What Do Our Services Cost?
Our investment management service is most appropriate for portfolios over $1 million.
Fees can be a difficult thing to discuss. Not because we don’t want to talk about them, on the contrary, the reason fees can be difficult to discuss is because there isn’t one simple answer.
Two options here: Fee based or No Additional Charge
Our fee based financial plans start at $5,000 and average $7,000, the first year. The final fee is determined by the amount of time our team spends building the plan. The annual renewal fee is typically 75% of the first year's cost. This covers the upkeep of the plan and any updates that are made to the plan. This may be more than 75% based on the number of updates and changes requested to the existing plan.
*Please see below for services included.
No additional charge:
If Eight Oaks Financial is servicing $1 million or more of your assets there will be no additional charges for our financial planning services. You must bring over assets of at least $1 million for us to service. If you meet this minimum, we will not charge you an annual financial planning fee.
Our Financial Planning Process
- Discovery meeting usually 1 - 1.5 hours
- Financial data gathering usually through email.
- Investment Plan Meeting / Recommendation meeting - usually 1 - 1.5 hours
- Review of current investment portfolios
- Portfolio recommendations
- Asset consolidation recommendations
- Insurance recommendations
- Current cash flow review and discussion
- Education projection, cost calculator and discussion
- Retirement projection, future cash flow projection
- Mutual Commitment meeting usually 1 hour
- 45 Day Follow-Up Meeting - We make sure everything has transferred over and we are all on the same page regarding what the goals are ahead.
- Progress Report Meeting Our regular update meeting. These can happen as often as once a quarter, though most choose to have them every six months. These are usually done virtually via SKYPE, WebEx, GoToMeeting, Join.me, etc.
- Ongoing Advanced Planning - We continue to guide our clients financially.
- Access to our online Wealth Management Tool.
To get a glimpse of our Wealth Management Tool, watch this 2 minute video
Fee Based Investment Consulting:
The majority of our investment consulting is done on a fee basis. A fee based consulting agreement establishes that we are held to the highest of standards - a fiduciary standard. Our clients are free at any time to cancel the agreement and take their investments elsewhere. There are no fees charged up front to work with us, and no fees charged if you leave.
In general, we typically charge 1% of assets serviced as our investment consulting fee. Portfolios with assets over $2 million in assets would see a lower fee structure, portfolios with assets over $3 million would see a further reduction in fees, etc.
We work with some of the leading research and investment teams. See here for an abbreviated list [link].
These research and investment teams also charge a fee. These range from .35% to .60% of assets under management. There may be other fees involved for your particular account. Any additional fees will be spelled out in detail before any agreements are signed.
- Life Insurance (personal, business, key man, split dollar, second to die, etc.)
- Long Term Disability Insurance
- Long Term Care Insurance
- Group Life, Long Term Disability, etc.
The insurance company we place the insurance policy with pays a commission. That commission schedule is set, there’s nothing we can do to change it. We will happily explain to you what the commission schedule is for the insurance product you are considering. If you buy an insurance policy, whether it's online or through us, someone gets paid a commission. If you purchase the policy through us, we'll help you place the policy initially and be your long term service providers. Purchasing a policy through us makes sure you are serviced by people who know you and your long term goals.
Eight Oaks Financial offers annuity products from some of the top providers in the industry. Each annuity product has its own fee structure and potential surrender charges. If we recommend an annuity to you, be assured, the fee structure and surrender charges would be one of the first items of discussion.