Parallel Advisors is an SEC-registered advisor that describes itself as independent, inclusive and innovative, according to its website. The company is a large firm located in San Francisco. Parallel Advisors employs dozens of financial advisor professionals who are responsible billions in assets under management (AUM). Parallel Advisors works with a variety of clients, though most of them are individuals (both above and below the high-net-worth threshold).
As a fee-only firm, Parallel Advisors only receives fees directly from clients for providing advisory services. That means they don't receive third-party sales commissions like a fee-based firm.
The practice is ranked among the top 10 firms in San Francisco by SmartAsset.
Parallel Advisors Background
Parallel Advisors was founded in 2006 by C.J. Rendic. Today, Rendic remains the firm's principal owner and managing member, while also acting as its CEO. Diane Gabianelli and Brian O'Keefe both serve as co-presidents of the company. Additionally, Gabianelli holds the title of chief financial officer (CFO) and O'Keefe is chief investment officer (CIO).
There are a number of employees at this firm that have financial designations to their name. In fact, there are 10 certified financial planners (CFPs), five chartered financial analysts (CFAs), one enrolled agent (EA), one accredited investment fiduciary (AIF), one chartered financial consultant (ChFC) and one certified divorce financial analyst (CDFA).
Parallel Advisors Client Types and Minimum Account Sizes
Parallel Advisors has more than 2,000 clients, the majority of whom are non-high-net-worth individuals. However, the firm also works with high-net-worth individuals, as well as dozens of pension and profit-sharing plans, charities and businesses.
While the firm technically doesn't have a minimum account size requirement, its investment advisory services require a $3,000 minimum annual fee and its retirement plan services carry a $5,000 minimum annual fee.
Services Offered by Parallel Advisors
The services of Parallel Advisors fall into two broad categories: financial planning and investment advising. The former includes services like estate planning, insurance planning, college fund planning, retirement planning and more.
In addition to standard investment planning, the firm offers the Parallel Portfolio Program (PPP) -- an automated service that matches clients to portfolio strategies based on their investor profile and goals. These portfolios tend to include a combination of exchange-traded funds (ETFs) and cash. The firm also provides tax preparation services on a limited basis.
Parallel Advisors Investment Philosophy
Parallel Advisors tailors its investment approaches and strategies to the financial needs of clients. By taking into account time horizons, liquidity needs, risk tolerances and other important factors, advisors can ensure that their decisions are best aligned with helping clients meet their goals. Advisors also regularly monitor portfolios and strategically adjust asset allocation strategies to meet the changing needs and situations of clients.
Advisors use several research and analysis methods to evaluate securities and overarching investment strategies. Fundamental, technical and cyclical analysis are among the most commonly used methods of analysis. When it comes to buying and selling investments, the firm uses long- and short-term purchases, in addition to options, to help drive suitable growth in client portfolios.
Parallel Advisors Fees
Parallel Advisors' fee schedule is dependent upon the services a client uses. For investment advisory and retirement plan services, fees are based on a percentage of each client's AUM. Minimum annual fees are generally $3,000 for investment advisory services and $5,000 for retirement plan services.
|Investment Advisory Fees|
|Account Size||Annual Fee|
|$250K - $2MM||1.00%|
|$2MM - $4MM||0.85%|
|$4MM - $6MM||0.70%|
|$6MM - $10MM||0.60%|
|$10MM - $25MM||0.50%|
|$25MM and up||0.30%|
|Retirement Plan Fees|
|Account Size||Annual Fee|
|$1MM - $3MM||0.50%|
|$3MM - $5MM||0.35%|
|$5MM - $10MM||0.25%|
|$10MM and up||0.15%|
Below, we list your estimated fees for investment advisory services:
|*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 Parallel Advisors*|
|Your Assets||Parallel Advisors Fee Amounts|
Financial planning fees are typically charged on an hourly basis and can be as much as $1,000 per hour. For the firm's PPP program, fees vary from client to client. Tax preparation services are generally provided at $290 per hour.
What to Watch Our For
There generally isn't much to be wary of when working with Parallel Advisors. The firm doesn't have any disclosures listed on its SEC-filed Form ADV. And Parallel only earns its compensation from a percentage of clients' AUM, fixed fees and hourly fees. This means advisors won't try to sell you investment or insurance products for commissions.
Opening an Account With Parallel Advisors
Residents of the San Francisco, Honolulu, Denver, Oklahoma City and Dayton, Ohio areas can visit Parallel Advisors' offices in those cities. Otherwise, you can reach out to the firm via the contact form on its website or over the phone at (866) 627-6984.
Ways to Get Your Financial Plan Started
- Finding the right financial advisor doesn’t have to be hard. SmartAsset's free advisor matching tool pairs you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors who can help you achieve your financial goals, get started now.
- Want to take more of a DIY approach to your financial plan? There are plenty of individual options for getting your finances under control. In fact, many financial planning software programs are on the market, with some being free and others costing a few bucks.
All information is accurate as of the writing of this article.