Everest Financial Group

CRD#137260
Investment Advisor Firm

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Overview

Everest Financial Group operates as an advisory company that has its headquarters in Minneapolis, Minnesota. Everest Financial Group has $312.2 million in total assets across 2,791 customer accounts, placing it in the mid-tier of investment advisory firms in the country by assets under management (AUM). The company has a small team of 12 employees, all of whom are financial advisors. Everest Financial Group is not a registered broker-dealer, signifying that the firm is not able to buy and sell securities for its own accounts as well as its customers' and instead must go through a broker-dealer company to do so. Securities are defined as tradable fiscal assets like options, bonds and stocks.

Everest Financial Group manages 2,661 of its client assets in a discretionary manner. Discretionary management means that buy and sell choices for the client's account are made by a portfolio manager without needing to seek the client's permission. It also has 130 non-discretionary accounts with a total of $22.4 million in assets. Everest Financial Group manages roughly $111,866 in assets for each account. An average financial advisor at Everest Financial Group manages about 233 client accounts.

The firm's headquarters is located at 701 Xenia Ave S, Minneapolis, Minnesota 55416-1029. The firm is legally permitted to provide services to investors throughout a number of states, including Arizona, California, Colorado, Illinois, Minnesota, Nebraska, Texas, Washington and Wisconsin.

Number of Advisors

12

Disclosures

No

Office Location

701 Xenia Ave S
Minneapolis, MN 55416-1029

Everest Financial Group by the Numbers

Total Number of Employees

12

National Average: 4,943
Total Number of Accounts

2,791

National Average: 2,522
Average Account Size

$111.9 thousand

National Average: $1.3 million

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Products and Services

Everest Financial Group offers a variety of financial services, which can include financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers and educational seminars. In the past financial year, Everest Financial Group provided 26-50 of its clients with financial planning services. It is involved in selling products or offering services apart from investment advisory services 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.

  • Find a firm that offers this service

    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.

  • Offered by 10% of firms

    Educational Seminars/Workshops

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

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Fee Structure

A financial advisor's fees usually depend on the type of financial services provided. However, fee types billed by the firm likely are comprised of any combination of the following fee structures: asset-based, hourly, fixed or other. Wrap fee programs, or the practice of bundling services for a single fee, are provided by the firm.

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.

  • Offered by 12% of firms

    Other

    Show Explanation

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

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.

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Types of Clients

The company caters to retail investors and high net worth investors. Out of its 2,791 customers, Everest Financial Group's biggest client group by number of accounts is retail investors, though it also manages money for 107 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an investor who has at least $750,000 in AUM or a net worth of more than $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the firm's clients are represented by non-U.S. persons.

  • High-Net-Worth Individuals* - 3.69%
  • Other Individuals - 96.31%
  • Corporations - 0%
  • Charitable Organizations - 0%

* 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

Everest Financial Group 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