Retirement Wealth Advisors, Inc. is a fee-based financial advisor firm that ranks on SmartAsset's lists of the top financial advisors in Grand Rapids and top financial advisors in Michigan. This is quite a large advisory firm. Despite what its name might suggest, Retirement Wealth Advisors offers much more than just retirement planning. It also provides a number of investment and financial planning services to its clients, who are primarily individual investors.
As a fee-based firm, certain advisors here can receive third-party compensation in addition to client-paid fees. On the other hand, a fee-only firm receives only client fees as compensation.
Retirement Wealth Advisors Background
Jason Wenk founded Retirement Wealth Advisors in 2005 and served as its CEO and president until 2018. However, despite his exodus from the firm, Wenk still principally owns it and serves as an advisor to the board. Wenk is also the founder of FormulaFolio Investments, another firm that ranks on SmartAsset’s list of the top financial advisors in Grand Rapids.
In July 2020, Retirement Wealth Advisors was acquired by Brookstone Capital Management. The following year in September 2021, Retirement Wealth Advisors had a name change to Brookstone Wealth Advisors, LLC, and it's currently doing business as Retirement Wealth Advisors.
The team of advisors at this firm boasts certifications like certified estate and trust specialist (CES), chartered financial consultant (ChFC), certified financial planner (CFP), chartered life underwriter (CLU), certified divorce financial analyst (CDFA) and retirement income certified professional (RICP).
Retirement Wealth Advisors Client Types and Minimum Account Sizes
Retirement Wealth Advisors has thousands of clients, most of whom are individuals with and without a high net worth. However, its client base extends beyond individual investors, as it also works with trusts, estates, businesses, charitable organizations, pension plans, profit-sharing plans and investment advisors.
You must have at least $25,000 in investable assets to work with Retirement Wealth Advisors. In some cases, though, the firm may waive this requirement.
Services Offered by Retirement Wealth Advisors
Although retirement planning and account review are Retirement Wealth Advisors’ main focuses, it offers services beyond those. This includes:
- Investment and asset management
- Discretionary and non-discretionary continuous portfolio management
- In-depth evaluation of clients’ personal financial plans
- Regular rebalances and ongoing account supervision
- Asset allocation recommendations
- Constant assessments of the market
- Financial planning
- Net worth statements
- Cash flow analysis
- Investment account review
- Asset allocation planning
- Retirement planning
- Estate planning
- 401(k) optimization
- Annuity stress tests
- Strategic tax planning and minimization
- Insurance policy review and recommendations
- Education fund planning
- Mutual fund analysis
- Hold/sell recommendations for individual securities
- Variable annuity asset allocation
- Multi-strategy allocation planning
Retirement Wealth Advisors Investment Philosophy
Retirement Wealth Advisors creates fully customized investment portfolios for each of its clients. This involves tailoring investment choices to each client’s personal risk tolerance, time horizon and liquidity needs. To refine each of these details, the advisor will have an in-depth discussion with the client about his or her current financial situation and future goals.
Even with this level of personalization, the firm does have a number of investments that it tends to use in client portfolios. These can include some combination of mutual funds, exchange-traded funds (ETFs), equities, warrants, annuities, corporate debt securities, CDs, commercial paper, municipal securities, investment company securities, U.S. government securities, options contracts, futures contracts and interests in partnerships.
Fees Under Retirement Wealth Advisors
Retirement Wealth Advisors doesn’t utilize a uniform fee schedule, but rather it decides fee rates on a case-by-case basis. However, it does indicate that rates are determined individually based on the nature of each client’s advisory needs. The firm divides its annual fee into 12 monthly charges that are based on the average daily balance of a client’s account over the prior month. If a client’s portfolio is worth $100,000 or less, the firm may also charge a $50 administrative fee.
For financial planning, the firm’s most commonly used service, clients are charged based on how much money they’re investing and the complexity of their needs. The firm’s financial planning fees will never exceed $5,000, though. You may need to pay a 50% retainer at the time you sign an agreement with the firm.
What to Watch Out For
The Form ADV that Retirement Wealth Advisors has filed with the SEC shows that the firm has a clean legal and regulatory record.
Clients of this firm should know that certain on-staff advisors can receive commissions when they sell insurance products. Although this creates the potential for a conflict of interest, the firm's fiduciary duty requires it to act in clients' best interests no matter what.
Opening an Account With Retirement Wealth Advisors
Retirement Wealth Advisors has a very strong web presence, so its website is a great place to start if you’re looking to become a client. Since its advisors are scattered across the country, the firm has built an online advisor directory that will allow you to easily find advisors in your area. You can reach its headquarters at (800) 903-2562.
All information is accurate as of the writing of this article.
Tips for Managing Your Retirement Income
- Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Instead of searching for ways to accrue more assets for your retirement, perhaps consider moving to a more affordable locale. This can be a great way to save some money, especially for those who are nearing retirement and don’t have the time or means to increase their income. SmartAsset has taken the time to figure out which states are the most cost-friendly for retirees.