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Interactive Brokers Review 2020

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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Interactive Brokers has a reputation as a comprehensive trading platform designed for experienced investors and investment professionals. Some of the features that distinguish this broker from its competitors are its extensive range of investment offerings, sophisticated trading platforms and minimal fees for margin trades.

More recently, Interactive Brokers has launched IBKR Lite, a service tailored to the needs of less-experienced or more casual investors. IBKR Lite offers commission-free trading of U.S. stocks and ETFs, plus more approachable versions of their well-regarded tools.

Interactive Brokers
Visit Interactive BrokersSecuredon Interactive Brokers’s secure site
The bottom line: Interactive Brokers offers a wide range of low-cost or no-cost trading options for both hands-on professionals and more casual investors.

  • Trade globally around the clock
  • Multiple pricing tiers to meet the needs of different investors
  • No account minimums required

Who should consider Interactive Brokers

Interactive Brokers’ IBKR Pro account is designed for active traders and investment professionals who need a platform for professional trading. The platform’s fee structure is flexible enough to accommodate different trading volumes, while keeping costs to a minimum.

The addition of IBKR Lite to Interactive Brokers’ product line-up gives beginning investors and more casual users with fee-free options for trading ETFs and U.S. stocks. It also lets them trade more complicated asset classes, like forex and fixed income, with different pricing options available.

Both account types offer margin trading, and both support a wide range of investments, giving you opportunities to build a portfolio beyond stocks or bonds with instruments like options, futures and forex.

Interactive Brokers fees and features

Current promotions

No minimum trading commission for three months ($10 minimum per month after that)

Stock trading fees
  • $1 per trade minimum fixed pricing ($0.005 / share)
  • $0.35 per trade minimum tiered pricing ($0.0035 / share)
  • $0.005 per share fixed pricing ($1 order minimum)
  • $0.0035 per share and lower based on volume ($0.35 order minimum)
Option trading fees
  • $0 / trade + $0.70 / contract, $1 order minimum
  • $0 / trade + $0.15 / contract, $1 order minimum (>100K contracts per month)
Amount minimum to open account
  • $0
Margin rate range2.82% - 3.70%
Tradable securities
  • Stocks
  • ETFs
  • Mutual funds
  • Bonds
  • Options
  • Futures / commodities
  • Forex
Account fees (annual, transfer, inactivity)
  • $10 monthly fee minus monthly trading commissions for most accounts
  • $0 full account transfer fee
  • $0 partial account transfer fee
  • $10 per month inactivity fee if trading commissions are less than $10 per month for most accounts
Account types
  • Individual taxable
  • Traditional IRA
  • Roth IRA
  • Joint taxable
  • Rollover IRA
  • Custodial Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA)
  • SEP IRA
  • Trust
Commission-free ETFs offered
Mutual funds (no transaction fee) offered
Trading platform
Mobile appiOS, Android
Customer supportPhone, Chat, Email

Interactive Brokers fees and commissions

Interactive Brokers features a more complicated pricing scheme than many other brokers. You may choose either IBKR Pro for a full-featured investing experience, with fixed or tiered pricing. The IBKR Lite account has a user-friendly platform with both fee-free and commission fee trading options.

IBKR Lite fees

IBKR Lite allows for commission-free trading of U.S. exchange-listed stocks and exchange-traded funds. There is no minimum balance required for an IBKR Lite account and no monthly maintenance fee. In addition, IBKR Lite users can trade option, forex, fixed income and mutual funds, with commissions.

Investment typePricing structure
U.S. exchange-listed stocks/ETFsCommission-free
Other stocks/ETFsFixed fees
Options and FuturesFixed fees
ForexTiered fees
Fixed IncomeTiered fees
Mutual FundsFixed fees

IBKR Pro fees

With IBKR Pro, there is no commission-free trading. All trades are subject to either fixed or tiered pricing. IBKR Pro accounts have no minimum balance requirement but there is a monthly maintenance fee. That fee is up to $10 per month, less any commission fees paid for the month.

Investment typePricing structure
U.S. exchange-listed stocks/ETFsFixed or tiered fees
Other stocks/ETFsFixed or tiered fees
Options and futuresFixed or tiered fees
ForexTiered fees
Fixed incomeTiered fees
Mutual fundsFixed or tiered fees

Fixed pricing vs. tiered pricing

With Interactive Brokers’ fixed-fee pricing, investors pay just $0.005 per share, with a minimum order of $1. The maximum fee per order tops out at 1% of the trade’s total value. Using a $25 share price, trading 100 shares would result in a fee of $1. Trading 1,000 shares would increase the fee to just $5.

