Hbks Wealth Advisors

CRD#112139
Investment Advisor Firm

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Overview

Hbks Wealth Advisors is a financial advisory firm based in Erie, Pennsylvania. The company controls $5.0 billion in assets under management throughout 15,664 client accounts, making it one of the biggest firms in the country by assets under management (AUM). It has an average-sized team, including 65 financial advisors. Hbks Wealth Advisors does not act as a registered broker-dealer, meaning the company cannot buy and sell securities for its own accounts as well as its clients' and instead is required to go through a broker-dealer firm to do so. Securities are exchangable fiscal investments like stocks, options and bonds.

Hbks Wealth Advisors administers more than half of its client assets on a discretionary basis. Discretionary management signifies that buy and sell judgments are made by an investment advisor without needing the customer's approval. Hbks Wealth Advisors also administers 226 non-discretionary accounts with a total of $89.9 million in assets under management. The company's average account size is $318,677. The average advisor at Hbks Wealth Advisors manages around 241 client accounts.

The company's headquarters is at Zuck Road Office Park, Erie, Pennsylvania 16506. The firm is allowed to serve investors throughout 30 U.S. states and territories.

Assets Under Management

$5.0 billion

Number of Advisors

65

Disclosures

No

Office Location

Zuck Road Office Park
Erie, PA 16506

Hbks Wealth Advisors by the Numbers

Total Assets Under Management

$5.0 billion

National Average: $8.6 billion
Total Number of Employees

95

National Average: 64
Total Number of Accounts

15,664

National Average: 375,227
Average Account Size

$318.7 thousand

National Average: $23.0 thousand
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Products and Services

Hbks Wealth Advisors provides a variety of financial services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers and publication of newsletters. In the last financial year, Hbks Wealth Advisors provided financial planning services to 1000 of its accounts. The firm is not involved in selling products or offering services apart from investment advice to its investment advisory clients. The company is affiliated with a number of other service providers in the financial services industry, including with a broker-dealer or securities dealer, accountant or accounting firm and insurance company or agency.

Core Advisor Services

  • Offered by 31% of firms

    Financial Planning Services

    This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

  • Offered by 46% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

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    Market Timing Services

    This is the practice of attempting to make short-term profits on investments by buying low and selling high.

Other Services

  • Offered by 20% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

  • Offered by 3% of firms

    Publication of Periodicals

    This is the publication of various financial education materials.

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    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

Financial management fees largely vary depending on which services the firm provides the client. Fee types billed by the firm likely include some combination of the following fee structures: asset-based, hourly or fixed. The firm does not provide a wrap fee program, in which the company offers a service bundle for a single fee.

Available

  • Offered by 69% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 21% of firms

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Offered by 32% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

  • Find one of the 1% of firms that offer this fee type

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Find one of the 26% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Find one of the 0% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 10% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

The company works with a number of different investors. Hbks Wealth Advisors provides services to retail investors, high net worth investors, pension plans, charitable organizations and corporations. Out of its 15,664 customers, Hbks Wealth Advisors's biggest client type is retail investors, though it also serves 1,121 high-net-worth individuals. The SEC defines a high-net-worth individual as someone who has at least $750,000 under management or a net worth of more than $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of its clients are from outside of the U.S.

  • High-Net-Worth Individuals* - 17.81%
  • Other Individuals - 77.98%
  • Corporations - 4.05%
  • Charitable Organizations - 0.16%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Hbks Wealth Advisors does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Hbks Wealth Advisors

Rodrigo Diaz
Erie, PA
Brian Welsh
Philadelphia, PA
Michael Ringler
Fredonia, NY
Christopher Hines
Philadelphia, PA
Brian Sommers
Warrendale, PA
Renee Brunner
Erie, PA
Brett Dusch
Warrendale, PA
Drew Deimel
Erie, PA

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The content in this profile was updated by SmartAsset on 4/16/2023. All advisor details come from publicly available data, and we cannot guarantee the accuracy of the content. We are unable to make individual profile updates. If you want your profile removed temporarily or permanently, please contact profile-compliance@smartasset.com.

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