Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Publication of Periodicals or Newsletters
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
- Hourly
- Fixed Fees (Other than subscription)
Convergent Financial Strategies LLC Overview
Convergent Financial Strategies LLC is a fee-only financial advisory firm headquartered in Plymouth Meeting, PA. The firm has been operating since 2021 to provide high-quality financial planning and portfolio management services to individuals and small businesses. As a registered investment advisory firm, Convergent Financial Strategies LLC is committed to providing unbiased and tailored investment advice to clients. The firm's services include financial planning, portfolio management, and the publication of periodicals or newsletters. Through these services, clients can gain access to personalized investment strategies and financial solutions that meet their unique needs and goals. With a focus on fee-only arrangements, Convergent Financial Strategies LLC is committed to providing transparency and clarity in its services, allowing clients to trust in the advice and recommendations provided. Convergent Financial Strategies LLC is backed by a team of experienced financial advisors who have extensive knowledge in the areas of accounting and investment management. With a customer-centric approach, the team at Convergent Financial Strategies LLC provides personalized financial solutions that are designed to help clients meet their financial objectives. Overall, the firm strives to be a leading provider of financial advisory services that help clients achieve their financial goals and aspirations.
Convergent Financial Strategies LLC is a financial planning and investment management firm serving a diverse range of clients. They cater to individuals and high net worth individuals seeking comprehensive and customized financial solutions. Being a client-focused firm, they strive to provide personalized service tailored to individual needs. With a team of experienced wealth managers and investment advisors, Convergent Financial Strategies LLC offers expert guidance on everything from retirement planning and tax optimization to estate planning and risk management. Convergent Financial Strategies LLC offers flexible fee structures to ensure transparency and fairness. Depending on the service provided, clients can choose between an hourly rate or a fixed fee. Hourly rates are charged for consultations and specific financial planning services, while fixed fees are charged for comprehensive financial planning and investment management. Fixed fees can be based on a percentage of assets under management or a flat fee, depending on the client's preference. The fee structure is communicated clearly upfront, and clients are informed of any changes or updates in advance. Convergent Financial Strategies LLC takes pride in delivering value to its clients and ensuring that the fee structure aligns with the services provided.
Typical Clients, Fee Structures & Investment Minimum
According to the note in their Part 2 Brochure, CONVERGENT FINANCIAL STRATEGIES LLC (CFS) does not impose a minimum portfolio value for starting and maintaining an investment management relationship. However, CFS does impose a minimum fee for new clients of $2,500, which may be negotiated or reduced in certain circumstances as deemed appropriate by the firm. Therefore, it seems that while there is no set investment minimum, clients must be prepared to pay at least $2,500 in fees to work with CFS.
How This Office Can Help Wyomissing, PA Residents
Convergent Financial Strategies LLC is a leading financial advisory and planning firm that assists clients in Wyomissing, PA, to achieve their financial goals. The company offers a range of services, including investment management, wealth planning, retirement planning, and tax planning. Their team of experienced financial advisors works closely with clients to develop personalized financial plans and strategies that align with their unique needs and priorities. Living in Wyomissing, PA, someone may face a range of financial situations, including retirement planning, managing investments, estate planning, and tax planning. Convergent Financial Strategies LLC has a deep understanding of the local market and provides clients with customized solutions tailored to their specific needs and circumstances. They help clients make informed decisions about their investments and finances to achieve financial success and long-term stability. With their expertise and commitment to excellence, Convergent Financial Strategies LLC is a trusted partner for anyone seeking reliable financial guidance and support in Wyomissing, PA.
Services Offered by Convergent Financial Strategies 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 Convergent Financial Strategies 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
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
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.
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
Convergent Financial Strategies LLC is registered to service clients in the following states:
- Pennsylvania
Disciplinary History
Convergent Financial Strategies LLC does not have any disclosures. Please visit it's Form ADV for more details.