Bond & Devick Wealth Partners

CRD#283682
Investment Advisor Firm

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Overview

Bond & Devick Wealth Partners operates as a financial advisory company headquartered in Minneapolis, Minnesota. Bond & Devick Wealth Partners manages $500.2 million in assets under management over 1,158 customer accounts, making it one of the bigger financial advisory firms in the United States by assets under management (AUM). The firm has a small team, including 6 financial advisors. Bond & Devick Wealth Partners 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 must go through a broker-dealer firm to do so. Securities are defined as exchangable fiscal assets like bonds, options and stocks.

Bond & Devick Wealth Partners manages more than half of the company's client assets in a discretionary manner. Discretionary management is a structure in which a portfolio manager has the discretion to make transaction decisions for the client's account without needing to seek client authorization. Bond & Devick Wealth Partners also oversees 25 non-discretionary accounts totaling $2.0 million in AUM. The firm's typical account size is $431,968. An average financial advisor at Bond & Devick Wealth Partners administers around 193 client accounts.

The company's main office is at 600 South Hwy 169, Minneapolis, Minnesota 55426. The company is registered to serve investors across 11 U.S. states and territories.

Assets Under Management

$500.2 million

Number of Advisors

6

Disclosures

No

Office Location

600 South Hwy 169
Minneapolis, MN 55426

Bond & Devick Wealth Partners by the Numbers

Total Assets Under Management

$500.2 million

National Average: $8.6 billion
Total Number of Employees

12

National Average: 64
Total Number of Accounts

1,158

National Average: 375,227
Average Account Size

$432.0 thousand

National Average: $23.0 thousand
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Products and Services

Bond & Devick Wealth Partners offers multiple services, including financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services and selection of other advisers. In the prior financial year, the company provided 1-10 of its customers with financial planning services. It does not sell products or offer services other than investment advice to its investment advisory accounts.

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.

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    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

Fees for financial advisory services are based on the type of financial services provided. Fee types charged by the firm may include the following fee types: asset-based, hourly or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are offered by Bond & Devick Wealth Partners.

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 retail investors, high net worth investors and charitable organizations. Out of its 1,158 customers, Bond & Devick Wealth Partners's largest client group is high net worth investors, but it also manages money for 215 high-net-worth individuals. A high-net-worth individual is defined by the SEC as a person who has at least $750,000 under management or a net worth of at least $1.50 million or who is deemed a "qualified purchaser" (a standard met by having at least $5 million in investments). None of its customers are from outside of the U.S.

  • High-Net-Worth Individuals* - 51.68%
  • Other Individuals - 47.12%
  • Corporations - 0%
  • Charitable Organizations - 1.2%

* 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

Bond & Devick Wealth Partners does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Bond & Devick Wealth Partners

Robert Caverly
Minneapolis, MN
Brittany Metzig
Minneapolis, MN
Andrew Feterl
Minneapolis, MN
Nicholas Johnson
Minneapolis, MN
Teresa Devick
Minneapolis, MN
Richard Devick
Minneapolis, MN

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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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