Access Financial Services, Inc

CRD#115361
Investment Advisor Firm

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Overview

Access Financial Services, Inc operates as a financial advisory company that has its headquarters in Minneapolis, Minnesota. The company handles $258.2 million in assets under management throughout 736 client accounts, making it a mid-tier firm in the country by assets under management (AUM). The firm has a small team of eight employees, three of whom are financial advisors. Access Financial Services, Inc is not a registered broker-dealer, meaning it is not able to buy and sell securities for its customers' and own accounts and instead must go through a broker-dealer firm to do so. Securities are defined as exchangable financial assets like options, bonds and stocks.

Access Financial Services, Inc oversees the majority of the company's client assets in a discretionary manner. Discretionary management signifies that a portfolio manager has the discretion to make buy and sell decisions without requiring the customer's approval. Access Financial Services, Inc also has three non-discretionary accounts with a total of $356,506 in assets under management. The investment advisory firm oversees about $350,755 in assets for each account. The average financial advisor at Access Financial Services, Inc administers about 245 client accounts.

The company's headquarters is located at 1650 West 82Nd Street, Minneapolis, Minnesota 55431. It is legally registered to serve investors throughout a number of states, including California, Minnesota, Texas and Wisconsin.

Assets Under Management

$258.2 million

Number of Advisors

3

Fee Structure

Asset-based, Hourly, Fixed

Disclosures

No

Office Location

1650 West 82Nd Street
Minneapolis, MN 55431

Access Financial Services, Inc by the Numbers

Total Assets Under Management

$258.2 million

National Average: $3.3 billion
Total Number of Employees

8

National Average: 4,943
Total Number of Accounts

736

National Average: 2,522
Average Account Size

$350.8 thousand

National Average: $1.3 million

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Products and Services

Access Financial Services, Inc offers a variety of services, including financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers and other services. In the last financial year, the company provided financial planning services to 251-500 of its clients. The firm is engaged in selling products or offering services aside from investment advice to its clients.

Core Advisor Services

  • Offered by 45% 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 63% 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 23% of firms

    Selection of Other Advisors

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

  • Find a firm that offers this service

    Publication of Periodicals

    This is the publication of various financial education materials.

  • Find a firm that offers this service

    Educational Seminars/Workshops

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

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Fee Structure

Fees charged by financial advisors are based on the services provided. However, fee types billed by the company likely consist of some combination of the following fee structures: asset-based, hourly or fixed. The company does not participate in a wrap fee program, in which the firm offers a service bundle for a single fee.

Available

  • Offered by 75% 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 37% 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 40% 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 3% 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 17% 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 1% 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 12% 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 firm does business with a number of different customers. Access Financial Services, Inc provides services to retail investors, high net worth investors, pension plans, charitable organizations and state or municipal government entities. Out of its 736 clients, Access Financial Services, Inc's largest client is retail investors, though it also manages money for 117 high-net-worth individuals. A high-net-worth individual is defined by the SEC 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). None of the firm's customers are represented by people from outside of the U.S.

  • High-Net-Worth Individuals* - 39.39%
  • Other Individuals - 58.92%
  • Corporations - 1.35%
  • Charitable Organizations - 0.34%

* 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

Access Financial Services, Inc does not have any disclosures.

Please visit its Form ADV for more details.

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This content was compiled from the SEC and FINRA