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Liberty Financial Group Review

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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.

Liberty Financial Group is a fee-only advisory firm based in Elm Grove, Wisconsin, managing money exclusively for individuals. Most of the firm’s clients are non-high-net-worth individuals, though a small number of high-net-worth clients are also at the firm.

Liberty Financial Group Background

Liberty was founded in 1981. Since 2021, the sole owner of the firm is Shannon Nook. Certifications at the firm include two certified financial planners (CFPs), one chartered financial analyst (CFA) and one financial paraplanner qualified professional (FPQP).

Liberty Financial Group Investment Minimum and Client Types

Most of the clients at Liberty are individuals who are not high-net-worth. There are also a small number of high-net-worth clients. There are no institutional clients at Liberty. There is no minimum account size at Liberty, however, the firm does charge a minimum annual fee of $4,500. As a result, clients with less than $450,000 in assets under management (AUM) could end up paying an asset-based advisory fee that's well above 1% of their AUM.

Services Offered by Liberty Financial Group 

Liberty offers the following services to clients, which it lists on its website: 

  • Ongoing asset and investment management
  • Long-range and lifestyle planning
  • Cash-flow planning
  • Investment planning second opinions
  • Estate planning
  • Retirement planning strategies
  • Insurance needs analysis
  • Advice on employee stock options
  • College funding strategies
  • Lump-sum distribution advice

Liberty Financial Group Investment Philosophy

Advisors at Liberty measure an investor's risk tolerance, time horizon, goals and objectives by interviewing them and giving questionnaires. Generally, it approaches investment conservatively and looks for long-term choices.

Mutual funds are the preferred investment for tax-deferred accounts, while individual securities and exchange-traded funds (ETFs) are the preferred choice for taxable accounts. The firm also relies on a mix of active and passive investment approaches when developing and implementing an asset allocation. 

Fees Under Liberty Financial Group

There are two types of fees charged by Liberty. The first is an investment management fee that's based on assets under management. A fee of 1% is charged on assets up to $1 million and 0.75% is charged on all assets over $1 million.

The table below shows what an investor will owe at different investment levels:

*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 Liberty Financial Group*
Your Assets Liberty Financial Group Fee Amounts
$500K $5,000
$1MM $10,000
$5MM $40,000
$10MM $77,500

The second fee structure is an asset-based annual retainer fee that can vary based on the amount of assets under management a client has at the firm, as well as the additional services they may require.

What to Watch Out For

This is a fairly small firm with only a few advisors. However, Liberty Financial Group doesn't have any disclosures of regulatory events on its record in the past 10 years. The firm also works on a fee-only basis, meaning its revenue comes from the fees you pay, not third-party commissions for selling products and services. 

Opening an Account With Liberty Financial Group Inc. 

If you're interested in opening an account at Liberty Financial Group, call (262) 785-1377 or send an email to

Investment Tips 

  • Financial advisors can help you make the best investment choices for you and your family. 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.
  • Once you start investing, you should make sure to know what your investment might look like down the road. See how it might grow with SmartAsset's free investment calculator.

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