Elite Wealth Management, Inc. is a fee-only financial advisor in Kirkland, Washington that specializes in strategy-based investment portfolio creation and integrated financial planning. The firm has just two advisory employees to manage its more than $356 million in assets under management (AUM). There is no minimum investment needed to join Elite.
Elite Wealth Management Background
Fariba Ronnasi, Elite Wealth Management’s president and chief compliance officer, has a 23-year history in the investment sphere. She holds a master’s degree in finance with a minor in economics and was a managing director at Columbia Management Company before establishing Elite in 2004. Ronnasi is still the firm’s principal owner.
There are no advisory certifications at Elite, such as a certified financial planner (CFP) or certified public accountant (CPA).
What Types of Clients Does Elite Wealth Management Accept?
When it comes to AUM, most of Elite Wealth Management’s business comes from high-net-worth individuals. However, in terms of number of clients, individuals nearly triple their high-net-worth counterparts. Elite also does business with a few other investment advisors.
Elite Wealth Management Minimum Account Size
In general, Elite Wealth Management does not impose a minimum investment requirement. If you subscribe to certain investment strategies at Elite, though, there may be a minimum.
Services Offered by Elite Wealth Management
Although Elite Wealth Management is largely concentrated on building and managing clients’ investment portfolios, it does have some financial planning services. Here’s an overview of what you can get through Elite:
- Investment management
- Portfolio customization according to:
- Risk tolerance
- Investment objectives
- Risk management
- Diversification and asset allocation planning
- Investment strategies include:
- Core strategy
- Global portfolio
- Dynamic exchange-traded fund (ETF) option strategy
- Equity opportunity strategy
- Tactical long/short strategy
- Financial planning
- Tax planning and accounting
- Cash flow analysis
- Retirement planning
- Estate planning
- Trust planning
- Long-term care insurance planning
- IRA and 401(k) rollovers
- Asset protection
- Wealth accumulation
- “White-labeling” for third-party investment managers
- Partnerships allow outside advisors to rebrand Elite’s strategies
Elite Wealth Management Investment Philosophy
Elite Wealth Management uses a model-based approach to working with its clients. When you first speak with an advisor, you’ll work together to identify your risk tolerance, time horizon, income needs and ultimate investment objectives. Once this is complete, your profile will be paired with one of these aforementioned portfolio models: “core strategy,” “global portfolio,” “dynamic ETF option strategy,” “equity opportunity strategy” and “tactical long/short strategy.”
Rather than stick to a single investment type within each of these strategies, Elite Wealth looks to form a cohesive combination of investments that work together to mitigate risk and maintain satisfactory returns. As a rule of thumb, Elite tends to work within the confines of a few securities, like individual equities, exchange-traded funds (ETFs), options and alternative investments.
Fees Under Elite Wealth Management
The investment management fees at Elite Wealth Management typically hover at about a 1.00% annual management fee. This rate is eligible for alteration, though, depending on the complexity of your personal situation and other factors. Your annual fee will be split up into quarterly payments, and they’re charged in advance.
Third-party investment managers who take advantage of Elite Wealth’s white-labeling services will abide by one of two different fee schedules. Which one you get is contingent upon whether or not you use Elite’s trading platform. If you do, the first table will apply, and if not, the second will.
|Fees for White-Labeling Using Elite|
|Assets Under Management||Annual Fee|
|Fees for White-Labeling Using Intermediaries|
|Assets Under Management||Annual Fee|
|First $100MM||0.30% - 0.35%|
|Next $50MM||0.25% - 0.30%|
|Over $150MM||0.20% - 0.25%|
What to Watch Out For
Elite Wealth Management’s president and CCO, Fariba Ronnasi, also holds two positions (CCO and director of investor relations) at Lattice Capital Management, LLC, an SEC-registered investment advisor located in the same offices as Elite. Ronnasi founded the firm herself and her husband, Ali R.M. Dadgar, is Lattice’s managing member.
When Elite finds it appropriate, the firm may recommend that clients allocate part of their assets to funds that are managed by Lattice Capital Management. Clients are under no obligation to accept these recommendations, but if they do, Lattice will receive compensation through its proprietary management charges and performance-based fees. This has the potential to create a conflict of interest, as Ronnasi would earn compensation from the fees of both Lattice and Elite. Even still, the firm is a fiduciary and is therefore legally bound to act in your best interest at all times.
Elite Wealth Management boasts a clean legal and regulatory record based on its SEC-filed Form ADV.
Opening an Account With Elite Wealth Management
Anyone interested in beginning an advisory relationship with Elite Wealth Management can contact the firm over the phone at (425) 828-4300 or by email at email@example.com. Elite provides a direct way for prospective clients to set up an appointment through its website. You can choose from a phone conversation or in-person meeting for either 30 minutes or an hour.
Where Is Elite Wealth Management Located?
Elite Wealth Management is situated in northern Kirkland, Washington, at 1014 Market Street, Suite 100. It’s just a few blocks off the coast of Moss Bay.
Important Retirement Planning Considerations
- The key to a successful retirement plan is to gather as many income streams as possible. With a consistent focus placed on individual retirement accounts (IRAs) and 401(k)s, it’s easy to forget the extra income you can expect from. To get an idea of what type of payments you should anticipate, take a look at SmartAsset’s Social Security calculator.
- There’s no shame in asking for help when fleshing out your plans for retirement. Financial advisors make great retirement planning partners and mentors. Finding the right advisor for you could prove to be an exhaustive process. To combat this problem, SmartAsset created its financial advisor matching tool that can quickly match you with up to three advisors in your area. Advisors are selected based on how well they pair with your needs, so make sure to answer our questionnaire as thoroughly as possible.