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Pay Off Student Loans or Invest? 6 Questions to Help You Decide

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

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With millions of Americans dealing with more than $1.5 trillion in outstanding student loan debt, it’s no surprise that many young workers are stressed about their debt and hope to pay it off ASAP.

No matter what, it’s vital to keep up with your minimum payments on your student loan debt. But if you can comfortably afford your loan payments along with the rest of your regular budget, what should you do with the spare cash left over at the end of each month? Does it always make sense to pay off your student loan debt immediately, or could you put some of that money to better use by investing?

The decision isn’t always an easy one, but we’re here to help. Here’s what you need to know as you weigh the options.

Pay off student loans or invest: 6 questions to help you decide

Once you have a handle on your monthly expenses and you’re making minimum payments on all your student loans, it’s time to step back and evaluate your situation. If you answer the following questions honestly, you might come to a conclusion about which path — paying off your student loans or investing — is best for you.

1. What are your loans’ interest rates?

Start with your interest rates. How much do your student loans cost, and could you potentially earn more by investing your extra cash?

The common view of paying down debt is that it amounts to a “guaranteed return.” For example, if your student loans have an average interest rate of 4.45%, it’s like earning a 4.45% return on your money since you’re getting rid of something that’s costing you.

However, the average annualized return on the S&P 500 is close to 10%. On top of that, you end up with compound returns from investing, so the earlier you start, the more wealth you can build. By investing today, you could see higher overall returns that beat what you’d save in interest by paying off your student loans faster.

And don’t forget that if you’re eligible for refinancing, you might be able to reduce your student loan interest rates further, see lower payments and put more toward investing, boosting your long-term returns even more.

2. Do you have an emergency fund?

Deciding whether to pay off student loans or invest might not matter if you wind up in an emergency situation and turn to credit cards. Credit card interest rates cost more than you’re likely to earn by investing, and credit card interest isn’t tax-deductible like student loan interest is.

One way to avoid tapping credit cards is to have an emergency fund. You still need to make minimum payments on your student loan debt, of course, but you could divert extra cash toward an emergency fund — building up to at least one to three months’ worth of expenses — before turning your attention to paying off your student loans or investing.

Consider other financial moves that should come before paying down student loans faster too. Paying off higher-interest debt, getting proper insurance and other money priorities might need to be tackled first.

3. Do you earn benefits from your student loans?

Don’t forget that there are some benefits that reduce the overall cost of student loans. Your student loan interest is tax-deductible up to $2,500 if you meet certain income requirements. Plus, because this is an above-the-line deduction, you don’t need to itemize to claim it.

While the deduction isn’t as valuable as a dollar-for-dollar reduction in taxes, it still makes your debt less expensive. That fact, combined with the benefits of investing, means you could see a bigger net gain by investing instead of paying off the debt early.

If you have federal student loans, you may be eligible for student loan forgiveness. If you have a qualifying job and plan to make qualifying payments for Public Service Loan Forgiveness, accelerating your payoff doesn’t help. Additionally, if you qualify for certain forgiveness programs for teachers or health care professionals, diverting spare cash toward investing and taking full advantage of forgiveness may make more sense.

4. Do you have an employer-sponsored retirement plan or employer match?

An employer match is one of the easiest ways to build wealth for the future. It’s free money your company invests for your retirement. Even if you decide that it makes sense to tackle your student loan debt faster, consider investing enough in your 401(k) that you get the full employer match before you divert extra money toward your loans.

There is no substitute for time in the market, and investing while you’re young will benefit you when you’re older. That’s why it typically makes sense to do all you can to earn your employer’s full 401(k) match; otherwise, you’re leaving cash on the table.

5. Does your employer offer student loan repayment assistance?

Find out if your employer offers a student loan repayment benefit, a perk that’s becoming increasingly common. Employers may give you extra cash for your student loans if you can show you’ve been making regular payments.

Make sure you carefully weigh competing benefits, though. If you have to choose between a 401(k) match and student loan repayment assistance, the 401(k) match might be the more valuable option over time.

Some companies, however, help you make the most of both. Pharmaceutical company Abbott, for example, offers a 5% 401(k) match for employees who put at least 2% of their pay toward their student loan debt. It’s a way for you to work toward both goals without sacrificing your future.

