Prospect Financial Group LLC provides investment management, financial planning, and implementation support services, most often in concert as part of an ongoing relationship. In limited instances and where appropriate, we may manage selected assets or develop standalone financial plans for clients.
Comprehensive Planning and Investment Management
By far our most popular type of engagement. We provide integrated financial planning, investment management, and implementation support for a quarterly fee. As a fee only advisor, we do not earn any commissions on the sale of investments or any financial product. Fees are based on the assets under our management and start at 1% per year (0.25% per quarter) with a minimum fee of $5000 per year (or $1250 per quarter). At our discretion, we may waive or reduce the minimum for family members of clients or referrals. Fees are typically debited directly from client portfolios and are not an out-of-pocket cost to the client. We believe that clients benefit greatly from a comprehensive approach where we manage a portfolio of accounts dedicated a retirement, education, or major purchase goal, rather than accounts in isolation, and we typically advise clients on their entire net worth, including assets in 401(k) plans. Fees apply to all assets that we manage regardless of where they may be held. At higher asset levels, we reduce our fee rate more dramatically than other advisors to give clients an incentive for us to manage all of their assets.
We may provide ongoing financial planning services for a quarterly retainer based on your net worth, starting at $625 per quarter (or $2500 per year). This is a good option for those who may not have accumulated enough assets yet to justify investment management or may have very simple investment needs at this time (eg, savings only in the default investment option in a single 401(k) plan). Fees are generally about half of those for a comprehensive engagement.
We may develop financial plans for family members of current clients or other referrals for a project-based fee of $5000. We believe that planning is an ongoing process that requires implementation support and frequent updates, so we only provide standalone plans when a client’s situation is simple or static enough that we think we can add value in this way.
For clients who are not yet ready for a comprehensive engagement, we can help to set direction for a fee of $250 per hour, plus $50 per hour for any administrative support required. We believe that most financial questions require detailed analysis and that clients benefit from an ongoing relationship. This option is targeted at young individuals and couples who are just starting to save but want to learn about the best ways to do so before being ready for more comprehensive services.