Founded in 2006, Parallel Advisors is registered with the U.S. Securities and Exchange Commission as an investment adviser and states it acts as a fiduciary.
Its investment advisory services are fee-only and typically billed as a percentage of assets under management (AUM).
When working with clients, Parallel Advisors gathers information about their financial situation and objectives, then builds and manages a portfolio aligned with those goals, and monitors accounts continuously as part of the service.
Alongside portfolio management, Parallel Advisors offers financial planning as part of its standard advisory engagement, and it may also provide stand-alone financial planning/consulting and tax preparation services under separate fee arrangements.
The firm also offers retirement plan services for plan sponsors (including ERISA 3(21) and 3(38) roles) under a separate agreement.
What are the pros and cons of Parallel Advisors?
Parallel Advisors offers an advisor-led, discretionary wealth management relationship that combines portfolio management with planning-oriented support, and it emphasizes a fiduciary, fee-only model.
However, some services can add separate costs, and certain strategies or investment types it may use can introduce complexity or liquidity limitations.
It’s worth weighing up all these elements before deciding whether to work with a firm. Here are some of the key advantages and drawbacks to get you started.
Pros of Parallel Advisors:
Fee-only, fiduciary advisory model: Parallel Advisors states it is a fiduciary and discloses that neither the firm nor its representatives accept compensation from the sale of securities or investment products.
Discretionary portfolio management with client-set controls: Clients can engage Parallel Advisors on a discretionary basis, allowing the firm to manage portfolios without requiring approval for each trade, while still retaining the ability to impose reasonable written restrictions on investments or strategies.
Full-service wealth management model: Parallel Advisors frames its offering as full-service wealth management, integrating discretionary investment management with broader planning-oriented support within a single, ongoing advisory relationship, rather than separating portfolio management and planning.
Retirement plan advisory capabilities: In addition to individual wealth management, Parallel Advisors offers retirement plan consulting and management services for plan sponsors, including ERISA Section 3(21) and 3(38) roles, depending on the engagement.
Cons of Parallel Advisors:
Negotiable pricing can make costs less predictable: Parallel Advisors states its investment advisory fee is negotiable, and similarly situated clients could pay different fees depending on factors such as assets, complexity, and servicing needs.
Minimum annual fees may apply: The firm states it generally requires a $3,000 minimum yearly fee for investment advisory services and a $5,000 annual minimum fee for retirement plan services, which can increase the effective cost for smaller investors.
Additional costs may apply beyond the advisory fee: Clients can pay brokerage transaction costs and product-level expenses (such as mutual fund/ETF internal expenses). Additional fees may also apply when using independent managers or private investment funds.
Some investment types can add complexity or liquidity constraints: The firm notes that certain investments it may use or recommend can involve liquidity limits and other risks. It also notes that it does not exercise discretionary authority to purchase cryptocurrency investments for client accounts.
Parallel Advisors fees: How much does Parallel Advisors cost?
Parallel Advisors’ core wealth management fee is an annual, negotiable AUM-based advisory fee ranging from 0.30% to 1.25%, depending on portfolio size.
The firm also states an effective advisory fee cap of 2.00% of assets under management.
Investment advisory (wealth management) fee schedule
Parallel Advisors lists the following annual fee tiers:
| Market value of portfolio | Annual fee rate |
|---|---|
| $1 to $250,000 | 1.25% |
| $250,001 to $2,000,000 | 1.00% |
| $2,000,001 to $4,000,000 | 0.85% |
| $4,000,001 to $6,000,000 | 0.70% |
| $6,000,001 to $10,000,000 | 0.60% |
| $10,000,001 to $25,000,000 | 0.50% |
| Above $25,000,001 | 0.30% |
Retirement plan services fees (plan sponsors)
For retirement plan consulting/management services, Parallel Advisors lists an annual advisory fee schedule that is generally between 0.70% and 0.15%, depending on plan asset level:
| Market value of portfolio | Annual fee rate |
|---|---|
| $1 to $1,000,000 | 0.70% |
| $1,000,001 to $3,000,000 | 0.50% |
| $3,000,001 to $5,000,000 | 0.35% |
| $5,000,001 to $10,000,000 | 0.25% |
| Above $10,000,001 | 0.15% |
Stand-alone planning and tax preparation fees
Parallel Advisors also lists separate-fee services:
Stand-alone financial planning/consulting: Negotiable hourly fees, generally up to $1,000 per hour, depending on scope and complexity.