6. Does your debt stress you out?

Realistically, the math might not matter as much if your student loan debt stresses you out. High levels of debt can lead to serious mental and physical health consequences. Sometimes, it’s less about the financial aspect and more about the psychological realities of having student loan debt hanging over your head.

Consider your financial and emotional risk tolerance. If you lost your job, would you feel comfortable using an option like deferment or income-driven repayment for your federal student loans? Can you handle your student loan payments with ease while meeting other financial goals? Or does the thought of your debt keep up you at night and tie your stomach in knots?

If your health and well-being are better served by getting rid of the debt, that might be the path to take.

Only you can decide what makes the most sense for your situation. Run the numbers and consider the implications as you decide whether to pay off student loans or invest.

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.

Miranda Marquit
Miranda Marquit |

Miranda Marquit is a writer at MagnifyMoney. You can email Miranda here

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Review of Boston Private Wealth LLC

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

Boston Private Wealth is a fee-only advisory firm serving individuals, high net worth individuals, pension and profit-sharing plans, charitable organizations and other businesses. The firm specializes in working with professionals in law, accounting and medicine, as well as executives and business owners. With headquarters in Boston, the firm has more than 70 investment advisors around the country overseeing the firm’s more than $12.8 billion in assets under management (AUM).

All information included in this profile is accurate as of December 9th, 2019. For more information, please consult Boston Private Wealth’s website.

Assets under management: $12,827,947,779
Minimum investment: $1 million
Fee structure: A percentage of AUM, ranging from 0.70% to 1.25%, depending on account size; fixed fees; hourly fees
Headquarters: One Federal Street
30th Floor
Boston, MA 02110
(617) 223-0200
bostonprivate.com

Overview of Boston Private Wealth

Founded in 1986, Boston Private Wealth is headquartered in Boston, with a number of additional offices throughout Florida, California and New York. Boston Private Wealth entered the Northern California market in 2001, the Southern California market in 2004 and the Florida market in 2014. In fall of 2019, the company announced the integration of KLS Professional Advisors Group in New York City.

The firm is a wholly-owned subsidiary of Boston Private Financial Holdings, Inc., a public reporting company, and it is affiliated with Boston Private Bank & Trust Company, a full-service private banking company. Boston Private Wealth has more than 130 employees on staff, including 72 performing investment advisory functions. Fourteen employees are licensed agents of an insurance company, though the company is clear that it earns no commissions for product recommendations. The firm currently manages more than $12.8 billion.

What types of clients does Boston Private Wealth serve?

Boston Private Wealth serves a broad variety of clients, with its largest client group being high net worth individuals. The SEC defines a high net worth individual as someone with at least $750,000 managed by a firm or whose net worth exceeds $1.5 million.

The full range of clients the firm serves includes:

  • Individuals
  • High net worth individuals
  • Trusts, estates and charitable organizations
  • Family offices
  • Corporations or other business entities
  • Banking and trust companies
  • Not-for-profit entities, including foundations
  • Retirement and profit sharing plans, including IRAs and 401(k) accounts
  • State or municipal government entities
  • Other investment advisors

We reached out to Boston Private Wealth and the firm confirmed that its minimum account requirement is $1 million. However, the firm also notes that because it views clients’ financial pictures holistically, it works with some clients who may have less than the $1 million but who are building wealth. In addition, the filing also states that of the firm’s individual clients, about six out of 10 are high net worth, although that leaves about 40% who aren’t.

Among those clients are a large number of business owners who frequently have limited liquidity as they grow their businesses. The company also focuses on professionals in private practice, such as law firms, accounting firms and medical, dental or veterinary practices, as well as executives. It offers these clients help with business financing and the management of personal income.

Although the vast majority of the firm’s assets under management ($11.2 billion of $12.8 billion) are from high net worth individuals, Boston Private Wealth also serves corporations, charitable organizations and pension and profit-sharing plans.

Services offered by Boston Private Wealth

Boston Private Wealth provides a host of services to its clients, from wealth management to trust and estate services. The firm also recently added family office services designed to handle the needs of ultrahigh net worth investors, including helping with personal accounting and net worth reporting, tax and accounting services, bill pay and mail management, and budgeting and cash flow planning.

