Nova Wealth Management is a fee-based financial advisor firm located in Bonita Springs, Florida. The firm has a small advisory staff that works with more than 200 clients, including individual investors and institutional clients.
Financial planning, retirement plan consulting, asset management and other services are at the core of what Nova can offer. In addition to its location in Bonita Springs, Nova also has offices in Dallas and Lisle, Illinois.
Nova Wealth Management Background
Founders and senior financial advisors James Novakovich and Amy Novakovich opened Nova Wealth Management in 2012. The duo has nearly 35 years of combined experience in the financial services industry.
Nova Wealth Management Client Types and Minimum Account Sizes
Nova Wealth Management works with individuals, high-net-worth individuals, pension and profit-sharing plans, charities, small businesses and corporations.
In order to have Nova Wealth Management handle your money, you’ll need at least $250,000 in investable assets. Depending on the client’s personal financial situation and advisory needs, Nova does reserve the right to waive this minimum.
Services Offered by Nova Wealth Management
Nova Wealth Management has a plethora of advisory services across the financial planning, asset management and retirement plan consulting verticals. Take a look through its specific offerings below:
- Asset management
- Discretionary services
- Individualized portfolios built using your:
- Risk tolerance
- Time horizon
- Investment and financial goals
- Liquidity needs
- Portfolio monitoring and rebalances
- Financial planning and consulting
- Investment planning
- Risk management
- Retirement planning
- Estate planning
- Tax planning, management and consulting
- Income and savings projections
- Cash flow analysis
- 401(k) and IRA rollover assistance
- Roth vs. traditional IRA analysis
- Retirement plan consulting
- Investment policy statement (IPS) development
- Investment recommendations
- Monitoring of investments
- Middleman for plan providers and plan participants
- Consistent performance reports and benchmarking
- Education services for plan sponsors and participants
- Fee assessment
Nova Wealth Management Investment Philosophy
In order to best serve the needs of each of its clients, Nova Wealth Management adheres to a variable investment philosophy that’s tailored to your investor profile. Factors included in this analysis are your risk tolerance, financial objectives, liquidity needs, time horizon and any preferred investment strategies. Each of these will come together to form your investment policy statement that will drive how Nova manages your investment portfolio and finances.
While Nova makes a good portion of its investment decisions through the lens of the standard long- and short-term purchase ideologies, it also utilizes covered and uncovered option writing and spreading strategies. The firm’s asset allocations often involve some combination of equities, mutual funds, bonds, exchange-traded funds (ETFs) and other related securities.
Fees Under Nova Wealth Management
Fees for direct asset management services will vary depending on the investments in a client's portfolio. However, these fees will be charged as a percentage of assets under management and will not exceed 1.75%.
Here are the maximum management fees that you will pay based 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 Nova Wealth Management*|
|Your Assets||Nova Wealth Management Fee Amounts|
|$500K||Up to $8,750|
|$1MM||Up to $17,500|
|$5MM||Up to $87,500|
|$10MM||Up to $175,000|
Rather than use an asset-based fee, the firm’s financial planning services typically come with a $250 hourly fee. However, before any services are rendered, the firm will be sure to provide an estimated fee for your completed financial plan. Nova states that it usually finishes its financial plans in around 60 days.
If you subscribe to retirement plan consulting services at Nova, you will be given an annual fee that won't exceed 1.5%. The exact rate you’re given is dependent upon the complexity of your needs, how much money needs to be managed and other considerations.
What to Watch Out For
Nova Wealth Management’s SEC-filed Form ADV shows that the firm has one regulatory disclosure related to an advisory affiliate. In that case, the affiliated advisor allegedly sold equity-indexed annuties through an outside insurance agency and received $840,000 in commissions from those sales. But the Financial Industry Regulatory Authority alleged the advisor did not submit the requisite paperwork related to those products to his member firm, according to SEC records.
Meanwhile, Nova Wealth Management is only approved by the SEC to provide advisory services in Florida, Illinois, Minnesota, Ohio, Wisconsin and Texas (with some restrictions). This obviously limits the potential client base that Nova can work with.
Also, some of the advisors who are employed by this fee-based firm have the opportunity to earn extra income from the sale of insurance policies to clients. Commission arrangements such as this represent a potential conflict of interest, as advisors may be inclined to sell products solely because of their desire for additional compensation. Nova and its advisors are all fiduciaries, though, legally binding them to act in clients’ best interests.
Opening an Account With Nova Wealth Management
If you want to work with Nova Wealth Management, it would be best to get in touch with the firm over the phone at (239) 444-1794 or via email at firstname.lastname@example.org.
Tips for Your Investment Returns
- Even experienced investors can sometimes find themselves at a loss when their portfolio is struggling to produce returns. Because financial advisors are deeply immersed in the investment sphere, they can be great candidates to help clients turn things around. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- All income in the U.S. is subject to taxes, including the profits earned from the sale of stocks and other investments. This is called the capital gains tax. It’s important that you do not forget to take these charges into account when projecting your returns. SmartAsset’s capital gains tax calculator can help you with this should you need help with these calculations.