The firm provides these services for individuals, high-net-worth families, retirement and profit-sharing plans, charitable organizations, corporations, trusts, estates, and a private pooled investment vehicle.
Founded in 2006 and operating under its current structure since 2012, the firm manages over $6.7 billion in discretionary assets. It offers both discretionary and non-discretionary portfolio management, including a wrap-fee program.
Beyond portfolio management, Empirical integrates financial planning, tax preparation, retirement consulting, estate-planning support, insurance planning, and real estate services into an advisor-led service model.
What are the pros and cons of Empirical Wealth Management?
Empirical Wealth Management offers a comprehensive, advisor-led approach to financial planning.
Before choosing whether or not to work with a firm, it’s wise to consider all of the pros and cons.
Here are some of the key advantages and drawbacks to get you started.
Pros of Empirical Wealth Management:
Comprehensive, advisor-led service: Clients can receive financial planning, tax preparation, estate-planning coordination, insurance planning and real estate services all under one firm.
Evidence-based investment philosophy: Empirical builds portfolios using Modern Portfolio Theory and incorporates 12–21 asset classes informed by academic research, including the Fama-French framework, and offers 55 active and 8 passive strategies to support a structured, research-driven approach.
Access to human advisors and specialists: Clients work directly with financial advisors, portfolio managers, tax professionals, and, when needed, affiliated real estate and insurance teams.
Additional support for complex financial needs: Services such as retirement plan consulting, executive consulting, and private fund access (for qualified investors) expand planning options for clients with more intricate financial structures.
Cons of Empirical Wealth Management:
Higher asset minimums: Empirical generally requires a $3,000,000 minimum to open and maintain an advisory relationship, which may limit accessibility for smaller investors.
Fees can vary based on negotiated schedules: Advisory fees are tiered and negotiable, up to a maximum of 1.00%, meaning client costs may differ depending on account size and circumstances.
Potential conflicts of interest: Affiliated insurance and real estate entities earn commissions, and the firm participates in the Schwab Advisor Network referral program, which may create incentives that clients should be aware of.
Primarily advisor-driven, not automated: Investors seeking automated tools or a digital-first platform may find the service less aligned with hands-off, robo-advisor expectations.
Empirical Wealth Management fees: How much does Empirical Wealth Management cost?
Empirical Wealth Management uses a tiered pricing structure based on assets under management (AUM).
Fees are outlined in each client’s advisory agreement and will not exceed 1.00% annually.
Below is a breakdown of the key fees for Empirical’s wealth management service.
AUM-based advisory fee (up to 1.00%):
Empirical charges a negotiable, tiered annual fee up to 1.00%, with lower rates applying at higher asset levels.
Fees are billed quarterly, either in arrears using an average daily balance calculation or, for some legacy clients, in advance.
Wrap-fee option:
Clients who enroll in the wrap-fee program pay a single comprehensive fee that includes portfolio management, brokerage execution and custodial services, following the same advisory fee schedule.
Other account-level fees charged by custodians or third parties:
Empirical does not charge these, but may apply to managed accounts. Such charges are separate from Empirical’s advisory fee and depend on the custodian and investment products used. Examples include
Mutual fund and ETF internal expenses
Brokerage commissions and trade-away fees
Custodial fees, including charges for non-standard or alternative assets
Margin interest and wire transfer fees
Account transfer or closing fees
What is Empirical Wealth Management’s minimum account size?
Empirical Wealth Management is designed primarily for clients with substantial investable assets.
The firm generally requires a minimum of $3,000,000 to open and maintain an advisory relationship, though Empirical may waive this requirement at its discretion.
Empirical’s minimums place it in the traditional high-net-worth advisory category, in contrast to digital platforms with lower entry requirements. T
The typical $3 million threshold reflects the firm’s focus on clients who need comprehensive planning, tax integration and ongoing advisor involvement.
Who should choose Empirical Wealth Management?
Empirical Wealth Management is best suited for clients who want a high-touch, advisor-led wealth management experience.
Empirical Wealth Management works well for:
High-net-worth individuals and families: The typical $3,000,000 minimum aligns with clients who need coordinated portfolio management, planning and tax support.
