Review of Resource Consulting Group
Founder Michael H. Davis formed Resource Consulting Group in 1988 and is also the president of the company. The firm is an SEC Registered Investment Advisor (RIA) that provides fee-only investment advisory and financial planning services to its clients.
The company is compensated directly by its clients and acts as fiduciaries on their clients’ behalf.
This ensures that clients receive advice in their own interests; not in lieu of any third-party compensation or monetary or non-monetary benefits that might be accrued by the firm.
As of last year, the company managed a total of approximately $1.4 billion in client assets for 375 clients.
The firm’s advisors usually recommend the use of low-cost, low-turnover, tax-efficient investment vehicles, such as no-load mutual funds from Vanguard or Dimensional Fund Advisors (DFA), when building client portfolios.
To ensure their suitability for a particular client’s portfolio, these funds are meticulously analyzed for their structure, relative performance among peer groups, total operating expense ratio, portfolio turnover, investment objectives, and investment restrictions and limitations.
The firm’s minimum portfolio requirement is $ 1,000,000 for new clients. However, the minimum requirements may be waived at the discretion of an advisor for clients who are referred by existing clients or other industry professionals.
While the firm does have a minimum advisory fee, such fees are waived for the first six months of an engagement.
Personal Background – How Did Resource Consulting Group Start?
Resource Consulting Group was founded in 1988 by Founder and President Mike Davis, who has been a fee-only financial planner and investment advisor since 1986. Mr. Davis formed the company after eleven years in the public accounting and legal profession, with a focus on estate and employee benefits planning.
Image source: Resource Consulting Group
Today, the firm has grown into one of the largest fee-only financial planning and investment advisory firms in Florida.
In addition to conducting frequent lectures to a number of professional organizations on personal finance, employee benefits, and tax matters, Mr. Davis has also authored numerous articles on these subjects.
Additionally, Mr. Davis is the recipient of a number of awards and recognitions, including:
- Being selected as one of “The Top 250 Wealth Advisors” in the October 2008 issue of Worth magazine
- Being recognized as one of “The 150 Best Financial Advisers for Doctors” in the November 2010 issue of Medical Economics
Mr. Davis has also been quoted by reputed financial media sources, including Time, Forbes, and Money magazines, The Boston Globe, The ABA Journal, and in Jane Bryant Quinn’s syndicated column on personal finance.
The firm is a great believer in a disciplined, research-based investment philosophy. During the financial crisis of 2008, the firm’s clients heeded their advisors’ call to “stay the course.” Today, as a result, their portfolios are doing extremely well, most of them having recovered to above their pre-crisis levels.
The company serves a broad array of clients. While the majority of the firm’s clients include high-net-worth individuals and families, the firm also manages investments for trusts and provides small businesses retirement plans with investment advice and pension plan design consulting services.
Resource Consulting Group is a founding member of Zero Alpha Group (ZAG), a global network of like-minded wealth management firms, and is able to leverage that relationship by delivering the highest standards of independent fiduciary-based financial planning services and solutions to its clients.
The firm also works in partnership with other professionals, including legal specialists, to ensure its clients receive a full continuum of services that helps them meet their financial objectives.
What We Like About Resource Consulting Group
- Independent advice
Resource Consulting Group is a fee-only, SEC Registered Investment Advisor (RIA) offering independent, unbiased financial planning and investment management advice to its clients.
- Experienced team
The firm has been in business since 1988 and serves its clients through a large team of professionals that, together, bring over 200 years of diverse experience in the financial planning and wealth management industry to each engagement.
The firm does not sell any product, nor does it receive any form of compensation other than the fees charged to clients. As a firm of fiduciaries, clients are assured of receiving highly objective advice from the firm’s advisors that is free from any conflict of interest.
- Waiving of fees
While the company does have a policy for charging a minimum fee for delivering advice and providing services, the minimum fee is waived for the first 6 months of any investment advisory engagement.
- Flexibility on minimum account balances
Resource Consulting Group extends some flexibility in the minimum account balance requirement for clients that are either related to existing clients or have been referred to the company through other industry professionals.
- High client satisfaction ratio
Almost 60% of the firm’s clients have been with the firm for over a decade. Additionally, while industry polls show that client satisfaction for the industry ranges in the 77-percentage level, nearly 93% of the firm’s clients show that they are “very satisfied” with the firm’s service.
- Value-added partnerships
While the company does not prepare tax returns or complete/file legal documents, the firm does work in partnership with legal professionals to deliver complimentary services to its clients in meeting their financial goals.
Resource Consulting Group Review – Team Members
Resource Consulting Group has 20+ professionals with 200+ years of collective experience that they leverage to serve clients. Professionals at the firm are qualified attorneys, accountants, tax specialists, and financial advisors with a range of certifications and accreditations that include CFP®, MBA, RP®, MSA, and CPA.
Resource Consulting Group Fees
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Resource Consulting Group Reviews – Services
As a fee-only investment advisory firm, Resource Consulting Group helps clients by offering a range of services that take into consideration clients’ individual goals and objectives.
As part of this service delivery model, the firm also determines each client’s risk tolerance before designing, implementing, and monitoring personalized investment plans to meet those objectives.
Specific services offered by Resource Consulting Group include:
- Investment management
- Retirement services
- Financial planning
Resource Consulting Group Address Information (Local Office[s]):
- 301 East Pine Street, Suite 600, PO Box 4930, Orlando, Florida 32802-4930
To Contact Resource Consulting Group:
- Telephone : (407) 422-0252, (800) 448-0252
- Email: [email protected]
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