Philip James Wealth Management, LLC

CRD#297517
Investment Advisor Firm

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Overview

Philip James Wealth Management, LLC is an advisory company based in Minneapolis, Minnesota. The company controls $68.0 million in total assets across 52 customer accounts. The firm has a small group of two employees, all of whom are financial advisors. Philip James Wealth Management, LLC is not a registered broker-dealer, signifying that the company is not able to buy and sell securities for its accounts and those of its clients and instead has to go through a broker-dealer company to do so. Securities are defined as tradable fiscal investments such as options, bonds and stocks.

Philip James Wealth Management, LLC administers the majority of its accounts in a discretionary manner. Discretionary management is a structure in which transaction judgments are made by a portfolio manager without needing client consent. The firm also has two non-discretionary accounts totaling $48.0 million in assets. The firm administers about $1.3 million for each client account. Under $100,000 of its investments for financial planning services were in securities, with under $100,000 placed in non-securities. The typical financial advisor at Philip James Wealth Management, LLC administers about 26 client accounts, placing it towards the middle in terms of personalization.

The firm's main office is at 220 South 6Th Street, Minneapolis, Minnesota 55402. The firm is legally permitted to serve customers across 2 states, including Minnesota and Texas.

Number of Advisors

2

Disclosures

No

Office Location

220 South 6Th Street
Minneapolis, MN 55402

Philip James Wealth Management, LLC by the Numbers

Total Number of Employees

2

National Average: 4,943
Total Number of Accounts

52

National Average: 2,522
Average Account Size

$1.3 million

National Average: $1.3 million

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Products and Services

Financial services that Philip James Wealth Management, LLC offers include financial planning services and portfolio management for individuals and small businesses. Notably, the company did not provide any of its customers with financial planning services in the prior financial year. The company is not involved in selling products or offering services aside from investment advice to its investment advisory customers. It also has a number of financial industry affiliations, including with an insurance company or agency.

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

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Fee Structure

Fees for financial management usually are based on which services are provided. Fees billed by the company typically consist of the following fee types: asset-based. The firm does not provide a wrap fee program, in which the firm offers a service bundle for a comprehensive fee. The firm can withdraw the expenses directly from customer accounts.

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.

Unavailable

  • Find one of the 37% of firms that offer this fee type

    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.

  • 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 40% of firms that offer this fee type

    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.

  • 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

It works with retail investors, high net worth investors and pension plans. Out of its 52 clients, Philip James Wealth Management, LLC's largest client is retail investors, although it also manages money for 10 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 under management 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 its clients reside abroad.

  • High-Net-Worth Individuals* - 20.83%
  • Other Individuals - 72.92%
  • Corporations - 6.25%
  • 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

Philip James Wealth Management, LLC 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