Sequoia Wealth Management is a large financial advisor firm that's heaquartered in Barrington, Illinois, which is about an hour away from Chicago. The firm's client base is currently made up of only individuals, for whom advisors provide financial planning, consulting and asset management services. It also provides services through LPL Financial, one of the largest financial advisor networks in the U.S.
Sequoia Wealth Management is also featured on SmartAsset's list of the top financial advisor firms in Barrington. This is a fee-based firm, which means some of its advisors can receive third-party compensation.
Sequoia Wealth Management Background
Sequoia Wealth Management was founded quite recently in 2014. Robert Lyman is the firm's sole principal owner. He also acts as managing partner and chief compliance officer (CCO), and he has over three decades of wealth management experience. Sean Lyman is a partner at the firm, and he has six years of experience in the financial services industry.
The team of advisors at Sequoia includes such certifications as certified financial planner (CFP), chartered life underwriter (CLU) and chartered financial consultant (ChFC).
Sequoia Wealth Management Client Types and Minimum Account Sizes
Sequoia Wealth Management only manages assets for individuals with and without a high net worth. However, its services are also available to trusts, estates, charities, businesses and ERISA plans.
Sequoia has a variety of minimum investment requirements. Standard asset management services carry a $100,000 minimum, while the minimums for LPL's programs are:
- Optimum Market Portfolios Program (OMP): $15,000
- Personal Wealth Portfolios Program (PWP): $250,000
- Model Wealth Portfolios Program (MWP): $50,000
- Manager Access Select Program (MAS): $100,000
- Guided Wealth Portfolios Program (GWP): $5,000
Services Offered by Sequoia Wealth Management
Sequoia Wealth Management offers asset management, financial planning and consulting services. Sequoia's proprietary asset management services consist of the firm's advisors crafting portfolios according to each client's preferences. The firm also provides access to wrap fee programs.
The firm also offers advisory programs through LPL Financial. Rather than tailor portfolios to clients' personal needs, most of these programs utilize preset model portfolios and strategies. On some occasions, though, this may change.
Sequoia Wealth Management Investment Philosophy
If you take advantage of Sequoia Wealth Management's in-house investment services, your advisor will look to personalize your portfolio's investment strategy. These will be based on your individual objectives, as well as your risk tolerance, time horizon and current financial situation. When using LPL's suite of investment programs, advisors will still choose model portfolios that are in line with the needs of each client.
Advisors at Sequoia use charting, technical analysis, fundamental analysis and cyclical analysis to inform their investment decisions. When it comes to buying and selling investments, advisors will use both long- and short-term purchases, trading, short sales, margin transactions and options trading.
Fees Under Sequoia Wealth Management
Asset management fees at Sequoia Wealth Management are charged based on a percentage of each client's total AUM. They range from 1.00% for the firm's Guided Wealth Portfolios Program to 3.00% for its Manager Access Select Program. The maximum annual fee for non-wrap accounts is 2.50%. Your specific fee is determined individually based on the specifics of your client agreement. The firm may also use either a wrap fee or non-wrap fee program, with the former meaning that all charges (investment, advisory, custodial etc.) are included within one rate.
The fees associated with LPL's advisory programs vary based on the specific strategy they use. These programs use the maximum fees below, while specific rates are determined on a client-to-client basis.
- Optimum Market Portfolios Program (OMP): 2.50%
- Personal Wealth Portfolios Program (PWP): 2.50%
- Model Wealth Portfolios Program (MWP): 2.50%
- Manager Access Select Program (MAS): 3.00%
- Guided Wealth Portfolios Program (GWP): 1.00%
Financial planning and consulting clients of Sequoia are charged either an hourly or fixed fee. Hourly fees range up to $500 per hour and fixed fees range from $500 to $25,000 per hour.
What to Watch Out For
There are no legal or regulatory disclosures listed on Sequoia Wealth Management's Form ADV.
It's important to know that Sequoia Wealth Management is a fee-based firm. As a result, some of its advisors are registered as broker-dealer representatives or insurance agents. In these roles, advisors may receive commissions for insurance or securities sales, which is a potential conflict of interest. However, the firm is a fiduciary, which means it's legally obligated to act in the best interests of clients at all times.
Opening an Account With Sequoia Wealth Management
Those interested in opening an account with Sequoia Wealth Management should go to the firm's website and submit a contact form. You can also call (847) 310-5900 to reach the firm.
All information is accurate as of the writing of this article.
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