Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Portfolio Management for Businesses or Institutional Clients
- Pension Consulting Services
- Selection of Others Advisors
- Market Timing Services
- Educational Seminars & Workshops
- Other
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
- Corporations or Other Businesses Not Listed Above
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Beam Wealth Advisors, Inc. Overview
BEAM WEALTH ADVISORS, INC. is an investment advisory firm that has been in business since 2001. Based in Covington, LA, the firm operates on a fee-only basis and solely focuses on providing investment advice to clients. Their financial planning services cover a range of topics, including retirement planning, tax planning, estate planning, and education savings planning. The firm also offers portfolio management services to both individuals and small businesses, as well as to larger businesses or institutional clients. Along with this, their pension consulting services are designed to help clients navigate the complexities of retirement plans and ensure they are properly managed and maintained. BEAM WEALTH ADVISORS, INC. is committed to providing clients with a diverse range of services and operates a selection of other advisers, aiding clients in navigating their way through the financial landscape. The firm also offers market timing services to clients, aiming to help them make informed decisions and maximize investment opportunities. To ensure clients' financial literacy, the firm also offers educational seminars and workshops. Lastly, the firm's estate planning services offer clients clarity and guidance on managing their assets and legacy through wills, trusts, powers of attorney, and advanced healthcare directives. Overall, BEAM WEALTH ADVISORS, INC. is dedicated to providing high-quality investment advisory services to clients, allowing them to reach their financial goals and maintain financial stability.
BEAM WEALTH ADVISORS, INC. is a financial advisory firm that caters to a wide range of clients. From individuals to high net worth individuals, the firm offers tailored financial solutions that meet the unique needs and goals of each client. BEAM WEALTH ADVISORS, INC. also provides its services to other types of corporations, ensuring that each client receives expert financial advice that is tailored to their specific circumstances. When it comes to fee structures, BEAM WEALTH ADVISORS, INC. offers a variety of options to meet the needs of its diverse client base. Clients can choose to pay a percentage of assets under management (AUM) as a fee, which is a common practice in the financial industry. Alternatively, clients can opt for an hourly fee structure, which charges a fixed rate per hour for advisory services rendered. Finally, the firm offers fixed fees for specific services, which allow clients to know exactly what they will be paying upfront for a particular service. By providing a range of fee structures, BEAM WEALTH ADVISORS, INC. ensures that clients have flexibility in how they choose to pay for their financial advice while still receiving high-quality services.
Typical Clients, Fee Structures & Investment Minimum
BEAM Wealth Advisors, Inc. has a minimum size account requirement of $75,000 per account. This information is mentioned in the Part 2 Brochure note about investment minimums. However, BEAM may aggregate the portfolios of immediate family members living in one household to meet the minimum portfolio size. Additionally, the firm may reduce or waive its minimum account requirements based upon certain criteria. The Part 2 Brochure note also mentions that BEAM imposes a Minimum Platform Service Fee (MPSF) of $50 annually or $12.50 per quarter, but this fee is separate from the investment minimum requirement.
How This Office Can Help Covington, LA Residents
TrustWell Financial Advisors is dedicated to providing customized financial solutions to individuals and families in Duval County, FL. With the variety of financial situations that clients might be facing, TrustWell Financial Advisors is committed to offering expert advice and guidance for financial planning, investment management, retirement planning, estate planning, and tax strategies. Residents of Duval County, FL, may face a variety of financial challenges, including high housing costs, medical expenses, and the need to save for retirement. TrustWell Financial Advisors understands the unique financial needs of those living in Duval County, FL, and works to provide tailored solutions that help clients meet their financial goals. With a focus on individualized financial planning, and a holistic approach to wealth management, TrustWell Financial Advisors is dedicated to helping clients create a sustainable financial future.
Services Offered by Beam Wealth Advisors, Inc.
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 Beam Wealth Advisors, Inc. 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
- Mon 8 AM–5 PM
- Tue 8 AM–5 PM
- Wed 8 AM–5 PM
- Thu 8 AM–5 PM
- Fri 8 AM–5 PM
- Sat Closed
- Sun Closed
Other Office Locations
This firm has no other locations.
State Registrations
Beam Wealth Advisors, Inc. is registered to service clients in the following states:
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Louisiana
- Maine
- Maryland
- Massachusetts
- Mississippi
- Missouri
- New Hampshire
- New Jersey
- New York
- North Carolina
- Oklahoma
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Washington
Disciplinary History
Beam Wealth Advisors, Inc. does not have any disclosures. Please visit it's Form ADV for more details.