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
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Korving & Company LLC Overview
Korving & Company LLC is a registered investment advisory firm that provides investment advice only. The firm was established in 2021 and is headquartered in Suffolk, VA. They offer fee-only financial planning services, portfolio management for individuals and small businesses, and selection of other advisors. As a fee-only firm, Korving & Company LLC does not accept commissions or compensation from the sale of financial products, ensuring that their advice is unbiased and objective. Their focus is solely on helping their clients achieve their financial goals through customized investment strategies and financial planning. The firm's services include comprehensive financial planning, including retirement planning, estate planning, tax planning, and risk management. Their portfolio management services are designed to help clients build and manage a portfolio of investments that aligns with their goals, risk tolerance, and time horizon. Korving & Company LLC also provides clients with access to a network of other advisors, including tax professionals, attorneys, and insurance experts, to help clients make informed decisions and navigate complex financial planning issues. Overall, Korving & Company LLC is committed to providing personalized, objective, and transparent advice to help their clients build lasting wealth.
KORVING & COMPANY LLC is a reputable financial planning and investment advisory firm that provides high-quality services to various clients. The firm caters to a wide range of clientele, including individuals and high net worth individuals, offering them tailored financial solutions that meet their unique needs. With an expert team of financial advisors, KORVING & COMPANY LLC is fully equipped to serve clients across various industries, providing industry-specific advice and services to help them achieve their financial goals. To ensure that clients have access to the best possible services, KORVING & COMPANY LLC offers different fee structures, depending on the service provided. These fee structures include percentage of AUM, hourly, and fixed fees, and each one is designed to meet a specific need. For instance, percentage of AUM is ideal for clients who have significant assets under management, while hourly billing is suitable for clients who require limited services or support. Additionally, fixed fees are perfect for clients who require more extensive support and advice over a set period. Overall, KORVING & COMPANY LLC provides transparent and competitive fee structures that suit the needs of various clients.
Typical Clients, Fee Structures & Investment Minimum
The Part 2 Brochure of KORVING & COMPANY LLC does not mention an investment minimum.
How This Office Can Help Suffolk, VA Residents
As a Private Wealth Advisor at Ameriprise Financial Services, Kent Thompson is dedicated to assisting clients in Poway, CA with their unique financial needs and goals. With an understanding of the specific financial situations someone living in Poway may face, Kent provides personalized solutions and guidance to help clients achieve their financial dreams. Poway is a rapidly growing city whose residents often face the challenge of balancing their long-term financial goals with the demands of their daily lives. Kent works closely with clients in Poway to understand their individual circumstances, such as funding their children's education, saving for retirement, or managing their wealth through changes in the economy. He utilizes a comprehensive financial planning approach to ensure clients' financial decisions align with their personal values and objectives. With a focus on building long-term relationships, Kent helps clients navigate financial complexities and create a sound financial future.
Services Offered by Korving & Company 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 Korving & Company 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.
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 9 AM–5 PM
- Tue 9 AM–5 PM
- Wed 9 AM–5 PM
- Thu 9 AM–5 PM
- Fri 9 AM–5 PM
- Sat Closed
- Sun Closed
Other Office Locations
Firm Headquarters
This firm has no other locations.
State Registrations
Korving & Company LLC is registered to service clients in the following states:
- Georgia
- Nebraska
- New Hampshire
- North Carolina
- Pennsylvania
- Texas
- Virginia
Disciplinary History
Korving & Company LLC does not have any disclosures. Please visit it's Form ADV for more details.