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
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Fixed Fees (Other than subscription)
- Other
Cleveland Wealth, LLC Overview
Cleveland Wealth, LLC is a fee only registered investment advisory firm based out of Cleveland, OH. The firm was founded in 2019 and solely provides investment advice to its clients. Cleveland Wealth offers a variety of services, such as financial planning, portfolio management for individuals and small businesses, pension consulting services, and assistance in choosing other advisors. As a fee only firm, Cleveland Wealth charges its clients based on the services provided, rather than a commission-based system that can lead to conflicts of interest. The firm prioritizes the interests of its clients, providing unbiased advice that is tailored to their specific needs. Cleveland Wealth strives to build lasting relationships with its clients, providing them with ongoing support and guidance throughout their financial journey. The firm is committed to transparent communication, ensuring that clients are aware of all fees and potential risks associated with their investments. Overall, Cleveland Wealth, LLC provides comprehensive investment advice to individuals and small businesses who are looking to secure their financial futures. With a focus on transparency, client satisfaction, and unbiased advice, Cleveland Wealth is well-equipped to help its clients navigate the complex world of finance and achieve their unique financial goals.
Cleveland Wealth, LLC serves a wide array of clients, catering to both individuals and high net worth individuals. These clients come from diverse backgrounds and industries, and each has unique financial needs that require tailored solutions. The firm prides itself on its ability to provide personalized services that are designed to meet the specific needs of each client. Whether the client is an individual looking to build wealth or a high net worth individual seeking advanced wealth management solutions, Cleveland Wealth, LLC has the expertise and resources to provide top-quality services. In terms of fee structures, Cleveland Wealth, LLC offers clients multiple pricing options depending on the service provided. One popular fee structure is a percentage of assets under management (AUM), which is a fee calculated as a percentage of the total value of the client's assets held under management by the firm. This pricing method incentivizes the firm to generate positive results for its clients, as the fee earned is directly tied to the client's performance. Cleveland Wealth, LLC also offers fixed fees, which are charges that remain constant regardless of the client's AUM or other factors. This provides clients with greater clarity and transparency around costs, and enables them to budget more effectively for advisory services. Finally, the firm offers other types of fees, which may be used for specialized services or in cases where other fee structures are not practical. Overall, Cleveland Wealth, LLC is committed to providing clients with a range of fee structures that are fair, transparent, and customized to their unique needs.
Typical Clients, Fee Structures & Investment Minimum
The investment minimum for portfolio management with Cleveland Wealth, LLC is $500,000, as noted in their Part 2 brochure. However, the brochure also states that the account minimum may be waived by the firm in their discretion.
How This Office Can Help Cleveland, OH Residents
Edward Jones assists clients in Fenton, MI, by providing comprehensive financial planning and investment services tailored to their unique needs and goals. The town of Fenton, MI, is home to many retirees and aging baby boomers who are likely to be concerned about retirement savings and ensuring they have enough income to live comfortably. As a result, Edward Jones can help these clients by offering personalized retirement planning services, including investment portfolio management, Social Security and pension planning, and estate planning. In addition to retirement planning, Edward Jones can also assist clients with their day-to-day financial needs, such as budgeting, saving, and debt management. The town of Fenton, MI, is also home to many small business owners, and Edward Jones can help these individuals with financial planning for their businesses, including tax planning, cash flow management, and employee benefits. Overall, Edward Jones plays an important role in assisting clients in Fenton, MI, to achieve their financial goals and security.
Services Offered by Cleveland Wealth, 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 Cleveland Wealth, 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.
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.
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.
Unavailable
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.
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).
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
- Mon 8 AM–5 PM
- Tue 8 AM–5 PM
- Wed 8 AM–5 PM
- Thu 8 AM–5 PM
- Fri 8 AM–5 PM
- Sat Closed
- Sun Closed
Other Office Locations
This firm has no other locations.
State Registrations
Cleveland Wealth, LLC is registered to service clients in the following states:
- Arizona
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Illinois
- Indiana
- Louisiana
- Maryland
- Michigan
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Texas
- Virginia
Disciplinary History
Cleveland Wealth, LLC does not have any disclosures. Please visit it's Form ADV for more details.