Wealth Enhancement Group: Platform Profile

Overview

Wealth Enhancement Group is a national wealth-management organization whose principal registered adviser is:

Wealth Enhancement Advisory Services, LLC (WEAS).

The organization also has an affiliated broker-dealer:

Wealth Enhancement Brokerage Services, LLC (WEBS).

That legal separation matters.

A client can receive advisory services from WEAS while a professional can, in a separate brokerage capacity, transact through WEBS and receive transaction-based compensation where applicable.

Current WEAS materials describe:

• financial planning;
• investment management;
• retirement planning;
• tax strategy;
• insurance analysis;
• estate-planning coordination;
• trust services through a separate affiliate;
• separately managed account access.

Current FAQ materials say exact fees generally range:

• Typical public AUM range: 1.0%-1.5%

The current regulatory brochure also states:

• WEAS advisory fee cap: 2.00%

and provides sample flat-rate schedules that are not universal.

May fit better for

• households seeking planning and investment management from one national organization;
• investors who want a dedicated adviser;
• clients comfortable with negotiated AUM pricing;
• investors who want access to planning specialists;
• households with retirement, tax, insurance, estate or trust questions;
• clients who value a relatively low $25,000 general relationship minimum;
• investors who understand the difference between advisory and brokerage roles.

May fit less well for

• investors seeking a standardized low-cost robo account;
• clients who want one published fee for every relationship;
• users who want no affiliated brokerage or insurance conflicts;
• investors who assume a $25,000 general minimum applies to every SMA;
• clients who do not need planning beyond portfolio management;
• investors who interpret a wrap or advisory fee as the complete investment cost.

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WEAS is the registered adviser

Current IAPD information identifies:

• Investment adviser: Wealth Enhancement Advisory Services, LLC
• CRD: 116407
• SEC number: 801-60749
• SEC registration status: Approved

The legal adviser is separate from:

• Affiliate broker dealer: Wealth Enhancement Brokerage Services, LLC
• Broker CRD: 130139

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The general relationship minimum is $25,000

Current Form CRS states:

• General relationship minimum: $25,000

This is the best general consumer minimum for the advisory relationship.

Certain investment programs and outside managers can impose larger thresholds.

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Separately managed account minimums can be much higher

Current WEAS disclosure describes outside or separate managed-account manager minimums that can range approximately:

• SMA manager minimum range: $50,000-$5,000,000

This distinction matters.

A household can qualify for a WEAS relationship without qualifying for every third-party manager or strategy.

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Current consumer materials describe fees generally around 1.0%-1.5%

Wealth Enhancement's current FAQ states that the exact advisory fee depends on size and complexity and generally ranges:

• Public general fee range: 1.0%-1.5% of AUM

The regulatory brochure is broader.

WEAS states that its own advisory fee will not exceed:

• WEAS maximum advisory fee: 2.00% annually

WEAS always charges 1.0%-1.5%.

WEAS charges 2%.

The first is a public general range.

The second is a disclosed maximum for the adviser's fee.

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The sample fee table is flat-rate by relationship, not marginal

Current WEAS brochure gives sample flat-rate-based pricing:

• Sample flat rate:
• "999999_or_less": 1.50%
• "1m_to_2m": 1.25%
• "over_2m": 1.00%
• Sample schedule is universal: No
• Sample schedule is progressive: No

The brochure explicitly describes examples where the percentage applies to the full client balance.

$500,000 at sample 1.50%

$500,000 × 1.50% = $7,500/year

$1,500,000 at sample 1.25%

$1,500,000 × 1.25% = $18,750/year

$2,500,000 at sample 1.00%

$2,500,000 × 1.00% = $25,000/year

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Fees are negotiable

WEAS states that actual fees can be higher or lower than the sample schedule.

Acquired advisory practices can also bring legacy fee schedules into the organization.

The current agreement controls.

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Advisory fees are not necessarily all-in

Separate costs can include:

• fund expense ratios;
• brokerage transaction fees;
• SMA manager fees;
• custody/account fees;
• insurance costs;
• other product expenses.

In some arrangements, combined costs can exceed the WEAS advisory-fee cap because the 2% limit applies to the adviser fee rather than every third-party expense.

No Wealth Enhancement client can ever pay more than 2% in total investment costs.

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WEAS can exercise discretion

Current Form CRS and ADV materials support discretionary asset-management relationships.

Financial planning itself does not mean the adviser has trading discretion over every outside account.

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The affiliated broker-dealer creates a separate compensation lane

Certain Wealth Enhancement professionals can also be registered representatives of WEBS.

When acting in that capacity, they can receive transaction-based compensation.

This is a conflict to disclose.

It does not mean every advisory client uses WEBS.

It does not mean every adviser receives brokerage commissions.

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Multiple custodians can be used

Current disclosures reference custodial relationships including:

• Charles Schwab & Co., Inc.;
• National Financial Services LLC;
• Fidelity Brokerage Services LLC.

The actual account agreement determines the custodian.

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Custodian economics can create conflicts

WEAS disclosures discuss support and reimbursement arrangements with custodians, including Schwab.

These arrangements can create an incentive to recommend a particular custodian.

The existence of an economic benefit does not prove that the recommendation is improper.

It does mean the client should understand:

• who pays the adviser or affiliate;
• what benefit is received;
• whether other custodians are available;
• whether the client bears indirect costs.

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Performance-based fees are not the standard model

Current WEAS disclosure does not establish a performance-based advisory fee for the ordinary wealth relationship.

The adviser charges based on assets, fixed fees, hourly fees or other permitted schedules rather than taking a percentage of ordinary portfolio gains.

Assessment

Wealth Enhancement's strongest feature is breadth at a lower general relationship threshold than many national private-wealth firms.

The current $25,000 minimum can make the adviser relationship accessible well below the million-dollar segment.

The tradeoff is pricing variability.

The public 1.0%-1.5% range is useful, but the regulatory documents make clear that fees are negotiated and the firm's own advisory fee can be as high as 2%.

The sample 1.50% / 1.25% / 1.00% schedule should also not be mistaken for a progressive fee table.

A prospective client should request the actual annual dollar cost on the household's expected balance and then add:

• fund costs;
• SMA costs;
• brokerage costs;
• other product expenses.