Hemington Wealth Management is an SEC-registered advisory firm based in Falls Church, Virginia, though it also has an office in Chicago, Illinois. It currently holds more than $700 million in assets under management (AUM). Hemington provides portfolio management and holistic financial planning services to individuals, profit-sharing plans and more.
Hemington Wealth Management Background
Ron Beyer and Eileen O’Connor founded Hemington Wealth Management in 2013. Both individuals still serve the firm as managing principal and CEO, respectively. In addition, the firm employs multiple certified financial planners (CFP) and a certified financial analyst (CFA).
What Types of Clients Does Hemington Wealth Management Accept?
Hemington Wealth Management primarily works with individuals. A fraction of these are high networth individuals. The firm also extends services to trusts, estates, endowments and employer-sponsored retirement plans.
Hemington Wealth Management Minimum Account Size
To open an advisory account with Hemington Wealth Management, you generally need a minimum initial investment of $1 million. However, the firm may waive this requirement at its sole discretion.
Services Offered by Hemington Wealth Management
Hemington Wealth Management generally provides investment management and general financial planning services on a fee-only basis.
The firm primarily constructs portfolios utilizing mutual funds. It aims to select investments based on the client’s risk tolerance and objectives. Moving forward, Hemington provides ongoing monitoring of the portfolio and rebalances it if changing market conditions or other factors call for adjustments. In addition, the firm may offer services through a third-party advisor or “sub-advisor.” All of these are registered investment advisors (RIAs).
Hemington Wealth Management also offers general financial planning services focusing on several aspects of finance, including the following:
Hemington Wealth Management Investment Philosophy
Hemington Wealth Management conducts investment practices based on the financial situation and personal objectives of the client. Before providing these services, the firm examines the client’s current state as it pertains to aspects of his or her financial life. These can touch upon the client’s tax situation, risk tolerance and lifetime financial goals.
When considering its securities selection, the firm utilizes fundamental analysis. This process involves an examination of several market factors, including the following:
- Economic conditions
- Historical data
- Price/earnings ratios
- Industry outlook
- Political conditions as they relate to the investment
- General level of interest rates
The firm gathers its research from several sources including annual reports, journals, prospectuses and filings with the SEC.
Fees Under Hemington Wealth Management
For investment management services, Hemington charges a fee based on a percentage of assets under management (AUM). This fee can stretch from 0.50% to 1.25%. For advanced financial planning services, the firm generally charges a fee of $500 per hour. However, the final fee is subject to negotiation and reflects the scope of the services required.
As with several advisory firms, however, these fees are separate from external fees you may face from other entities. These include mutual fund expenses and possible distribution fees charged by fund managers. These would be laid out in the fund prospectuses.
What to Watch Out For
Hemington generally recommends that clients maintain investment management accounts at TD Ameritrade Institutional. However, you may be able to secure smaller external fees by keeping your account with other broker-dealers or custodians. You can always direct Hemington to keep your account elsewhere, however.
In addition, Hemington also manages individual retirement accounts (IRA). And it may collect an asset-based fee from clients who rollover their 401(k) assets into IRAs that Hemington manages. Thus, the firm may be incentivized to recommend you do the same. However, you may find smaller fees and more appropriate fund options with other IRA providers.
Furthermore, Hemington and its representatives may sell securities that could be recommended to clients. This arrangement may create a conflict of interest, as these representatives may receive compensation for recommending such securities.
Nonetheless, Hemington Wealth Management serves as a fiduciary. This means it’s legally obligated to work in the best interest of the client regardless of potential compensation.
And beyond its relationship with TD Ameritrade, the firm doesn’t actively engage with other businesses. Hemington doesn’t buy or sell client account securities in which it holds a material financial interest.
Overall, there is not much to watch out for when it comes to working with Hemington Wealth Management. Still, it’s always important to evaluate the experience and qualifications of the advisors you may be working with.
You can also review the firm’s Code of Ethics by viewing its latest Form ADV. This is a document that advisors with more than $25 million in AUM must file with the SEC. It contains key facts about the firm’s activities.
Hemington Wealth Management has not been subject to any legal or disciplinary penalties regarding its business practices.
Opening an Account with Hemington Wealth Management
You can open an account with Hemington Wealth Management by visiting its offices in Falls Church, Virginia or Chicago, Illinois. You can reach the Virginia office by dialing (703) 828-2479 and Illinois office by dialing (312) 757-5339.
Where Is Hemington Wealth Management Located?
Hemington Wealth Management runs two offices. One is located on 7651 Leesburg Pike, Falls Church, Virginia 22043. The other one is located on 150 S. Wacker, Suite 2400, Chicago, Illinois, 60606.
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