Transparency breeds trust. At Finity Group, we believe you have the right to understand the cost structure and how your advisor is paid.
Financial Planning Fees
We offer a retainer-like subscriptions for our financial planning services. This can range from $1,200 to $12,000 per year (or more for more complex circumstances). The subscription cost is waived for individuals who are currently in school, residency or fellowship.*
Initial consultations are always free of charge. After your first meeting with a Finity Group advisor, you will receive a financial planning engagement letter that will indicate the costs, if any, of the services, along with the scope of your relationship with your advisor. There are no surprises.
Wealth Management Fees
Our wealth management services provide professional management of your investment portfolio when you don’t have the time or expertise to properly manage it. Wealth management costs are asset-based. The asset management starts at an annual cost of 1% of the account balance managed – never higher. The cost may decrease to as low as 0.3% with time and growth in account value. There may be additional platform or custodian costs associated with the account that your advisor will disclose to you.
Risk Management Fees
At Finity Group, we help our clients secure insurance through a multitude of carriers, which allows us to shop the market and assist you in identifying an appropriate company and policy structure. Compensation is based on the premium, and advisors are paid the same rate across all carriers.
When you engage a financial advisor for planning services, you have every right to expect they will perform those services in your best interest. It is important to understand the difference between a financial advisor that holds a series 65 or 66 license and is registered with an SEC-regulated independent Registered Investment Advisor (RIA), versus someone holding themselves out as a financial advisor. You can verify whether your advisor holds a series 65 or 66 license on the SEC Investment Advisor Public Disclosure Search Website – *Click here for the SEC’s IAPD* search.
A true independent financial advisor is held to a fiduciary standard of duty, requiring the advisor to act in your – the client’s – best interest ahead of their own, as mandated by the Investment Adviser Act of 1940. This contrasts with the lower standard of care that brokers are held to when providing advice or recommending products, which requires their advice or product only be “suitable” for the client at the time of recommendation.
A true independent advisor is not employed by or affiliated with an insurance or investment company that manufactures financial products, such as insurance policies or mutual funds. Employment by or affiliation with an insurance carrier or investment company creates a greater probability of conflicts of interest arising when providing advice in these areas.
*There may be an exception to this if household income is above $100,000. In certain situations, we may continue to waive the fee for a period of time after the completion of your training, or we may feel an annual subscription for under $1,200 is appropriate.