Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Pension Consulting Services
- Selection of Others Advisors
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
- Charitable Organizations
- Corporations or Other Businesses Not Listed Above
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Bms Financial Advisors, LLC Overview
BMS FINANCIAL ADVISORS, LLC is a registered investment advisory firm that provides investment advice only. They have been in the business since 2014 and have their headquarters located in Rapid City, SD. The firm solely operates on a fee-only basis, ensuring an unbiased approach to their client's financial planning. They are committed to providing comprehensive financial planning services to their clients, including portfolio management for individuals and small businesses. BMS also offers pension consulting services, which help clients maximize their benefits and create a retirement plan that meets their needs. Moreover, BMS provides clients with access to other trusted advisors, offering a selection of their services that are not currently provided within the firm. With highly experienced financial professionals, BMS aims to provide personalized and objective advice to clients that not only helps them achieve their financial goals but also builds a strong and long-lasting relationship with them.
BMS FINANCIAL ADVISORS, LLC offers a broad range of financial advisory services, catering to various types of clients throughout the industry. Their services cater to individual investors, high net worth individuals, and charitable organizations, among other corporation types not listed. They provide comprehensive wealth management solutions for their clients, tailored to meet their specific needs and financial goals. When it comes to fee structures, BMS FINANCIAL ADVISORS, LLC offers different options depending on the service provided. One of the most common fee structures is based on a percentage of the client's assets under management (AUM). This pricing option is popular because it is typically aligned with the clients' financial interests and provides an incentive for the firm to generate higher investment returns. Additionally, the firm also offers an hourly fee option where clients pay a fixed amount for the time spent working on their account. This fee structure is ideal for clients who require limited financial advisory services. Finally, BMS FINANCIAL ADVISORS, LLC offers fixed fees for specific services, such as estate planning and tax preparation. This structure is suitable for clients who need a defined scope of services. Overall, their flexible pricing options provide clients with various choices, ensuring that they receive optimal value.
Typical Clients, Fee Structures & Investment Minimum
The Part 2 Brochure for BMS FINANCIAL ADVISORS, LLC does not mention an investment minimum.
How This Office Can Help Rapid City, SD Residents
BMS Financial Advisors, L.L.C. provides a range of financial advisory services to clients in Rapid City, SD. Whether it's retirement planning, investment management, tax planning, or estate planning, their team of experienced financial advisors is dedicated to helping clients achieve their financial goals. Living in Rapid City, SD, there are a number of financial situations that someone might be facing. For instance, many residents may be nearing retirement age and looking for guidance on how to build a comfortable nest egg while minimizing risk. Others may be struggling with debt or trying to save for their children's college education. BMS Financial Advisors, L.L.C. understands these concerns and can offer customized financial solutions tailored to each client's unique situation. Their goal is to help clients make informed decisions about their money and work towards achieving long-term financial security.
Services Offered by Bms Financial Advisors, LLC
Core Advisor Services
Financial Planning
Financial planning services encompass the process of devising strategies for your future financial well-being, including preparing for events such as retirement, funding your child's college education, or planning for the transfer of assets.
Portfolio Management for Individuals & Small Businesses
Portfolio management entails the careful selection and strategic management of investment combinations tailored to meet the needs of individuals and small businesses.
Market Timing Services
Market timing services involve the endeavor to generate short-term profits from investments by capitalizing on opportunities to buy at low prices and sell at high prices.
Other Services
Selection of Other Advisors
The firm provides support in selecting and engaging other advisors who possess specialized expertise to complement your financial needs.
Publication of Periodicals or Newsletters
The firm engages in the dissemination of diverse financial educational materials through the publication of periodicals.
Educational Seminars & Workshops
The firm organizes and conducts seminars or workshops aimed at enlightening investors on various financial concepts.
Fee Structures
Financial advisory fees usually are based on the services provided. Fee types charged by Bms Financial Advisors, LLC most likely consist of the following fee types: asset-based, hourly or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by the firm.
