Plain Talk: Services and Fees
Bormann Wealth Management is a fee-only fiduciary practice, and is never compensated by commissions or from pushing specific financial products.
Fee Schedule
Assets Under Management:
- 1% on first $250,000
- 0.50% on next $750,000 (to $1M)
- 0.25% on next $1M (to $2M)
- 0.10% on any portion over $2M.
Annual fee is divided by 4 and invoiced quarterly in arrears. All managed accounts in a household can be aggregated for the purpose of reducing fees.
Hourly Advice and Consulting:
- $250 per hour for financial planning and advice.
Hourly rate billed in 15 minute increments, 1 hour minimum. Contact by email for an estimate if you have a specific project in mind. If you have assets under management with BWM, hourly charges can be offset by asset-based fees paid.
Flat Fee or Hourly Planning Package
If you prefer to self-manage your investment accounts or only want planning advice, we can work together on a "project" basis.
- Initial Setup: building out your financial plan, presenting it for review, and answering any questions you may have. Estimated fee is for 2 to 6 hours of advisor's time, depending on the complexity of your situation and how many household members are included.
- Ongoing Planning: keeping in touch to help you stay on track. Billed for 1 hour of advisor's time, per quarter ($280 invoiced each 3 months). Covers maintenance of your plan, annual review meeting, and brief consultations on demand. You also have access to a digital financial planning portal where you can track your net worth, budget, and see your progress in real time.
The Ongoing Planning charge can be waived if you bring assets under management with BWM.
Advisory Service Commitments
Working with Bormann Wealth Management, you can expect:
- Easy access to advice from a fiduciary who understands your situation and will put your best interests first.
- Customized portfolios, closely managed according to your goals.
- Regular updates on the markets in relation to your investment strategy (3-4 client letters sent per year, or as situations demand).
- 24-hour turnaround goal for questions by email, and instant contact to advisor by personal cell phone for time-sensitive queries.