Based in Herndon, Virginia, Hughes Financial Services is a fee-only firm offering a range of wealth management services to individuals and families. The family-run business works with hundreds of clients and has hundreds of millions of dollars in assets under management (AUM).
Hughes Financial Services Background
Hughes is an independent registered investment advisor (RIA) that was formed in 2015. The firm’s owners are Paul T. Hughes, Scott Hughes and Patrick T. Hughes. Jo Ann Weinhardt is Hughes’ chief compliance officer (CCO). The financial advisor says on its website that it’s associated with employees at George Mason University, the INOVA healthcare system and employees in the Fairfax and Loundoun county government and public school systems.
The firm’s team includes three certified financial planners (CFPs), one certified exit planning advisor (CEPA) and one chartered federal employee benefits consultant (ChFEBC).
Hughes Financial Services Client Types and Minimum Account Sizes
The firm’s client base consists of individuals, high-net-worth individuals, families and small businesses.
Hughes Financial Services generally does not require a minimum account size or initial investment. However, the firm states in its brochure it reserves the right to terminate accounts that fall below a level and become too small to manage effectively.
Services Offered by Hughes Financial Services
The RIA mainly offers investment management, financial planning and retirement planning services. Its advisory services also feature wrap fee programs, retirement income and distribution planning, reduction planning, family wealth planning, client services and communications and investment review services. Hughes offers its Legacy Accounts to clients interested in allocating investment assets among mutual fund asset allocation models.
Hughes Financial Services Investment Philosophy
Surpassing its clients’ expectations and helping them improve their long-term financial success is at the top of Hughes’ priorities, according to its website.
Fees Under Hughes Financial Services
Hughes charges asset-based fees for its portfolio management services. Additional fees and expenses include fees for investments in mutual funds and/or ETFs.
|AUM Institutional Managed Asset Program||Annual fee|
|$0 to $250,000||1.15%|
|$250,001 to $1,000,000||1.00%|
|$1,000,001 to $3,000,000||0.85%|
|$3,000,001 to $5,000,000||0.65%|
|$5,000,001 and Above||0.50%|
Here's what your fees could look like depending on the size of your account:
|*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.|
|Estimated Investment Management Fees at Hughes Financial Services*|
|Your Assets||Hughes Financial Services Fee Amounts|
What to Watch Out For
Hughes Financial doesn’t have any disclosures of legal or regulatory actions listed on its latest Form ADV filed with the U.S. Securities and Exchange Commission.
The firm acknowledges that while some representatives hold insurance licenses, no associated person of the firm can earn commissions from the sale or purchase of insurance products. Hughes also honors a fiduciary duty to work in each client’s best interest, so you won’t have much to be wary of when working with the firm.
Opening an Account With Hughes Financial Services
Those looking to open an account with Hughes Financial Services can schedule a complimentary consultation by visiting the firm's website or calling (703) 669-3660.
Tips to Help You Save for Retirement
- 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.
- It's never too early to start saving for retirement. If you’re currently employed, consider using an employer-sponsored savings plan to contribute pre-tax money towards your savings. Some common employer-sponsored retirement plans are 401(k)s, 403(b)s, 457(b)s and IRAs. Each have different conditions and contribution limits, so you’ll want to do your research before choosing one.
All information was accurate as of the writing of this article.