Fri, 16/05/2014 - 13:47
White Oaks Wealth Advisors, an independent wealth advisory firm in Minneapolis, Minnesota, has been named in CNBC's list of 100 "Top Fee-Only Wealth Management Firms".
White Oaks serves high net worth individuals and families representing over USD400 million of assets under management with an additional USD100 million in custody assets.
CNBC's ranking methodology is based on the following criteria: assets under management, having staff with professional designations such as a CFP or CFA, working with third-party professionals such as attorneys or CPAs, average account size, client segmentation, growth of assets, years in business, number of advisory clients, and providing advice on insurance solutions.
Firms with greater assets under management (AUM) totals were given a higher ranking in the case of numerical ties of the above formula. The Meridian/AdviceIQ team then applied the formula to the Meridian-IQ database of all registered investment advisors (RIAs) to create the list.
The final step to create the Top 100 Fee-Only Wealth Management Firms list for CNBC.com was to apply the AdviceIQ Regulatory Compliance Review (RCR) process to the master list and eliminate any firm that failed the RCR process. The RCR process is a due-diligence process whereby each advisory firm was compared with the RCR database of all regulatory actions from all four primary regulators: SEC, FINRA, state regulators and state insurance commissioners. In order to pass the RCR process, an advisory firm cannot have any complaints, actions or disclosures from any of the above regulators.
Robert Klosterman, founder of White Oaks Wealth Advisors and chief investment officer of White Oaks Investment Management, says: "White Oaks is very proud to be included in the CNBC Top Fee-Only Wealth Management Firm listing. This listing is special as it takes into consideration the professional backgrounds of our team in addition to the financial criteria of size and assets of the firm. This provides a broader and more complete picture to consider."
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