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Fundrise Review 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It may not have not been reviewed, commissioned or otherwise endorsed by any of our network partners or the Investment company.

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Fundrise is an online platform that makes private real estate investments accessible to everyday people. With a Fundrise account, you can add commercial and residential real estate holdings to your portfolio, and with a low minimum investment.

The platform aims to offer property investments once reserved for institutional investors to the rest of us, and with competitively priced annual advisory and management fees. Fundrise may suit individuals who are interested in real estate investing and are comfortable exchanging a longer holding period for potentially higher returns.

Fundrise LLC
Visit Fundrise Secured
on Fundrise’s secure website
The bottom line: Fundrise makes it possible to diversify your portfolio by investing in commercial and residential real estate using small amounts of money.

  • Create a Starter portfolio with just $500
  • Earn returns via quarterly dividends and appreciation
  • Minimum holding period of approximately 5 years

Minimum deposit$500 for a Starter portfolio
$1,000 for a Basic portfolio
$5,000 for a Core portfolio
$10,000 for an Advanced portfolio
$100,000 for a Premium portfolio
Account types
  • Starter
  • Basic
  • Core
  • Advanced
  • Premium
Tradable securitiesFundrise offers commercial and residential real estate investments located throughout the U.S. through proprietary eREITs and eFunds, including:

  • Income eREIT
  • Growth eREIT
  • East Coast eREIT
  • Heartland eREIT
  • West Coast eREIT
  • Income eREIT II
  • Growth eREIT II
  • Income eREIT III
  • Growth eREIT III
  • Income eREIT 2019
  • Growth eREIT 2019
  • Income eREIT V
  • Growth eREIT V
  • eREIT XIV
  • Growth eREIT VI
  • Balanced eREIT
  • Fundrise eFund
  • Growth eREIT VII
  • Balanced eREIT II

Fees
  • Annual investment advisory fee: 0.15%
  • Annual management fee: 0.85%
  • Commission/transaction fee: None
Sign-up bonusNone currently available, though investors can earn ongoing referral bonuses

What Fundrise offers and who it’s for

Fundrise is not a traditional brokerage account. Instead, Fundrise serves both accredited and nonaccredited investors who are interested in adding private real estate investments to their portfolios. An accredited investor is someone who meets net worth and/or income standards established by the Securities and Exchange Commission (SEC) or has certain professional credentials or certifications. For example, if you have a net worth over $1 million you may qualify for accredited investor status.

There are five account types to choose from, depending on how much money you have to invest. It’s possible to open a Starter portfolio and begin investing in real estate with as little as $500.

Similar to buying shares of stock, Fundrise allows you to buy shares of property, specifically residential and commercial real estate. You can earn returns through dividends and asset appreciation. Fundrise investments have a minimum holding period of five years, making them more illiquid than stocks, mutual funds or other types of securities.

Pros

  • Low minimum investment: Fundrise requires just $500 to create a Starter portfolio. By comparison, some online real estate investment platforms require $1,000 or even $10,000 to get started.
  • No accreditation requirement: Fundrise is open to both accredited and nonaccredited investors. That means you don’t have to worry about meeting income or net worth requirements to open an account.
  • 90-day introductory period: Fundrise offers a 90-day window in which you can avoid redemption penalties or advisory fees if you choose to withdraw your investment. This allows you time to decide if the platform is right for you.
  • Diversification: Real estate has low correlation to stocks and can act as a hedge against inflation. By investing with Fundrise, you can add real estate to your portfolio without having to carry the burdens of owning property directly.

Cons

  • Liquidity: Real estate investments are by nature less liquid than other investments. When you invest with Fundrise, you should expect a minimum holding period of at least five years.
  • Fees: While Fundrise charges no commission or transaction fees, it’s not fee-free. You’ll still pay a 0.15% advisory fee and a 0.85% management fee to maintain your account.
  • Account tiers: Fundrise makes it easy to start investing in real estate with as little as $500. But if you want to unlock additional features and benefits, such as dividend reinvestment, exposure to private eREIT funds or priority access to the Fundrise investments team, you’ll need to upgrade your account to a higher tier by investing more money.
  • The “new” factor: Founded in 2012, Fundrise is still a relatively new company so it doesn’t have a lengthy track record yet. And the real estate crowdfunding space in general is still in its infancy.