With tiered pricing, the commission fee is determined by monthly trading volume. At the lowest end, the fee amounts to $0.0005 per share and at the highest end, it comes to $0.0035 per share. This chart illustrates how tiered pricing breaks down:

Monthly volumeU.S. stocks, ETFs, ETPs and warrantsMinimum per orderMaximum per order

<= 300,000 shares

$0.0035$0.351.0% of trade value

300,001 - 3,000,000 Shares

$0.002$0.351.0% of trade value

3,000,001 - 20,000,000 shares

$0.0015$0.351.0% of trade value

20,000,001 - 100,000,000 shares

$0.001$0.351.0% of trade value

> 100,000,000 shares

$0.0005$0.351.0% of trade value

A key difference to note between the tiered and fixed pricing is that tiered commissions don’t include regulatory, exchange and clearing fees. The fixed pricing factors those fees in.

Trading platform and tools

Interactive Brokers offers different trading platforms for IBKR Lite and IBKR Pro users. At the IBKR Lite account level, investors manage their accounts through the Client Portal or the IBKR mobile app. This level of access offers these capabilities:

  • Execute trades and monitor account activity from an iOS or Android device
  • Check stock quotes
  • Review portfolio performance via monthly return charts
  • Examine key metrics, such as rate of return, profit and loss and buying power in real time
  • Review portfolio allocation and cash balances
  • Research individual securities and get the latest stock market news

The IBot chat feature is also available through the Client Portal and the IBKR mobile app. This feature allows you to trade stocks, options, futures, forex and bonds, get detailed quotes and account information and get answers to common trading questions quickly and easily. It can also be used with Facebook messenger and Alexa so you can access it virtually anywhere you are.

At the IBKR Pro level, investors have access to the Trader Workstation, which is considered a gold standard platform for professional traders. With this tool, you can trade stocks, options, futures, forex, bonds and funds on over 100 markets. Some of the key features of Trader Workstation include:

  • Real-time stock market monitoring
  • Up-to-date research and news
  • Advanced trading tools, such as algorithms simulators, market scanners and real-time charting and rebalancing

There’s also IBKR WebTrader, which is an HTML-based trading platform. WebTrader offers a more scaled-down range of features for traders who want a streamlined approach or for those who trade from behind a firewall.

The most advanced traders can take advantage of IBKR APIs. This allows you to build your own trading application or software.

Note, you’re not limited to choosing one platform over another. You can use one or all of the various trading tools at your disposal within your IBKR Pro account.

Investment options

Interactive Brokers is well-known for offering an extensive range of tradable assets. The types of securities you can trade through the platform include:

  • Stocks
  • Options
  • Futures and futures options
  • Commodities
  • Forex
  • Precious metals
  • Fixed income
  • Exchange-traded funds
  • Mutual funds
  • Hedge funds
  • Robo-portfolios

Both IBKR Lite and IBKR Pro members can trade on margin, and Interactive Brokers charges some of the lowest rates on margin loans of any brokerage. The platform uses a blended rate, based on margin balance.

As of writing in October 31, 2019, a $10,000 margin loan for an IBKR Lite account was subject to a blended APR of 4.07%. A $100,000 balance in an IBKR Pro account, on the other hand, was subject to a blended APR of 3.07%. Interactive Brokers offers a simple calculator to help traders estimate their blended rate for margin trading.

Research and education tools

Interactive Brokers offers an impressive number of educational resources for traders. Traders’ Academy, for instance, features complimentary courses on a variety of topics, including asset classes, foreign currencies and how to use the Trader Workstation to maximum advantage.

The IBKR education hub also includes both live and pre-recorded webinars, visual tutorials, calculators, widgets and a trader’s glossary. IBKR Trader’s Insight offers up-to-date discussion of the latest market trends and news while the IBKR Quant Blog features posts on advanced investing topics. Inside TWS Mosaic, Pro users can also get updates and analysis from platforms such as Reuters, Dow Jones, Morningstar and Zacks.

