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The Legacy Financial Group Review

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The Legacy Financial Group, registered in 2005, serves 2 state(s) with a licensed staff of 4 advisors. The Legacy Financial Group manages $263.0 million and provides investment advisory services for 236 clients (1:59 advisor/client ratio).



Firm Information


Summary Firm
Minimum Investment Ask firm
Average Client Balance $1,114,406
Total AUM $263.0 million
Fee Range Ask firm
Advisor / Client Ratio 1:59
Languages Offered Ask firm
Specialities Ask firm
Website Visit Site
Phone Number 918-665-0826
Headquarters Tulsa, OK
Locations See locations
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SEC Filings View SEC IAPD CRD #135059


Disciplinary Questions


After checking the disciplinary records of The Legacy Financial Group, our system found no disciplinary questions to ask. Checks take place monthly.



Conflict Questions


After checking the regulatory records of The Legacy Financial Group, our system has identified the following question(s) to ask. Learn more.


Does The Legacy Financial Group offer mutual funds that have 12b-1 fees?


12b-1 fees increase the total annual cost of owning a mutual fund with no guarantee of higher returns. Some firms receive these fees as payments, which creates an incentive to promote them.


How does The Legacy Financial Group approach insurance sales? What conflicts do I need to be made aware of?


Currently The Legacy Financial Group actively practices as insurance brokers or agents, or they are affiliated with an insurance company or agency. This arrangement creates a conflict where the firm and its representatives may be motivated to insure clients with products, including annuities and life insurance, that generate high sales commissions when lower-cost alternatives may exist.


Does The Legacy Financial Group offer products that have performance-based fees, or does it accept performance-based fees? Will any of my assets be invested in those products?


When performance-based fees are charged, the financial advisor is paid for outperforming a benchmark, typically an index. While this may seem like an attractive compensation structure to ensure your advisor is making your money work for you, often, the managers of those products are incentivized to take inappropriate risks to beat their performance benchmark. For instance, research has shown that mutual funds that use incentive fees take on more risk that funds that do not, and tend to double down and increase their risk following a poor performance. This could be detrimental to a client during down markets.


Does The Legacy Financial Group perform side-by-side management? How does The Legacy Financial Group mitigate conflicts that arise from managing accounts with differing fee structures?


This typically occurs when firms manage mutual funds or hedge funds alongside smaller retail accounts. Side-by-side management can create an incentive for the advisor to favor the larger funds, potentially leading to unequal trading costs and unfavorable trade executions for their retail clients.


Our system found no other conflict questions to ask. Checks take place monthly.



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Disciplinary History


An important aspect of the Trust Algorithm is processing the SEC Form ADV Part 1 filing of each Registered Investment Advisor (RIA). “Item 11 Disclosure Information” contains a list of valuable disclosures that are relevant for Americans.

As identified in SEC Form ADV Part 1, Item 11 “Disclosure Information”, the Trust Algorithm identified the following disciplinary disclosures for The Legacy Financial Group:




Cost


Unfortunately, there is no single, uniform pricing standard for working with a financial advisor. Catchphrases, including "fee-only," can be helpful; however, Americans often get confused with competitors promoting "fee-based" in response.

Ultimately, to understand the underlying costs of advisory services, we always recommend asking for an itemized fees breakdown and reading the firm's ADV Part 2 Brochure (Item 5, "Fees and Compensation").


View Fee Disclosures




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Other Firms


Droms Strauss Wealth Management, Wiener Financial Management, Redrock Wealth Management, Uwharrie Investment Advisors




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