If you've started researching wealth management in Wichita, you've probably hit the same wall most people do: nobody will just tell you what it costs.
That's frustrating and honestly, it's a red flag. If a firm isn't transparent about how they get paid, how can you trust them with your financial future?
This post breaks down what wealth management actually costs, how the main fee structures work, and how StewardRight approaches pricing so you always know exactly what you're paying and why.
The Short Answer: It Depends on the Fee Model
Wealth management fees typically fall into three categories. Most advisors use one or a combination of these structures:
1. AUM-Based Fees (Assets Under Management)
This is the most common model. You pay a percentage of the total assets your advisor manages for you. Typical rates run between 0.5% and 1.5% annually, depending on portfolio size, firm, and service level.
Example: A $500,000 portfolio at 1% AUM = $5,000 per year in advisory fees.
The upside: fees scale with your account, so there's a built-in incentive for your advisor to grow your wealth. The downside: larger portfolios can generate significant fees even when the actual work doesn't change much.
2. Flat Fees
Some advisors charge a flat annual or one-time fee for a defined scope of services financial plan creation, ongoing review meetings, specific advice areas. Flat fees typically range from $2,000 to $10,000 per year depending on complexity.
This model can work well for people who want clarity on exactly what they're paying, especially those who don't have large investable assets yet but still need solid financial guidance.
3. Retainer Fees
A retainer is similar to a flat fee but structured more like an ongoing professional relationship think of it like having a financial advisor "on call." You pay a monthly or quarterly retainer in exchange for access, ongoing planning, and regular check-ins.
Retainer arrangements often range from $200 to $1,000+ per month, depending on the advisor's scope and your situation.
What About Commission-Based Advisors?
It's worth knowing that not all advisors charge fees directly. Commission-based advisors earn money when you buy certain financial products insurance policies, annuities, mutual funds. This model isn't inherently bad, but it creates a potential conflict of interest: their recommendation may be influenced by what pays them the most.
Fee-based advisors, by contrast, charge directly for their advice. That distinction matters when you're trusting someone to put your interests first.
How StewardRight's Fee-Based Model Works
At StewardRight, we operate as a fee-based financial advisory firm. That means our compensation is transparent, disclosed upfront, and tied to the advice and planning we provide not to product sales.
Here's what that looks like in practice:
- Financial planning fees are quoted clearly before any engagement begins
- Investment management is priced as a percentage of AUM with a tiered rate schedule so larger portfolios get a lower effective rate
- No hidden commissions on product recommendations
- Fiduciary standard we're legally required to act in your best interest, not ours
We work with clients across Wichita and the surrounding area, including Andover, Derby, and Goddard. Whether you're a business owner, a retiree, or someone building toward financial independence, our pricing is designed to be proportionate to what you actually need.
So What Should You Expect to Pay?
Here's a rough ballpark for a comprehensive wealth management relationship:
| Portfolio Size | Typical AUM Fee | Annual Cost Estimate |
|---|---|---|
| $250,000 | 1.001.25% | $2,500$3,125 |
| $500,000 | 0.851.00% | $4,250$5,000 |
| $1,000,000+ | 0.500.85% | $5,000$8,500 |
These are general industry ranges. Your actual cost depends on the services included, the advisor's model, and the complexity of your situation.
The Real Question: What Are You Getting for the Fee?
Cost is only half the equation. A $10,000 annual fee from an advisor who helps you optimize a pension, reduce your tax burden, and build a coherent retirement plan could easily be worth ten times that in long-term impact. A $500 fee from someone giving you generic advice? That may be overpriced.
When evaluating any advisor, ask:
- Are you a fiduciary?
- How are you compensated?
- What's included in the fee?
- Do you provide a written financial plan?
If you can't get clear answers, keep looking.
Get a Transparent Conversation About Cost
If you're curious what working with StewardRight would actually cost based on your situation, the easiest next step is a conversation. No pressure, no product pitch just an honest look at what you need and what it would take to get there.
Schedule a free intro call and we'll walk you through exactly how our fees work before you commit to anything.