Granite Bay Wealth Management, LLC (GBWM) is a fee-only financial advisor firm with a three-person staff of advisors that have around $146 million in assets under management (AUM). GBWM’s only office is located in Portsmouth, New Hampshire. Much of Granite Bay’s services revolve around wealth management, retirement planning and consulting services for retirement plans.
Granite Bay Wealth Management Background
Principal owners Joseph Skees and Paul Stanley founded Granite Bay Wealth Management in 2015. The duo has spent a combined 40 years working in various areas of the financial services industry, like at Fortune 500 companies and on Wall Street.
GBWM’s three advisors include two certified financial planners (CFP), one chartered life underwriter (CLU), one chartered financial consultant (ChFC) and one certified employee benefit specialist (CEBS).
What Types of Clients Does Granite Bay Wealth Management Accept?
Individuals, high-net-worth individuals, trusts, ERISA plans and ERISA plan sponsors all form Granite Bay Wealth Management’s typical client base.
Granite Bay Wealth Management Minimum Account Size
Although Granite Bay Wealth Management reserves the right to waive its minimum account size requirements at any time, most new clients will need at least $250,000 in investable assets for acceptance.
Services Offered by Granite Bay Wealth Management
Granite Bay Wealth Management’s services are centered around asset management and financial planning, as well as retirement plan consulting to qualified plans. Take a look through this breakdown of Granite Bay’s available offerings:
- Asset and wealth management
- Current investment evaluation
- Asset allocation planning
- Financial goal- and risk-adjusted investment planning
- Ongoing investment management
- Financial planning
- Financial statement preparation and analysis
- Family wealth planning
- Estate planning
- Estate tax and probate cost planning
- Tax and legal advisor coordination
- Beneficiary designations
- Will planning and review
- Estate preservation
- Retirement planning
- IRA planning and management
- Retirement income analysis
- Education funding planning
- Income tax planning
- Risk management
- Employee benefit analysis
- Asset management and financial planning integration
- Retirement plan consulting services
- Investment planning
- Investing advice
- Full pension consulting
Granite Bay Wealth Management Investment Philosophy
In order to construct a portfolio according to your financial situation, Granite Bay Wealth Management will look to identify key points in your investor profile. This principally involves your personal risk tolerance, time horizon and any distinct long- or short-term goals you may have. These factors then come together to create your portfolio’s eventual asset allocation. GBWM places clients on an asset allocation scale that ranges from aggressive, to moderately aggressive, to moderate, to moderately conservative, to conservative.
Although exchange-traded funds (ETFs) and mutual funds remain Granite Bay’s top investment recommendations, the firm has a plethora of stock and bond types that it’s willing to include in clients’ portfolios, such as:
- U.S. small-cap growth
- U.S. large-cap growth
- U.S. small-cap value
- U.S. large-cap value
- International developed market
- International emerging market
- U.S. government agencies
- U.S. government treasuries
- U.S. high-rated corporate
- U.S. low-rated corporate
- International developed market
- International emerging market
Fees Under Granite Bay Wealth Management
Clients who engage Granite Bay Wealth Management strictly for financial planning services will adhere to an hourly fee schedule. The firm will review your anticipated needs and assign a fee rate between $200 and $300 depending on their complexity. Before any services are rendered, you will need to pay half of the estimated fee, with the rest due upon the completion of your plan.
A traditional set of negotiable annual fees is charged to Granite Bay’s asset management clients, with rates varying from 0.50% to 1.50%. GBWM lists these fees as annual percentages, but they are technically split into four equal, quarterly charges. All fees are founded on the gross asset value of your account on the last market day of the previous quarter. Clients can choose to pay either via a direct invoice or through an automatic debit from their account’s balance.
|Granite Bay Wealth Management Fees|
|Standalone financial planning||$200 - $300/hour|
|Asset management||0.50% - 1.50% annual fee|
|Retirement plan consulting services||negotiable|
GBWM’s retirement plan consulting services operate on a fully negotiable, percentage-based fee structure. Like the rest of the firm’s offerings, the nature of these services ultimately decides what rates plan sponsors will receive. In certain situations, GBWM may include hourly fees as well.
What to Watch Out For
Some members of the advisory personnel at Granite Bay Wealth Management are separately licensed to sell insurance policies and securities. For each of these designations, advisors may earn commissions when products are sold to clients. This creates a clear conflict of interest. GBWM and its advisors are registered fiduciaries, though, legally binding them to act in a client’s best interest under all circumstances.
Granite Bay Wealth Management shows a clean legal and regulatory record with the SEC on its Form ADV.
Opening an Account With Granite Bay Wealth Management
Prospective clients of Granite Bay Wealth Management should call (603) 610-8881 or stop by the firm’s office in Portsmouth, New Hampshire to get a consultation with an advisor. On GBWM’s contact page, you’ll also find a form that will allow the firm to reach out to you directly. For this, you’ll need to provide your full name, email address and a description of the advisory services you want.
Where Is Granite Bay Wealth Management Located?
Granite Bay Wealth Management is based out of Portsmouth, New Hampshire at 767 Islington Street in Unit 1-D.
Tips for a Better Asset Allocation
- Asset allocation is an all-important investment principle that dictates how much space each relevant investment type will hold within your portfolio. Many Americans use their investments to help accrue savings for retirement, and that means certain asset allocations are preferable depending on your age group. If you’re unsure where to start, SmartAsset’s asset allocation calculator help enlighten you.
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