Start - up First Access has declared itself the first flat - fee asset manager , charging only $ 1 per adviser client . The firm 's offering comes as financial advisers anticipate a decline in investment management fees as more managers outsource portfolios to market experts . In its ten months in business , First Ascent has gathered $ 5 million in revenue and another $ 50 million worth of investment . The firm offers 20 investment portfolios consisting of mutual funds and ETFs pitched at five different risk levels . Customers are charged for customising any of the firm 's portfolio offerings .
Start-up First Ascent has declared itself the first flat-fee asset manager, charging only $500 per adviser client. The firm's offering comes as financial advisers anticipate a decline in investment management fees as more managers outsource portfolios to market experts. In its ten months in business, First Ascent has gathered $5 million in assets and another $50 million worth of commitments. The firm offers 20 investment portfolios consisting of mutual funds and ETFs pitched at five different risk levels. Customers are charged for customising any of the firm's portfolio offerings.