Doyle Wealth Management is a fee-only registered investment advisor based in St. Petersburg, Fla. The firm, which has more than $1 billion in assets under management (AUM), focuses mostly on portfolio management and the financial planning necessary to carry it out. It primarily serves individual investors, including high net worth investors, and has fewer than two dozen employees in its single office.
All information included in this profile is accurate as of May 20, 2020. For more information, please consult Doyle Wealth Management’s website.
|Assets under management: $1,088,001,755|
|Minimum investment: Typically $350,000|
|Fee structure: Percentage of AUM; hourly charges; fixed fees|
|Headquarters location:||333 3rd Avenue North, Suite 300
St. Petersburg, Florida 33701
- Overview of Doyle Wealth Management
- What types of clients does Doyle Wealth Management serve?
- Services offered by Doyle Wealth Management
- How Doyle Wealth Management invests your money
- Fees Doyle Wealth Management charges for its services
- Doyle Wealth Management’s highlights
- Doyle Wealth Management’s downsides
- Doyle Wealth Management disciplinary disclosures
- Doyle Wealth Management onboarding process
- Is Doyle Wealth Management right for you?
Overview of Doyle Wealth Management
Tampa-based couple Robert and Jillian Doyle, who had both previously worked in the financial services industry, founded Doyle Wealth Management in 2005 to serve the Florida retirement community. The fee-only firm began with just the two of them and $45 million in assets under management, but it’s since grown to more than $1 billion in assets under management.
The Doyles remain the principal owners, and the firm still has a relatively small staff of fewer than two dozen employees, 15 of whom perform investment advisory services. Both Robert and Jillian are CPAs, and most advisors at the firm hold professional certifications, including the CPA, CFP or CFA designations.
What types of clients does Doyle Wealth Management serve?
Of Doyle Wealth Management’s nearly 900 clients, the vast majority are individuals, and just over a third are high net worth individuals. For reference, the SEC defines high net worth individuals as those with at least $750,000 in assets under management or a net worth of at least $1.5 million.
The minimum account balance required by Doyle Wealth Management Clients is typically $350,000. The firm also offers the PARTNER Program for clients who don’t meet that minimum account balance, often because they’re still in the wealth accumulation phase of their career.
Services offered by Doyle Wealth Management
Doyle Wealth Management offers financial planning services to clients, typically as part of its portfolio management service, although the process does not always include a written financial plan. The firm manages clients assets on a discretionary basis, meaning that the portfolio manager can make decisions on the portfolio without first consulting the client.
Doyle Wealth Management also offers general consulting to clients, typically on a project basis, focused on a specific area of financial planning, such as cash flow planning for education expenses, estate planning analysis or an insurance review.
In addition, the firm offers financial planning education to clients in its PARTNER Program, designed for a select group of individuals who are still focused on wealth accumulation and may not be able to meet the firm’s typical minimum investment requirement. The program name is an acronym that represents the financial planning topics the firm emphasizes in the program: portfolio management; asset allocation and diversification; retirement and college planning; tax efficient strategies; income management; estate planning; and risk management. Clients must apply to the program and be committed to saving and investing.
Here is a full list of services that the firm offers:
- Portfolio management
- Financial planning
- Retirement planning
- Estate planning
- Cash flow planning
- Insurance portfolio review
- Education planning
- Tax planning and analysis
- Employee benefit plan fiduciary services/401(k) consulting/pension consulting
- Tax preparation
How Doyle Wealth Management invests your money
Doyle Wealth Management chooses from four strategies (detailed below) for its clients, based on each client’s financial situation, goals and risk tolerance. The offered portfolios contain a mix of individual stocks, bonds, ETFs and mutual funds.
The firm chooses securities for its portfolios based on its own research, using quantitative models as well as both technical analysis (studying past price patterns and trends) and fundamental analysis (evaluating individual companies and their industry groups). It selects mutual funds and ETFs based on multiple factors, including past performance, fee structure, portfolio manager and overall ratings.
For clients with a large position in one security, Doyle Wealth Management offers a “covered call strategy for concentrated positions.” That involves creating a customized portfolio, monitored daily, that reflects tax implications, risk and return and the client’s liquidity needs.
