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WNY Asset Management 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.

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 deals almost exclusively with individuals who do not have a high net worth. The firm manages over 2,500 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 about 20 years in the financial services industry.

It’s common for financial advisor firms to have a number of certified financial planners (CFPs). But its wealth managers, executives and other advisors also boast other certifications, including registered financial consultant (RFC), certified public accountant (CPA) and chartered life underwriter (CLU).

WNY Asset Management Client Types and Minimum Account Sizes

WNY Asset Management primarily serves individual investors both with and without a high net worth. The firm also works with charities and businesses. 

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
  • 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:

WNY Asset Management Fee Schedule
Market Value of Portfolio Annual Fees
First $400,999.99 1.30%
Next $349,999.99 1.10%
Next $249,999.99 1.00%
Over $1,001,000 0.85%

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 following is what you might expect if you decide to work with WNY Asset Management.

*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 WNY Asset Management*
Your Assets WNY Asset Management Fee Amounts
$500K $5,500
$1MM $10,000
$5MM $42,500
$10MM $85,000

What to Watch Out For

There are no disclosures on WNY Asset Management's SEC-filed Form ADV.

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.

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, email or stop by the firm’s office in Williamsville, New York.

All information is accurate as of the writing of this article

Tips to Save for Retirement

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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