Doyle Wealth Management is a fee-only registered investment advisor based in St. Petersburg, Fla. The firm, which has more than $1 billion in assets under management (AUM), focuses mostly on portfolio management and the financial planning necessary to carry it out. It primarily serves individual investors, including high net worth investors, and has fewer than two dozen employees in its single office.
All information included in this profile is accurate as of May 20, 2020. For more information, please consult Doyle Wealth Managementâs website.
|Assets under management: $1,088,001,755|
|Minimum investment: Typically $350,000|
|Fee structure: Percentage of AUM; hourly charges; fixed fees|
|Headquarters location:||333 3rd Avenue North, Suite 300
St. Petersburg, Florida 33701
Tampa-based couple Robert and Jillian Doyle, who had both previously worked in the financial services industry, founded Doyle Wealth Management in 2005 to serve the Florida retirement community. The fee-only firm began with just the two of them and $45 million in assets under management, but itâs since grown to more than $1 billion in assets under management.
The Doyles remain the principal owners, and the firm still has a relatively small staff of fewer than two dozen employees, 15 of whom perform investment advisory services. Both Robert and Jillian are CPAs, and most advisors at the firm hold professional certifications, including the CPA, CFP or CFA designations.
Of Doyle Wealth Managementâs nearly 900 clients, the vast majority are individuals, and just over a third are high net worth individuals. For reference, the SEC defines high net worth individuals as those with at least $750,000 in assets under management or a net worth of at least $1.5 million.
The minimum account balance required by Doyle Wealth Management Clients is typically $350,000. The firm also offers the PARTNER Program for clients who donât meet that minimum account balance, often because theyâre still in the wealth accumulation phase of their career.
Doyle Wealth Management offers financial planning services to clients, typically as part of its portfolio management service, although the process does not always include a written financial plan. The firm manages clients assets on a discretionary basis, meaning that the portfolio manager can make decisions on the portfolio without first consulting the client.
Doyle Wealth Management also offers general consulting to clients, typically on a project basis, focused on a specific area of financial planning, such as cash flow planning for education expenses, estate planning analysis or an insurance review.
In addition, the firm offers financial planning education to clients in its PARTNER Program, designed for a select group of individuals who are still focused on wealth accumulation and may not be able to meet the firmâs typical minimum investment requirement. The program name is an acronym that represents the financial planning topics the firm emphasizes in the program: portfolio management; asset allocation and diversification; retirement and college planning; tax efficient strategies; income management; estate planning; and risk management. Clients must apply to the program and be committed to saving and investing.
Here is a full list of services that the firm offers:
Doyle Wealth Management chooses from four strategies (detailed below) for its clients, based on each clientâs financial situation, goals and risk tolerance. The offered portfolios contain a mix of individual stocks, bonds, ETFs and mutual funds.
The firm chooses securities for its portfolios based on its own research, using quantitative models as well as both technical analysis (studying past price patterns and trends) and fundamental analysis (evaluating individual companies and their industry groups). It selects mutual funds and ETFs based on multiple factors, including past performance, fee structure, portfolio manager and overall ratings.
For clients with a large position in one security, Doyle Wealth Management offers a âcovered call strategy for concentrated positions.â That involves creating a customized portfolio, monitored daily, that reflects tax implications, risk and return and the clientâs liquidity needs.
Here are the other strategies that Doyle Wealth Management uses:
|Individually Tailored Multi-Asset Class Portfolio||This individually tailored portfolio combines up to four asset classes: equities (mostly larger cap, domestic stocks) personalized fixed income investments, commodity-based investments and real estate investment trusts (REITs).|
|Select Equity Portfolio||This individually tailored, actively managed portfolio typically includes a mix of 35 to 50 individual stocks with a focus on growth and income and low turnover.|
|Equity Income Builder Portfolio||This portfolio focuses on equities with the goal of outperforming the market and creating an income stream that grows every year.|
|Focused Opportunity Equity Portfolio||Comprised of 20-30 stocks selected from the equity portfolio, this strategy may have more volatility but aims to produce higher gains in the long-term.|
Doyle Wealth Management charges clients based on a percentage of assets under management, with a minimum annual fee of $2,000 for its portfolio management services, which include some financial planning.
|Assets under management||Annual rate|
|Next $1 million||0.90%|
|Next $1 million||0.75%|
|Balance above $3 million||0.60%|
These payments do not include transaction fees or other costs that clients may owe to custodians, brokers or other third-party managers.
Participants in the PARTNER Program typically pay lower fees than other clients. Clients who receive additional financial planning, tax preparation or other consulting services pay an hourly or fixed fee that is negotiated in advance.
Doyle Wealth Management does not have any disciplinary disclosures. If an RIA settles or admits to misconduct, such as a criminal charge, regulatory fine or civil lawsuit, the firm must report that in its Form ADV, paperwork filed with the SEC.
Clients interested in working with Doyle Wealth Management can either call the company at 800-932-8505 or fill out the âContact Usâ form provided on the firmâs website. Advisors meet with all new clients to discuss their current financial situation and goals. They then use that information to create a financial profile for the client, which helps them formulate a personalized investment plan.
Robert Doyle reviews each account at least quarterly. Reviews may be more frequent at customer requests or due to a change in market conditions.
Doyle Wealth Management may be a good choice for Florida-based investors looking for help with portfolio management, as well as those working on establishing their financial footing (via the PARTNER Program). The firm creates custom portfolios based on individual investorsâ financial circumstances.
For investors who want in-person advising and donât live near the firm, or who want to pay the lowest-possible fees, Doyle Wealth Management may not be the best fit. As with any financial decision, you should thoroughly research any wealth management firm that youâre considering to make sure youâre making the best decision for your situation.