Frequently Asked Questions
- What does Fee-Only mean? We derive income only from planning fees (hourly or fixed) and investment management fees. We feel it’s important to be as objective as possible and therefore do not earn any commissions from investment, insurance products or anything else.
- Are you affiliated with any other companies? No, we are completely independent and are not part of another organization such as an insurance company, bank or brokerage firm.
- Do you have a minimum investment account size? Yes but it is somewhat flexible. Currently, our minimum account size is $750,000. However, if you are in the accumulation phase and adding funds to your portfolio and/or have no immediate plans to take distributions, we can be more flexible. Also, if you are a child or relative of a client, we are much more flexible and will typically waive our minimum size requirement.
- What are your fees? We earn fees based on either an hourly rate for financial planning or as a percent of assets for investment management. Our fee for “wealth management” which includes ongoing financial planning and investment management is a combination of a fixed financial planning fee with a variable investment management fee. For more information, see our fee schedule. For more specific fee information see our fee schedule.
What type of client should work with Covenant Wealth Advisors?
- Someone seeking a long-term “trusted advisor”
- Person who wants objective, fee-only relationship rather than a brokerage or commission (or fee & commission) relationship
- Anyone who is interested in accumulating or preserving assets and wants help in achieving their financial goals and objectives
- Person who is able to delegate the day to day management of investments
- Someone who wants to be a good steward of possessions they’ve been entrusted with
- Individuals who are comfortable with our style which has many biblical tenets such as diversification, having a long-term perspective
Who should not work with Covenant Wealth Advisors?
- Anyone who is interested in getting rich quick
- Someone who wants to time the market
- A person who isn’t willing to delegate and prefers to do it themselves (and who has the time, education and resources to do so)
- An individual who prefers a brokerage or commission based relationship