Legacy Wealth Management is a financial consulting firm based in Mount Pleasant, South Carolina. It has more than $398 million in assets under management and 23 financial advisors on staff.
The firm provides wealth management services to individuals and high-net-worth individuals. It also advises a very small number of institutional clients, including a pension or profit-sharing plan, a charitable organization and two corporations. Legacy requires a minimum investment of $25,000.
Legacy Wealth Management Group Background
Legacy Wealth Management was founded in 1982. Legacy is one name used by a broader corporation called Maryland Financial Group. Other names used by the company include The Monitor Group, Newcorp Wealth Strategies, Coastal Wealth Management, Barnett Wealth Advisors, Integrigen Wealth Management and MFG Business Design. Securities at the firm are offered through LPL Financial.
Maryland Financial Group was acquired by The Monitor Group, a financial services firm based in Rockville, Maryland, in 2005. The Monitor Group remains the firm’s principal owner.
What Types of Clients Does Legacy Wealth Management Accept?
Legacy Wealth Management offers investment management services to a wide variety of individual investors, including their trusts, estates and retirement accounts. The firm’s relatively low account minimum may make it an attractive choice for lower-level investors or those who are at the beginning of their career and want an advisor who will help them build their wealth from the ground up.
In addition to its individual client base, Legacy Wealth Management also advises banks and thrift institutions, pension and profit-sharing plans, charitable organizations, state and municipal government entities, corporations and other business entities.
Legacy Wealth Management Minimum Account Sizes
The minimum account size required at Legacy Wealth Management is $25,000. The firm may occasionally waive the minimum if, for instance, it believes that a client’s expected future earnings will position them to be within the minimum range. There are no asset size requirements for entering into a financial planning agreement.
The minimums for LPL’s Financial Sponsored Advisory Programs are below:
- Asset Management: $25,000
- Optimum Market Portfolios Program (OMP): $15,000
- Personal Wealth Portfolios Program (PWP): $250,000
- Model Wealth Portfolios Program (MWP): $100,000
- Manager Access Select Program (MAS): $100,000 (in certain instances, the minimum account size may be lower or higher)
Services Offered by Legacy Wealth Management
Services offered by Legacy Wealth Management include:
- Bond investments
- Stock investments
- Brokerage accounts
- Variable annuities
- Retirement plans
- Tax plans
- College plans
- Estate plans
- Money purchase plans
- Profit-sharing plans
- Disability income insurance
- Life insurance
- Long-term care insurance
The firm also has a variety of investment programs offered by LPL Financial, including:
- Optimum Market Portfolios Program
- Personal Wealth Portfolios Program
- Model Wealth Portfolios Program
- Manager Access Select Program
Legacy Wealth Management Investment Philosophy
Legacy Wealth Management focuses on combining three main principles of financial planning: discovery, capital protection and wealth management. The firm bases its financial planning around a series of questions. These questions aim to determine whether a regular IRA or a Roth IRA is the best choice, what a client’s insurance needs are and how much money the client will need for retirement -- or even if it’s possible for them to retire early.
Some of the primary investment vehicles used by the firm are mutual funds, exchange-traded funds, variable annuities, equities and fixed income securities. Risk tolerance is also taken into consideration when deciding how to best invest a client’s money.
Fees Under Legacy Wealth Management
Legacy Wealth Management charges clients based on a percentage of assets under management. For its wrap fee program, clients will pay a single annual fee that covers the costs of both advisory services and trades. The firm provides the following table of maximum fee rates in its Form ADV, though it notes that fees are negotiable between clients and their advisors.
|Investment Management Fees|
|Assets Under Management||Maximum Annual Fee|
|$0 to $249,999||2.35%|
|Next $250,000 to $499,999||2.00%|
|Next $500,000 to $999,999||1.75%|
|Next $1 million||1.50%|
For financial planning, Legacy Wealth Management charges clients either on an hourly or fixed-fee basis. The hourly charge is $300, while fixed fees range from $300 to $15,000.
What to Watch Out For
Legacy Wealth Management is a smaller firm, as it has less than 1,000 clients. Of those clients, fewer than 100 are high-net-worth individuals. If you are a high-net-worth individual or your income situation makes you think you may be someday, know that this firm does not specialize in serving people in your situation.
Current and potential clients should also note that LPL Financial may charge clients brokerage commissions, so look out for that when calculating fees. One final thing to note about Legacy Wealth Management is that advisors at the firm may also be insurance agents. These advisors earn commissions from selling insurance products, which could pose a potential conflict of interest.
Legacy Wealth Management has not had any disclosures over the past 10 years.
Opening an Account With Legacy Wealth Management
To open an account with Legacy Wealth Management, a potential client can call (843) 416-1118. Another option is to email firstname.lastname@example.org to get more information.
Where Is Legacy Wealth Management Located?
The firm is headquartered in Mount Pleasant, South Carolina. The office is located in the southwestern region of the city, near Mount Pleasant Pier.
Financial Planning Tips
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- Planning for your legacy is also important. You can use either a will or a living trust, but make sure you know the difference.