Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Tap on the profile icon to edit
your financial details.

Hughes Financial Services Review

Your Details Done
by Updated

This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

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.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research