The firm’s full list of services includes:

  • Wealth and financial planning
    • Vision statement that may include a client’s financial, philanthropic, tax and wealth transfer objectives
    • Income and retirement planning
    • Protection planning
    • Investment management planning
    • Legacy planning
    • Philanthropic planning
    • Business succession planning
    • Executive planning
    • Education analysis
    • Estate plan analysis and review
    • Insurance and risk management review
    • Cash flow and debt management
    • Compensation and benefits
    • Donor advised fund
  • Portfolio management for individuals and/or small businesses
  • Portfolio management for businesses (other than small businesses) or institutional clients
  • Pension consulting
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
  • Planned giving
  • Family office services
    • Personal accounting and net worth reporting
    • Tax and accounting services
    • Budgeting and cash flow planning
    • Bill pay and mail management
  • Concentrated holdings services
  • Proprietary separate account strategies
  • Investment consulting
    • Diagnostic review
    • Investment policy and governance design
    • Asset allocation services
    • Portfolio construction and implementation
    • Performance measurement, reporting and analysis
    • Custom investment solutions
  • Retirement plan advisory services
  • Wrap-free programs
  • Trust services

How Boston Private Wealth invests your money

Boston Private Wealth engages in active portfolio management, using a client’s goals, time horizon and risk tolerance to create a customized, diversified portfolio. The company prefers to use active strategies because it believes, over time, that it can outperform the market on a risk-adjusted basis.

Typical client portfolios include 40 to 60 carefully selected individual stocks, alongside a customized bond portfolio with investment-grade taxable or municipal bonds. The firm also offers access to as many as seven additional asset classes, from international large cap stocks to alternatives.

The firm uses both internally managed strategies as well as external money managers to complete clients’ financial plans.

Fees Boston Private Wealth charges for its services

For wealth management services, Boston Private Wealth charges clients a percentage of assets under management based on a tiered fee schedule, which starts at 1.25% for the first $1 million, 1.15% for the next $1.5 million and so on. For fixed-income portfolios — meaning individual fixed income securities, including investment-grade and municipal bonds — Boston Private Wealth negotiates a fee schedule not to exceed 0.75%.

For consulting services, the firm charges a flat rate per engagement, or a fee of $300 per hour, depending on the arrangement with the client, and those services include portfolio review, financial planning, asset allocation and performance reporting, monitoring and analysis. For investment advisory services to retirement plans, the firm charges a maximum fee of 0.50%, with a minimum annual fee of $5,000.

There may be additional fees and expenses beyond the firm’s set fees, including:

  • External separate account manager fees (if Boston Private Wealth uses an external separate account manager as a sub-advisor to manage a client’s assets)
  • Mutual fund and ETF management fees
  • Mutual fund transaction fees
  • Donor advised fund fees
  • Brokerage fees

Boston Private Wealth doesn’t use a wrap fee program, which is when a firm offers a bundle of services for a flat fee, but it does participate in wrap fee accounts when it place investments with other investment managers. It charges a management fee of 0.15% to 0.50% for wrap accounts.

Boston Private Wealth notes that for accounts with a portfolio value of less than $1,000,000, the effective fee may be more than 1.25%.

Boston Private Wealth Fees
Wealth Management
  • 1.25% on the first $1,000,000
  • 1.15% on the next $1,500,000
  • 0.90% on the next $7,500,000
  • 0.70% on higher balances
Fixed Income-Only Portfolios Negotiated fee schedule not to exceed 0.75%
Consulting Services Negotiated flat rate per engagement or $300 per hour
Investment Advisory Services to Retirement Plans Negotiated fee schedule not to exceed 0.50% (Minimum annual fee: $5,000)

Boston Private Wealth’s highlights

  • Services for high net worth individuals. The recent addition of KLS, which is a wealth management firm specializing in law firms, attorneys and other high net worth clients, makes this combined operation one of the more sizable firms focusing on the high net worth set. The firm now manages more than $11 billion in assets from high net worth individuals, and it recently opened a family office arm devoted to ultrahigh net worth families.
  • Diverse leadership. In an industry that’s still fairly male-centric, half of Boston Private Wealth’s leadership team is female, as is 45% of its board members.
  • Locally revered. In 2013, readers of the Boston Business Journal chose Boston Private Wealth as the Most Admired Financial Institution.

