Halyard Financial is a fee-only financial planning firm. Our fee is calculated when we enter or renew an agreement and is fixed for the duration of the agreement (typically a year). This fee is paid in either monthly or quarterly installments and can be deducted from your investments accounts if you choose to use our custodian.
We use a complexity based calculation to determine our fee. There is an income and asset component. Income is based on adjusted gross income from the prior year tax return. Investable assets are all marketable investments in retirement and brokerage accounts. Illiquid assets is real estate or assets without accessible pricing mechanisms – we calculate the fee for this category based on the amount paid for the investment (cost basis). Your personal assets like homes, cars, etc are never included in this calculation.
|Range||< $150,000||< $1,000,000||$1,000,000 +|
Someone with $250,000 in investable assets, $200,000 of income and a real estate investment property worth $200,000 would be calculated as such:
1) Income – 150,000 * 1% + 50,000 * 0.25% = 1,625
2) Investable Assets – 250,000 * 0.75% = 1,875
3) Illiquid Assets – 200,000 * 0.15% = 300
Grand total fee for comprehensive wealth management and tax preparation = 3,800
Included in our fee is all of our financial planning services: savings plans, portfolio management, retirement planning, tax management, estate planning, probate minimization techniques and insurance planning. We offer all of our clients an unlimited support system: you can contact us as much or little as you like without fear of any additional hourly charges. All the work we do and advice we give is covered under your fee.
In addition to financial advising, we encourage our clients to use us for any tax preparation needs. All clients receive tax preparation included in their wealth management fee. This can save the client between $300 – $1,000 depending on who currently does their taxes.
We will never receive compensation from any of the transactions we make or any of the investments and products that we recommend. This is one major way in which we are different from large traditional financial planning firms. Read more about the difference between fee-only firms and commission-based firms here.
If an intensive financial planning relationship isn’t what you are looking for, we are happy to work on an hourly basis. All hourly work is quoted on a project basis using an hourly rate of $200 per hour. For instance, you could contract us to do a retirement project. We would quote you the amount of hours we believe that will take for us to accomplish and that will be the fee for that project.
Lastly, you can also choose to use us only for tax preparation and/or tax planning. Tax preparation fees vary based on your return.