Strengths of Interactive Brokers

  • Trading platforms: The broker offers its standard trading platform as well as a professional-grade platform for active traders. For beginners and those submitting the occasional trade, the WebTrader standard platform works well enough. A basic page lists your holdings, account value, and a trade ticket, where you can enter orders one by one. It’s a no-frills package that does exactly what it promises with a minimal amount of fanfare. Advanced and active traders will appreciate the broker’s Trader Workstation, a fully featured platform that offers a range of tools. If you’re looking to give the platform a spin with a virtual trading account, Interactive Brokers offers a free trial.
  • Low trading costs: Interactive Brokers is obsessively focused on costs, and that’s most obvious in its stock commission. Customers won’t benefit just on stocks, though. Options have no base commission rate and are charged $0.15 to $0.65 per contract, based on trading volume, with a $1 minimum total. Mutual fund investors can access more than 4,200 funds without a transaction fee, and nearly 70% of those are no-load funds. This focus on low cost is a great boon to investors.
  • Access to global markets: Customers can invest in what feels like almost any global market, including those across Europe and the major markets of Asia-Pacific. Interactive Brokers also allows trading in foreign exchange, metals and fixed-income products for even more comprehensive diversification.
  • Margin rates: Interactive Brokers offers not only low trading costs but also low margin costs, about as close to the bottom as they can get and well below what other full-service brokers offer. At the lowest end, margin rates start at 2.20% (as of October 31, 2019), putting Interactive Brokers well below many of its competitors, which have minimum rates approaching the double-digit range.

Drawbacks of Interactive Brokers

  • Monthly account fees: If you’re an investor with a low account balance, the IBKR Pro account is probably not for you, especially if you’re not making many trades per month. That’s because it charges a $10 fee for IBKR Pro accounts of less than $100,000, unless you generate $10 in commissions each month. The fee is slightly higher – $20 – for accounts of less than $2,000. The good news is, IBKR Lite investors are not subject to any monthly fee if you trade less frequently.
  • Potentially overwhelming for newer investors: Interactive Brokers is like the Ferrari of brokers, in that it offers a premium range of investment options and tools. That being said, this platform may be a bit intimidating or overwhelming to use for the investing novice. While there’s a wealth of education and learning resources available on the platform, figuring out how to use them requires an investment of time. If you’re a newer investor who’s just looking to make some quick trades, another platform might be a better fit for your needs.

Is Interactive Brokers safe?

Interactive Brokers is trusted by many professional investors, and it’s their go-to broker. The company is focused on protecting your account and uses two-factor authentication when signing you in to prevent unauthorized access. Plus, accounts are protected by the Securities Investor Protection Corporation (SIPC), which guarantees accounts up to $500,000, including a cash-only limit of $250,000, in the event the broker cannot return the assets. Interactive Brokers goes a step further, though, for additional coverage of up to $30 million with Lloyd’s of London, with a cash sublimit of $900,000. These guarantees don’t protect you against losing money in the market, of course.

Final thoughts

Interactive Brokers brings a lot to the table, especially in terms of low costs. That extends to not only trading stocks but also options and the very attractive margin rates. For pros and active traders who know what they’re doing, Interactive Brokers is a great choice, especially now that account minimums have been eliminated. The option to trade U.S. exchange-listed stocks and ETFs in the IBKR Lite account allows it to maintain pace with its commission-free brokerage competitors.

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SIMPLE IRA Contribution Limits 2020

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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

SIMPLE IRAs are tax-advantaged retirement savings accounts that benefit small business owners and the people who work for them. In addition, you can use the SIMPLE IRA to save for retirement if you are self-employed. Like many other retirement savings vehicles, SIMPLE IRAs are subject to annual contribution limits.

SIMPLE IRA contribution limits

The annual SIMPLE IRA contribution limits for employees and employers in 2020 are as follows:

Annual SIMPLE IRA Contribution Limits

Employees under the age of 50

$13,500

Employees 50 years and older

$13,500, plus $3,000 in catch-up contributions

Employer matching contributions

Up to 3% of employee’s salary

Employer non-elective contributions

2% of the employee’s salary

SIMPLE IRA contribution limits 2020 for employees

For 2020, the amount employees may contribute to a SIMPLE IRA plan is capped at $13,500 per year. That’s an increase from 2019’s limit of $13,000, and an even bigger leap from the $12,500 limit imposed from 2015 to 2018.

