Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Selection of Others Advisors
- Publication of Periodicals or Newsletters
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
- Other Investment Advisors
- Corporations or Other Businesses Not Listed Above
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Prentice Wealth Management LLC Overview
Prentice Wealth Management LLC is an investment advisory firm offering fee-only services to its clients. The firm is based in Rochester, NY, and has been in the business since 2012. Prentice Wealth Management LLC is solely engaged in providing investment advice to its clients and does not engage in any other financial services. The firm provides a range of services that includes financial planning, portfolio management for individuals and small businesses, as well as the selection of other advisors. The advisors at Prentice Wealth Management LLC take a personalized approach towards investment management and focus on creating customized investment solutions that cater to the unique needs of each client. In addition to its primary services, Prentice Wealth Management LLC also publishes periodicals and newsletters that provide useful information about various investment topics. These publications help clients stay informed of the latest trends in the financial industry and make informed investment decisions. The firm's commitment to providing top-notch investment advice and guidance has earned it a reputation for being one of the best registered investment advisory firms in the region.
PRENTICE WEALTH MANAGEMENT LLC caters to a diverse set of clients, ranging from individuals seeking personal financial advice to high net worth individuals requiring wealth management services. Additionally, the firm serves pension or profit sharing plans, charitable organizations, other investment advisors, and various types of corporations. The company focuses on providing personalized services that meet the unique financial needs of each client, regardless of their industry or background. PRENTICE WEALTH MANAGEMENT LLC offers flexible fee structures to ensure that each client can access the services they need without breaking the bank. The fee structures vary depending on the type of service provided, and clients can choose from a percentage of assets under management (AUM), hourly billing, or fixed fees. For clients who require ongoing investment management, the AUM technique may be the most appropriate, as it reflects the amount of money that the firm is responsible for actively investing. For clients seeking non-investment services, such as financial planning or tax preparation, hourly billing may be the best method for charging fees. Fixed fees are another popular option and allow clients to pay a set rate for a specific service or project. Overall, clients of PRENTICE WEALTH MANAGEMENT LLC can expect a transparent fee structure that is customized to their unique financial needs and goals.
Typical Clients, Fee Structures & Investment Minimum
Unfortunately, the Part 2 Brochure for Prentice Wealth Management LLC does not mention anything about their investment minimum. Therefore, it is unclear what the minimum required investment is for this firm. Investors interested in working with Prentice Wealth Management LLC should contact their office directly to inquire about any investment minimums that may be in place.
How This Office Can Help Lakeville, NY Residents
Prentice Wealth Management LLC provides personalized financial planning services to individuals and families in Lakeville, NY. As a financial advisory firm, they offer customized solutions for each client's unique financial situations. Their team of experienced advisors provides guidance and support on a wide range of financial matters, from retirement planning to tax planning and more. For clients in Lakeville, NY, Prentice Wealth Management LLC can help with specific financial situations such as planning for retirement, saving for college, managing debt, or creating a comprehensive estate plan. For those who are nearing retirement, they can work with them to develop a plan that helps them achieve their retirement goals and provides a comfortable retirement lifestyle. Additionally, for those who want to prepare for unexpected risks, Prentice Wealth Management LLC can help develop a financial plan that includes emergency funds, insurance policies, and other strategies to ensure they are financially prepared for any situation that arises.
Services Offered by Prentice Wealth Management 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 Prentice Wealth Management 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
Prentice Wealth Management LLC is registered to service clients in the following states:
- Florida
- Maryland
- Massachusetts
- New Hampshire
- New York
- North Carolina
- Pennsylvania
- South Carolina
- Texas
- Virginia
Disciplinary History
Prentice Wealth Management LLC does not have any disclosures. Please visit it's Form ADV for more details.