Boston Private Wealth’s downsides

  • Fees are higher than average. For the non-high net worth investor, Boston Private Wealth’s rate of 1.25% on the first $1 million in assets is slightly higher than the RIA industry average of 1.17%. Asset-based fees do decrease as the amount of assets under management increases, but Boston Private Wealth notes that for accounts with a portfolio value of less than $1 million the effective fee may be more than 1.25%.
  • Potential conflicts of interest. Boston Private Wealth receives client referrals and other benefits from the Fidelity Wealth Advisor Solutions Program, TD Ameritrade’s AdvisorDirect program and the Schwab Advisor Network. These relationships raise potential conflicts of interest, as Boston Private Wealth may be more likely to suggest client strategies that benefit those companies.

Boston Private Wealth disciplinary disclosures

The firm has only one disclosure listed in its Form ADV, paperwork that firms file with the SEC. The disclosure is in relation to an advisory affiliate who was involved in a rules violation. In 2017, FINRA suspended the individual, who was with Merrill Lynch at the time, for one year for false expense reports. Boston Private Wealth itself has never been the subject of any disciplinary action.

Boston Private Wealth onboarding process

To start a relationship with Boston Private Wealth clients must complete an online form with their contact information, the services they’re interested in and the amount they currently have invested. Prospective clients can also call advisors directly to learn more about working with Boston Private Wealth.

The bottom line: Is Boston Private Wealth right for you?

Boston Private Wealth could be a good match for you whether you’re a high net worth individual. The firm’s recent moves — the acquisition of KLS and the opening of a family office group — suggest that they’re doing some gunning for the high net worth space. Additionally, the firm’s tiered fees drop below average RIA rates for assets over $1 million, making it a more attractive option for investors with seven figures to invest. Boston Private Wealth also works specifically with professionals in the areas of law, accounting or medical work, and executives in general, potentially making this firm worthwhile for anyone in these fields.

If your investable nest egg is smaller, however, you’d likely be better served looking elsewhere since the firm has a $1 million minimum. Plus, you can find advisory services for less than the 1.25% — or more — that Boston Private Wealth is charging for portfolios of less than $1 million. That said, if you’re a business owner with a larger net worth but less liquidity, it might be worth a look.

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.

Kate Ashford
Kate Ashford |

Kate Ashford is a writer at MagnifyMoney. You can email Kate here

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Review of Aspiriant

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

Aspiriant, LLC is an independently-owned firm with headquarters in Los Angeles and 10 additional offices nationwide. The firm primarily caters to wealthy individuals and families, as well as a smattering of institutional investors, like charities. Aspiriant provides what it calls total wealth management, which includes portfolio management as well as a broad range of specific financial planning services. The firm has 155 employees, 86 of whom perform research or serve as investment advisors to the firm’s more than 1,700 clients.

All information included in this profile is accurate as of December 9th, 2019. For more information, please consult Aspiriant’s website.

Assets under management: $11,669,979,000
Minimum investment: No absolute minimum, but clients typically invest at least $1.5 million
Fee structure: A percentage of AUM, ranging from 0.2% to 1%, depending on account size (Minimum annual fee: $14,000)
Headquarters: 11100 Santa Monica Blvd.
Suite 600
Los Angeles, CA 90025
aspiriant.com
310-806-4000

Overview of Aspiriant

Aspiriant is independently owned, with roughly 65 of its current employees owning shares in the holding companies that own the firm. Aspiriant is the product of a 2008 roll-up of the Los Angeles-based wealth management firm Quintile, and the San Francisco-based firm Kochis Fitz. Today, the combined entity, which also absorbed Deloitte’s national investment practice in 2010, manages over $11 billion in client assets and has spread its geographic footprint, with five offices in California as well as locations in Austin, Boston, Cincinnati, Milwaukee, Minneapolis and New York.

The firm’s specialties beyond wealth management include family office services and divorce consulting. Aspiriant, which has 86 investment advisors and researchers on staff, has earned spots on recent lists of top investment advisors compiled by Barron’s as well as the Financial Times. The firm’s co-founder and CEO, Rob Francais, was inducted into Barron’s Hall of Fame in 2019 for his work in the field.

