Venturi Wealth Management, LLC is a relatively new financial advisor firm, founded in 2015 by two former Merrill Lynch advisors. Despite being a newcomer, the company is comprised of industry professionals who have more than 150 years of combined experience.
The firm has advisors located in Austin, where it's headquartered, and at its office in Oklahoma City. In addition to Texas and Oklahoma, the firm is registered in Nebraska and Louisiana.
Venturi Wealth Management Background
Russell Norwood, CEO, is one of the principal owners of Venturi Wealth Management. Norwood is a certified financial planner (CFP) and a certified investment management analyst (CIMA). He spent 23 years at Merrill Lynch prior to founding the firm and has worked in financial services since 1986.
George Clark, chief investment officer, worked at Merrill Lynch for 18 years as an institutional relationship manager. He is a chartered financial analyst (CFA).
While Venturi has about 15 employees, only nine of them serve in advisory roles. Including Norwood and Clark's certifciations, the team in Austin includes three CFPs, three CFAs and two CIMAs.
Venturi Wealth Management Client Types and Minimum Account Sizes
While Venturi serves individuals, trusts, estates, charitable organizations, corporations and pooled investment vehicles, the company’s focus is on high-net-worth individuals. To work with Venturi, you need a minimum of $2.5 million. The firm’s services are tailored to serve those with significant wealth.
Services Offered by Venturi Wealth Management
Venturi Wealth Management offers financial planning, portfolio management and a selection of other advisors (including private fund managers). Its financial planning and consulting services may include any of the following: investment consulting, insurance planning, retirement planning, charitable giving, business planning, cash flow forecasting, trust and estate planning, financial reporting, distribution planning, tax planning, manager due diligence and executive stock planning. The firm is able to provide these services in conjunction with investment portfolio management or on a standalone basis.
For portfolio management, a client's assets will be allocated among securities such as:
- Mutual funds
- Exchange-traded funds
- Individual debt and equity securities
- Independent investment managers
Your asset allocation will depend on your risk tolerance, time horizon, liquidity constraints and other relevant factors. Your initial discussions with your advisor will help shape your portfolio’s investment strategy.
Venturi Wealth Management Investing Philosophy
Venturi advisors think of themselves as contrarian investors who have a bias for high-quality investment alternatives. This means the company has a long time horizon when buying and selling, rather than use short-term trading strategies.
The company uses the fundamental method of analysis. This involves an evaluation of the financial condition and surrounding economics behind a particular fund or issuer. The method involves examining qualitative and quantitative factors such as revenues, earnings future growth and more.
How the investment philosophy is applied depends on your goals. Cash flow is usually a concern of most clients and your other financial objectives will guide your portfolio’s construction.
Fees Under Venturi Wealth Management
Venturi is a fee-based investment advisory firm. This means that in addition to charging investment advisory fees that are a percentage of your portfolio, it collects transaction-based fees from selling products. In Venturi's case, some of its advisors earn commissions for the sale of certain insurance products.
Venturi’s fees are tiered, similarly to many other firms. This means that you calculate the fee based on the different levels shown below. For example, if your portfolio is $7 million, the first $2.50 million is calculated at 1.00%, the next $2.5 million at 0.85% and the last $2 million at 0.75% for $61,250 total. You can see a full table of rates below.
|Venturi Wealth Management Fees|
|Portfolio Value||Fee Rate|
|Up to $2,500,000||1.00%|
|$2,500,001 - $5,000,000||0.85%|
|$5,000,001 - $10,000,000||0.75%|
|$10,000,001 - $25,000,000||0.65%|
|$25,000,001 - $50,000,000||0.60%|
The fees are depicted as yearly, but at Venturi you’re charged monthly in arrears. Note that there is a minimum $10,000 wealth management fee for all accounts.
Accounts smaller than $2.5 million are charged more than the industry average, which is 0.95%, according to a 2018 study of 1,500 firms by RIA in a Box. Here is the estimated dollar amount you'd pay in advisory fees 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 Venturi Wealth Management*|
|Your Assets||Annual Fee Amount|
For financial planning or consulting services for standalone engagements, Venturi charges a fixed fee or hourly rate. Generally, this will cost $1,000 and up.
The company also provides business advisory services at an hourly rate.
Clients are responsible for paying brokerage fees imposed by third parties. This includes brokerage commissions, custodial fees, margin costs, mutual fund or ETF charges and more. This means if trades are executed for your account, you are responsible for the associated fees.
Learn more about advisors' typical costs here.
Venturi Wealth Management Awards and Recognition
Venturi Wealth Management was named one of the 2020 Top 300 Financial Advisors in the U.S. by the Financial Times. In 2017 and 2018, Financial Times recognized Venturi as one of its Top 300 Registered Investment Advisors.
Barron’s named CEO and co-founder Russell Norwood as one of its Top 1,000 Financial Advisors in the U.S. from 2009 through 2015.
What to Watch Out For
Venturi Wealth Management had no disclosures of legal or disciplinary action in its most recent filings with the Securities and Exchange Commission (SEC).
One thing to note: as mentioned earlier, the firm's team includes two licensed insurance agents. Though this could be a benefit to clients who need of insurance products, the firm's employees do sell these products on a commission basis. This could present a potential conflict of interest, as the employees will have a financial incentive to sell these products. That said, as an SEC-registered investment advisor, Venturi Wealth is legally bound by its fiduciary duty to put clients' interests first.
Opening an Account With Venturi Wealth Management
If you want to work with Venturi, you can get the ball rolling by calling (512) 220-2035, emailing firstname.lastname@example.org or filling out a short contact form on its website.
All information is accurate as of the writing of this article.
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