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H. Beck 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.

Formerly known as H. Beck, Inc., Grove Point Advisors has headquarters in Rockville, Maryland and billions in assets under management (AUM). 

Grove Point Advisors Background

Grove Point Advisors has been registered with the Securities and Exchange Commission (SEC) as an investment advisor since 1999, formerly as H. Beck, Inc., as stated above. 

The firm is is a wholly owned subsidiary of Kestra Financial, Inc., whose indirect parent holding company is majority owned by Kingfisher Holding, LP.

Grove Point Advisors Client Types and Minimum Account Sizes

IARs and Grove Point Advisors work with individuals, high net worth individuals, corporate pension and profit-sharing plans, charitable institutions, foundations, endowments, corporations, retirement plans and other business entities. The bulk of individual clients do not have a high net worth.

If the firm has account minimums, it does not publish them.

Services Offered by Grove Point Advisors

Grove Point Advisors considers itself first and foremost a full-service introducing broker-dealer. As such, all of its IARs are also securities brokers and licensed insurance agents. 

As advisors, they offer investment advisory services through advisor-managed accounts, selection of third-party investment advisors, wrap fee programs and qualified and non-qualified retirement plan services. They also offer financial planning.

When the IAR is the portfolio manager, there are four available programs: Advisor Choice Asset Management Plus (ACAMP+), Choice Program, which is model based, the Portfolio Builder Program, which is through Envestnet’s platform, and the Envestnet Advisor as Portfolio Manager (APM) Program. Except for APM, all are wrap fee programs.

Grove Point Advisors Investing Philosophy

Generally, the firm takes a long-term approach to investing and uses fundamental analysis, which is based on the assumption that mispriced stocks will eventually reach a price that reflects their true worth. Some IARs and third-party money managers may also base their strategy on Modern Portfolio Theory

IARs can provide guidance on mutual funds, exchange-traded funds, common and preferred stocks (exchange listed and over the counter), fixed income investments, municipal securities and U.S. government securities. 

Fees Under Grove Point Advisors

The fee for financial planning is negotiable and can be a flat fee or on an hourly basis. If it’s on an hourly basis, the fee ranges from $50 to $500. It can’t exceed $10,000 for one financial plan unless authorized by Grove Point Advisors. The same goes if the plan is on flat-fee basis.

The annual fee for portfolio management is generally a percentage of the client’s AUM and follows a tiered schedule (meaning higher increments of assets are charged a lower percentage). For accounts in the ACAMP+ program, the management fee runs from 2.10% (for the first $250,000) to 1.10% (for any asset in excess of $5 million). For accounts in the Choice Program, there is an IAR fee and a program fee. Combined, they run from 2.25% (for the first $250,000) to 1.06% (for any assets in excess of $5 million).

In the APM program, fees are collected by the platform, the manager, the advisor and the custodian. The combined manager and advisor fee cannot exceed 2.20%.

Third-party investment advisors will have their own fee schedule. But generally, accounts that are referred to a third-party money manager will be charged a fee by Grove Point Advisors that will not exceed 2.50%.

What to Watch Out For

As a subsidiary of a large holding company, Grove Point Advisors has many affiliations, which can present potential conflicts of interest. Similarly, IARs who have multiple roles (brokers and insurance agents) may have conflicts of interest. When you receive recommendations from your IAR, be sure you know what they are based on and whether and how the advisor and firm may benefit from your following them. As a fiduciary, your advisor is obligated to tell you.

In its most recent SEC filings, Grove Point Advisors has not reported any legal or disciplinary actions that occurred or were resolved in the last 10 years.

All information was accurate as of the writing of this article. 

Tips for Finding the Right Financial Advisor 

  • Want an advisor who does not receive a commission for your securities transactions or purchase of an insurance product? Then what you need is what’s called a “fee-only” advisor. We can help you find one. Just answer some questions and SmartAsset’s free matching tool will connect you with up to three advisors who meet your preferences.
  • Ask prospective advisors how much liability insurance they have. The right answer should cover how much you plan on putting in the advisor’s hands. So if they say $25,000 per incident and you have $100,000 to invest, that’s not enough coverage.

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.

Least
Most
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