Based in Herndon, Virginia, Hughes Financial Services is a fee-based firm offering portfolio management services to individuals.
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
According to the firm's brochure, Hughes Financial Services has been providing investment advisory services since 2014. Its owners are D. Scott Hughes, Patrick T. Hughes and Paul T. Hughes. And the chief compliance officer is Jo Ann Weinhardt.
The firm’s team holds multiple certifications, including certified financial planner (CFP), certified private wealth advisor (CPWA), among other designations.
Hughes Financial Services Client Types and Minimum Account Sizes
The firm’s client base consists of both non-high-net-worth and high-net-worth individuals.
Hughes Financial Services states in its brochure that generally it requires a minimum of $500,000 to open and maintain an advisory account. However, based on discretion, it may waive that minimum. But it also reserves the right to terminate accounts that become too small to manage effectively.
Services Offered by Hughes Financial Services
The advisory firm mainly offers investment management 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.
The firm’s key investment strategies and securities analysis methods include fundamental analysis, cyclical analysis, modern portfolio theory, long-term purchases and short-term purchases.
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 |
| $500K | $5,375 |
| $1MM | $10,375 |
| $5MM | $40,375 |
| $10MM | $65,375 |
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. However, the firm has a fiduciary duty to work in each client’s best interest.
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
- A financial advisor can help you save and plan for retirement. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel 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.
