Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Portfolio Management Investment Company
- Portfolio Management of Pooled Investment Vehicles
- Portfolio Management for Businesses or Institutional Clients
- Pension Consulting Services
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
- Investment Companies
- Pooled Investment Vehicles
- Pension & Profit Sharing Plans
- Charitable Organizations
- State & Municipal Govt Entities
- Corporations or Other Businesses Not Listed Above
- Other
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Fixed Fees (Other than subscription)
Wilbanks, Smith & Thomas Asset Management, LLC Overview
Founded in 1990, Wilbanks, Smith & Thomas Asset Management, LLC is a fee-based, registered investment advisory firm located in Norfolk, VA. They specialize in investment advice only and offer an array of services including financial planning, portfolio management for individuals and small businesses, portfolio management investment company, portfolio management of pooled investment vehicles, portfolio management for businesses or institutional clients, and pension consulting services. With their team of experienced professionals, they aim to provide their clients with personalized investment solutions tailored to their unique needs and goals. At Wilbanks, Smith & Thomas Asset Management, LLC, their fee-based approach ensures that they are always acting in the best interest of their clients. This means that their compensation is directly tied to the success of their clients' investments. They work closely with their clients to fully understand their financial situation and help them create a comprehensive financial plan that aligns with their goals and objectives. Their portfolio management services cater to a wide range of clients including individuals, small businesses, and institutional clients. They offer customized investment solutions designed to meet the needs of each client's specific situation. Additionally, they provide pension consulting services, helping businesses navigate the complex landscape of employee retirement plans. Overall, Wilbanks, Smith & Thomas Asset Management, LLC is a well-established firm with a solid reputation for providing exceptional investment advice and management services. They are committed to helping their clients achieve their financial goals and strive to build lasting relationships through trust, transparency, and exceptional service.
WILBANKS, SMITH & THOMAS ASSET MANAGEMENT, LLC is a leading investment firm that provides a range of services to different types of clients. From individuals seeking to build their wealth to charitable organizations looking to support their cause, the firm caters to diverse client needs. The firm's client list includes high net worth individuals, investment companies, pooled investment vehicles, pension or profit sharing plans, state or municipal government entities, and other corporation types. Moreover, WILBANKS, SMITH & THOMAS ASSET MANAGEMENT, LLC extends its services to other types of clients that require professional financial management services. When it comes to the fee structure, WILBANKS, SMITH & THOMAS ASSET MANAGEMENT, LLC offers different pricing models based on the service provided. The firm's clients can choose between percentage of assets under management (AUM) or fixed fees. Percentage of AUM is a fee-based pricing model where clients are charged a percentage of their total assets that the firm manages on their behalf. The fixed fee pricing model entails a set amount that clients pay for specific services, regardless of the amount of assets managed. Each pricing model has its advantages depending on the investors' goals and preferences. Regardless of the pricing model selected, WILBANKS, SMITH & THOMAS ASSET MANAGEMENT, LLC delivers high-quality services that enhance clients' wealth and financial wellbeing.
Typical Clients, Fee Structures & Investment Minimum
According to the Part 2 Brochure of WILBANKS, SMITH & THOMAS ASSET MANAGEMENT, LLC, their investment minimum varies depending on the type of account. For their traditional brokerage accounts, the minimum initial investment is $25,000. However, for their Investment Advisory accounts, the minimum initial investment can range from $100,000 to $5,000,000 depending on the specific program selected. It is important to note that the firm may waive or lower the minimum for certain circumstances or individuals.
How This Office Can Help Suffolk, VA Residents
Wilbanks Smith & Thomas Asset Management assists clients in Suffolk, VA with a wide range of financial services and investment solutions. The firm prides itself on delivering personalized investment strategies that are tailored to the unique needs and goals of each client. The experienced team at Wilbanks Smith & Thomas can help individuals in Suffolk, VA navigate complex financial situations such as planning for retirement, managing wealth, and investing for future growth. For someone living in Suffolk, VA, the team at Wilbanks Smith & Thomas can offer guidance on how to make smart investment decisions in order to grow and protect their wealth. The firm can provide comprehensive financial planning services, including retirement planning, estate planning, and tax planning. Additionally, the team can help individuals manage their investment portfolios, offering advice on how to diversify assets and mitigate risk. Whether someone in Suffolk, VA is nearing retirement or just starting to build an investment portfolio, Wilbanks Smith & Thomas Asset Management is dedicated to helping them achieve their financial goals.
Services Offered by Wilbanks, Smith & Thomas Asset 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 Wilbanks, Smith & Thomas Asset 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
This firm has no other locations.
State Registrations
Wilbanks, Smith & Thomas Asset Management, LLC is registered to service clients in the following states:
- Alabama
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Illinois
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New York
- North Carolina
- Ohio
- Oklahoma
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Washington
- West Virginia
- Wisconsin
Disciplinary History
Wilbanks, Smith & Thomas Asset Management, LLC does not have any disclosures. Please visit it's Form ADV for more details.