Available
Percentage of Assets Under Management (AUM)
This fee structure charges a percentage of the assets under management by the firm. Fee structures are often tiered based on the amount of assets managed, with higher AUM often charged a lower rate.
Between 0.50% and 2.00% of assets under management (annually), often lower for a robo advisor. Fees are typically charged quarterly by the firm and will show on your investment statement. View typical advisor costs here.
~96% of registered firms offer this fee structure.
If you have $1 million managed by a firm at a 1% management fee, you would be charged $10,000/year to manage your assets (or $2,500 per quarter). This would be automatically deducted from your investment portfolio.
Hourly
Similar to an attorney, a financial consultant might charge fees based on hourly rates. This fee structure can be advantageous when seeking specific or ad hoc advice.
Charges generally span from $150 to $400 per hour, depending on the extent of the services required.
~33% of registered firms offer this fee structure.
If you needed hourly consulting to sell a business or transfer your estate to your children but did not want your assets managed by a firm, you could consult a firm at an hourly rate to answer any questions you may have.
Fixed Fees (Other than subscription)
Fixed fees are a one-time, lump-sum payment rendered for a specific service, such as creating a financial plan without ongoing management or implementation. This option is beneficial if you solely require guidance for a particular objective rather than a long-term consultancy or asset management.
Fixed fees for creating a financial plan often range from $1,000 to $3,000.
~49% of registered firms offer this fee structure.
If you did not want a firm to manage your assets but needed to create a retirement plan, life transition plan such as divorce or loss of a spouse, estate transition plan, business financial plan, or any other financial planning, you could consult with an RIA firm to help you with the creation of that plan.
Unavailable
Subscription (Newsletter or Periodical)
Commissions
Occasionally, advisors are compensated through commissions by selling certain financial products, such as mutual funds or life insurance policies, or as a broker-dealer by facilitating the buying and selling of securities. Advisors who receive commissions may be incentivized to make specific suggestions to clients in order to secure a commission. Advisors who operate on a fee-only basis do not earn commissions, whereas fee-based advisors may do so.
Often 3% - 6% of the value of the security.
Only ~3% of registered firms say they offer this fee structure, but other advisors may receive “soft dollars”. Many mutual funds charge 12b-1 fees to cover the promoting and selling of the fund’s shares. While your advisor does not charge these fees, they may receive a kickback for recommending the investment.
An advisor selling their client on a life insurance policy and receiving a commission on the sale of that policy, or recommending a specific investment and receiving a kickback for that recommendation.
Performance-based Fees
Advisors typically obtain performance-based fees if a portfolio surpasses a predefined benchmark. This fee is determined through various methods, but is most commonly assessed as a percentage of investment gains. Performance-based fees may incentivize advisors to undertake riskier decisions in pursuit of generating higher returns.
“Two and Twenty” is common among hedge funds with a 2% management fee and a 20% incentive fee above the “hurdle rate,” or performance threshold the fund is compared against.
32% of registered firms offer this fee structure.
A hedge fund earns a 15% return with a 20% performance fee in above the performance of the S&P 500, which grew 7% that same year.
20% of fund growth in excess of S&P 500’s 7% growth for that year = 15% hedge fund growth - 7% S&P 500 growth = 8% difference x 20% = 2% performance fee (in addition to the management fee).
Other
Firms occasionally offer unconventional fee structures when charging clients. For more detailed information about a firm’s specific fee structures, please refer to their Form ADV and Part 2 Brochure.
Types of Clients
*The Securities & Exchange Commission defines someone as “high net worth” if they have $750,000 or more in investable assets or $1.5M of estimated total net worth.
This Office Location
Other Office Locations
This firm has no other locations.
State Registrations
Bms Financial Advisors, LLC is registered to service clients in the following states:
- Arizona
- Colorado
- Minnesota
- Montana
- Nebraska
- North Dakota
- Oregon
- South Dakota
- Texas
- Washington
- Wisconsin
Disciplinary History
Bms Financial Advisors, LLC does not have any disclosures. Please visit it's Form ADV for more details.