Affinity Wealth Management is a fee-based financial advisor firm headquartered in Wilmington, Delaware. It has additional locations in Short Hills, New Jersey, and King of Prussia, Pennsylvania. With nearly $450 million in assets under management (AUM) and just seven financial advisors on staff, it is a relatively small firm that deals mostly with individual investors. The vast majority of its services are related to investment management and financial planning.
Affinity Wealth Management Background
Founded in 2017, Affinity Wealth Management is a newcomer to the financial advisor sphere, but its team of advisors is far from it. Its ownership, which includes chairman and CEO James Hall, Jr., president and senior financial advisor Michael Sicuranza, COO and CCO Victoria Alexitch and financial advisor Brendan McPoyle, averages almost 23 years in financial services.
The team at Affinity doesn’t have a number of advisor certifications, though there are a few of note. Currently working at the firm are four certified financial planners (CFP), one accredited estate planner (AEP) and one certified divorce financial analyst (CDFA).
What Types of Clients Does Affinity Wealth Management Accept?
Over 90% of Affinity Wealth Management’s client base is made up of individuals, specifically those who fall beneath the SEC’s $750,000 high-net-worth threshold. However, high-net-worth individuals, estates, trusts, pension plans and retirement plans will also find services available for them at this firm.
Affinity Wealth Management Minimum Account Size
Whereas most firms have stringent minimum initial investment requirements, Affinity Wealth Management does not have a set account minimum. So whether you have $5 million ready to invest or $10,000, you may be accepted as a client.
Services Offered by Affinity Wealth Management
Affinity Wealth Management offers what it calls needs-based financial services. This allows the client to choose what they want on an à la carte basis. You can pick from the following services:
- Investment planning and management
- Investment strategy review
- Portfolio review and analysis
- Risk tolerance measurement and assessment
- Objective-based financial planning
- Retirement planning
- Education cost planning
- Estate planning
- Year-end tax planning
- Cash flow analysis
- Insurance review
- IRA and 401(k) rollovers
- Employer-sponsored retirement plan analysis
Affinity Wealth Management Investment Philosophy
Long-term investing is at the core of Affinity Wealth Management’s approach. This means that it builds portfolios with the intent that there will be little to no investment turnover in an effort to keep trading costs as low as possible. The firm typically invests in exchange-traded funds (ETFs), mutual funds, bonds, individual stocks, CDs, real estate investment trusts (REITs), foreign securities and options contracts.
Rebalances and reallocations are a major part of the firm’s investing approach. These could become necessary if there are shifts in the market or your personal financial objectives change.
Fees Under Affinity Wealth Management
The fees associated with investment management services at Affinity Wealth Management are based on a percentage of assets under management (AUM). Annual fee rates range from 0.50% to 1.50% of AUM, and fees are charged quarterly. Firms with fees on a sliding scale such as this typically determine rates based on the amount of assets you have under the firm’s management. While that does come into play here, the firm also takes into account the number of services you receive and the complexity of those services.
Affinity charges either an hourly or fixed fee for its financial planning services. The firm's hourly rate is $350 per hour, while fixed fees range from $250 to $15,000. The firm will typically opt to charge a fixed fee if it feels confident that it can accurately predict what your hourly costs will be.
An annual fee of up to 1.00% is charged for all pension and retirement plan advisory services. The exact rate is negotiable depending on the specifics of your situation. Again, these are paid at the conclusion of each quarter that you remain a client at Affinity.
What to Watch Out For
Some of the advisors at Affinity Wealth Management have arrangements in place to receive commissions for the sale of insurance policies to clients. These are completely independent of the other costs associated with the firm and its services. Additionally, certain employees at Affinity sell specific securities on a commission basis. Both of these arrangements may present potential conflicts of interest, as advisors may be incentivized to sell particular products. The firm is, however, a fiduciary, which means that it is bound to act in your best interest at all times.
Affinity Wealth Management has a clean record, meaning it has no legal issues or disclosures listed on its Form ADV.
Opening an Account With Affinity Wealth Management
Affinity Wealth Management welcomes anyone interested in the firm to stop by and talk to an advisor about the services they can provide. However, you’ll likely want to call ahead of time to set up a meeting. You can reach the firm at (302) 652-6767, or via its toll-free number at (800) 825-8399. Another option is to email the firm at email@example.com.
The firm’s headquarters in Wilmington, Delaware, is open from 8 a.m. to 5 p.m. Monday through Friday and by appointment on Saturday and Sunday. The branches in King of Prussia, Pennsylvania, and Short Hills, New Jersey, are only open on weekdays by appointment.
Where Is Affinity Wealth Management Located?
Affinity Wealth Management is headquartered in Wilmington, Delaware. The office is located at 2961 Centerville Road, Suite 310. Garden State and Quaker State residents will be happy to know that the firm also has locations in Short Hills, New Jersey, and King of Prussia, Pennsylvania.
Investing Tips for Beginners
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- As you’re building your portfolio, it’s important to think about asset allocation. This is essentially how you divide your assets between different investment types according to your risk tolerance. So, for instance, a conservative investor would invest more heavily in bonds than stocks, whereas a very aggressive investor may have a portfolio that's 90% stocks.