This fee-based firm has offices concentrated in the Midwest, but are also in the East and South. 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 ownership of various WEAS employees. 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 certified financial planners (CFPs), chartered financial analysts (CFAs), chartered financial consultants (ChFCs) and more.
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.
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 Select: $50,000
- WEAS ACCESS Program: $100,000
- Separately managed accounts: $25,000 - $1,000,000
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 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% of AUM annually.
Fees for retirement planning services range as high as 1% 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
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.
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