Fundrise fees and costs

Annual advisory fee0.15%
Annual account management fee0.85%
Commission/transaction feeNone

Fundrise uses a simplified fee structure, charging investors an annual advisory fee and an annual account management fee. The 0.15% advisory fee covers things like ongoing reporting, automated distributions, rebalancing and composite tax management. The 0.85% account management fee covers the ongoing operation and managing of the real estate properties included in your portfolio.

Fundrise doesn’t charge commission or transaction fees for its accounts. According to the platform’s fee analysis, Fundrise saves its investors 0.37% to 5.45% on advisory and management fees annually, compared with traditional investments from full-service brokers. The platform estimates that it also saves investors 23% to 40% in upfront costs associated with asset acquisition. This refers to the costs involved in selecting and vetting real estate investments, which can be much higher with a traditional real estate investment trust (REIT).

Fundrise investing tools and research

Fundrise doesn’t offer the traditional investment analysis and research tools that you might expect with an online brokerage. For example, there are no tickers or stock screeners, since the platform doesn’t offer publicly traded investments.

Instead, Fundrise does the research for you. The platform evaluates and vets each property that’s presented for investment. This is done using proprietary technology to identify investment opportunities that may provide the greatest return to investors while minimizing fees.

Once Fundrise chooses which offerings to make available to investors, you can then review them on the platform and choose the best fit for your portfolio. It’s worth noting that on average, Fundrise accepts less than 1% of the investment deals presented to it each year.

Fundrise user experience

Fundrise offers access to investment accounts online and through a mobile app. The Fundrise app is available in the Google Play store and the Apple store.

The mobile app is designed to provide the same functionality and account access that investors enjoy when they log in on desktop. That includes being able to:

  • Monitor your portfolio’s performance
  • Check your transaction history
  • Review your portfolio’s composition
  • Get the latest real estate investment news
  • Compare investment options
  • Manage your account settings

Fundrise customer support can be reached by sending a secure message online. You can also reach out to the platform via its social media accounts on Twitter, Facebook, Instagram and LinkedIn. Live chat and phone support are not mentioned on the website.

Fundrise investor education

Fundrise offers two resources for investors. The first is a Help and FAQs page. This page includes answers to a variety of questions about investing with Fundrise related to account minimums, fees and investment offerings.

The Education page is a library of articles that covers investing in real estate in general and investing with Fundrise specifically. At this time, the platform doesn’t offer additional educational resources, such as webinars, virtual workshops or video training.

Fundrise security

  • Bank-level security: Fundrise utilizes bank-level security measures to protect customer information. That includes encryption with an AES bit symmetric key, which is the same level of security used by large commercial banks.
  • Data encryption: Fundrise also uses encryption to ensure the safe transmission of account data. Connections to the platform are encrypted over HTTPS with Transport Layer Security (TLS). Fundrise also uses Amazon Web Services as its host for added security and stores applications and data in multiple secure data centers.
  • Two-factor authentication: Fundrise users have the option to enable two-factor authentication to secure their account login information. This feature can be enabled in the settings section of your account when you login on desktop or through the mobile app.

While Fundrise is registered with the Securities and Exchange Commission, it is not registered with the SIPC or the FDIC. The SIPC insures eligible investor deposits while the FDIC offers protections to banking customers. The platform includes a disclaimer on its website, which specifically states that “All securities involve risk and may result in partial or total loss.”

Alternatives to Fundrise to consider

Investing with Fundrise could be an attractive option if you’re a nonaccredited investor or you’d like to own real estate without making a large upfront investment. The platform offers a wide selection of property investments to choose from, with compact and transparent pricing.