It’s worth noting that for employees who are also participating in other employer-sponsored retirement plans, such as 401(k) or 403(b) plans, aggregate annual contributions to all plans cannot exceed $19,500 in 2020. For those 50 and older, the overall annual limit for catch-up contributions is $6,500 for 2020, for a total ceiling of $26,000.

SIMPLE IRA contribution limits 2020 for employers

If a small business owner chooses to offer a SIMPLE IRA plan, they are required to make contributions to their employees’ accounts. They may choose to either match their employees’ contributions, up to a certain limit, or make non-elective contributions.

If an employer chooses matching contributions, their match is capped at 3% of an employee’s annual compensation. While an employer can make matching contributions of less than 3%, the match cannot be less than 1% of the employee’s annual compensation — and it cannot be less than 3% for more than two out of five consecutive years.

If an employer chooses non-elective contributions, they are required to put money into their employees’ SIMPLE IRAs regardless of whether the employees themselves make contributions. With non-elective contributions, the employer must make fixed contributions of 2% of their employees’ compensation. For 2020, the maximum amount of an employee’s total compensation that can be considered for calculating a non-elective contribution is capped at $285,000, up from 2019’s cap of $280,000.

What are the contribution deadlines for a SIMPLE IRA?

Employers are required to deposit their employees’ SIMPLE IRA contributions within 30 days after the end of the month in which those contributions were withheld. Employers are required to make their matching or non-elective SIMPLE IRA contributions by their tax return filing deadline, including extensions.

For people who are self-employed, the deadline for depositing SIMPLE IRA contributions for a calendar year is 30 days after the end of year, or Jan. 30.

SIMPLE IRA contribution limits vs. Roth contribution limits

While SIMPLE IRA contributions are capped at an annual limit of $13,500, annual Roth IRA contribution limits are much lower. For 2020, Roth IRA contributions are capped at $6,000, with an additional $1,000 allowed for catch-up contributions for those 50 and older.

Another differentiating factor of Roth IRAs is that they have income phaseout limits. Depending on how much you make, you may be limited to how much you can contribute or whether you can contribute at all. For 2020, single filers cannot contribute to a Roth IRA if they make more than $139,000, and if married and filing jointly, you’re only able to contribute if you earn less than $206,000.

Can you contribute to both a SIMPLE IRA and a Roth IRA?

You can contribute the maximum allowed amounts to both a SIMPLE IRA and a Roth IRA, as their contribution limits are not cumulative. In fact, most financial advisors recommend you max out both your SIMPLE IRA and Roth IRA if you can afford to do so, as they offer different tax benefits.

While SIMPLE IRA contributions are made pre-tax, and therefore lower your taxable income, your Roth IRA contributions are made with after-tax dollars, so qualified distributions are tax-free.

“Advisors talk about diversification all the time, and usually they are talking about stocks and bonds,” said Gregory Kurinec, a certified financial planner with Bentron Financial Group in Downers Grove, Ill. “But investors will want to diversify their accounts into different tax categories as well. By having a combination of pre-tax (SIMPLE IRA), after-tax advantage (Roth IRA) and non-qualified, this will allow the investor to pick and choose which account to take funds from to best impact their tax situation.”

What is a SIMPLE IRA?

A SIMPLE IRA is an effective retirement savings match plan, especially for small business owners. SIMPLE IRAs are available to small businesses with 100 employees or fewer.

SIMPLE IRAs require employers to make contributions on behalf of their employees, either up to 3% of their employee’s compensation as an employer match or a flat 2% of the employee’s compensation.

As with most financial products, when it comes to saving for your golden years, a SIMPLE IRA is just one of the many options available to you. Explore all of the options at your disposal when deciding how to build your nest egg.

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Review of Altfest Personal Wealth Management

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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Altfest Personal Wealth Management is an investment management firm based in New York City. The firm typically only accepts clients with a minimum investment of $1 million. For these high net worth clients, Altfest Personal Wealth Management provides customized investment portfolios with comprehensive financial planning services. The firm has 16 employees who provide investment advisory services, and currently oversees $1.21 billion in assets under management (AUM).

All information included in this profile is accurate as of February 10th, 2020. For more information, please consult Altfest Personal Wealth Management’s website.

