Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
- Pension & Profit Sharing Plans
- Charitable Organizations
- Corporations or Other Businesses Not Listed Above
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Summit Wealth Management Group, Inc. Overview
Summit Wealth Management Group, Inc. is a Fee Only registered investment advisory firm based in Camarillo, CA. The firm has been in business since 2017 and provides investment advice only to its clients. As a Fee Only firm, Summit Wealth Management Group's compensation is solely based on the fees its clients pay for its services, ensuring that the firm's interests and its clients' interests are aligned. The firm offers a variety of services, including financial planning services and portfolio management for both individuals and small businesses. By providing these services, Summit Wealth Management Group helps its clients manage their finances and make informed decisions about their investments. The firm's financial planning services help clients create a holistic financial plan, taking into account factors like retirement planning, tax planning, and risk management. Summit Wealth Management Group's portfolio management services help clients build and manage investment portfolios that align with their financial goals and risk tolerance. The firm's investment philosophy is centered on diversification and long-term investing strategies, with a focus on minimizing risk and maximizing returns. By utilizing a disciplined, research-driven investment process, Summit Wealth Management Group helps clients build and manage portfolios that are tailored to their specific needs and objectives.
Summit Wealth Management Group, Inc. caters to a diverse range of clientele consisting of individuals, high net worth individuals, pension or profit sharing plans, charitable organizations, and other corporations. With their extensive expertise in financial planning, the firm is equipped to offer tailored solutions to its clients. The team at Summit Wealth Management Group, Inc. thoroughly assesses each client's unique financial situation before providing them with a comprehensive plan that aligns with their long-term objectives. Moreover, the firm acknowledges the importance of fee transparency and offers multiple fee structures depending on the services availed. Clients can choose to be charged as a percentage of assets under management, an hourly basis, or a fixed fee. Summit Wealth Management Group, Inc. recognizes that one size doesn't fit all and therefore offers clients a choice in fee structures, ensuring they get the most value from their investment.
Typical Clients, Fee Structures & Investment Minimum
The investment minimum for Summit Wealth Management Group, Inc. is $500,000 for their Asset Management service, as stated in their Part 2 Brochure. The firm requires a minimum household account size of $500,000 for this service. However, their Part 2 Brochure does not mention an investment minimum for any other services they offer. They do charge a minimum fee of $2,000 for written financial plans, but this is not directly related to investment minimums.
How This Office Can Help Ventura County, CA Residents
Summit Wealth Management Group, Inc. is a comprehensive financial planning firm that assists clients in Ventura County, CA with a wide range of financial needs. The team at Summit Wealth Management Group understands that each client has unique financial goals and challenges, and they are dedicated to developing customized solutions that address these individual needs. They provide a wide range of financial services including retirement planning, investment management, estate planning, tax planning, and risk management. Living in Ventura County, CA presents a unique set of financial challenges for individuals. Many residents require guidance on how to plan for retirement in an expensive housing market, and how to invest and manage their assets in a volatile market. Additionally, with California's tax laws being some of the most complex in the country, many residents require guidance on how to minimize their tax liability. Summit Wealth Management Group, Inc. is equipped to handle these challenges and provide clients in Ventura County, CA with the financial guidance they need to achieve their goals.
Services Offered by Summit Wealth Management Group, Inc.
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 Summit Wealth Management Group, Inc. 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
Summit Wealth Management Group, Inc. is registered to service clients in the following states:
- Arizona
- California
- Florida
- Idaho
- Nevada
- Oregon
- Texas
- Washington
Disciplinary History
Summit Wealth Management Group, Inc. does not have any disclosures. Please visit it's Form ADV for more details.