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Vector Wealth Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Vector Wealth Management, LLC is a financial advisor firm based in Minneapolis, Minnesota. It handles the investment management and financial planning needs of mostly individual investors. The firm's team boasts a number of certifications,and includes such certification as certified financial planner (CFP), chartered financial consultant (ChFC), accredited asset management specialist (AAMS), accredited investment fiduciary (AIF), certified public accountant (CPA) and chartered financial analyst (CFA).

Vector Wealth Management Background

Founder and managing partner Tom Fee founded Vector Wealth Management in 1993. In 2017, Vector bought SNS Financial Group, LLC, a wealth planning and asset management firm, and annexed its services and clients to create a single firm. In 2019, Bluespring Wealth Partners, LLC bought all of Vector Wealth Management. The firm has been recognized by Financial Times as one of the top 300 financial advisors in the U.S.

Vector Wealth Management Client Types and Minimum Account Sizes

Vector Wealth Management’s client base consists of a ton of client accounts, and almost all of them belong to individuals with and without a high net worth. Aside from individual investors, the firm can work with trusts, estates, business owners, pension plans, profit-sharing plans, charitable organizations and state and local government entities.

Vector Wealth Management generally requires new clients to have at least $500,000 in investable assets to join the firm. Under certain circumstances, though, the firm may waive this stipulation.

Services Offered By Vector Wealth Management

Vector Wealth Management offers a number of advisory services. These include:

  • Wealth management
    • Strategic portfolio construction
    • Tax minimization
    • Active and passive management
  • Investment consulting
    • Regular and as-needed rebalancing
  • Retirement planning
  • Tax planning
  • Risk management
  • Insurance planning
    • Social Security benefit planning
    • Assesses your financial situation based off of your answers to a series of scenarios
    • Personalized portfolio and investment plans
  • Cash flow forecasting
  • Trust and estate planning
  • Charitable gift planning
  • Education planning
  • Distribution planning
  • Financial reporting
  • Business planning

Vector Wealth Management Investment Philosophy

Vector Wealth Management favors long-term investing. Its portfolio-building process begins a meeting with an advisor. In this meeting, you’ll discuss your financial goals, risk tolerance, time horizon and other important factors. You will then use the Sojourn™ program created by Vector to review your current financial state based on a series of scenario-based questions. Sojourn™ will then come up with possible investment strategies and investment types that match your investor profile.

In general, the firm tries to construct all of its investment plans to be as tax-efficient as possible, while simultaneously preparing for any possible legacy or estate planning needs you may have. The firm primarily uses mutual funds, exchange-traded funds (ETFs), individual debt and equity securities, CDs, U.S. government and municipal securities, commodities and real estate partnerships in client accounts. Your advisor will continually monitor your investments and make changes as necessary.

Fees Under Vector Wealth Management

Vector Wealth Management charges clients a base annual fee that’s dependent on how much money is in your portfolio. All of the firm’s fees are charged directly to clients’ accounts, in advance, on a quarterly basis. Your rate will be based on the fee schedule below:

Investment Management Fees
Portfolio Value Base Annual Fee
Up to $500,000 1.20%
$500,000 - $999,999 1.00%
$1,000,000 - $2,999,999 0.85%
$3,000,000 - $4,999,999 0.75%
$5,000,000 and up 0.65%

Should you choose to accept it, the firm will also include a risk mitigation strategy in your overall investment plan. The firm charges an additional 0.25% for this safety net, however.

Check out the table below to see how Vector’s fees for its wealth management services might look for a client.

*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 Vector Wealth Management*
Your Assets Vector Wealth Management Fee Amounts
$500K $6,000
$1MM $11,000
$5MM $43,000
$10MM $75,500

What to Watch Out For

Vector Wealth Management lists a single disclosure on its Form ADV, which is the paperwork it files with the U.S. Securities and Exchange Commission (SEC). This disclosure is attributed to an advisory affiliate of the firm.

Vector Wealth Management is a fee-based firm, as some of its employees personally sell securities and insurance policies. They could earn commissions and other forms of additional compensation from sales, which could create a potential conflict of interest. However, the firm and all of its advisors are fiduciaries, meaning that they legally must always act in your best interest.

Opening an Account With Vector Wealth Management

Prospective clients can visit Vector Wealth Management’s website to request a free advisory consultation. You’ll be asked to provide your name, email address, phone number and some other information. You can also stop by the firm’s office in Minneapolis, Minnesota, or call the firm over the phone.

All information is accurate as of the writing of this article.

Tips to Shrink Your Retirement Costs

  • 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.
  • If you’re not attached to living in a certain place during your golden years, you may want to consider areas that are tax-friendly for retirees. We’ve done in-depth reviews of each state and found the ones that can offer you the best tax benefits.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research