Aurum Wealth Management is a financial advisor firm just outside Cleveland, Ohio with just over $860 million in assets under management. The firm works with individuals and high net worth individuals, along with a handful of charities, pension plans and insurance companies.
Aurum was founded in 2006 and is currently owned by six individuals and an LLC. The firm works with just under 750 clients, providing asset management and financial planning services, as well as consulting services on matters such as insurance, tax planning and estate planning.
Aurum Wealth Management Background
Aurum Wealth Management was founded in 2006. Today, it's owned by Christopher Bart, Wendy Eldridge, Charles Moore, Perry Reghetti, Matthew Reghetti, Eric Wulff and SM Holdings LLC. The firm works with approximately 750 clients. The firm says in its brochure that it believes that the key to sucessful family wealth management is a combination of asset management and financial planning. As such, it typically provides both services to its clients.
What Types of Clients Does Aurum Wealth Management Accept?
Aurum Wealth Management Minimum Account Sizes
Aurum Wealth Management doesn’t have a minimum account size.
Services Offered by Aurum Wealth Management
Aurum Wealth Management offers the following range of services to its clients.
- Asset management services
- Automated investment program (through Charles Schwab & Co.)
- Sub-advisory wrap-fee program
- Financial planning and consulting services
- Tax planning
- Estate planning
- Insurance analysis
Aurum Wealth Management Investment Philosophy
Aurum Wealth Management typically seeks to build portfolios with a long-term perspective (greater than 10 years) for its clients. When determining asset allocation, the firm relies on five existing asset allocation frameworks that it has developed. Each framework consists of varying weights within global equities, global and municipal fixed income, diversified alternative strategies and cash. Clients can choose which framework is the best starting point for their risk tolerance, time horizon and investment objectives. The firm's owners meet periodically to discuss asset allocation, general economic activity and security analysis; they update their asset allocation frameworks as needed.
Fees Under Aurum Wealth Management
For asset management services, Aurum Wealth Management charges a percentage of each client’s assets under management as a fee. These fees will be paid quarterly in arrears. The exact percentage will follow this schedule:
|Fee Schedule for Managed Accounts*|
|Assets Under Management||Fee Percentage|
The below table shows how Aurum Wealth Management's fees compare to the national median. Remember that these are only estimates and actual fees may vary.
|Estimated Fee Comparison*|
|Your Assets||Aurum Wealth Management||National Median Advisory Fees**|
|$1MM||$9,750||$8,500 - $10,000|
|$5MM||$34,750||$25,000 - $32,500|
|*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.|
For investment consulting services, the firm will charge either a fixed fee ranging from $500 to $10,000 or an hourly fee ranging from $100 to $300.
What to Watch out For
Aurum Wealth Management is affiliated with Skoda Minetti, a CPA firm. If a client requires tax preparation assistance during the course of his or her relationship with the firm, the firm may recommend Skoda Minetti. This relationship represents a potential conflict of interest because the firm has an incentive to recommend Skoda Minetti's services. The firm mitigates this conflict by stressing that clients are under no obligation to follow any recommendations. Further, Aurum Wealth Management has a fiduciary duty to always act in its clients’ best interest.
Aurum Wealth Management doesn’t have any disclosures.
Opening an Account With Aurum Wealth Management
To start the process with Aurum Wealth Management, you'll need to get in touch to set up an initial meeting. You can do this in a couple of different ways. You can call the firm toll-free at (866) 605-1901. You can also fill out the contact form on the firm’s website with your name, email address, phone number and brief message. If you prefer to do things in person, you can also stop by the firm’s office on Beta Drive or either of the firm's satellite locations. When you meet with an advisor, you can determine together what your relationship with the firm should look like.
Where Is Aurum Wealth Management Located?
Aurum Wealth Management is headquartered on Beta Drive near the intersection of Highland Road and Som Center Road in Mayfield Village, Ohio. Mayfield Village is located roughly 20 miles northeast of Cleveland. Additionally, the firm has satellite offices in Akron, Ohio and Tampa, Florida.
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.
- Wondering if you're on pace for a comfortable retirement? Use our retirement calculator to see how much you'll need in retirement and whether your current savings will get you there.