Doyle Wealth Management is a fee-only registered investment advisor based in St. Petersburg, Fla. The firm focuses mostly on portfolio management and the financial planning necessary to carry it out. Doyle Wealth Management primarily serves individual investors, including those who are high net worth, though it also works with a small number of institutions.
The bottom line: Doyle Wealth Management is a Florida firm founded by husband-and-wife team Robert and Jillian Doyle that offers portfolio management and financial planning.
|Assets under management: $1,621,791,478|
|Minimum investment: Typically $350,000|
|Individual investor to advisor ratio: 71:1|
|Fee structure: A percentage of AUM, hourly charges, fixed fees|
|Headquarters: 100 2nd Avenue South, Suite 701-S St. Petersburg, FL 33701
All information included in this profile is accurate as of April 27, 2022. For more information, please consult Doyle Wealth Management’s website.
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Robert and Jillian Doyle, a husband and wife who had both previously worked in the financial services industry, founded the firm 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 (AUM), but it’s since grown to more than $1 billion in AUM.
In 2020, the firm was acquired by a subsidiary of the Canadian firm, CI Financial Corp. The Doyles continue to run the firm, and it still has a relatively small staff of around 20 employees, nearly 15 of whom perform investment advisory services. Both Robert and Jillian are certified public accountants (CPA), and most advisors at the firm hold professional certifications, including the CPA, certified financial planner (CFP) or chartered financial analyst (CFA) designations.
The majority of the firm’s clients are individuals, followed by high net worth individuals. For reference, the Securities and Exchange Commission (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 firm typically requires a minimum balance of $350,000 for new clients. However, 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.
The firm offers financial planning services to clients, typically as part of its portfolio management service. 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.
The firm 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 of $350,000. 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.
Separately, the firm is also licensed as a public accounting firm and can offer tax preparation services for a separate fee.
Here is a full list of services that the firm offers:
The firm chooses from the four investment strategies outlined in the table 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, exchange-traded funds (ETFs) and mutual funds, among others.
|Doyle Wealth Management Portfolio Strategies|
|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||Composed 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.|
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.
Doyle Wealth Management charges clients based on a percentage of assets under management. The firm calls for a minimum annual fee of $2,000 for its portfolio management services, which include some financial planning.
|Doyle Wealth Management Fee Schedule|
|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 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.
For more information on Doyle Wealth Management, you can go to its Investment Adviser Public Disclosure (IAPD) page.
The firm has just one physical location, in St. Petersburg, Fla.
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, Doyle Wealth Management may not be the best fit. Be sure to research multiple firms to ensure you find the right advisor for you.
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