On the other hand, you may consider a different platform for real estate investing if you’re looking for a more established company or you want to diversify beyond just property investments. For instance, you may want to compare online stock brokers if you’re also interested in adding stocks, mutual funds, ETFs or other securities to your portfolio.

To better understand how Fundrise measures up, we’ve selected Vanguard and Yieldstreet for comparison. Vanguard is one of the best-known brokerages around, and Yieldstreet is one of the largest real estate investment platforms, with $1.3 billion invested to date.

 Average CostMinimum DepositBest for...
Fundrise1% (0.15% advisory fee + 0.85% management fee)$500 for a Starter portfolioInvestors who want to own real estate with a low minimum investment and low fees
VanguardPay $0 commissions to trade stocks, Vanguard mutual funds and ETFs online; $20 annual account service feeOpen an account with as little as $1,000 , though you may need to meet a higher minimum to invest in certain Vanguard real estate fundsInvestors who want to build a well-rounded portfolio that includes Vanguard real estate funds as well as other securities
YieldstreetManagement fee ranging between 1% and 4% annuallyInvestment minimums typically begin at $10,000, though the Yieldstreet Prism Fund starts at $5,000Accredited investors who can afford to make a larger minimum investment

Fundrise vs. Vanguard

Vanguard offers online brokerage services to those interested in low-cost investing. You can open an individual or joint brokerage account and Vanguard also offers Individual Retirement Accounts as well.

This platform is not exclusively real estate focused, though you can invest in Vanguard‘s selection of real estate mutual funds and ETFs. Stocks, ETFs and Vanguard funds trade commission-free. You may choose this platform over Fundrise if you’re looking for a more complete approach to diversification.

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Fundrise vs. Yieldstreet

Yieldstreet is another online real estate investment platform, but it differs from Fundrise in several key ways. First, Yieldstreet is primarily designed for accredited investors. While nonaccredited investors can also open an account here, they’re limited to just one investment option: the Yieldstreet Prism Fund.

Second, Yieldstreet investments require a much higher minimum, typically around $10,000 or more. That could put it out of reach for someone who’s just beginning to dip their toes in real estate investing. In terms of fees, Yieldstreet‘s annual management fee is also significantly higher than what you’ll pay with Fundrise.

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All rates and fees mentioned in this article are accurate as of the date of publishing.

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Best Financial Advisors in Richmond, VA 2021: Fees and Services

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It may not have not been reviewed, commissioned or otherwise endorsed by any of our network partners or the Investment company.

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Choosing a financial advisor in Richmond, Va., may feel like a challenge, given the number of financial advisors in the River City. Finding the right advisor in the Old Dominion’s capital is possible, however, by taking the time to do your research and consider the proper fit, which means understanding your financial needs and goals, and how much you’re willing to spend.

To expedite the research process, we compiled the most pertinent information on Richmond’s top advisory firms to help you more easily compare your choices and their data points. We determined the best advisors in Richmond by first narrowing down the list to only firms that manage individual accounts and offer financial planning services. From there, we ranked those firms based on assets under management (AUM), which acts as a general metric for the firm’s size, and client-to-advisor ratio, which indicates how much attention you may receive as a client.

Our ranking can’t predict which firm will be the right fit for you, but it can make it easier for you to make that determination. Read on for our list of the top firms in Richmond and their highlights:

7 best financial advisors in Richmond

Methodology and criteria

For our search, we looked at firms across the city of Richmond. All of the firms considered are bound by fiduciary duty, registered with the U.S. Securities and Exchange Commission (SEC) and offer individual account management and financial planning services.

The firms that met this criteria were ranked based on their AUM and client-to-advisor ratio. These criteria are weighted equally in our scoring metrics. Firms with a higher AUM and lower client-to-advisor ratios garner higher scores. Our ranking system is designed to help compare firms but does not indicate which firm may be best for you.

