Herbein Wealth Management, a wealth management firm located in Wyomissing, Pa., is offering Thrive, a new product designed to help young professionals save and build long-term wealth.
Thrive blends cutting-edge technology with personalized investment advice. Created for young professionals under the age of 40, Thrive aims to provide a customized, low-cost investing solution.
Portfolio advisor and millennial Matt Spezialetti says in a blog post that Thrive suits young people who don’t want the impersonal service of a “robo advisor,” yet don’t meet the minimum financial requirements for in-person service from a traditional industry advisor. “We looked at those two clearly different services and realized there has to be a middle ground somewhere.”
Thrive leverages the automated offering from Charles Schwab. Thrive has a $5,000 minimum and includes automatic rebalancing, zero trade fees, zero rebalancing fees and no commissions. It also offers a custom-built, low-cost ETF portfolio, and personal financial advisor.
As clients continue to save and build wealth in the program, additional services such as automatic tax-loss harvesting and annual in-person meetings are included at no cost. Additional financial planning services are available at a cost above the advisory fee, which is only 0.75% a year.
“As we evaluated the industry landscape, we noticed a largely untapped and underserved market of young professionals. These individuals, many of whom are millennials, have lives based around technology, but also like the personal interaction that comes with their own investment advisor,” says Herbein Wealth Management President Bill Morgan. “We believe this offering combines these two ideas, and gives these clients a great low-cost investing solution that will help them build long-term wealth.”
Thrive will be managed by advisors Brad M. Brisan and Spezialetti. Learn more at www.thrivehwm.com