Mitz Wealth Management

Our Fees

OUR FEES

We help people make their best better

This doesn't happen overnight. It also doesn't happen without you and your decision and commitment to do the work that this takes. Our clients are committed to investing in themselves and the people they care about.

We're committed to helping our clients.

This is why our fees and payment structures are negotiable.

If you're the kind of person that is willing and determined to make the financial and time commitments necessary, we'll work with you to structure fees and payment arrangements that are affordable and manageable for you and your situation.

Two Fee Service Models, Three Approaches

01
Planning Fees Only

This fee arrangement is typically preferred by clients who are not receiving our investment management services. This might be because they're a client:

1. Who doesn't yet have investments to manage, but highly values the advice and guidance that we can provide.

2. Who, for example, has planning needs as they approach retirement, wants our professional guidance and planning expertise, but won't be able to utilize our investment management services for several years when they're eligible to rollover their 401k.

3. Who's considering hiring our firm for investment management services, but hasn't yet had experience working with us and would like to "test drive" the relationship before committing longer term.

02
Investment Fees Only

Developing and managing a sound investment strategy requires developing and managing a sound and agile financial plan.

Most clients receiving our investment management services (including our retirement income and wealth management services), will not be asked to pay a separate or additional financial planning fee.

Some cases may require us to make an exception, which leads us to approach #3...

03
Planning and Investment Fees

For those cases in which a client requests services that require more or different use of our time and resources than can be reasonably included in our investment management services, we will ask the client to engage with us for our standalone comprehensive financial planning services and for an additional fee.

This is more likely to be the case with smaller client accounts, or accounts that cannot be billed directly.

There may be some clients with very large investment portfolios that we manage, however, that experience situations requiring significantly more time and complex analysis in developing/reviewing their financial plan.

For example, a client needing our services for:

1. Very large estates with complex estate/legacy or philanthropic planning objectives;

2. A complicated family business transition/succession, with multiple families involved and/or across multiple generations, varying relationship dynamics and other complexities; etc.

In all cases, as fiduciaries we strive to offer services at fees that are reasonable and transparent, always placing our clients interests first.

Services will never be billed without first being set-forth as part of a written agreement with you. Planning and advisory services and their scope will always be discussed in depth before establishing any new or additional planning and/or fee agreement.

Comprehensive Financial Planning Fees

The fees for our Comprehensive Financial Planning services are calculated using our hourly rates and the amount of time and resources involved in working with you and developing your plan. Our hourly rates:

$300 / hr for advisor activities, and

$150 / hr for all others (e.g., administrative tasks, etc.)

Typically our planning fees will range between $2,400 and $7,200 for a comprehensive financial plan.

We use the above method to determine the flat fee for our planning services.

We don't use our hourly rates to generate billing to clients for calling or emailing us with questions, concerns, or even for additional meetings as necessary.

We're here to help, not nickle and dime.

"Ok, but what does that process really look like?"

Our planning process begins with an initial "Discovery" meeting. This is when we talk about what you want to accomplish and what you ultimately want to achieve by engaging in a financial planning process.

We'll discuss your current financial situation, your goals and objectives, pain points, your personal philosophy around money and finance, and the planning areas that are most important to you to address.

Together we'll determine whether to address all the areas you identified as part of a single engagement, or save some for later (e.g. just before and during your next open enrollment period with your employer).

Then we'll estimate the amount of time and resources that will be involved in developing your plan and working with you throughout the process.

Once we've agreed on the scope of the engagement and the amount of the fee, we'll discuss how the fees will be paid. Typically, we expect 50% of the fee to be paid once the planning agreement is signed, with the remainder payable once the plan is delivered to you.

For some clients, this will be just fine. For other clients it may be more appropriate to make installment payments. Again, we're committed to our clients who genuinely want, and are committed to doing the work that it takes to make their best better. When we all agree that we're a good fit, we'll do our best to find a fee and payment structure that works for you and your family.

An Example

We discuss the process and what's most important to you to accomplish.

Together, we then determine that a few of the areas are best saved for later in the year (e.g. during open enrollment), and the others that are more immediately pressing, will be addressed individually in separate meetings. We then plan to have 5 more meetings, and account for the time to be spent in analysis behind the scenes in developing your plan and recommendations.

In total, we agree to a fee of $3,600, with 50% paid upfront and the rest paid after the delivery of your plan.

Another Example

You're in your late 50's and within five years of your financial independence day! Congratulations!

Now it's starting to feel really real. You don't feel you have any time for do-overs and you want to make sure you're as prepared to retire as you hoped you would be. You don't want to wait to find out if you'll need to make changes to accomplish what you've worked for.

You and your spouse have had some discussions about what life will be like when you retire, but you're not sure just how on-the-same-page you really are.

Your kids are all grown but you helped some with their college expenses and have some student loans to payoff. Your mortgage has some years left but it's getting close enough that you're wondering if you should pay it off early.

Your mom's in her late 80's and doing well, but you wonder if there's a day coming when she'll need more help. You're wondering what you'll do if the day comes when you or your spouse need more help.

You have lots of questions about when to start Social Security, how the market might affect your income later in retirement and how a change in the market could impact your planned retirement date. Your concerned whether you and your spouse can afford to retire at the same time, like you've always planned.

After discussing all of this with us, you decide to engage in the planning process.

Together we determine that to give each area of your concern the time and attention that you prefer, to help you get better organized and have the conversations with your spouse that you've both been meaning to have - will be best accomplished through a series of specifically focused meetings, spread over the next 9 - 12 months.

We agree to a total fee of $8,100 with an initial payment of $3,600, and the remaining paid over the next 9 - 12 months in installments, as work is completed.

Investment Portfolio Management Fees

Mitz Wealth Management Blended Fee Schedule

Household Assets Annual Fees

Under Management (%)

$0 - $249,999 1.25%

$250,000 - $499,999 0.80%

$500,000 - $999,999 0.70%

$1,000,000 - $2,499,999 0.60%

$2,500,000 - $4,999,999 0.40%

$5,000,000 - and above 0.20%

To give you an idea of what you might expect to pay based on our blended fee schedule, here are some examples:

Household with $500,000 = 1.03%

Household with $1,000,000 = 0.86%

Household with $2,500,000 = 0.71%

Household with $7,500,000 = 0.44%

Investment management fees are based upon a percentage of the assets under management and are paid quarterly in January, April, July and October. Fees are paid in advance at the beginning of each billing period, and are assessed based on the account(s) asset value on the last business day of the previous quarterly billing period. When an account is established, the management fee is charged for the remainder of the current billing period, based upon the initial funding amount(s).