Loading
Tap on the profile icon to edit
your financial details.

Elite Wealth Management Review

Your Details Done
by Updated
Elite Wealth Management

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
First $100MM 0.60%
Next $50MM 0.55%
Over $150MM 0.50%

 

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.

Disclosures

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 info@elitewm.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 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.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research