Advance Capital Management has been providing investment management and financial planning services to a wide variety of clients in Southfield, Michigan, since the 1980s. Its fee-only financial advisors oversee more than $2 billion in assets.
Advance Capital Management Background
Advance Capital Management formed in 1986. Today, it’s owned by Advance Capital Group, Inc. At the helm, Daniel D. McHugh is a certified financial planner (CFP) and certified public accountant (CPA).
Advance Capital Management Client Types and Minimum Account Sizes
Advance Capital Management works with individuals, investment advisors, investment companies, pensions, retirement plans, trusts, estates, charitable organizations and corporations. Individual investment accounts do not have minimum size requirements.
Services Offered by Advance Capital Management
Advance Capital Management focuses on financial planning and also offers investment advisory services. Its advisors meet with clients to create financial plans that cover various aspects of their financial lives from budgeting to estate planning. For each client, the firm will base investment recommendations on the person's financial plan.
Advance Capital Management Investing Philosophy
As just noted, Advance Capital Management uses the financial plan it designs for clients as the cornerstone for its investment recommendations. The firm generally provides advice around mutual funds and exchange-traded funds (ETFs). Advisors, though, may consider other types of securities. These may include exchange-listed and over-the-counter securities, foreign issues, warrants, corporate debt securities, commercial paper, certificates of deposit (CDs), municipal securities and U.S. government securities. Individual clients' portfolios are actively managed and on a discretionary basis.
Fees Under Advance Capital Management
For investment management services, the firm charges annual asset-based fees. We provide the current fee schedule below. These fees are billed separately at the end of each month based on the fair market value of the assets held in your account.
|Assets Under Management||Annual Fee Rate|
|Assets in excess of $1,000,000||0.65%|
Keep in mind that these fees are negotiable. Also, they apply to services provided by Advance Capital Management. They don’t include other expenses your account may incur such as brokerage fees, custodial costs and fund fees.
What to Watch Out For
Individual investment accounts are on a discretionary basis. If you want your account to be on a non-discretionary account, where transactions must be approved by you, this firm may not be the right fit.
Within the past 10 years, Advance Capital Management has not undergone any legal or disciplinary events that would be material to a client’s evaluation of the firm’s business practices.
Tips for Finding the Right Financial Advisor
- Want an advisor who will manage your assets on a non-discretionary basis? Use our SmartAsset financial advisor matching tool to find one. It recommends up to three local advisors based on your individual preferences and needs.
- Know how your advisor gets paid. While they may sound interchangeable, there is a difference between fee-only and fee-based advisors. Namely, the former may have fewer conflicts of interest than the latter.
All information was accurate as of the writing of this article.