Conducting business under the name Aon Hewitt Financial Advisors LLC, Alight Financial Advisors LLC is a fee-based firm exclusively serving non-high-net-worth individuals. The Charlotte-based firm’s 50 advisors manage nearly $27 million with more than 219,000 clients.
This firm only provides account management for employees participating in defined contribution plans. If you’re searching for a firm that offers advisory services for individuals, SmartAsset’s free financial advisor matching service can connect you with up to three local advisors suitable to your needs.
Alight Financial Advisors LLC Background
Founded in 2011, Alight functions as a wholly owned subsidiary of Alight Solutions LLC. Alight also partners with Financial Engines Advisors LLC to provide advisory services. Alight Solutions, which provides benefits administration and human resources and financial solutions, is in turn a wholly-owned subsidiary of Blackstone Group LP.
Alight Financial Advisors LLC Client Types and Minimum Account Sizes
Alight primarily serves employees participating in employer-sponsored defined contribution plans. The firm also extends its services to retirees.
Alight doesn’t specify its minimum account size requirements.
Services Offered by Alight Financial Advisors LLC
Alight offers its clients a range of advisory services, including retirement evaluation for participants in employer-sponsored retirement plans, online advice, discretionary investment management and income payouts. The firm’s services also include:
- Portfolio management
- Financial planning
- Educational seminars and workshops
Another thing to note is that Alight provides on-site financial education programs at its clients’ sites of employment. The firm also offers education programs through live or pre-recorded webinars.
Alight Financial Advisors LLC Investment Philosophy
Alight describes on its firm brochure that its policy is to implement high levels of attention and care when making investment decisions on behalf of its clients. The firm relies on Financial Engines’ investment methodologies and strategies when delivering investment advice.
Alight says that all of Financial Engines’ portfolio allocations take into account factors such as client investment objectives, risk tolerance and client circumstances. The firm typically invests in commingled funds, mutual funds, separate accounts, exchange-traded funds (ETFs), certificates of deposit (CDs) and individual equities. Advisors generally recommend long-term purchases, but they also employ trading or short-term purchases.
Fees Under Alight Financial Advisors LLC
Alight generally has two separate categories of management fees it charges clients. For professional management services, the firm charges clients at a rate of up to 0.60% of assets under management (AUM). Clients pay these fees monthly or quarterly, in arrears.
Alight also charges management fees for plan participants using the firm’s online advice. The plan or plan sponsor typically pays these fees, but, in some cases, the firm charges the plan participant a fee ranging from $10-15 per eligible plan participant per year. The firm may also charge retirement plans or plan sponsors one-time or regular fees regarding set-up, licensing, integration or development.
What to Watch Out For
If you’re a non-high-net-worth or high-net-worth individual looking for wealth management services that don’t involve employer-sponsored retirement plans, Alight’s services may not be for you. The firm exclusively serves employees and retirees.
To find an advisory firm that offers individual account management, consider using our financial advisor matching tool to ease your search.
Alight’s only disclosure involved one of its affiliates, Hewitt Financial Services. In 2008, Hewitt received a censure and fine of $8,500 for failing to accurately prepare books and records and for inaccurately reporting level of capital and aggregate indebtedness. The affiliate was also found to have prepared inaccurate net capital computations. Alight’s Form ADV doesn’t list any other regulatory violations.
Opening an Account With Alight Financial Advisors LLC
If you’re interested in setting up an account with Alight, you can either visit the firm’s office, or you can set up an appointment with an advisor by calling the firm at (866) 560-7256.
Tips for Finding a Financial Advisor
- You’ll have countless options when it comes to financial advisors, but it’s important to choose the one that’s best for your savings goals. One way to narrow down your search is by identifying your long- and short-term goals, as well as the specific areas of wealth you’d like assistance with.
- You can also use SmartAsset’s free financial advisor matching tool to pair with up to three local advisors who suit your needs. All you’ll need to do is complete a short questionnaire about your financial situation, and the tool connects you with advisors within minutes.
All information was accurate as of the writing of this article.