Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Pension Consulting Services
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
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
Essex Private Wealth Management, LLC Overview
Essex Private Wealth Management, LLC is a registered investment advisory firm that provides investment advice only. They operate on a fee-based arrangement, which means that they charge their clients a percentage of the assets they manage. Based in Topsfield, Massachusetts, the company has been in business since 2016. One of the primary services offered by Essex Private Wealth Management is financial planning. They help individuals and small businesses develop comprehensive financial plans that align with their short- and long-term goals. Their team of financial advisors evaluates different strategies and recommends the best options based on the client's risk tolerance and investment objectives. In addition to financial planning, the firm also offers portfolio management services. They use a disciplined investment approach focused on diversification and asset allocation to help clients achieve their financial goals. Whether clients are investing for retirement, education, or other financial objectives, Essex Private Wealth Management can help them structure a portfolio that suits their needs and aligns with their overall financial plan. Finally, the firm provides pension consulting services. They work with small businesses to design and manage retirement plans that comply with regulatory requirements and deliver optimal benefits for employees. Their pension consulting services include plan design, implementation, and ongoing administration, ensuring that clients can focus on their business operations while leaving the complexities of pension management to the experts at Essex Private Wealth Management.
ESSEX PRIVATE WEALTH MANAGEMENT, LLC serves a diverse range of clients, including individuals, high net worth individuals, pension or profit sharing plans, and charitable organizations. The firm understands that each client has unique financial goals and offers personalized services tailored to meet individual needs. ESSEX PRIVATE WEALTH MANAGEMENT, LLC's team of experienced professionals is well-equipped to navigate complex financial situations and provides guidance on wealth management, investment planning, retirement planning, and more. Fee structures at ESSEX PRIVATE WEALTH MANAGEMENT, LLC vary depending on the type of service provided. Clients may choose to pay a percentage of Assets Under Management (AUM), a fee for hourly services, or a fixed fee for specific services rendered. The firm believes in transparency in its fee structures and works to ensure clients receive value for every dollar spent. ESSEX PRIVATE WEALTH MANAGEMENT, LLC's fee structure allows clients to access top-notch services while remaining conscious of their financial budgets. Overall, ESSEX PRIVATE WEALTH MANAGEMENT, LLC's commitment to client-centric services and clear fee structures distinguishes it as a leader in the wealth management industry.
Typical Clients, Fee Structures & Investment Minimum
According to the Part 2 Brochure of Essex Private Wealth Management, LLC, the firm has an investment minimum. The brochure states, "Our minimum investment is typically $500,000." This means that the firm requires clients to invest at least $500,000 to work with them. It is important to note that this minimum may be subject to change and may vary based on individual circumstances. In any case, investors interested in working with Essex Private Wealth Management should refer to their Part 2 Brochure or consult with the firm directly to understand their specific investment minimum requirements.
How This Office Can Help Topsfield, MA Residents
Edward Jones offers a range of investment and financial planning services to assist clients in Yuba City, CA. The firm aims to help individuals and families reach their financial goals, no matter what their specific financial situation may be. For instance, some residents of Yuba City may be dealing with high levels of debt or struggling to save for retirement. In these cases, Edward Jones advisors can help clients develop personalized plans for paying off debt, building savings, and investing for the future. Edward Jones also understands the unique financial challenges faced by small businesses in Yuba City. As a result, the firm offers tailored solutions for business owners, such as retirement plans and succession planning services. These services can help entrepreneurs plan for a comfortable retirement and ensure the longevity of their business. With tailored advice and personalized strategies, Edward Jones is committed to helping clients in Yuba City achieve their long-term financial goals.
Services Offered by Essex Private 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 Essex Private 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
Firm Headquarters
This firm has no other locations.
State Registrations
Essex Private Wealth Management, LLC is registered to service clients in the following states:
- California
- Connecticut
- Florida
- Maine
- Massachusetts
- New Hampshire
- New York
- Pennsylvania
- Texas
- Vermont
Disciplinary History
Essex Private Wealth Management, LLC does not have any disclosures. Please visit it's Form ADV for more details.