WNY Asset Management, LLC is a fee-based financial advisor firm that’s based out of Williamsville, New York. It owns a sister firm in Amherst, New York, called Spectrum Wealth Management that offers similar services, just on a smaller scale. WNY Asset Management has just over $670 million in assets under management (AUM) and employs 10 financial advisors.
WNY Asset Management deals almost exclusively with individuals who do not have a high net worth. It manages almost 1,700 accounts held by this level of investor. Due to the firm’s sizable client base, it has been consistently ranked as one of Western New York’s largest advisory firms by Buffalo Business.
WNY Asset Management Background
This firm has been in business since 2000. WNY Asset Management is owned by three of its partners: John Pieroni, Robert Castiglione and Ronald Lojacono. This trio has spent an average of almost 18 years in the financial services industry.
It’s common for financial advisor firms to have a number of certified financial planners (CFP), of which WNY has eight. But its wealth managers, executives and other advisors also boast other certifications, including one registered financial consultant (RFC), one certified public accountant (CPA) and one chartered life underwriter (CLU).
What Types of Clients Does WNY Asset Management Accept?
WNY Asset Management primarily serves individual investors both with and without a high net worth. However, it also has a demonstrated history of working with businesses, trusts, estates, charitable organizations, pension plans and profit-sharing plans.
WNY Asset Management Minimum Account Size
Prospective clients of WNY Asset Management don’t need to worry about an account minimum. The firm does not require a minimum level of investable assets to open a new account.
Services Offered By WNY Asset Management
WNY Asset Management has built a robust set of available services for its client base, specifically when it comes to financial topics relating to individual investors. The firm also has a strong set of education planning services. Its offerings include:
- Retirement planning
- One-on-one consultation to iron out your retirement plans
- Review of your current retirement savings
- Retirement income evaluation
- Plan adjustments and rebalances as needed
- Estate planning
- Wealth transfer
- Tax minimization
- Inheritance planning and heir selection
- Investment management
- Asset allocation
- Investment goal determination
- Help with retirement plan rollovers
- Tax considerations
- Education planning
- The College Assistance Program (CAP)
- Consistent meetings with a program advisor
- Education cost evaluation
- Strategies and action plans built for your needs
- Advisement for 529 plans, Coverdell ESAs and UGMA/UTMA custodial accounts
- The College Assistance Program (CAP)
- Insurance planning
- Long-term care, life and disability insurance analysis
- Maximization of pension benefits
- Strategic risk management plans
WNY Asset Management Investment Philosophy
WNY Asset Management tends to maintain a long-term approach when it builds clients’ portfolios and financial plans. This has become extremely common in the industry and is unsurprising to see from a firm that preaches holistic financial health and retirement-minded principles. In some cases, the firm will invest in short-term securities, though this is usually done to meet clients’ liquidity needs.
In an effort to generate dependable returns, WNY generally uses a few core investment types in its client portfolios. These include stocks, bonds, fixed-income securities, exchange-traded funds (ETFs) and mutual funds. Your risk tolerance and time horizon will determine how your funds will be allocated across these investment types.
Fees Under WNY Asset Management
WNY Asset Management charges clients based on a percentage of assets under management. Its annual fee rate ranges from 0.85% to 1.30%. While the firm states that these rates are negotiable, it generally adheres to the rates below:
|Market Value of Portfolio||Annual Fee|
These fees generally cover all costs associated with services offered by WNY, including investment advisory, financial planning and consulting services.
If you’d prefer stand-alone financial planning and consulting services, however, you will pay an hourly fee or a fixed fee. Hourly fees range from $150 to $350 an hour, while fixed fees range from $600 to $30,000. The firm offers its College Assistance Program (CAP) for a one-time fee of $475.
The table below shows how WNY Asset Management’s fees for its wealth management services compare. Note that these fees are only estimates and actual costs may vary.
|*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.|
|Estimated Fee Comparison*|
|Your Assets||WNY Asset Management||National Median Advisory Fees**|
|$1MM||$11,533||$8,500 - $10,000|
|$5MM||$45,555||$25,000 - $32,500|
What to Watch Out For
As a fee-based firm, WNY Asset Management earns compensation beyond the fees its clients pay. Potential and current clients should note that some of the advisors at this firm are licensed to sell insurance policies and securities, and they may earn commissions from sales. This creates a potential conflict of interest, as these advisors may be incentivized to recommend certain products.
The firm and its advisors are all fiduciaries, though, as they are currently registered with the U.S. Securities and Exchange Commission (SEC). This means the firm is bound to always act in clients’ best interests.
WNY Asset Management does not have any disciplinary or legal issues in its past.
Opening an Account With WNY Asset Management
WNY Asset Management offers a free first-time meeting with an advisor to anyone interested in joining the firm. In this meeting, you’ll review your finances and evaluate them against your financial goals. To set up an appointment, you can call (716) 626-0060, email firstname.lastname@example.org or stop by the firm’s office in Williamsville, New York.
Where Is WNY Asset Management Located?
WNY Asset Management has just one office location. It’s located in Williamsville, New York, at 6500 Sheridan Drive, Suite 200.
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