Headquartered in Erie, Pennsylvania, HBKS Wealth Advisors provides investment management services to various clients, including individuals, trusts and estates. The firm, overseeing billions in assets, occupies a spot on SmartAsset's rankings of the top financial advisors in Erie and the state of Pennsylvania.
The firm and its financial advisors also do business under the name HBK Sorce Advisory.
HBKS Wealth Advisors Background
A wholly owned subsidiary of HBK Sorce Financial, HBKS Wealth Advisors formed in 2001. It serves as the wealth management arm of HBK, a wider network of hundreds of professionals that work out of offices in Pennsylvania, Ohio, New York and Florida.
The leadership team at HBKS features professionals that hold several financial industry certifications, including:
- Certified financial planner (CFP)
- Certified public accountant (CPA)
- Chartered financial analyst (CFA)
- Certified Retirement Planning Counselor (CRPC)
- Acquisitions, Investments and Financial Advisory (AIFA) specialist
- Personal Finance Specialist (PFS)
- Chartered Retirement Plans Counselor (CRPS)
HBKS Wealth Advisors Client Types and Minimum Account Sizes
HBKS serves numerous client types including:
- Individuals with and without a high net worth
- Pension and profit-sharing plans
- Trusts
- Estates
- Charitable organizations
- Corporations
- Partnerships
- Limited liability companies
There is no set minimum account size at the firm.
Services Offered by HBKS Wealth Advisors
HBKS mainly provides investment management services. Its advisors gather clients’ financial information through interviews and questionnaires in order to assess their financial situation and identify their goals. They then use this information to design and implement diversified investment portfolios that can help clients meet these goals. Then on an ongoing basis, advisors monitor these portfolios to make sure they adhere to their asset allocations.
The firm’s financial professionals can also offer guidance on the following topics:
- Retirement planning
- Saving for education
- Insurance review
- Estate planning
- Income tax planning
Because HBKS is part of a larger network of advisors and businesses, the firm may recommend the use of subadvisors and investment advisor representatives (IARs) who work at other companies.
HBKS Wealth Advisors Investment Philosophy
Advisors with HBKS don’t specialize in any specific type of security or investment strategy. Instead, they build portfolios based on the client’s investment goals and risk tolerance. If deemed appropriate, the firm may invest client assets in one of its proprietary model portfolios.
Depending on your financial circumstances, HBKS advisors may allocate client assets across various types of securities, including:
- Mutual funds
- Exchange-traded funds (ETFs)
- Individual stocks and bonds
- Insurance
- Annuities
- Alternative investments
- Other investment products
Fees Under HBKS Wealth Advisors
HBKS Wealth Advisors charges fees for its investment management services based on a percentage of the client’s assets under mangement (AUM). These management fees are calculated using the asset value on the last day of the previous calendar quarter. However, HBKS doesn’t publish its current fee schedule. You should go over the fees with your advisor, who will also provide them in your investment advisory agreement with the firm.
In addition, the mutual funds, ETFs and other funds have operating expense fees or expense ratios that are embedded in your costs and collected by the companies that manage these funds.
For ongoing financial planning services, HBKS generally charges fees in one of the following ways:
- As a fixed annual fee, starting at $500
- As a percentage of the amount of assets under advisement, with a maximum of 2.75%
If you’re receiving single-issue based financial planning services, you may be charged fees in one of the following methods:
- As a fixed fee, typically ranging from $500 to $20,000
- On an hourly basis, ranging from $100 to $500 per hour
What to Watch Out For
The firm does not have any disclosures on its SEC-filed Form ADV.
One thing to note: some HBKS representatives may be registered with broker-dealers. In that role, they can collect transaction-based fees, which can create a potential conflict of interest. That said, HBKS and its advisors have a fiduciary duty to provide advice in the best interest of the client.
Opening an Account at HBKS Wealth Advisors
Becoming a client of HBKS is as simple as calling the firm at (814) 836-5776 or visiting its website.
All information was accurate as of the writing of this article.
Tips for Finding the Right Financial Advisor
- Research at least three firms before choosing a financial advisor. This minimum will give you a sense of what’s standard when it comes to fees and services. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Ask prospective advisors if they are fiduciaries. If they are, they must work in their clients’ best interests. Advisors who are not fiduciaries, on the other hand, must make only suitable recommendations. For more questions to ask, check out our article on what to ask when choosing a financial advisor.
