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Wealth Enhancement Advisory Services 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.

Headquartered in Plymouth, Minnesota, Wealth Enhancement Advisory Services (WEAS) is a fee-based firm with offices concentrated in the Midwest, but also in the Northeast, Southeast and West. The firm's client base is made up of high-net-worth and non-high-net-worth individuals, as well as pension and profit-sharing plans.

Wealth Enhancement Advisory Services Background

Wealth Enhancement Advisory Services was established back in 2001. The firm is a wholly-owned subsidiary of Wealth Enhancement Group, LLC, or WEG. In turn, WEG is under the indirect ownership of TA Associates Management, L.P. and Onex Partners. The firm's leadership team includes CEO Jeff Dekko, chief compliance officer (CCO) Beth Hansen and chief financial officer (CFO) Kelly Windorski.

The firm's advisors hold a number of certifications, such as the certified financial planner (CFP) and chartered financial analyst (CFA) designations. 

Wealth Enhancement Advisory Services Client Types and Minimum Account Sizes

The client base at WEAS is comprised of thousands of individuals, with most of them having less than a high net worth. The firm's sole institutional clients are retirement plans, corporations and other businesses

Minimum investment requirements vary on a program-to-program basis, ranging from $25,000 to $1 million. The firm may waive these minimums at its discretion.

Services Offered by Wealth Enhancement Advisory Services

Wealth Enhancement Advisory Services offers a wide range of financial services that include:

  • Financial planning
    • Risk management
    • Tax planning
    • Retirement planning
    • Insurance planning
  • Third-party money management
  • Investment management
    • Portfolio rebalances
    • Security analysis
  • Retirement plan consulting

WEAS tailors its financial planning and investment management advice to the individual needs of clients. This involves doing a deep dive into each client's time horizon, risk tolerance and ultimate financial goals. It also offers the following investment programs that each use distinct investment philosophies:

  • WEAS Select Program
  • WEAS Managed ETF Program (MEP)
  • WEAS Access Program
  • SWM/SWM II Program (through LPL Financial)
  • WEAS Managed Variable Annuities

Wealth Enhancement Advisory Services Investment Philosophy

Offering a multitude of investment programs, this firm pursues several different investment philosophies. These approaches vary not only in their security selection but also in terms of their respective risk tolerances and liquidity levels.

However, there are some constraints across the firm's programs. WEAS abides by Modern Portfolio Theory (MPT), which seeks to maximize returns for a specific risk tolerance. Through this use of MPT, the firm looks to strategically allocate assets in the interest of creating a diversified and optimized portfolio. To achieve this diversification, the firm mostly invests in mutual funds, exchange-traded funds (ETFs) and individual stocks, among other securities. 

Fees Under Wealth Enhancement Advisory Services

Wealth Enhancement Advisory Services charges clients a range of different fees that largely depend on the types of services they subscribe to. These fees are negotiable and vary based on the complexity of the services that are needed. The firm does state, though, that advisory fees will never exceed 2% of AUM annually.

General financial planning services will typically run you a fixed fee of up to $25,000. Fees are due on either a monthly or quarterly basis. Ongoing financial consulting services generally range up to $600 per hour. A flat fee for ongoing services can run between $250 $25,000.

What to Watch Out For

Wealth Enhancement Advisory Services has no legal or regulatory disclosures.

One thing to be aware of, though, is that certain advisors at Wealth Enhancement Advisory Services may be brokers or insurance agents, making the firm fee-based. In these non-advisor roles, they collect transaction-based fees, which have the potential of creating a conflict of interest. That said, the firm is a fiduciary and is therefore legally obligated to act in clients' best interests at all times.

Opening an Account With Wealth Enhancement Advisory Services

If you're interested in opening an account with WEAS, visit its website and request a meeting with an advisor. You can also call the firm at (800) 492-1222.

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

Tips for Financial Planning

  • When putting together your own financial plan, it can be helpful to work with a financial advisor who can analyze your situation and goals and put together a plan that potentially works for you. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • If your primary goal is to save for retirement, a good first step is to see whether you're currently on pace for a secure retirement. To start, use our retirement calculator to see where you stand.

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