Foresight Wealth Management, LLC (FWM) is a fee-based financial advisor located in Draper, Utah. The firm employs 12 financial advisors that manage $306.7 million in client assets. In 2016, Foresight placed 1,248 on Inc.’s list of the 5,000 fastest-growing private companies in the U.S.
Foresight Wealth Management Background
Managing partner and CEO Adam Nugent established Foresight Wealth Management in 2010. Nugent is the firm’s principal owner, and his father, Alan Nugent, is also a principal. Adam Nugent has spent nearly 20 years working in the finance and investment industries.
Foresight has an impressive array of advisory certification throughout its staff. This includes four chartered financial consultants (ChFCs), two chartered life underwriters (CLUs), one certified financial planner (CFP), one chartered financial analyst (CFA), one chartered alternative investment analyst (CAIA), one retirement income certified professional (RICP), one certified public accountant (CPA) and one accredited investment fiduciary (AIF).
What Types of Clients Does Foresight Wealth Management Accept?
Nearly 85% of Foresight’s client base consists of individuals and high-net-worth individuals. The firm currently works with around 100 pension and profit-sharing plans as well. Other common clients of the firm are trusts, estates, businesses and charitable organizations.
Foresight Wealth Management Minimum Account Size
As a general requirement, new clients of Foresight Wealth Management must have $100,000 in investable assets.
Services Offered by Foresight Wealth Management
There’s no shortage of advisory services available at Foresight Wealth Management. Investment supervisory and financial planning are the firm’s premier resources. Here’s a rundown of everything Foresight’s team can do:
- Investment supervisory
- Non-discretionary and discretionary services available
- Personal investment policy
- Asset allocation creation
- Risk tolerance development
- Regular portfolio monitoring
- Financial planning
- Cash flow analysis
- Retirement planning
- Insurance planning and analysis
- Investment planning
- Portfolio analysis
- Estate planning
- Education savings planning and analysis
- Pension consulting
- Investment selection
- Investment performance monitoring
- Discretionary investment management as needed
- Plan participant education and support
- Selection of other advisors
- Third-party money manager (TPMM) recommendations
Foresight Wealth Management Investment Philosophy
Upon joining forces with Foresight Wealth Management, you and an advisor will discuss what type of advisor you are. By the end of this conversation, you’ll come up with a specific personal investment policy that details your risk tolerance, time horizon, personal investment goals and any need for liquidity. In addition to these, the firm will also take into account your income level and tax situation.
The asset allocation and collection of investments that will characterize your portfolio are dependent on the factors listed above. However, Foresight admittedly has some investments it prefers, such as equities, exchange-traded funds (ETFs), mutual funds, U.S. government securities, municipal securities, corporate debt securities and options. Furthermore, the firm states in its Form ADV that it sometimes invests in hedge funds and private equity funds.
Fees Under Foresight Wealth Management
Foresight Wealth Management has an extensive fee schedule that lists different charges for each service. To start, take a look over these rates:
|Foresight Wealth Management Fees|
|Investment Supervisory|| |
|Financial Planning|| |
|Pension Consulting|| |
|Selection of Other Advisors|| |
As you can see in the table above, FWM is rather vague with its fees. How it charges those fees, though, is far more clear. For investment supervisory clients, fees are payable in advance, either on a monthly or quarterly basis. Foresight’s pension consulting services operate slightly differently, as clients must pay them monthly or quarterly, in arrears.
The nature of your needs will dictate what your financial planning fees will look like. Clients looking for a general financial plan are charged a fixed fee of up to $10,000, while more specific plans call for an hourly rate of up to $400. All details of your financial planning fee arrangement are laid out to you ahead of time in a written agreement with FWM.
What to Watch Out For
As a fee-based firm, some members of Foresight Wealth Management’s advisory team can earn commissions based on the sale of securities and insurance products to clients. This creates an inherent conflict of interest, but the firm maintains its status as a fiduciary, binding it by law to act in your best interest no matter what.
Should you accept Foresight’s recommendation of a third-party money manager (TPMM) within your portfolio, the firm will receive part of the TPMM’s compensation. This financial incentive could open the firm to a conflict of interest. Again, Foresight abides by fiduciary duty.
There are no disclosures listed in Foresight Wealth Management’s SEC-filed paperwork. That means the firm has a clean legal and regulatory record.
Opening an Account With Foresight Wealth Management
If you wish to become a client of Foresight Wealth Management, you can reach the firm at (801) 462-2200 or firstname.lastname@example.org. On the firm’s website, you’ll also find a contact form. Fill that out and one of Foresight’s advisors will get in touch with you directly.
Where Is Foresight Wealth Management Located?
Foresight Wealth Management can be found in northern Draper, Utah right off of 700 East. The firm’s exact address is 11550 South 700 East, Suite 100.
Tips for the Successful Management of Your Investment Portfolio
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