In our reviews, we’ve listed several other key features that will help you determine which financial advisor is most fitting for your investing style and financial needs. It is important to note that we did not include disciplinary disclosures as a metric for our ranking. We have listed any disciplinary disclosures current as of April 19, 2021, but urge you to evaluate these firms on https://adviserinfo.sec.gov/.

1. Heritage Wealth Advisors

Find an Advisor

  • Minimum assets required: None
  • AUM: $2,668,745,096
  • Individual investor to advisor ratio: 30:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
  • Firm phone number: 804-643-4080
  • Headquarters address:
    919 E. Main St., Suite 950
    Richmond, VA 23219

About Heritage Wealth Advisors

After a career at the accounting firm KPMG, Dee Ann Remo launched Heritage Wealth Advisors in 2005. She remains the firm’s CEO and managing director, and owns it along with four other employees. The firm operates out of its headquarters in Richmond, Va.

Heritage Wealth Advisors offers investment management, financial planning, tax planning and preparation and charitable giving planning. The firm works with individual investors who both are and are not considered high net worth individuals, defined by the SEC as those with at least $750,000 under management or a net worth of at least $1.5 million. Its clients also include pension and profit-sharing plans, charitable organizations and businesses.

Heritage Wealth Advisors investing strategy

Heritage Wealth Advisors creates a personalized target asset allocation model for each client, based on their time horizon, risk tolerance and other criteria. Portfolios created by the firm may include mutual funds, exchange-traded funds (ETFs), separately managed accounts, individual equities and private investments.

When selecting individual stocks, Heritage Wealth Advisors takes a long-term approach and primarily relies on fundamental analysis, which looks at factors such as industry dynamics, competitive positioning and profitability. When choosing mutual funds or separately managed accounts, the firm uses various screens, interviews fund managers and runs hypothetical scenarios to determine potential performance and risk.

Heritage Wealth Advisors disciplinary disclosures

Heritage Wealth Advisors reports no disciplinary disclosures. All registered investment advisors are required by the SEC to disclose any civil, regulatory or criminal actions against the firm, its advisors or its affiliates on its Form ADV, public documents filed with the SEC.
For more information, visit the firm’s IAPD page.

2. Cary Street Partners

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  • Minimum assets required: Varies by program
  • AUM: $3,254,677,385
  • Individual investor to advisor ratio: 143:1
  • Fee structure: 
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
    • Commissions
  • Firm phone number: 804-340-8100
  • Headquarters address:
    901 E. Byrd St., Suite 1001
    Richmond, VA 23219

About Cary Street Partners

Finance veterans Mark Gambill and Thomas H. Tullidge, Jr., founded Cary Street Partners in 2003. Tullidge serves as the firm’s chief strategy officer, while Gambill is chairman emeritus. The firm is owned by Cary Street Partners Financial LLC, an independent financial services firm formerly known as Luxon Financial LLC.

Cary Street Partners offers financial planning, research and portfolio advisory services, asset management, estate and life insurance management and retirement services. The firm works primarily with individual investors, including those who are considered high net worth individuals. Clients of the firm also include pension and profit-sharing plans, charitable organizations, insurance companies and businesses.

In addition to its Richmond headquarters, Cary Street Partners has 11 other offices, primarily located elsewhere in the commonwealth of Virginia (the other offices are located in Tennessee, Texas, New Jersey and North Carolina).

Cary Street Partners investing strategy

Cary Street Partners creates portfolios for clients that focus on growth, income or both growth and income, with a conservative, moderate or long-term approach. Portfolios include a range of investments in public and private companies and alternative investments, as well as with third-party managers.

The firm either provides investment programs directly, or connects clients to a third-party platform where they work with sub-managers, such as Wells Fargo Advisors.

Cary Street Partners disciplinary disclosures

Cary Street Partners has no disclosures, meaning it has a clean disciplinary record, free of any civil, criminal or regulatory actions against the firm, its advisors and its affiliates over the past 10 years. The SEC requires that all registered investment advisors disclose such events on their Form ADV paperwork.

