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| Two types of services are available: | |||||
| Personal Wealth Management | |||||
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Pre-Retirement Planning | ||||
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Our
firm is 100% Fee-Only. Our only source of income is the fee
charged to the client. We do not receive commissions nor do we get a share of commissions earned by others. We are not paid by any brokerage firms or mutual fund companies where we place our client’s business. We
do not receive referral fees from other sources. This information is for introductory
purposes only. All compensation to Berno Financial Management, Inc. is fully disclosed in writing in advance by providing you with a copy of Form ADV-Part II Uniform Application for Investment Adviser Registration, which supercedes this summary. Form ADV-Part II Uniform Application for Investment Adviser Registration is available upon request, if you have not received one already. Please read it carefully. All services and fees are flexible and negotiable and may be customized.
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| Personal Wealth Management | |||||
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(Base Fee plus a percentage of investment portfolio value) Initial Planning & Portfolio Design Fee: To successfully begin a new long-term client relationship, significant time and effort is spent upfront on initial personal financial planning and portfolio design. Therefore, a flat fee is charged for Initial Personal Financial Planning and Portfolio Design. Typically the fee ranges from $1,200 to $3,600. Annual Fee does not begin until Investment Portfolio Management is implemented. Annual Fee: $3,600 Base Fee plus: |
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0 - $2,000,000 |
of Market Value times | 0.6% | |||
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$2,000,001 -$4,000,000 |
of Market Value times | 0.5% | |||
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$4,000,001- $6,000,000 |
of Market Value times | 0.4% | |||
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$6,000,001 - above |
of Market Value times | 0.3% | |||
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Fee Schedule (click) |
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Minimum Annual Fee: $7,200 (Recommended Portfolio Minimum Size $750,000) Minimum Annual Fee may be waived and/or Base Fee adjusted up or down based on client situation and service needs. “Young
accumulators” more than 10 years from retirement who fall below
Recommended Portfolio Minimum Size may qualify if they are expected to
reach $750,000 in a reasonable time period, determined in the sole
discretion of the Advisor. Base
Fee covers fixed costs of portfolio management and annual personal
financial planning services attributable to portfolio management. Goal of
Base Fee is to allow % of market value fee to be lower. Market
Value Fee typically excludes assets that are not “managed”
including, for example, employer stock options.
Click
this link to see a Brief Summary of Services:
Personal Wealth Management for services and
descriptions. The
Adviser will combine all household accounts for market value calculation
purposes. Closed
accounts or terminated relationships will be responsible for fee through
end of final month. Any and all stock or bond brokerage commissions, mutual fund transaction fees, account opening, maintenance, transfer or termination fees, cash wire transfer fees or other third-party charges are the responsibility of the client.
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| (Top of Page) | |||||
| Pre-Retirement
Planning: |
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Personal Financial Planning &/or Investment Advisory |
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| Custom designed fee arrangement based on client needs and circumstances. | |||||
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consists of one of three formats or combination thereof: |
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| 1) A flat fee arrangement using percentage of investment portfolio value for investment advisory services. Typical range from 0.50% to 1.25% of assets. | |||||
| 2) A flat fee arrangement or dollar range based on scope of project. | |||||
| 3)
An
hourly rate, based on complexity and value-added. Clients are
served by a team approach with hourly rates ranging from
$120.00
to |
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Time and hourly charges vary with the number of issues to address and complexity. To enable the client to develop a fair
expectation of the total cost, Comprehensive Personal Financial Planning
on an hourly rate basis generally runs from $2,400 to $6,000.
A specific fee range estimate will be made upon request. |
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| Minimum Fee: $2,400.00 | |||||
| ( Minimum Fee may be waived for very limited projects. ) | |||||
An annual retainer or periodic review fee arrangement can be customized. |
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| Investment recommendations for
Pre-Retirement Planning clients may emphasize passively managed index type funds,
where appropriate and applicable, which benefit client with very low
annual operating expenses. |
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| Fee will be invoiced upon completion of
analysis or in a pro-rated amount if project is not completed within 30
days. Payment is due upon
receipt in full unless agreed otherwise in writing. |
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| (Top of Page) | |||||
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Berno
Financial Management, Inc. is a Registered Investment Adviser in
accordance with federal law. |
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