Barber Financial Group
Barber Financial Group is a Lenexa, Kansas-based financial advisor firm that has over $1.8 billion in client assets under management (AUM). The firm’s client base almost entirely comprises individuals, but Barber Financial also works with some retirement plans. The firm specializes in investment management and financial planning services.
As a fee-based firm, some of its advisors can earn income from sources other than the advisory fees that clients pay. In the case of Barber Financial, these advisors can earn insurance sales commissions, which may incentivize them to recommend such products. This differentiates it from a fee-only firm, which is compensated exclusively by client-paid fees.
Barber Financial Group Background
Barber Financial Group was founded in 1998, though it has only been a registered investment advisor (RIA) since 2010. Chief executive officer Dean Barber founded the firm and remains its principal owner to this day. Barber has over 30 years of experience in the financial services industry.
This firm's staff of financial advisors is equipped with a variety of professional certifications. Eight advisors are certified financial planners (CFPs), 11 are accredited investment fiduciaries (AIFs), one is a chartered retirement planning counselor (CRPC), one is a chartered life underwriter (CLU) and four are certified public accountants (CPAs).
Barber Financial Group Client Types and Minimum Account Sizes
Barber Financial Group works with more than 2,500 clients. The vast majority of these clients are individuals who don't have a high net worth. The firm also works with some high-net-worth individuals and retirement plans.
Barber requires new clients to have at least $500,000 in investable assets. However, it may decide to waive or lower this minimum under certain circumstances.
Services Offered by Barber Financial Group
Barber Financial Group's main offering is what it calls the Guided Retirement System™ (GRS). This service is a combination of the firm's investment management and financial planning services; the latter includes tax planning, estate planning, insurance analysis and annuity analysis. If the client wishes, the firm can also provide either stand-alone investment management or stand-alone financial planning.
Barber Financial Group Investment Philosophy
The investment ideology at Barber Financial Group generally centers around long-term investing. However, advisors may recommend short-term strategies if a client requests it or if the advisor determines such a strategy to be the most appropriate for the client's situation.
Barber Financial Group will meet with each client at the start of every advisory relationship to establish their ultimate investment goals, tolerance for risk, cash flow needs and more. Once these factors have been clearly established, the firm's advisors will then create an asset allocation that best aligns with the client's needs.
The firm may also rely on model asset allocation programs that are researched and provided by a third-party firm.
Fees Under Barber Financial Group
Barber Financial Group typically charges its clients a percentage-based fee for its investment management services. The exact fee percentage you'll pay generally adheres to the following schedule:
|Barber Financial Group Investment Management Fee Schedule|
|Assets Under Management||Guided Retirement System (GRS)||Stand-Alone Investment Management|
|Up to $499,999||Negotiable||1.50%|
|$500,000 - $749,999||1.60%||1.35%|
|$750,000 - $999,999||1.50%||1.25%|
|$1,000,000 - $1,999,999||1.25%||1.00%|
|$2,000,000 - $2,999,999||1.15%||0.90%|
|$3,000,000 - $3,999,999||1.05%||0.80%|
|$4,000,000 - $4,999,999||0.95%||0.70%|
|$5,000,000 - $9,999,999||0.85%||0.60%|
|$10,000,000 and above||0.75%||0.50%|
Clients who engage the firm for stand-alone financial planning services will typically pay a flat fee between $500 and $5,000. If the client receives tax planning and estate planning services as part of this plan, they can expect to pay a fee toward the higher end of this range.
What to Watch Out For
Barber Financial Group has two disclosures listed on its Form ADV. The Kansas Board of Insurance took action against the firm in 2011 for allegedly failing to report FINRA actions subsequent to its application for an insurance license. The firm resolved the issue by paying a $1,000 civil penalty.
The other regulatory action involved an advisory affiliate, not the firm directly. Details surrounding this disclosure were not included in the Barber Financial Group's most recent Form ADV.
Remember, Barber Financial Group is a fee-based firm, as certain advisors may earn commissions from selling insurance products. While this creates the potential for a conflict of interest, the firm and its advisors are still bound by fiduciary duty to act in their clients’ best interests at all times.
Opening an Account With Barber Financial Group
There are a few different ways you can get in touch with Barber Financial Group. You can call the firm at (913) 393-1000 or you can visit the firm’s website and fill out its contact form with your name, email address and a description of the services you're looking for.
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