Minimums and the History of Wealth Management

Minimums and the History of Wealth Management

I am honored by the positive feedback I have received on these writings. I started writing because I love to write - and, frankly, because I was tired of repeating myself to friends who were unfamiliar with personal finance basics. I wanted to build a knowledge library that's easy to digest and share.

This initiative began as a way to communicate with friends and share with our clients' children who aren't yet ready to open an account. One question I frequently receive: what are the minimums required to work with our practice? Today, I'll respectfully address that - not just for us, but across the industry.

The Heritage

Bob Feighan, my dad, is a good guy. He is the "Feighan" in Feighan and Associates. I did not get here without substantial help and privilege. His story is his to tell; the short version is that he grew up in a two-bedroom Bronx apartment with four brothers, a father who owned a bar, and a mother who was a nurse. Christmas presents were socks. His first seafood came freshman year at Hamilton College, where he landed as a record-breaking running back—a first-generation college student who made his own opportunities.

He will die before he leaves this career. He loves it; everyone knows it. It's apparent when he sits down with you. He still meets in person with his elementary school math teacher, whom he helped make a millionaire by advising her to start contributing to a 403(b).

I share this because his journey from the Bronx to building this practice shapes everything we do. Our practice has no ropes - velvet or otherwise. We built it on the principle that financial success should be achievable for those willing to work for it. This background makes what I'm about to explain more important: implementing minimums was the most emotionally challenging business decision we have made.

Five years ago, I struggled with the concept. It felt contrary to our inclusive values. America was built on opportunity, and creating barriers felt wrong. Yet as clients' needs grew more complex, we realized minimums weren't about exclusion - they were about ensuring we could deliver on our promises.

The Reality

In today's saturated landscape where robo-advisors offering commoditized portfolios and DIY platforms promising freedom with a click, successful practices compete not by being all things to all people, but by becoming indispensable to the right people. Minimums aren't arbitrary thresholds; they're the cornerstone of operational integrity and exceptional client outcomes.

Modern high-net-worth clients expect comprehensive service: tax-aware strategies, liquidity planning, cross-border estate planning strategies, business succession, charitable infrastructure, and family governance. This demands time, intellectual capital, and sophisticated technology. Without minimums, a practice risks stretching thin and reducing complex planning to surface-level engagement.

Time is finite; the margin for error is razor-thin. A$250,000 client and a $10 million client require similar onboarding workflows, but only one sustains high-touch economics. Minimums preserve capacity for clients where we can genuinely make a difference.

Our Framework: Current minimums are $2.5M–$5M to open an account, depending on the advisor. Two exceptions: (1) Referrals from existing clients (2) Public servants—teachers, doctors, police. We work with both regardless of asset level.

For those below minimums, we're still happy to talk. The service model differs: digital-first platforms, quarterly calls for emerging wealth clients, group planning for young professionals, and financial education for next-generation clients.

The Promise

Minimums enable proactive reviews, immediate availability, tax-loss harvesting at scale, alternative investments, coordination with attorneys and CPAs, custom financial modeling, and direct access to investment officers. Our clients know what to expect. We know what to deliver. Consistency fosters trust; excellence demands clear boundaries.

Minimums are not a velvet rope. They're guardrails protecting a practice built for transformational impact—ensuring our promise of proactive advice, deep experience, and trusted partnership can be consistently delivered. That, more than anything, is what sets elite practices apart.