A Registered Investment Advisor (RIA) is an advisor or firm engaged in the investment advisory business and registered either with the Securities and Exchange Commission (SEC) or state securities authorities. A Registered Investment Advisor is defined by The Investment Advisers Act of 1940 as a “person or firm that, for compensation, is engaged in the act of providing advice, making recommendations, issuing reports or furnishing analyses on securities, either directly or through publications.”
An investment advisor has a fiduciary duty to his or her clients, which means that he or she has a fundamental obligation to provide suitable investment advice and always act in the clients’ best interests.
Registration of an investment advisor is not meant to denote any form of recommendation or endorsement by the SEC or state securities regulators. It simply means that the investment advisor has fulfilled all the requirements for registration as an investment advisor.
Empire Wealth Advisors Inc., is a registered investment advisor. As such we are prohibited from taking a commission on the sale of any investment products, such as stocks, options, mutual funds, ETFs, REITs, hedge funds, bonds, etc. There are three ways our firm receives compensation for our services.
One of the ways our clients compensate us is in the form of a management fee, commensurate with the amount of assets we manage for them as illustrated in the chart below. As a result of this, our interests and our clients’ interests are more directly aligned.
|Assets Under Management||Annual Fee|
|$50,000 – $249,999||1.75%|
|$250,000 – $499,999||1.50%|
|$500,000 – $749,999||1.25%|
|$750,000 – $999,999||1.10%|
|$1,000,000 – $4,999,999||1.00%|
|$5,000,000 and above||0.90%|
To help reduce market risk, add income guarantees, or death benefit guarantees, at times, it may be appropriate for us to allocate a portion of our clients portfolio into an annuity or other life insurance product. Because of the way the annuity and life insurance industry has been established, we are compensated with an up-front commission in these cases. Therefore, we do not charge a management fee on these assets.
If a client requests a financial plan, we charge an hourly fee for this service. The fee for financial planning services is $195.00 per hour. A non-refundable deposit of $195.00 is required prior to any services being rendered, and will be credited to the total cost of the financial plan.
When you work with Empire Wealth Management, you have several layers of protection.
- First, you will never write a check to our company for the purchase of any investment or insurance product. For our clients’ protection, we use a third-party custodian who takes possession of all funds for the account. The custodian we have chosen is Pershing, LLC. Click here for more information about Pershing: http://www.pershing.com/for_investors.html. Pershing, a BNY Melon company, is the custodian for over a trillion dollars in global client assets.
- Secondly, you have the same SIPC insurance coverage that you would have with any large brokerage firm. Click here for more information about SIPC: http://sipc.com/Who/SIPCMission.aspx
- Finally, additional insurance through Lloyd’s of London provides excess account protection for held assets up to an aggregate limit of $1 billion, of which $1.9 million may cover cash awaiting reinvestment at the individual account level. This amount in excess account protection is the highest level of brokerage account insurance coverage available in the industry today.
As an independent firm, we have flexibility where most advisors don’t. If you need to get a hold of us you don’t have to sit and wait for a return phone call. Our clients can feel free to call, email, skype or use any other means of communication to get a hold of us. In addition to that, we’ll make sure to keep you abreast of any pertinent information relating to your account whenever necessary.
We meet with clients to review their accounts on a monthly, quarterly, or semi-annual basis depending upon the needs of the client and the complexity of their situation. We also keep in communication with our clients with weekly account update emails, a weekly email newsletter which includes market and economic updates, client education events, as well as client social events. In addition, we provide a personal web portal with on-demand access to performance history, current allocation, and a list of all individual positions for all of their accounts, whether we are managing them or not, in order to give them a holistic view of their entire financial situation.