Foresight Wealth Management, LLC has been in business for about a decade. The firm was on Inc's 2016 list of the 5,000 fastest-growing private companies in the U.S. Today, FWM. It is headquartered in Draper, Utah, is on SmartAsset's top advisor lists for both Draper and Utah.
This is a fee-based firm, which means some advisors here can receive third-party commissions beyond normal advisory fees. A fee-only firm, on the other hand, earns all of its compensation from client-paid fees.
Foresight Wealth Management Background
CEO Adam Nugent established Foresight Wealth Management in 2010. Nugent is the firm’s principal owner. Nugent has spent nearly 20 years working in the finance and investment industries. Nugent's father, Al Nugent, who has more than 45 years of experience, also works as an advisor at the firm.
Foresight has an impressive array of advisory certifications on its staff. This includes the chartered financial consultant (ChFC), chartered life underwriter (CLU), certified financial planner (CFP), chartered financial analyst (CFA), retirement income certified professional (RICP), certified public accountant (CPA) and accredited investment fiduciary (AIF) designations.
Foresight Wealth Management Client Types and Minimum Account Sizes
Of Foresight’s individual clients, most are non-high-net-worth individuals. The firm also works with individuals that do have a high net worth, pension and profit-sharing plans, trusts, estates, businesses and charitable organizations.
Generally, new clients must have $100,000 in investable assets, though Foresight may waive the minimum at its discretion.
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 main offerings. 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 Investing Philosophy
Upon joining forces with Foresight Wealth Management, you and an advisor will discuss what type of investor 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.
Your portfolio's asset allocation is dependent on the factors listed above. Foresight will implement the asset allocation primarily with equities, exchange-traded funds, mutual funds, U.S. government securities, municipal securities, corporate debt securities and options. When appropriate, the firm may also invest 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|| |
Investment management 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 ahead of time in a written agreement.
What to Watch Out For
With no disclosures of legal or disciplinary actions on its SEC filings, Foresight Wealth Management has a clean record.
Some Foresight Wealth Management advisors may be broker-dealer representatives or insurance agents. In those non-advisor roles, they collect transaction-based commissions, which may pose a potential conflict of interest. That said, Foresight Wealth has a fiduciary duty to always put its clients' interests before its own.
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 email@example.com.
All information is accurate as of the writing of this article.
Tips for the Successful Management of Your Investment Portfolio
- If you’re worried that your asset allocation is off, but you don’t have the time to handle it yourself, perhaps it’s time to work with a financial advisor. Finding the right financial advisor 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.
- 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.