For more information about Cary Street Partners, visit its IAPD page.

3. WealthCare Capital Management LLC

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  • Minimum assets required: None
  • AUM: $2,314,462,705
  • Individual investor to advisor ratio: 118:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
  • Firm phone number: 804-644-4711
  • Headquarters address:
    2 James Center, 1021 E. Cary St.
    Richmond, VA 23219

About WealthCare Capital Management LLC

With roots as a software company launched in 1999 that offered a financial planning tool for advisors, WealthCare Capital Management LLC registered as an investment advisor in 2003. Today, it’s owned by fintech firms VMS Intermediate Inc. and Financeware LLC, a wholly owned subsidiary of Financeware Holdings LLC.

WealthCare Capital Management offers financial planning and asset management to individuals through its proprietary GDX360 Platform, which uses simulated market return analysis. Third-party financial advisors and firms also use Wealthcare Capital Management’s web-based software in their own practices. And while it doesn’t have a minimum account size requirement, the firm does charge a minimum fee of $500.

In addition to its Richmond headquarters, WealthCare Capital Management has a small office in West Chester, Pa., and a handful of single-advisor offices throughout the country.

WealthCare Capital Management LLC investing strategy

Typically offered in conjunction with financial planning, WealthCare Capital Management’s investment services rely on algorithms to choose investments. It makes its selections based on clients’ preferences in the following criteria:

  • Risk allocation
  • Asset allocation
  • Exclusive passive management exclusively or some active management
  • Allocation at a household or account level

Based on client’s responses, WealthCare Capital Management aims to create a cost-effective portfolio that maximizes tax efficiency, using a model portfolio that may include mutual funds, ETFs and alternative investments. In some instances, the firm will also include individual stocks and bonds, if an advisor believes they would help a client meet their goals.

WealthCare Capital Management LLC disciplinary disclosures

WealthCare Capital Management has no disciplinary disclosures on its record. That means that neither the firm, nor its employees or affiliates have faced any civil, regulatory or criminal issues over the past decade.

Visit WealthCare Capital Management’s IAPD page for more information.

4. Kanawha Capital Management, LLC

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  • Minimum assets required: $500,000
  • AUM: $1,225,096,466
  • Individual investor to advisor ratio: 105:1
  • Fee structure:
    • A percentage of AUM
    • Fixed fees
  • Firm phone number: 804-359-3900
  • Headquarters address:
    7201 Glen Forest Drive, Suite 200
    Richmond, VA, 23226

About Kanawha Capital Management, LLC

Kanawha Capital Management began in 1982 as a subsidiary of a Richmond brokerage firm, and in 1989 it formally became Kanawha Capital Management. The firm is now owned by Hightower Advisors, an advisor network backed by private equity.

Kanawha Capital Management provides financial planning and investment management services. With a minimum account size requirement of $500,000, the firm works with individuals (including high net worth individuals), as well as pension and profit-sharing plans, trusts, estates, charitable organizations and businesses.

The firm has a single office location in Richmond, Va.

Kanawha Capital Management, LLC investing strategy

Kanawha Capital Management creates custom portfolios for its clients based on their goals, risk tolerance, time horizon and tax considerations. All portfolios the firm creates seek to find a balance between risk and return, using individual stocks to diversify across industries while also investing in ETFs and bonds.

To select stocks, the firm follows a “Growth at a Reasonable Price” approach, focused mainly on large-cap, established companies with both growth and value characteristics. Its fixed income investments typically include high-quality, taxable and tax-free securities, with a maturity that suits the client’s goals and the firm’s perspective on economic and interest rate trends.

Kanawha Capital Management, LLC disciplinary disclosures

Kanawha Capital Management has no disciplinary disclosures on its record. For reference, all registered investment advisors must disclose any civil, regulatory or criminal actions against the firm, its advisors or its affiliates on their Form ADV filed with the SEC.

You can learn more about Kanawha Capital Management by visiting its IAPD page.

