Market Street Wealth Management is an SEC-registered financial advisor firm with Indianapolis, Indiana as its headquarters. It currently holds millions in assets under management (AUM), according to the latest records the firm filed with the SEC. The firm provides a variety of services, including financial planning, investment management and retirement plan consulting.
Market Street Wealth Management Background
Market Street Wealth Management was founded in 2001. Its managing partner is Kevin J. Ervin. Today, it operates as a fee-only, SEC-registered investment advisor (RIA). Its employees include certified financial planners (CFPs), certified public accountants (CPAs) and an investment analyst.
Market Street Wealth Management Types of Clients and Minimum Account Sizes
Market Street Wealth Management works mostly with individuals. Much of its clientele consists of high-net-worth individuals. It also extends its services to businesses as well as profit-sharing plans.
Market Street Wealth Management generally requires a minimum account size of $248,276 for wealth management services and $354,680 for standalone investment management. However, the firm claims its Foundation Program designed to provide general financial planning services is ideal for early- to mid-career professionals who don’t have at least $250,000 to invest.
Services Offered by Market Street Wealth Management
Market Street Wealth Management offers an array of services, including wealth planning, investment management and overall financial consulting. Prior to initiating investment-related services, the firm will engage the client to learn about his or her personal situation and financial goals. Afterward, the firm will create an investment portfolio with an asset allocation deemed appropriate for the client and based in individual investment objectives.
Market Street Wealth Management Investment Philosophy
When it comes to comparing an appropriate portfolios for clients, the firm claims it focuses less on securities selection and more on asset allocation. It aims for the right mix of equity, fixed income and cash investments that are right for the client based on his or her individual objectives.
As for mutual fund and exchange-traded fund (ETF) selection, the firm says it monitors the track record of fund managers in order to determine whether the manager has been effective at investing in different times and under changing market conditions.
Fees Under Market Street Wealth Management
Market Street Wealth Management charges different types of fees depending on what kinds of services they are providing you.
For wealth management services, the firm generally charges a percentage of your assets under management. These fees are charged quarterly based on the annual fee schedule detailed below. Following the billing cycle, you’d be subject to an annual management fee of $2,500.
|Account Balance||Annual Fee|
|$0 - $250,000||1.45%|
|$250,000 - $500,000||1.15%|
|$500,000 - $1,000,000||0.80%|
|$1,000,000 - $2,000,000||0.50%|
See the table below to see how Market Street Wealth Management's asset-based fees compare to median rates offered by advisory firms.
|*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount.|
|Estimated Fee Comparison*|
|Your Assets||Market Street Wealth Management Managed Equity and Balanced Portfolios|
If you select to receive investment management services without financial planning, the firm would give you a 30% discount from the fee schedule above.
Those getting financial planning services from the firm would be charged a fixed fee agreed upon before services commence.
Those receiving investment advisory services, however, should be aware of external fees. For instance, Market Street Wealth Management’s investment advisory fees do not include mutual fund and/or ETF expenses. These generally include management fees from fund managers and possible distribution fees. These would be outlined on fund prospectuses. Clients may also face other fees charged by custodians and broker-dealers including transaction charges.
Learn more about advisors' typical costs here.
What to Watch Out For
Market Street Wealth management shares a relationship with Charles Schwab, an SEC-registered broker-dealer. In the event a client requests broker-dealer recommendations, Market Street Wealth Management may suggest Schwab. However, you may be able to find lower fees utilizing the services of other broker-dealers.
According to its latest Form ADV, the firm filed with the SEC, Market Street Wealth Management has not faced any disciplinary action.
Opening an Account with Market Street Wealth Management
The easiest way to open an account with Market Street Wealth Management is by visiting its headquarters in Indianapolis. You can also visit its website to send a message or reach the firm by phone at 317-552-0505.
All information is accurate as of the writing of this article.
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