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Fiduciary Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Fiduciary Management, Inc.

Fiduciary Management, Inc. (FMI) is a Milwaukee-based financial advisory firm that primarily offers investment portfolio management services. The firm's clientele includes a wide range of both institutional and individual investors.

All of this firm's earnings come from the advisory fees that clients pay, which makes it a fee-only business. That's different from a fee-based firm, which might also earn income from insurance or securities commissions.

Fiduciary Management Background

Fiduciary Management has been in business since 1980. The firm is currently under the principal ownership of chairman Ted Kellner and CEO and chief investment officer (CIO) Patrick English. Most members of the advisor team at FMI have more than 10 years of industry experience.

This firm's advisory staff includes chartered financial analysts (CFAs) and certified public accountants (CPAs).

Fiduciary Management Client Types and Minimum Account Size

The client base at Fiduciary Management is incredibly diverse, including individuals (both with and without a high net worth), investment companies, pooled investment vehicles, pension and profit-sharing plans, charitable organizations, government entities, insurance companies and other businesses.

This firm's typical minimum investment requirements vary by client type:

  • Large-, Small- and All-Cap discretionary accounts: $3 million
  • Individual accounts: $1 million
  • International discretionary accounts: $25 million
  • Focused Global discretionary account: $10 million

At the firm's discretion, the minimums above are subject to change or waiver.

Services Offered by Fiduciary Management

FMI provides its clients with a selection of investment management services. It offers four distinct investment strategies when it comes to these offerings: Large-Cap, Small-Cap, All-Cap and International Equity. The firm's investment advice is limited to this quartet of strategies.

The firm manages all client accounts on a discretionary basis, and it does operate some wrap-fee programs. There are no financial planning services available through Fiduciary Management.

Fiduciary Management Investment Philosophy

Fiduciary Management uses four dedicated investment strategies. Each of these are centered around a different tier of equities in an effort to hit on specific levels of risk and returns. Below you'll find an overview of what each strategy invests in:

  • Large-Cap Equity Strategy: Focuses on value stocks of companies with more than $5 billion in market capitalization
  • Small-Cap Equity Strategy: Focuses on value stocks of companies with less than $7 billion in market capitalization
  • All-Cap Equity Strategy: Focuses on value stocks of companies with both high and low market capitalizations
  • International Equity Strategy: Focuses on value stocks of foreign companies with more than $5 billion in market capitalization
  • Focused Global Equity Strategy: Investing in mid-large cap companies in the U.S. and internationally

Using fundamental research and analysis, this firm and its advisors look to identify company stocks that are available at value prices. This is done because it aims to pursue above-average performance for its investments, while at the same time minimizing risk. The firm chooses to avoid investing in initial public offerings (IPOs) or other "hot issue" investments. Instead, it usually invests in preferred stocks, warrants, corporate bonds, commercial paper, certificates of deposit (CDs), municipal securities and mutual fund shares.

Fees Under Fiduciary Management

The fee schedule at Fiduciary Management is based on the investment strategy being used and the value of each client's account. From there, annual fees are charged as a percentage of their total AUM. All fees are calculated and billed on a quarterly basis, in arrears.

Fiduciary Management Fee Schedule
Account Value Large-Cap Account Fees Small-Cap Account Fees All-Cap Account Fees International Equity Account Fees Focused Global
First $25MM 0.55% 0.85% 0.70% 0.70% 0.65%
$25MM - $50MM 0.50% 0.80% 0.65% 0.60% 0.60%
$50MM - $100MM 0.45% 0.70% 0.60% 0.55% 0.55%
Above $100MM 0.35% 0.60% 0.55% 0.50% 0.50%

What to Watch Out For

Note that Fiduciary Management does not provide any kind of financial planning services. So if you're looking for an advisor that does offer financial planning, use SmartAsset's free matching tool to find an advisor in your area who better fits your needs.

There are no disclosures present on Fiduciary Management's SEC-filed Form ADV.

Opening an Account With Fiduciary Management

The best way to get in touch with Fiduciary Management is to call (414) 226-4545.

How to Plan for Retirement

  • Whether you're looking to build a retirement plan or just get with your investments, it's a good to work with a financial advisor in your area. SmartAsset's free advisor matching tool makes the search process easy. If you're ready to start working with an advisor, get started now.
  • Planning out your retirement income involves taking into account many important factors. Use SmartAsset's retirement calculator to figure out how much you'll need to support yourself during your golden years - and whether you're on pace to hit that goal.

How Long $1mm 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.

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

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

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%. 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