5. Godsey & Gibb Wealth Management

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  • Minimum assets required: $500,000
  • AUM: $1,073,379,597
  • Individual investor to advisor ratio: 66:1
  • Fee structure:
    • A percentage of AUM
    • Other (financial planning fees, tax preparation fees)
  • Firm phone number: 804-285-7333
  • Headquarters address:
    6806 Paragon Place, Suite 230
    Richmond, VA 23230

About Godsey & Gibb Wealth Management

Frank B. Gibb III and Joseph C. Godsey Jr, founded Godsey & Gibb Wealth Management in 1985. Gibb remains as chairman emeritus and a consultant to the firm, which is primarily owned by the Gibb Family Stock Trust.

Godsey & Gibb offers investment management, financial planning and tax services, primarily to individuals and high net worth individuals. In addition, the firm also works with a range of institutional investors. A minimum of $500,000 is required for investment management services.

In addition to its Richmond headquarters, Godsey & Gibbs has two South Carolina offices, in Greenville and Columbia.

Godsey & Gibb Wealth Management investing strategy

Godsey & Gibb Wealth Management actively manages investments for its clients, taking a moderately conservative approach that emphasizes capital preservation. Strategies used by the firm include long-term purchases (securities held for a year or longer), short-term purchases (securities bought and sold within a year) and option writing (a contract that gives the right to buy or sell an asset on or before a specified date).

The firm invests client portfolios gradually after establishing their goals and investment objectives, based on current market conditions and the client’s existing portfolio structure. After a client’s funds are invested, Godsey & Gibb monitors their portfolio and makes adjustments as needed to ensure that it continues to meet the client’s objectives.

Godsey & Gibb disciplinary disclosures

Godsey & Gibb has no disciplinary disclosures on its record. All registered investment advisors must disclose any civil, regulatory or criminal actions against the firm, its advisors or its affiliates that may be material to a client evaluating the company or the integrity of its management team.

For more information on Godsey & Gibb, visit the firm’s IAPD page.

6. Alpha Omega Investment Advisors

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  • Minimum assets required: Not specified
  • AUM: $1,116,377,691
  • Individual investor to advisor ratio: 42:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
  • Firm phone number: 804-955-1600
  • Headquarters address:
    7202 Glen Forest Drive, Suite 300
    Richmond, VA 23226

About Alpha Omega Investment Advisors

Portfolio managers W. Arthur Washburn and Craig T. Forbes founded Alpha Omega Investment Advisors in 2009, along with another former colleague, LeAnn Mitchell. Mitchell remains the firm’s chief compliance officer and director of client services, while Forbes is chairman emeritus and the principal owner of the firm.

Alpha Omega Investment Advisors provides financial planning and investment management services to individuals and families, as well as to businesses and nonprofits. In addition to its Richmond headquarters, the firm also has an office in Staunton, Va.

Alpha Omega Investment Advisors investing strategy

Client portfolios built by Omega Investment advisors emphasize asset allocation, diversification and security selection. Typically, portfolios include a mix of stocks, bonds, ETFs and mutual funds chosen by a six-member investment committee that meets biweekly to discuss strategy.

The firm uses several methods of analysis to determine which investments to include in client portfolios, including the following:

  • Charting: Looking for patterns to identify trends and forecast price direction
  • Fundamental analysis: Analyzing historical and present data
  • Technical analysis: Evaluating data with a focus on price and trade volume

Alpha Omega Investment Advisors may implement its advice to clients via long-term purchases, short-term purchases and option writing.

Alpha Omega Investment Advisors disciplinary disclosures

Alpha Omega Investment Advisors does not disclose any disciplinary issues. This means that neither the firm nor its employees or affiliates have faced any issues within the last 10 years that a prospective client may find relevant when evaluating the firm or its management.

You can learn more about Alpha Omega Investment Advisors by visiting its IAPD page.