What types of clients does Aspiriant serve?

Aspiriant primarily serves high net worth individuals and families, including corporate executives, business owners, foundations and family and limited partnerships. Clients typically have investment portfolios of $1.5 million or more. However, the firm does not have an absolute minimum account size requirement, and some of its clients do have more modest levels of investable assets. For particularly complex situations, however, a portfolio larger than $1.5 million may be required.

Aspiriant also provides investment management and consulting services to some institutional investors, such as charitable organizations, trusts, pension and profit-sharing plans and corporations and other businesses.

Services offered by Aspiriant

Aspiriant can manage your investment portfolio, as well as advise on other areas of your finances, including your estate, taxes, retirement, education, compensation, cash flow and philanthropic goals. In addition, the firm has certified divorce financial analysts (CDFAs) on staff to provide divorce consulting services. For each client, Aspiriant crafts an individualized investment management program that aligns to their specific needs.

Aspiriant also has an in-house, 35-person team that provides family office services, such as filing taxes, paying bills, buying insurance and planning family legacies. This team can also educate multiple generations about living with their wealth.

In addition to its services for individuals and families, the firm offers investment management services for institutional investors.

Here is a complete list of services offered by Aspiriant:

  • Investment management for individuals and institutions (both discretionary and non-discretionary)
  • Financial planning services
    • Tax planning
    • Estate planning
    • Charitable giving
    • Retirement planning
    • Education goals planning
    • Risk management
    • Expense management
    • Compensation planning
    • Liquidity and cash flow needs
    • Private foundations and business entities
    • Divorce financial consulting
  • Family office services
    • Family legacy planning
    • Estate document preparation
    • Alternative investment coordination
    • Tax and compliance filing
    • Bill paying and reporting
    • Foundation management
    • Insurance

How Aspiriant invests your money

Aspiriant creates customized plans for each client, investing their money in a mix of global and domestic stocks, bonds, mutual funds (some of which Aspiriant may advise), ETFs, real estate, cash and other instruments. The personalized plans take into consideration the client’s individual circumstances, as well as Aspiriant advisors’ market outlook for the short and long term and which asset classes they expect to perform well.

The firm starts the process by having each client speak extensively with an advisor about their goals, risk tolerance, time horizon, cash needs and expected returns. Based on those conversations, the client and their advisor will agree on an appropriate asset allocation. Aspiriant prefers the advisor to then be in charge of choosing the specific investments to meet those goals, known as discretionary management. However, some clients have non-discretionary relationships with Aspiriant, meaning the client must approve trades.

When choosing investments, Aspiriant may recommend that clients invest in the publicly-traded mutual funds that it manages. A small percentage of clients also invest in private equity and real estate funds that Aspiriant advises. A $500,000 minimum investment is required for those private funds.

Fees Aspiriant charges for its services

To manage your portfolio, Aspiriant charges an annual fee based on a percentage of assets under management, which typically starts at 1% and ranges down to 0.20% for larger portfolios. The minimum annual fee is $14,000, though the firm discloses that all fees are negotiable. Each quarter the investment management fee is automatically debited from client accounts.

Clients also will likely pay fees to third parties, such as expense ratios and trading costs, in addition to the advisory fee.

On top of your portfolio management fee, you’ll pay for wealth planning services, which can include financial planning, estate planning, tax planning, tax return preparation, expense management and bill payment services, retirement planning, risk management and philanthropy. Retainer fees range from $5,000 to $50,000, depending on the complexity of the services offered and the time involved. Clients also may pay an hourly rate for special projects and/or ongoing consulting, with rates typically ranging from $100 to $695. The firm says that these fees are also negotiable.

Aspiriant’s highlights

  • Fee-only: As a fee-only firm, Aspiriant earns money solely through the fees that its clients pay for advice and portfolio management. This means that it has no financial incentive to recommend certain products to earn commissions or referral revenue, which mitigates potential conflicts of interest.
  • Awards for its track record: Aspiriant has nabbed high marks on many coveted rankings of top investment advisors. For example, it has appeared on Barron’s top RIAs list for more than 10 years, ranking 13 out of 50 firms in 2019. Aspiriant has also made the list of the top 300 RIAs from the Financial Times since the list launched six years ago.
  • Employees hold ownership stake: Aspiriant is independently owned by holding companies, which 63 of the firm’s current employees own shares in. Aspiriant believes that this helps provide continuity for clients and a clear road map for ownership succession.
  • Access to alternative investments: Aspiriant provides some clients access to private equity and real estate funds without charging an additional fee. This allows clients to further diversify their portfolio and gain exposure to investments that may not move in lockstep with the stock market.

