Start-up First Ascent has declared itself the first flat-fee asset manager, charging only $500 per adviser client. At 50 basis points, an asset-based fee would reach $500 with just $100,000 under management. The firm is also offering a new type of investment vehicle for its clients. 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.
Start-up First Ascent has declared itself the first flat-fee asset manager, charging only $500 per adviser client. The firm is also offering a new type of investment vehicle for its clients. 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.