7. Salomon and Ludwin

Find an Advisor

  • Minimum assets required: $2 million recommended but not required
  • AUM: $1,069,403,560
  • Individual investor to advisor ratio: 102:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
  • Firm phone number: 804-592-4999
  • Headquarters address:
    1401 Gaskins Road
    Richmond VA 23238

About Salomon and Ludwin

After decades working in financial services, Dalal Salomon and Daniel Ludwin launched Salomon and Ludwin in 2009. Salomon is the firm’s CEO, while Ludwin serves as president. They are the firm’s primary owners.

The firm provides financial planning and investment management services to both individuals and high net worth individuals, and touts an affluent clientele that includes entrepreneurs, doctors and business executives. Though Salomon and Ludwin does not technically have an account minimum requirement, it recommends that clients have at least $2 million in total manageable assets with the firm, in order to get the most out of the relationship. However, the number of high net worth individuals the firm currently serves is only slightly higher than that of individuals who are not considered high net worth.

Salomon and Ludwin’s sole office location is in Richmond.

Salomon and Ludwin investing strategy

Salomon Ludwin has a patented strategy called “TriggerPoint,” which it customizes based on each client’s income needs and risk appetite. With this strategy, the firm aims to maintain an investment process that it describes as “unemotional” and “systematic” — it bases decisions on the information it has about markets’ current state and past performance, rather than attempting to predict where they may head.

The firm aims to use low-cost, tax-efficient investments. In general, its portfolios generally include mutual funds, ETFs, stocks, bonds, real estate and insurance, as well as other types of securities. Salomon and Ludwin also typically aims to limit investments in individual stocks in order to avoid unnecessary investment risk, due to over-concentration.

Salomon and Ludwin disciplinary disclosures

Salomon and Ludwin does not disclose any disciplinary actions on its Form ADV. This means that neither the firm nor its employees or affiliates have faced any civil, criminal or regulatory actions in the past decade.

For more information about Salomon and Ludwin, visit the firm’s IAPD page.

Financial advisors in Richmond: FAQ

The best financial advisor in Richmond for you will depend on the type of services you want, your budget to pay for those services and whether your account balances meet an advisor’s minimum requirements. Start your search by getting referrals from family or friends, or by using our advisor search tool. Then, interview potential candidates to find the one with whom you feel most comfortable.

Financial advisors can earn money from a variety of different fee arrangements, but the most popular method is to charge clients a percentage of their assets under management. Others charge by the hour or a flat rate per project. Some advisors may also earn commissions for products sold, which can pose potential conflicts of interest.

No. While many financial advisors offer retirement planning services, it’s not a focus for every firm. If you’re interested in getting help with a specific area of your finances, including retirement planning, ask potential advisors whether it’s an emphasis for their firm.

Virginia has a graduated state income tax that begins at 2% on the first $3,000 earned and goes up to 5.75% on earnings over $17,000. The state does not have an estate or an inheritance tax — however, residents may be subject to federal estate taxes depending on the size of the estate.

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Discover Bank Review 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Discover Bank

Discover Bank is probably better known for its credit cards, which comprise about 4% of all credit card purchase volume in the U.S. But while it may have gotten its start with credit cards back in 1985, today Discover has a much wider range of offerings, including student loans, personal loans and deposit accounts.

Discover Bank offers a limited lineup of savings accounts and CDs, plus a checking account. However, the accounts it does offer stand out for their competitive rates and minimal fees. Read on to learn more about Discover’s accounts to determine if they’re right for you.

Discover Bank savings account 5 out of 5

Online Savings Account
  • APY:0.40%
  • Minimum opening balance: $0
  • Monthly fee: $0

Discover Bank’s Online Savings Account offers a smooth banking experience. There’s a lot to like about it: It’s got a high rate, almost no fees, no minimum balance requirements and a handy app that lets you do just about all of your banking right from the palm of your hand. Plus, if you’re already using any of Discover’s other products, like credit cards or loans, you’ll probably find its interface especially easy to use.