Aspiriant’s downsides

  • Caters primarily to the wealthy: Given the typically $14,000 minimum annual fee, many investors just starting out or who don’t have seven-figure portfolios may feel Aspiriant’s services are out of reach. Most clients who work with Aspiriant have a portfolio value of at least $1.5 million. That’s not to say Aspiriant won’t work with more modest incomes, though. About 25% of its individual clients are not high net worth individuals, who are defined by the SEC as having at least $750,000 under management or a total net worth of more than $1.5 million.
  • No published fee schedule: Unlike many other registered investment advisors, Aspiriant’s does not publish a tiered fee schedule. The firm states that clients’ fees will fall in the range of 0.2% to 1%, but you can’t easily see ahead of meeting with an advisor at the firm how much you should expect to pay or how much you need to invest to nab the lowest fee rate.
  • Additional charges for ongoing financial planning: Some registered investment advisors include financial planning and other services beyond investing in their standard asset-based fee. Aspiriant charges separately for these recurring wealth planning services, either by the hour or per project. If you decide to work with Aspiriant, make sure to ask your advisor what comes as part of their wealth planning services.
  • Private funds lock up your money: Though the private equity and real estate funds offered by Aspiriant are unique investing opportunities, they may have limited liquidity for 10 to 15 years. Additionally, the strategies that these funds pursue “are not completely transparent to investors,” Aspiriant notes in its Form ADV.

Aspiriant disciplinary disclosures

All registered investment advisors are required to disclose in their Form ADV, paperwork that they file with the SEC, any legal, regulatory or criminal action that is material to a client’s evaluation of the advisory business or of the integrity of the management personnel. Aspiriant has had no such events over the last 10 years, meaning it has a clean disciplinary disclosure record.

Aspiriant onboarding process

To arrange an initial conversation with an Aspiriant, reach out to the firm’s director of marketing, Cammie Doder, by phone at 415-371-788, or by filling out the form on the Start a Dialogue page of Aspiriant’s website. If you live near one of Aspiriant’s 11 offices, you can meet an advisor in person. If not, plan on a phone call with an advisor at Aspiriant.

For ongoing communications with clients, Aspiriant advisors typically meet with their clients at least annually, though meetings may be as frequent as every quarter. The firm also communicates with clients over email or on the phone throughout the year. Clients receive quarterly reports, typically electronically, although portfolios smaller than $250,000 receive only annual updates.

Additionally, clients will need a brokerage account with a third party to hold their assets, since Aspiriant is not a broker-dealer and does not take physical custody of your assets. Aspiriant recommends that clients use Charles Schwab, Fidelity or TD Ameritrade, though clients are free to choose other providers. Clients will receive regular statements from these firms as well.

If an advisor has discretion to choose investments on a client’s behalf, the client will need to execute a limited power of attorney granting Aspiriant permission to execute trades.

The bottom line: Is Aspiriant right for you?

If you’re willing to pay at least $14,000 annually in fees and want a professional to handle all trading through discretionary management, Aspiriant may be worth a look. The firm may also be a good fit for high net worth individuals and family offices looking for comprehensive financial planning and wealth management, as well as investors who desire access to alternative investments like private equity or real estate funds.

While Aspiriant doesn’t have a firm minimum investment requirement, it does say that most of its clients have portfolios of at least $1.5 million, and many of its services do cater to the wealthy. Plus, the firm does not publish a clear fee schedule, so it may be hard to know before you talk to a representative how much you can expect to pay — especially if you also want financial planning services, which the firm charges extra for on top of investment management.

Before you make a decision on whether Aspiriant is right for you, make sure to do your research, compare your options and, perhaps most importantly, think carefully about your own financial situation.

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.

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Amanda Gengler |

Amanda Gengler is a writer at MagnifyMoney. You can email Amanda here