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Aberdeen Wealth Management Review

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Aberdeen Wealth Management, LLC is a financial advisor firm in Chicago, Illinois with just under $386 million in assets under management (AUM). Almost 80% of the firm's client base consists of high-net-worth individuals, but it does work with some non-high-net-worth individuals as well.

This fee-only firm specializes in investment management. However, the firm has a plethora of other offerings too, including specific investment advice, investment consultations and financial planning services.

Aberdeen Wealth Management Background

Aberdeen Wealth Management opened for business in 2000. It was founded by Roberta B. Ferguson and Kevin P. Scullion. The duo act as Aberdeen's managing members, and they still serve as the sole owners of the firm. Ferguson and Scullion have around 80 years of combined experience working in financial services.

Ferguson is both a chartered financial analyst (CFA) and a certified financial planner (CFP). Scullion is a certified public accountant (CPA) in the state of Illinois.

What Types of Clients Does Aberdeen Wealth Management Accept?

Aberdeen Wealth Management works with both individuals and high-net-worth individuals. According to its SEC-filed Form ADV, the firm also offers its services to banks or thrift institutions, investment companies, pension and profit-sharing plans, trusts, estates, charitable organizations and business entities.

Aberdeen Wealth Management Minimum Account Sizes

Aberdeen Wealth Management typically imposes a minimum account requirement of $500,000 for new clients. However, the firm may waive this minimum from time to time at its discretion.

Services Offered by Aberdeen Wealth Management

Aberdeen Wealth Management provides investment management services along with investment consultations. Additionally, the firm provides financial advice on a range of matters including:

  • General financial planning
    • Tax planning
    • Trust management
    • Estate planning
    • Retirement planning
    • Insurance review
    • Cash flow management
    • Debt management
    • Company benefits counseling
    • Education fund planning

Aberdeen Wealth Management Investment Philosophy

Aberdeen Wealth Management's primary investment strategy revolves around a combination of strategic asset allocation of stocks and bonds with a suite of passively-managed index funds and actively-managed mutual funds. To ensure your portfolio isn't overly dependent on a specific sector or asset type, the firm will diversify your assets across global and domestic investment markets.

When conducting investment research, the firm relies on financial newspapers, investment trade publications, company press releases and research prepared by third parties such as Morningstar, Charles Schwab, Barron’s and TD Ameritrade. It's through these methods that Aberdeen will determine where your money is best invested.

Fees Under Aberdeen Wealth Management

For its investment advisory services, Aberdeen Wealth Management charges a fee as a percentage of each client’s assets under management. These charges are billed quarterly, in advance. The specific percentage you'll pay will adhere to the following fee schedule:

Aberdeen Wealth Management Fees
Assets Under Management Annual Fee
$0 - $3,000,000 1.00%
$3,000,000.01 - $5,000,000 0.75%
Above $5,000,000 Negotiable

Fees for financial planning services are negotiable and dependent on factors specific to each client. If follow-up services or services of a limited scope are required, those are typically provided at a fee of $300 per hour.

What to Watch Out For

Schwab Advisor Services provides a number of technology, compliance and other services to Aberdeen Wealth Management to help it manage its client base. To maintain the availability of these services, Aberdeen must keep at least $10 million worth of client assets in custodian accounts at Schwab. A conflict of interest arises from this, as the firm could potentially recommend Schwab's custodian services regardless of whether it believes it's beneficial for clients. Despite this conflict of interest, the firm is a fiduciary, and therefore is legally bound to act in your best interest at all times.

Neither of Aberdeen’s advisors are licensed to sell insurance products or act as broker-dealers. This means you don't have to worry about the conflicts of interests stemming from the sale of such securities. Further, the firm doesn’t have any official relationship with a specific broker, which also eliminates potential conflicts of interest that such a relationship often entails.

Disclosures

According to its Form ADV, Aberdeen Wealth Management has no legal or regulatory disclosures.

Opening an Account With Aberdeen Wealth Management

To start the process of opening an account with Aberdeen Wealth Management, you can get in touch in a number of ways. You can call the office at (312) 456-3315. You can also email Kevin P. Scullion, one of the partners, at kpscullion@sbcglobal.net. If you prefer to do things in-person, you can also stop by the firm’s office on LaSalle Street in Chicago.

Where Is Aberdeen Wealth Management Located?

Aberdeen Wealth Management is located on LaSalle Street in Chicago, Illinois, which is just a few blocks south of the Chicago River. The office is in "The Loop" neighborhood of the city. The closest metro station is Washington/Wells, which is on the brown, orange, pink and purple lines.

Tips for Finding a Financial Advisor

  • Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • It can be tough to know how much to save for retirement without knowing what your future expenses might be. Our retirement calculator can help you determine how much you’ll need to save depending on where you want to retire, when you want to retire and other important factors.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about cost of living in retirement there.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research