The bank does charge a $30 fee for outgoing wire transfers. However, most people generally rely on ACH transfers, so it’s unlikely you’ll come across this fee often.

Money Market Account
  • APY:0.30% on balances under $100,000; 0.35% on balances $100,000 and over
  • Minimum opening balance: $2,500
  • Monthly fee: None

Unlike the Online Savings Account, Discover Bank’s Money Market Account requires a $2,500 minimum opening balance. Practically speaking, however, there’s not really much of a difference between the two accounts. The only major difference is that the money market account offers a lower rate in return for the ability to write checks from the account, similar to a checking account.

You are still limited to six withdrawals per month from money market accounts because of Federal Regulation D, however, so you can’t really use it as a de facto way to earn interest on your checking account. And although that limit isn’t being enforced right now due to COVID-19 relief provisions, it is still better to plan for how things will operate over the long run rather than just right now.

IRA Savings Account
  • APY:0.40%
  • Minimum opening balance: $0
  • Monthly fee: $0

Keep in mind that financial experts recommend that most people invest their money where it will earn a higher rate over time. That way, you won’t miss out on better earnings than this IRA Savings Account can provide.

But if you’re still interested in this IRA Savings Account, it offers a decent rate — though it doesn’t compete when compared to the best IRA savings account rates currently offered. It also provides the ability to choose which type of IRA to use, a traditional IRA or a Roth IRA.


Compare Discover Banks savings accounts to the highest savings rates out there today.

Discover Bank checking account 5 out of 5

Checking Account
  • APY: None
  • Minimum opening balance: $0
  • Monthly fee: $0
  • ATM access: 60,000+ no-fee Allpoint and MoneyPass ATMs around the country

Discover Bank’s Checking Account doesn’t offer interest, but it does offer another carrot. You can receive 1% cash back on all of your purchases made with the debit card that comes with the account, up to $3,000 per month — that means you could earn up to $360 a year. Keep in mind, though, that unlike a true interest-bearing checking account, you’ll need to spend that money to earn the rewards, rather than save it in your account to earn interest.

There are no fees associated with this account aside from a $30 wire transfer fee, which you probably won’t encounter often. You can also easily manage your account right from the app, including depositing checks by photo or finding one of 60,000-plus fee-free ATMs around the country through the Allpoint and MoneyPass networks. Note that while Discover won’t charge a fee for using ATMs that are out-of-network, you may still incur third-party charges from that ATM.


See how Discover Bank stacks up when compared to the best checking accounts currently offered.

Discover Bank CDs 2 out of 5

TermAPYMinimum Deposit to Open & Earn APY
1 year0.50%$2,500
3 years0.55%$2,500
5 years0.60%$2,500

Discover Bank offers an impressive amount of CD term lengths to choose from — 12 in all — ranging from three months to 10 years. Aside from IRA CDs, though, Discover Bank doesn’t offer any special CD options, like no-penalty CDs or jumbo CDs.

However, you will earn a rate that’s on par with some of the best CD rates currently offered. The only thing that could be better about these CDs is if they had a lower minimum deposit requirement — setting aside $2,500 may be a high barrier for some.

If you withdraw your money from your CD before your term is up, you’ll face an early withdrawal penalty. Penalties range from 3 months’ simple interest for terms of less than one year to as much as 24 months’ simple interest for terms of 7 to 10 years.


Want to see more options? These are the best CDs out there today.

Customer experience at Discover Bank

As an online bank, you won’t find any branches with Discover Bank. Instead, you’ll access your account through Discover Bank’s robust mobile app or its website. You’ll also have access to over 60,000 fee-free ATMs through Discover’s network. If you run into any problems, you can call a live customer support rep at any time — 24/7/365. There is also the option to reach out via live chat once you log into your account.

These factors have helped to rank Discover Bank as the third-best online bank in the country, according to a 2020 survey from J.D. Power. So if good customer service, competitive rates and a well-rated app are important to you, Discover Bank could be an option worth exploring.