Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Portfolio Management for Businesses or Institutional Clients
- 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
- Pension & Profit Sharing Plans
- Charitable Organizations
- Corporations or Other Businesses Not Listed Above
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Fixed Fees (Other than subscription)
Marks Group Wealth Management, Inc. Overview
Marks Group Wealth Management, Inc. is a fee-only registered investment advisory firm located in Minnetonka, MN. Since its establishment in 2008, the firm has been providing investment advice to its clients, making it a specialized investment advice only firm. The firm operates on a fee-only basis, which means that they do not rely on commissions or other incentives for their compensation. This fee arrangement serves the best interests of their clients by promoting objectivity, transparency, and ethical professionalism. Marks Group Wealth Management offers a range of investment services, including financial planning and portfolio management for individuals, small businesses, and institutional clients. Their expertise in portfolio management enables them to provide customized solutions that address the unique needs of each client. They prioritize their clients' financial goals and objectives while taking into account their risk tolerance and investment preferences. Aside from their investment services, Marks Group Wealth Management also assists clients in selecting other advisors. Their experience and knowledge in the industry enable them to guide their clients in finding trustworthy advisors who can complement their investment strategies. These additional services demonstrate the firm's commitment to providing comprehensive assistance to their clients.
MARKS GROUP WEALTH MANAGEMENT, INC. serves a diverse range of clients, including individuals, high net worth individuals, pension or profit sharing plans, charitable organizations, and other corporation types not explicitly listed. They understand that each client is unique and requires personalized attention in order to achieve their financial goals. The firm's team of financial advisors utilize their extensive knowledge and experience to create customized financial plans that align with their clients' individual needs and objectives. To accommodate the various services provided, MARKS GROUP WEALTH MANAGEMENT, INC. offers fee structures that cater to clients' preferences. They offer a percentage-of-AUM fee structure for clients who choose to have their assets managed by the firm. Under this structure, the firm charges a percentage of the client's assets under management (AUM) as compensation, regardless of the level of service provided. Moreover, fixed fees are also available; this fee structure does not depend on the assets under management, and instead, the firm charges a standard, predetermined fee for the services offered. This fee structure is ideal for clients who seek specific financial services or require discreet transactional services. In sum, MARKS GROUP WEALTH MANAGEMENT, INC. provides comprehensive financial services that cater to the needs of various clients alongside flexible fee structures to match the needs of clients.
Typical Clients, Fee Structures & Investment Minimum
The investment minimum for MARKS GROUP WEALTH MANAGEMENT, INC. is $500,000. This is stated in their Part 2 Brochure note about investment minimums, which mentions that MGWM imposes a minimum portfolio size of $500,000 as a condition for starting and maintaining a relationship. However, the firm may accept clients with smaller portfolios based on certain criteria such as anticipated future earning capacity, dollar amount of assets to be managed, related accounts, and more. MGWM may also aggregate the portfolios of family members to meet the minimum portfolio size. Overall, MGWM only accepts clients with less than the minimum portfolio size if the smaller portfolio size will not cause a substantial increase of investment risk beyond the client’s identified risk tolerance.
How This Office Can Help Minnetonka, MN Residents
Mann Financial Group is a wealth management firm that provides essential financial services to clients living in Detroit Lakes, MN. The company offers customized financial plans that are tailored to meet the unique needs of each client. They help clients with a wide range of financial situations, including retirement planning, investment management, estate planning, tax preparation, and more. Living in Detroit Lakes, MN, residents may face specific financial challenges, such as managing seasonal income fluctuations from the tourism industry and navigating complex tax laws at both the state and federal levels. Mann Financial Group has a team of experienced financial advisors who specialize in helping clients with these challenges. They work closely with clients to develop strategies that maximize earnings and minimize taxes, helping them achieve their financial goals while also protecting their assets. With their personalized approach, Mann Financial Group has helped many clients in Detroit Lakes, MN achieve financial stability and peace of mind.
Services Offered by Marks Group Wealth Management, 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 Marks Group Wealth Management, 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.
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
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).
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
- Mon 8:30 AM–4:30 PM
- Tue 8:30 AM–4:30 PM
- Wed 8:30 AM–4:30 PM
- Thu 8:30 AM–4:30 PM
- Fri 8:30 AM–3:30 PM
- Sat Closed
- Sun Closed
Other Office Locations
This firm has no other locations.
State Registrations
Marks Group Wealth Management, Inc. is registered to service clients in the following states:
- Alabama
- Arizona
- California
- Florida
- Illinois
- Indiana
- Iowa
- Louisiana
- Minnesota
- Missouri
- Nebraska
- New York
- North Dakota
- South Dakota
- Texas
- Wisconsin
Disciplinary History
Marks Group Wealth Management, Inc. does not have any disclosures. Please visit it's Form ADV for more details.