Assets under management: $1,210,000,000
Minimum investment: $1 million (waivable at the firm’s discretion for young professionals)
Fee structure: A percentage of AUM, ranging from 0.50% to 1.40%, depending on account size; hourly fees; fixed fees
Headquarters:445 Park Avenue
Sixth Floor
New York, NY 10022
www.altfest.com
212-406-0850

Overview of Altfest Personal Wealth Management

Dr. Lewis Altfest launched Altfest Personal Wealth Management in 1983. He is still the majority owner of the firm and acts as CEO. He runs the organization along with his wife, Dr. Karen Altfest, the firm’s executive vice president, and their son, Andrew Altfest, the firm’s president. Both Lewis and Karen hold Ph.Ds; Lewis is an associate professor of finance at Pace University.

Including the Altfests, the firm has 37 total employees, 16 of whom provide investment advisory services. Altfest Personal Wealth Management specializes in creating customized, actively managed investment portfolios for high net worth clients. The firm and the Altfest family have won numerous awards for their performance, and both Lewis and Karen are regular contributors to financial news programs and publications.

What types of clients does Altfest Personal Wealth Management serve?

Altfest Personal Wealth Management primarily works with individual investors. A client usually needs a portfolio of at least $1 million to open an account with the firm — however, Altfest does make exceptions to this account minimum for “young professionals” who they believe will become high net worth clients in the future. The firm’s individual client base is currently split 40/60 between individuals and high net worth individuals, with the SEC defining high net worth individuals as those with at least $750,000 under management or a net worth of at least $1.5 million.

While the firm works with a diverse range of clients, it specializes in advising women, executives and healthcare professionals. In addition to individual investors, Altfest Personal Wealth Management also works with pension plans, profit-sharing plans, trusts, estates, corporations and other business entities.

Services offered by Altfest Personal Wealth Management

Altfest Personal Wealth Management specializes in investment management and financial planning. However, the firm’s investment management services are available to individuals and small businesses only; these services are not offered to investment companies, pooled investment vehicles, large businesses and institutional clients.

Most of the firm’s investment accounts are run on a discretionary basis, meaning that Altfest Personal Wealth Management advisors can make trades on behalf of the client. The firm does have a few nondiscretionary accounts, where the client must approve all trades themselves.

If a client only wants a few investment recommendations, rather than the management of their entire portfolio, the firm can provide this service as well.

Altfest Personal Wealth Management also offers comprehensive financial planning, as many of its advisors hold the certified financial planner (CFP) designation, a professional certification for financial planners. The firm’s financial planning services include the creation of a detailed financial plan outlining the necessary steps to achieve their goals and objectives. The plan can address specific areas, such as college savings, estate planning and debt management.

More specifically, Altfest’s services include:

  • Investment advisory services and portfolio management (mainly discretionary but some non-discretionary)
  • Financial planning
    • Retirement planning
    • Trust and estate planning
    • Charitable planning
    • Education planning
    • Tax planning
    • Cash flow forecasting
    • Budgeting and strategic planning
    • Long-term care planning
    • Debt management
    • Divorce planning
  • Insurance and risk management
  • Workshops and seminars
  • Newsletters and publications

How Altfest Personal Wealth Management invests your money

Altfest Personal Wealth Management builds unique, customized portfolios for each client based on their time horizon, risk tolerance, income level and long-term goals.

As part of this analysis, the firm follows a system called Total Portfolio Management. Rather than only looking at a client’s investment history, the firm also gets to know their entire financial plan, including income, debts, spending requirements and future earnings potential. The firm uses this information to finetune a portfolio comprised of stocks, bonds, mutual funds, ETFs and private funds.

Altfest Personal Wealth Management follows an active investment approach: this means the firm is regularly trading in an attempt to earn above-average portfolio returns.

Fees Altfest Personal Wealth Management charges for its services

For portfolio management services, Altfest Personal Wealth Management charges a fee based on a percentage of assets under management, with the rate ranging from 0.50% to 1.00%, depending on the size of the client’s portfolio. Altfest does not charge trading commissions or performance-based fees.

Portfolio SizeAnnual Asset-Based Fee
First $3 million*1.00%
Between $3,000,001 and $6,000,0000.75%
Over $6,000,0000.50%
*If a portfolio falls below $2 million in value at the end of the quarter, the firm will assess an additional 0.10% fee on top of the asset-based fee listed above.

For “young professional” clients who don’t meet the firm’s portfolio minimums, Altfest charges the following fee schedule:

  • In the first year, the firm charges an annual fee of either 1.10% of assets under management or $2,500 whichever is greater.
  • After the first year, the firm charges 1.10% of the portfolio value or $1,500 per year whichever is greater.

