparent and fair pricing for the services they require. At Summit Wealth Strategies, clients can expect integrity, excellence, and professionalism in all aspects of their financial management.
Typical Clients, Fee Structures & Investment Minimum
Unfortunately, the Part 2 Brochure for Summit Wealth Strategies does not mention an investment minimum. Without additional information or contacting the firm directly, it is unclear what their investment minimum may be for potential investors.
How This Office Can Help McHenry County, IL Residents
Summit Wealth Strategies assists clients in McHenry County, IL by providing personalized financial planning and investment management solutions. Their experienced team understands the specific challenges and opportunities facing individuals and families in this region. For example, residents of McHenry County may be dealing with volatile local real estate markets, shifting tax laws, and the high cost of living. Summit Wealth Strategies can help clients navigate these complex financial issues by developing customized strategies that address their unique needs and goals. From retirement planning to estate planning and everything in between, Summit Wealth Strategies offers a range of services that can help clients achieve financial security and peace of mind.
Services Offered by Summit Wealth Strategies
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 Summit Wealth Strategies 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.
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
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
Summit Wealth Strategies is registered to service clients in the following states:
- Arizona
- Arkansas
- California
- Colorado
- Florida
- Illinois
- Indiana
- Iowa
- Kansas
- Louisiana
- Missouri
- New Jersey
- New York
- Ohio
- Tennessee
- Texas
- Washington
Disciplinary History
Summit Wealth Strategies does not have any disclosures. Please visit it's Form ADV for more details.