Here are the other strategies that Doyle Wealth Management uses:
|Individually Tailored Multi-Asset Class Portfolio||This individually tailored portfolio combines up to four asset classes: equities (mostly larger cap, domestic stocks) personalized fixed income investments, commodity-based investments and real estate investment trusts (REITs).|
|Select Equity Portfolio||This individually tailored, actively managed portfolio typically includes a mix of 35 to 50 individual stocks with a focus on growth and income and low turnover.|
|Equity Income Builder Portfolio||This portfolio focuses on equities with the goal of outperforming the market and creating an income stream that grows every year.|
|Focused Opportunity Equity Portfolio||Comprised of 20-30 stocks selected from the equity portfolio, this strategy may have more volatility but aims to produce higher gains in the long-term.|
Fees Doyle Wealth Management charges for its services
Doyle Wealth Management charges clients based on a percentage of assets under management, with a minimum annual fee of $2,000 for its portfolio management services, which include some financial planning.
|Assets under management||Annual rate|
|Next $1 million||0.90%|
|Next $1 million||0.75%|
|Balance above $3 million||0.60%|
These payments do not include transaction fees or other costs that clients may owe to custodians, brokers or other third-party managers.
Participants in the PARTNER Program typically pay lower fees than other clients. Clients who receive additional financial planning, tax preparation or other consulting services pay an hourly or fixed fee that is negotiated in advance.
Doyle Wealth Management’s highlights
- Services for varying levels of wealth If you can’t meet the $350,000 minimum investment requirement, the firm’s PARTNER Program can still help you get started with a financial advisor. The program includes active portfolio management alongside financial planning and strategy meetings, educational resources and a dedicated portfolio analyst.
- Fee-only model: Advisors at Doyle Wealth Management don’t receive commissions for selling products or making recommendations, so they do not have a financial incentive to do so. Such incentives can pose a potential conflict of interest that a fee-only model eliminates.
- Industry recognition: Robert Doyle, the firm’s co-founder, has appeared on multiple regional best advisor lists. In 2019, he was ranked No. 3 on Forbes’ list of Best-in-State Advisors in Florida and No. 8 in Florida on Barron’s list of Top Advisors by state.
- Clean disciplinary record: The firm does not have any disciplinary disclosures (see below).
Doyle Wealth Management’s downsides
- Limited geographic footprint: While Doyle Wealth Management is licensed to offer services in 19 states, its only office is in Tampa, Fla. Those who aren’t geographically close won’t have access to face-to-face services.
- High fees: According to the firm’s tiered-fee schedule, you’ll need to invest at least $500,000 before you start paying an annual fee of 1% or less (unless you’re in the PARTNER Program). But some firms charge less for low-balance accounts. The industry median advisory fee is 0.98%, according to a 2019 study from RIA in a Box.
- Limited financial planning: While Doyle Wealth Management provides financial planning in the context of investment management, it does not always provide a written, financial plan like some other firms. It also charges extra for consulting on some parts of financial planning like saving for college or reviewing your insurance.
Doyle Wealth Management disciplinary disclosures
Doyle Wealth Management does not have any disciplinary disclosures. If an RIA settles or admits to misconduct, such as a criminal charge, regulatory fine or civil lawsuit, the firm must report that in its Form ADV, paperwork filed with the SEC.
Doyle Wealth Management onboarding process
Clients interested in working with Doyle Wealth Management can either call the company at 800-932-8505 or fill out the “Contact Us” form provided on the firm’s website. Advisors meet with all new clients to discuss their current financial situation and goals. They then use that information to create a financial profile for the client, which helps them formulate a personalized investment plan.
Robert Doyle reviews each account at least quarterly. Reviews may be more frequent at customer requests or due to a change in market conditions.
Is Doyle Wealth Management right for you?
Doyle Wealth Management may be a good choice for Florida-based investors looking for help with portfolio management, as well as those working on establishing their financial footing (via the PARTNER Program). The firm creates custom portfolios based on individual investors’ financial circumstances.
For investors who want in-person advising and don’t live near the firm, or who want to pay the lowest-possible fees, Doyle Wealth Management may not be the best fit. As with any financial decision, you should thoroughly research any wealth management firm that you’re considering to make sure you’re making the best decision for your situation.