This rate includes cash flow analysis, investment analysis, investment management and 401(k) recommendations. Clients who want additional financial planning services will be billed at a rate of $250 per hour.

If a client only wants standalone investment recommendations, Altfest Personal Wealth Management charges either an hourly fee ranging from $500 to $800 an hour, or a fixed fee of at least $3,500 for specific investment recommendation requests.

Finally, some of the investments included in Altfest’s portfolio recommendations may carry additional fees. Clients are responsible for covering these costs, though the money won’t go to Altfest Personal Wealth Management.

Altfest Personal Wealth Management’s highlights

  • Wide range of awards: Over the past few years, Altfest Personal Wealth Management has been recognized as a top investment advisor by publications including Barron’s, Forbes, Financial Times and Financial Advisor magazine.
  • Highly educated management team: The heads of the firm, Dr. Lewis Altfest and Dr. Karen Altfest, both hold Ph.Ds; Lewis is also an associate professor of finance at Pace University. In addition, many of the financial advisors at the firm hold the CFP designation.
  • Customized investment approach: Altfest Personal Wealth Management designs a customized portfolio for every client, tailored to their specific needs, and don’t lump people into one-size-fits-all funds as some firms may do.
  • Extensive financial planning in addition investing: Altfest Personal Wealth Management also specializes in financial planning. When the firm creates a portfolio recommendation, it goes over a client’s entire financial situation before designing the portfolio, not just their existing investments.
  • Specialty in advising women, executive and healthcare clients: The firm specializes in advising women, executives and professionals in healthcare. Additionally, Forbes named Dr. Karen Altfest one of the top women advisors in the country in 2017, 2018 and 2019.

Altfest Personal Wealth Management’s downsides

  • Above-average investment fees: Altfest Personal Wealth Management charges an annual 1.00% asset-based fee on the first $3 million in a client’s account (plus an additional 0.10% per quarter if their portfolio value falls below $2 million). In comparison, the median investment management fee charged by firms for accounts over $2 million is 0.75%, according to Kitces.
  • High minimum to open an account: It takes at least $1 million to open an account with Altfest Personal Wealth Management. While the firm does waive the minimum at its discretion for “young professionals,” the typical investor would need to be quite wealthy to make use of the firm’s services.
  • Only has one location in New York City: The only way to visit the Altfest Personal Wealth Management office in person is in New York City, the firm’s only location.

Altfest Personal Wealth Management disciplinary disclosures

Whenever an SEC-registered firm or its employees or affiliates face disciplinary action, including a criminal charge, a regulatory infraction or a civil lawsuit, the firm is required to report that incident in its Form ADV, paperwork filed with the SEC. Altfest Personal Wealth Management reports in its Form ADV that it has faced no such incidents over the past 10 years, indicating a clean disciplinary record.

Altfest Personal Wealth Management onboarding process

To start the onboarding process with Altfest Personal Wealth Management, you can request a free consultation with one of its advisors. You can contact the firm either by phone at 212-406-0850, by email at [email protected] or by filling out a form on the firm’s website. As part of the onboarding form, the firm asks you to share your story, which helps the firm start determining whether you are a good fit based on your income and profession.

If it seems like a good match, the firm’s advisors will then get to work designing your customized investment portfolio based on your goals, risk tolerance and overall financial situation. When you’re ready to launch, the firm’s advisors would then take care of opening your new accounts, transferring over your existing accounts, making the necessary investments and keeping up with the records for your portfolio.

The bottom line: Is Altfest Personal Wealth Management right for you?

If you’re a high net worth individual or a young professional who wants personalized investment recommendations combined with financial planning, Altfest Personal Wealth Management could be a good choice. This may be especially true if you are in one of the firm’s specialty client categories: women, executives and healthcare professionals. Since Altfest Personal Wealth Management only has one location in New York City, however, the firm might be a better choice if you live in the Northeast rather than other parts of the country.

On the other hand, Altfest Personal Wealth Management’s comprehensive services do not come cheap. The firm’s fees are higher than average, and you’d need at least $1 million to open an account (unless Altfest waives the minimum because you’re a young professional). If you want a simpler investment strategy or prefer to manage your portfolio more on your own, you could find less expensive advisors than Altfest Personal Wealth Management.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.