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  SpeciFi

SpeciFi

in Investment Advisors from Citizens Bank

Unaffiliated

SpeciFi

Unaffiliated

in Investment Advisors from Citizens Bank

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Highlights
Highlights
Minimum Account $2,000
Management Fee 0.50%

SpeciFi Review

SpeciFi was founded in 1828 and is based in Providence, RI. It is a Registered Investment Adviser or RIA. RIAs have a fiduciary duty to work in your best interest. SpeciFi is not tied to a particular company or product and can therefore offer unbiased investment advice.

What fees does SpeciFi charge?

SpeciFi uses a fee-only model.

This means SpeciFi gets paid a flat fee regardless of what financial products or services you use. It also means they have a fiduciary responsibility to their clients. Instead of making money on trades commissions or selling products, they recommend an asset allocation and get paid a flat-fee or a percentage of the assets under administration. That requires that they act in their client’s financial best interest at all times.

SpeciFi Fees
Description
Monthly Fee N/A
Annual Fee N/A
Management Fee 0.50%
Fee Based? Yes
Account Transfer Fee N/A
Account Termination Fee $0
Investment Expense Ratios 0.07% - 0.15%
IRA Annual Fee N/A

What management fees does SpeciFi charge?

SpeciFi charges an annual management fee that starts at .50% and ranges up to .50%.

Many financial advisors charge based on how much money they oversee by using a fee-structure called “assets under management,” or AUM. For instance, a 0.40% fee translates to $4 per year for every $1,000 an investment advisor manages. Management fees, also known as maintenance fees, cover the operating costs of investment advisors and are typically deducted from your account every month or quarter. The management fee does not cover the underlying expense ratios of the investment vehicles purchased by investment advisors.

What are the investment expense ratios of SpeciFi?

Hiring an investment advisor with competitive investment fees is one of the most important steps to maximizing your portfolio's performance. Investment expense ratios can vary drastically depending on the types of accounts and assets involved. A survey by the ICI puts the average expense ratio for actively managed funds at 0.76% and indexed funds at 0.08%. The investment expense ratios of an investment advisor will vary depending on the type of assets they invest in and whether they attach additional charges to fund fees.

SpeciFi charges an investment expense ratio that starts at .07% and ranges up to .15%.

What features does SpeciFi offer?

Access to human advisors: Robo-advisors are great at keeping costs down and helping investors with modest balances make good investment choices. However, it is also nice to have access to human financial advisors when you need them.

Automatic rebalancing: Having a good balance of investments is important. But a well-balanced portfolio is not something you can set up and forget. Markets are constantly changing and can easily throw your portfolio out of balance. SpeciFi allows you to rebalance your investments back to your target asset allocation at set intervals.

SpeciFi is registered with the Securities and Exchange Commission, or SEC. Registered investment advisors are required to provide detailed information on the financial and legal status of the company and its staff. This allows investors to examine closely any conflicts of interest and look into the background of the company and its advisory team.

What type of investment accounts and asset classes does SpeciFi support?

Citizens Bank offers the following types of assets and account types.

Accounts Supported Options
Supported Options Unsupported Options
  • Individual Non-Retirement Accounts
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
  • Joint Non-Retirement Accounts
  • SEP IRA
  • Trusts
  • 529 College Savings Plans
  • Employer Sponsored Plans
  • Custodial Accounts
  • These are the investment options Citizens Bank offers its clients.

    Investment Choices Options
    Supported Options Unsupported Options
  • Bonds
  • Real Estate
  • ETFs
  • Stocks
  • Options
  • Mutual Funds
  • FOREX
  • Futures
  • Pink Sheets / OTCBB
  • Startups
  • Marketplace Loans
  • International Stocks
  • Cryptocurrencies
  • What is the minimum amount you have to invest to open an account with SpeciFi?

    The minimum amount to open an account with SpeciFi is 2000.

    How does SpeciFi compare to other investment advisors?

    Pros & Cons of SpeciFi
    Pros Cons
  • Trades in low-cost ETFs.
  • Access to human advisors.
  • Tax-loss harvesting available.
  • Broad selection of account types.
  • Competitive investment expense ratios.
  • Limited investment options.
  • SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

    Feature Breakdown

    Account Termination Fee $0
    Investment Expense Ratios 0.07% - 0.15%
    Fee Based  
    Management Fee 0.50%
    Minimum Account $2,000
    Accounts Supported
    • Individual Non-Retirement Accounts
    • Rollover IRA
    • Roth IRA
    • Traditional IRA
    Automatic Rebalancing  
    Investment Features
    • Access to human advisors
    • Automatic Rebalancing
    • Daily Tax-loss Harvesting
    • Registered Investment Advisor
    • SEC Registered
    Software Managed  

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