What does Modern Woodmen of America do?
Modern Woodmen of America (MWA) offers financial services, including financial planning, investment management, annuities and life insurance.
Its advisor-led portfolio management service is provided through MWA Financial Services, Inc. (MWAFS), a registered investment adviser and broker-dealer based in Rock Island, Illinois.
MWAFS became a registered investment adviser in February 2004. As of January 2026, the firm reported over $639 million in non-discretionary advisory assets.
MWAFS provides investment advisory services to individuals, trusts, high-net-worth individuals, corporations, and other small businesses.
Key services:
- Adviser managed accounts
- Third-party managed accounts
- Financial planning services
- Adviser managed employer-sponsored retirement plans
Investment philosophy:
When making recommendations, the firm considers a client’s financial situation, objectives, time horizon and risk tolerance and uses economic, financial and market price information to evaluate investments.
MWAFS states that these methods do not guarantee returns, and clients should be prepared for the risk of investment loss.
What are the pros and cons of Modern Woodmen of America?
Here is a look at the pros and cons of Modern Woodmen of America.
Pros of Modern Woodmen of America:
- Advisor-led relationship: Clients work with an IAR rather than relying only on automated allocation tools.
- Planning context: The firm provides financial planning covering retirement, education, estate planning, asset management and insurance needs analysis.
- Third-party manager access: Clients who want more delegated portfolio management may use third-party managed accounts, when appropriate.
Cons of Modern Woodmen of America:
- Minimum account size: Adviser-managed accounts require a $50,000 minimum, which may make the service less accessible to smaller investors.
- Layered fee structure: Managed accounts charge 0.25% to 1.50% of assets, while separate financial planning can cost $25 to $500 per hour or a flat fee. Product, brokerage, custodial and account-level fees may also apply.
- Non-discretionary accounts require client approval: In adviser-managed accounts, the IAR must get the client’s approval before making trades. This gives clients more control, but it may not suit investors who want a hands-off approach.
Modern Woodmen of America fees: How much does Modern Woodmen of America cost?
Modern Woodmen’s advisor-led portfolio management service charges an asset-based advisory fee for managed accounts. Here is a breakdown of the firm’s key fees and billing methods:
Service | Fee type | Fee range | Billing method |
|---|---|---|---|
Adviser managed account | Percentage of assets under management | 0.25%–1.50% | Quarterly |
Third-party managed account | Percentage of assets under management | 0.25%–1.50% | Quarterly |
Financial planning services | Hourly fee | $25–$500 per hour | Check payable to MWAFS, collected by IAR |
Financial planning services | Flat fee | $25–$10,000 | Check payable to MWAFS, collected by IAR |
Clients may also incur additional costs beyond the advisory fee, including investment-level expenses, management fees, custodial fees, deferred sales charges, transfer fees and other fees.
What is Modern Woodmen of America’s minimum account size?
MWAFS requires a $50,000 minimum account balance, though the firm reserves the right to waive the minimum.
The minimums for third-party managed accounts vary and may be negotiable at the third-party manager's discretion.
Who should choose Modern Woodmen of America?
Here is a quick look at who MWA may be best suited for, but it’s worth remembering to comprehensively research a firm before deciding to go with it.
Modern Woodmen of America works well for:
- Clients who want advisor involvement: The service suits investors who prefer working with a representative to using a fully digital robo-advisor.
- Clients who value planning context: The planning process can consider retirement, education, asset allocation, insurance needs and other client priorities.
- Clients who want control over trades: Adviser-managed accounts are non-discretionary, so the IAR must get client authorization before initiating transactions.
Who might not benefit as much:
- Investors seeking a fully digital robo-advisor: It’s an advisor-led model, not an automated robo-advisory platform.
- Cost-sensitive investors: The advisory fee can reach 1.50%, and additional fund, brokerage and custodial costs may apply.
- Clients below the $50,000 threshold: The minimum may be a barrier unless waived.
Modern Woodmen of America: Is it secure?
MWAFS is registered with the SEC as an investment adviser and is also a FINRA broker-dealer, meaning the service operates under both investment advisory and brokerage regulatory frameworks.
MWAFS does not physically hold client assets. Custody is maintained by a qualified custodian, with clients receiving monthly or quarterly statements and urged to review them.
Modern Woodmen also discloses specific information-security measures, including a full-time privacy and information-security team, written security policies and procedures, and information-security tools.
This structure provides basic regulatory and custody safeguards, but it does not eliminate investment risk.
Modern Woodmen of America: Customer service
Support is primarily representative-led.
Modern Woodmen provides customer support through local financial representatives and its headquarters service team.
Modern Woodmen of America: Mobile app
Modern Woodmen has an official Modern Woodmen mobile app.
The app is primarily a member account tool. It supports payments, beneficiary updates, annuity withdrawals, plan statements, tax documents, life insurance and annuity account values, member programs, contact updates and electronic statements.
Is Modern Woodmen of America worth it?
Modern Woodmen of America’s advisor-led investment management service may be worth considering for clients who want a representative-led relationship and are comfortable with a non-discretionary managed account model.
Its main strengths are human guidance, access to adviser-managed or third-party managed accounts, and the ability to connect portfolio advice with broader financial planning.
The main trade-offs are the $50,000 minimum for adviser-managed accounts unless waived, advisory fees ranging from 0.25% to 1.50%, and possible additional fund, brokerage, custodial, or third-party costs.
Get expert financial advice
If you're seeking professional financial advice, Unbiased can match you with a financial advisor who will help you manage your money and maximize your investments.