Clients with complex financial situations: Those managing multiple accounts, business interests, trusts, or estate-planning needs benefit from Empirical’s broad advisory capabilities.
Investors seeking human guidance: The firm delivers personalized recommendations from financial advisors, portfolio managers, tax professionals and estate-planning partners.
Long-term, planning-focused investors: Empirical’s planning-first process and diversified portfolio construction support clients who prioritize long-term goals over short-term trading.
Clients who value integrated services: Wealth management includes investment management, tax preparation, retirement consulting, insurance planning, and real estate support, all coordinated within a single advisory relationship.
Empirical Wealth Management may not be suitable for:
Investors without significant assets: Due to the $3 million minimum, the service may not be accessible or cost-effective for clients with smaller portfolios.
Active or self-directed traders: Empirical does not provide tools for frequent trading or customized, tactical strategies, making it a poor fit for clients who want to manage their own portfolios actively.
Digital-first or automation-focused investors: The firm does not operate as a robo-advisor, so clients seeking low-cost automated investing or a primarily app-based experience may find the advisor-centric model less aligned with their preferences.
Empirical Wealth Management: Is it secure?
Empirical Wealth Management operates under SEC regulations, fiduciary obligations, and uses qualified custodians to safeguard client assets.
Empirical does not take possession of client funds; instead, assets are held by qualified custodians such as Charles Schwab, an SEC-registered broker-dealer and SIPC member responsible for custody, clearing and execution.
Clients receive statements directly from the custodian at least quarterly and are encouraged to compare them with Empirical’s reports.
Empirical is also an SEC-registered investment advisor, meaning it must follow fiduciary standards and comply with regulatory requirements designed to protect investors, including acting in clients’ best interests and maintaining oversight and disclosure processes.
The firm additionally acknowledges cybersecurity risks and states that it maintains protective measures to reduce unauthorized access, data compromise, or operational disruptions, while noting that interconnected financial systems inherently carry some level of cyber risk.
While no financial system is entirely risk-free, Empirical’s custodial structure, fiduciary obligations and internal security practices align with the safeguards commonly used by regulated advisory firms.
Empirical Wealth Management: Customer service
Empirical Wealth Management provides advisor-led customer service, with clients primarily interacting directly with financial advisors, portfolio managers, and support staff rather than automated or chat-based systems.
Clients receive ongoing access to their advisory team through phone, email and scheduled meetings, which may include financial planning reviews, investment updates and tax-related discussions.
The firm also delivers quarterly written reports that summarize portfolio performance and strategy updates, and advisors review accounts at least quarterly or as needed when changes occur.
Empirical Wealth Management: Mobile app
The Empirical Wealth Management app gives clients a simple way to view their complete financial picture and stay connected with their advisory team. Its interface centers on an intuitive financial dashboard that brings together account balances, investment information and key planning data.
Users can access a secure document vault, review interactive investment reports and use budgeting tools to track spending, all within a safe, easy-to-use mobile platform.
While the app focuses on visibility, reporting and advisor communication rather than broad digital investing features, it functions effectively as a companion tool for clients who value convenience and ongoing engagement with their advisory team.
Is Empirical Wealth Management worth it?
Whether Empirical Wealth Management is worth it depends on what you are looking for.
For high-net-worth individuals and families seeking a comprehensive, advisor-led approach, the firm may be a good fit. Its planning-first model and access to human advisors may appeal to clients with complex financial situations who value ongoing guidance.
However, the typical $3 million minimum and a traditional AUM-based fee structure, up to 1%, make it less accessible to smaller investors or those seeking lower-cost, digital-first platforms.
Additionally, as Empirical’s service is centered on advisor interaction rather than automation or self-directed tools, clients who prefer active trading or technology-driven investing may find the model less aligned with their preferences.
Those seeking similarly comprehensive, advisor‑led options may also compare firms such as Mariner Wealth Advisors, Creative Planning or Ritholtz Wealth Management, while those interested in lower‑cost or hybrid advisory models could consider options like Vanguard Personal Advisor Services or Schwab Intelligent Portfolios Premium.
Get expert financial advice
If you need expert financial advice, Unbiased can match you with a financial advisor who will help you manage your money and maximize your investments.