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Foresight Wealth Management Review

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Foresight Wealth Management

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
Services Fees
Investment Supervisory
  • Up to 2.50% annual fee
Financial Planning
  • Up to a $10,000 fixed fee for broad planning services
  • Up to a $400 hourly fee for specific planning services
Pension Consulting
  • Either a 1.00% annual fee or a negotiable flat fee
Selection of Other Advisors
  • FWM receives a percentage of the TPMM’s fees

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.

Disclosures

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 advice@foresightmgt.com. 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

  • If you’re worried your portfolio is getting stagnant, but you don’t have the time to handle it yourself, perhaps it’s time to work with a financial advisor. SmartAsset’s financial advisor matching tool simplifies the process of finding an advisor that complements your needs. Take some time to answer our in-depth financial questionnaire and you’ll be paired with up to three appropriate financial advisors in your area.
  • Whenever you’re making money, you can bet the IRS is lurking nearby. The same goes for investing, as the financial gains you earn from selling stocks will likely be eligible for the capital gains tax. Although this might seem customary, this charge can do quite a number on your returns in the long run. Learn what you can expect beforehand by using SmartAsset’s capital gains tax calculator.

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 cost of living in retirement there.

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

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. 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.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

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