Destination Wealth Management is a fee-only financial advisory firm located in Walnut Creek, California, in the San Francisco Bay Area. Clients include individuals, high-net-worth individuals, pension and profit-sharing plans, as well as business and charitable organizations.
Destination offers a full array of financial planning and investment management services, with a focus on financial areas such as retirement, insurance, education, income management, debt, portfolio creation and more. The firm ranks No. 1 on SmartAsset's list of the top financial advisors in Walnut Creek. Barron's, the Financial Times, Financial Planning Magazine and Financial Advisor Magazine are some of the other organizations that have recognized this firm as one of the best in the U.S.
Destination Wealth Management Background
Destination Wealth Management has been in the financial advisory and investment management business since 1996. CEO Michael Yoshikami is the founder of the firm and remains its principal shareholder to this day. Yoshikami has a 40-year history in both investment management and financial planning and leads both of the firm's teams in these fields.
Across the firm, you’ll advisors who hold the Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), enrolled agent (EA), certified public accountant (CPA) and chartered special needs consultant (ChSNC) designations.
Yoshikami was ranked one of Barron’s "Top 100 Independent Financial Advisors" for 10 years in a row between 2009 and 2018, earning him a spot in the publication's "Hall of Fame."
What Types of Clients Does Destination Wealth Management Accept?
Individuals, pension plans, trusts, estates, profit-sharing plans, corporations, businesses and charitable organizations make up Destination Wealth Management’s client base. Among individual clients, the firm serves both high-net-worth and non-high-net-worth individuals. However, high-net-worth individuals account for the vast majority of the firm’s total assets under management.
Destination Wealth Management Minimum Account Sizes
For most clients who work with Destination Wealth Management, at least $500,000 is needed to open an account. Like most firms, Destination Wealth Management may choose to reduce or waive its account minimum in certain situations. However, the firm offers financial planning as part of its investment management services.
Services Offered by Destination Wealth Management
Since individuals are Destination Wealth Management's core clientele, the firm's financial planning services are angled toward them. Its services include:
- Investment management (asset allocation design, investment research, asset selection, portfolio monitoring and rebalancing)
- Financial planning (retirement planning, tax review, cash flow projections, net worth/financial profile analysis, education funding planning, insurance analysis, estate planning review and charitable gift planning)
Involved across all of these services is a five-step system that Destination’s advisors utilize to evaluate your financial situation and create a plan that helps achieve your vision. It goes as follows:
- 1. Set goals
- Figure out your retirement or other future goals
- 2. Gather and analyze
- Meet with an advisor and complete a questionnaire
- State your financial objectives
- Evaluate your current financial standing
- 3. Review and adjust
- In conjunction with your advisor, work alongside your personal accountant, attorney, financial consultant and insurance agent
- 4. Finalize and implement
- Agree on a program
- Invest your assets in the pre-selected securities
- 5. Update and evolve
- Rebalance your investments
- Alter plans to any new goals
Destination Wealth Management Investment Philosophy
Like many financial advisor firms today, Destination Wealth Management concentrates nearly all of its investment decisions around a long-term style. However, it does recognize that, on occasion, short-term trades and other decisions may have to be made, either for liquidity purposes or because of anomalies in the market.
The firm employs three main investment strategies: "Global Focused," "Domestic Focused" and "ESG." Then, Destination splits up planning into eight different areas of portfolio focus that are dependent on your personal risk tolerance. Within these, the investment types that will be included in your portfolio will shift. For example, your assets may be invested in stocks, bonds, exchange-traded funds (ETFs), commodity assets, options, mutual funds and ex-U.S. positions.
Fees Under Destination Wealth Management
As a fee-only firm, Destination Wealth Management bases its advisory fees on the type of services it provides. For investment management, a simple tiered fee system is used, with rates dropping as the number of assets under management increases. These rates are charged four separate times a year, though it is technically an annual fee.
| Assets Under Management | Fee Rate |
| $0 - $500,000 | 1.15% |
| $500,000+ - $1,000,000 | 0.98% |
| $1,000,000+ - $2,000,000 | 0.93% |
| $2,000,000+ - $3,000,000 | 0.88% |
| $3,000,000+ - $4,000,000 | 0.83% |
| $4,000,000+ - $5,000,000 | 0.78% |
Once a household has more than $5 million in assets under management, Destination Wealth Management switches the household to a flat-rate fee schedule. Instead of applying different rates to different portions of the account, the firm applies one annual management fee rate to the full household balance. The rate is 0.75% for households with $5 million to $10 million, 0.70% for $10 million to $15 million, 0.65% for $15 million to $20 million and 0.60% for households with more than $20 million.
Clients who only want financial planning services will typically pay an hourly rate or a flat fee. The firm charges $250 per hour, with a six-hour minimum. The firm determines flat fee rates at its discretion, though it has a minimum rate of $1,500. However, if you’re an investment management client, the firm waives separate financial planning fees.
What to Watch Out For
Destination Wealth Management may be a better choice for higher-level investors with significant assets to invest because of the standard $500,000 investment minimum. This is exacerbated by the fact that the fee structure at this firm offers discounts to those who have more assets under management, which is a common practice but should be considered nonetheless.
According to the firm's latest filing with the SEC, there are no disclosures or other legal issues to report for Destination Wealth Management.
Opening an Account With Destination Wealth Management
If you’d like to meet with a Destination Wealth Management financial advisor face-to-face, you can always stop by the firm's office in Walnut Creek. The firm’s website also lists a phone number and email address that you can use to contact an advisor to either begin an advisory relationship or ask some questions.
All information is accurate as of the writing of this article.
Tips for Building a Financial Plan for Retirement
- If this undertaking seems a bit too arduous for your financial management abilities, you could always consider meeting with a fiduciary financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Although many people have some form of retirement savings, many don’t have a clear plan for the future that surrounds these funds. This can create problems, as it can be tough to judge whether you’re saving enough to cover your retirement costs. Instead, be as exact as possible in determining what you want to achieve in retirement and what it will likely cost to get there.
