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 . Citing the recent trend of robo-advice platforms adding human advisers to tweak the service model, Mr. Widger said time will tell if First Ascent can survive on an annual flat fee of $500 per investor. Customers are charged for customising any of the firm 's portfolio offerings .
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 .