Heritage Wealth Advisors is an SEC-registered advisor with two offices in Virginia. The firm was founded in 2005 and currently has 15 financial advisors on staff. Those advisors help manage the firm’s more than $1.37 billion in assets under management (AUM).
Heritage Wealth Advisors works with a variety of clients, including individuals, families and businesses. It offers a wide range of investment management and financial planning services.
Heritage Wealth Advisors Background
Delores Ann Remo founded Heritage Wealth Advisors in 2005. Remo is a principal owner of the firm and serves as CEO and managing director. She is also a certified financial planner (CFP), personal financial specialist (PFS) and certified public accountant (CPA).
Currently, there are also three other principal owners of Heritage Wealth Advisors: John Gwyn Jordan III, Charles Thomas Hill, Jr. and Marshall Ogden Chambers. All owners serve as advisors for the firm.
What Types of Clients Does Heritage Wealth Advisors Accept?
Heritage Wealth Advisors works with many types of clients. This includes individuals, high-net-worth individuals, families, trusts, estates, business entities, nonprofit organizations, retirement plans and profit-sharing plans.
Heritage Wealth Advisors Minimum Account Sizes
There is no set account minimum for clients to receive advisory services. Heritage Wealth Advisors also does not have a minimum annual fee, which some firms enforce in lieu of requiring a minimum account size.
Services Offered by Heritage Wealth Advisors
Heritage Wealth Advisors offers a variety of investing and financial planning services. Some of the common services available include the following:
- Portfolio construction
- Investment selection
- Risk management
- Financial planning
- Cash flow analysis
- Retirement planning
- Insurance planning
- Estate planning
- Charitable giving planning
- Income tax planning and preparation
- Family education
Heritage Wealth Advisors Investment Philosophy
Heritage Wealth Advisors follows a multi-step process when providing financial and tax planning services. The first step is to have a meeting with the client to learn more about his or her family situation, retirement goals and major anticipated financial obligations. Next comes a thorough review of the client’s financial data. This includes analyzing tax liability, cash flow, net worth, risk management, current investments and insurance needs. Based on this analysis, an advisor will create a report for the client that outlines recommended actions and projections. If the client chooses, he or she can then work with the firm to implement the recommendations.
When handling investments for a client, the firm starts by creating a personalized asset allocation. This allocation is different for each client and depends on his or her investment goals, time horizon, risk tolerance and any other criteria set by the client. Portfolios are reviewed at least once per quarter to ensure they do not stray too far from the target asset allocation.
Heritage Wealth Advisors uses mutual funds, exchange-traded funds (ETFs), separately managed accounts, individual equities and private investments in its client accounts. The firm uses multiple types of analysis when selecting exactly which investments to use. This could include talking directly with fund managers and running hypothetical portfolio scenarios to analyzing risk and return data before actually using an investment.
Fees Under Heritage Wealth Advisors
The fees you’ll pay at Heritage Wealth Advisors are calculated as a percentage of your AUM. Because it is a fee-only firm, neither Heritage nor its advisors earn any commissions from selling particular investment or insurance products. You can estimate your fee using the following fee schedule:
|Heritage Wealth Advisors Fee Schedule|
|Account Size (AUM)||Fee|
|First $2 million||1.00%|
|Next $3 million ($2 million - $5 million)||0.80%|
|Next $15 million ($5 million - $20 million)||0.60%|
|More than $20 million||0.50%|
It is also possible to receive financial planning services on an hourly basis or for a fixed amount of time. In that case, the firm will work with you to determine your fees. Hourly rates and fixed fees are negotiable, but will depend on the type and scope of services that you receive.
To get an idea of how Heritage Wealth Advisors’ fees compare, check out the table below. Keep in mind that fee estimates may vary depending on multiple factors.
|Estimated Fee Comparison*|
|Your Assets||Heritage Wealth Advisors||National Median Advisory Fees**|
|$1MM||$10,000||$8,500 - $10,000|
|$5MM||$44,000||$25,000 - $32,500|
|*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.|
What to Watch Out For
Heritage Wealth Advisors has a fiduciary duty to act in the best interests of its clients. At the same time, there are some potential conflicts of interest for you to keep in mind. For example, the firm uses brokerage and other support services from Charles Schwab & Co., Inc. to manage client portfolios. The firm generally does not pay a fee for these services as long as it maintains at least $10 million of clients’ assets in accounts with Charles Schwab. This could provide an incentive for Heritage Wealth Advisors to advise its clients to keep their investments with Charles Schwab. The firm also receives similar services from Fidelity Brokerage Services LLC.
Heritage Wealth Advisors has not been the subject of any disciplinary actions in the past 10 years.
Opening an Account with Heritage Wealth Advisors
In order to open an account or learn more about available services, you will need to contact the firm directly. If you prefer to talk with an advisor face-to-face, you can visit either of the firm’s two offices in Virginia. You can also call either office or email the firm at firstname.lastname@example.org. All phone numbers and office addresses are available on the firm’s website, at heritagewealth.net/contact.
After opening an account, you can find account information, transaction reports, statements and other communications through the firm’s website.
Where Is Heritage Wealth Advisors Located?
Heritage Wealth Advisors has two office locations in Virginia. The main office, in Richmond, is near both I-95 and VA-195. The second office location is in Fredericksburg, near US-1. Both offices are open weekdays from 8:30 a.m. to 5:00 p.m. You can find the addresses and phone numbers for both offices at heritagewealth.net/contact.
Tips for Finding a Financial Advisor
- Identifying which financial advisor is best for you will depend on the kinds of services you need. For example, you may not want an advisor who focuses on life insurance if you’re just starting your career and primarily want to build your retirement savings. You can determine an advisor’s expertise by looking at his or her certifications. Each certification has education and experience requirements that an individual must meet in order to qualify.
- You can also simplify your advisor search with SmartAsset’s free financial advisor matching tool. Simply answer a short questionnaire and the tool will pair you up to three financial advisors in your area, no matter what your financial situation or financial goals are.