The
industry standard rate for asset management is about 1% of assets under
management per year. Because of this fee structure, and because many
advisors focus only on asset management, it's difficult for them to help clients
without significant assets. A client with only $10,000 in assets
translates to $100 per year, hardly worth the time required to get to know the
client and perform the necessary tasks.
PWA has a more forward-looking approach to client acceptance. Rather than requiring a minimum asset level, we realize that serving clients who haven't had the chance to build a significant asset base, allows us to build a trust-based relationship with those clients, since they know we're clearly not doing it for the instant return in fees. We hope that trust-based relationship will lead to longer-lasting client relationships, and we're confident in our ability to help our clients build an asset base over time. Essentially, we're investing in our clients today to build a relationship and earn our return tomorrow.
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