Wealth Enhancement Advisory Services, LLC
Headquartered in Plymouth, Minnesota, Wealth Enhancement Advisory Services, LLC (WEAS) is on our top advisor lists for both Plymouth and in Minnesota. In fact, with $13.8 billion in assets under management (AUM), the fee-based firm is at the top of each list.
As you would expect of such a large financial advisor firm, it has a huge team: 337 on-staff financial advisors. Offices are concentrated in the Midwest, but are also in the East and South. The firm's client base is mainly comprised of individuals, of whom, roughly 21% have high net worths.
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 ownership of various WEAS employees. The firm's leadership team includes CEO Jeff Dekko, Director of Investments Chris Haarstick, Chief Compliance Officer Mike Stefano and Chief Financial Officer Kelly Windorski.
The firm's advisors hold a number of certifications, such as certified financial planner (CFP), chartered financial analyst (CFA), accredited estate planner (AEP), chartered financial consultant (ChFC), certified public accountant (CPA), retirement income certified professional (RICP) and more.
Wealth Enhancement Advisory Services Client Types and Minimum Account Sizes
Wealth Enhancement Advisory Services works primarily with individual clients. In fact, about 79% of the firm's 13,000-member client base consists of individuals below the high-net-worth threshold. Other than these clients, the firm maintains advisory relationships with high-net-worth individuals and charitable organizations.
Minimum investment requirements vary on a program-to-program basis. The firm may waive these minimums at its discretion.
- Investment management services: $25,000
- WEAS Core Program: $30,000 - $250,000
- WEAS Select: $50,000
- WEAS ACCESS Program: $100,000
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 Core Program
- WEAS Select Program
- WEAS Managed ETF Program (MEP)
- WEAS Access Program
- Tax-Advantaged Asset Location Program (TAALP)
- 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 constants 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.
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 2.00% of AUM annually.
Fees for retirement planning services range as high as 1.00% of your AUM or $600 per hour. 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.
What to Watch Out For
With a clean record, 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. 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 works for you. Luckily, finding the right advisor for you doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will 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.