Tax preparation services: Negotiable, generally $300 per hour; the firm notes it may offer tax preparation on a flat-fee basis at its discretion and will provide an estimated cost at the outset based on scope and complexity.
Other fees and expenses
In addition to Parallel Advisors’ advisory fees, clients may pay custodian transaction charges (such as commissions, transaction fees, and fixed-income mark-ups/mark-downs) and fund-level expenses (such as mutual fund/ETF management fees and operating expenses).
The firm also notes that using private investment funds and/or independent managers can add additional management or related fees.
What is Parallel Advisors’ minimum account size?
The firm charges minimum annual fees, which can effectively serve as a practical entry point depending on the assets managed and services used.
For its core wealth management service, Parallel Advisors generally requires an annual minimum advisory fee of $3,000. As a result, clients with smaller portfolios may still be accepted, but their effective fee rate may be higher than the published percentage schedule due to this minimum.
For retirement plan consulting and management services provided to plan sponsors, the firm generally applies a $5,000 annual minimum fee, rather than a stated minimum plan asset size.
Parallel Advisors' minimum requirements by service type:
| Service type | Stated minimum |
|---|---|
| Investment advisory | $3,000 annual minimum fee |
| Retirement plan services | $5,000 minimum yearly fee |
Who should choose Parallel Advisors?
Parallel Advisors works well for:
Clients who want a full-service wealth management relationship: The firm offers comprehensive financial planning, investment management, and advisory services.
Investors who prefer discretionary portfolio management: Parallel Advisors provides discretionary investment advisory services, meaning your advisor has the authority to buy, sell, trade, and allocate investments without prior consultation for each transaction.
Clients who want retirement-plan support at the employer level: The firm provides retirement-plan consulting/management services to sponsors of self-directed ERISA plans and may serve in an ERISA Section 3(21) or 3(38) capacity, depending on the agreement.
Clients who need planning coordinated with investing: The advisory fee includes investment advisory services and, if specifically requested, financial planning and consulting services; it also offers stand-alone planning/consulting services.
Clients who want tax services from the same firm: Parallel Advisors states that it may provide tax preparation and/or planning services under a separate fee arrangement.
Clients who prefer a fee-only structure: The firm states it provides services on a fee-only basis and that neither the firm nor its representatives accept compensation from the sale of securities or other investment products.
Who might not benefit as much:
Fee-sensitive investors: Investors primarily seeking the lowest-cost way to invest or minimal ongoing fees may find Parallel’s structure less aligned with their preferences.
Investors looking for basic or investment-only services: The firm positions its offering as full-service wealth management rather than a streamlined, investment-only solution, which may be more than what some investors need if they are not seeking broader advisory or planning support.
Clients who prefer self-directed or transactional investing: Parallel Advisors’ core service is discretionary investment management, not a platform for frequent trading or investor-directed transactions. Clients who want to manage portfolios themselves or approve each trade may find the model less suitable unless they impose specific restrictions.
Parallel Advisors: Is it secure?
Parallel Advisors is generally considered a secure option for investment advisory services, based on its regulatory status, custodial structure, and the security and privacy safeguards it discloses in its regulatory filings.
Parallel Advisors is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser and states that it operates as a fiduciary under the Investment Advisers Act of 1940. This means the firm is legally required to act in clients’ best interests when providing investment advice.
Client assets are not held directly by Parallel Advisors. Instead, the firm generally recommends that client accounts be held with large third-party custodians such as Charles Schwab & Co., Inc. and Fidelity Brokerage Services, unless a client directs otherwise, or circumstances require a different custodian. This separation between advisor and custodian helps reduce the risk of asset misuse.
From an information security perspective, it has implemented administrative, technical, and physical safeguards to protect clients’ nonpublic personal information in accordance with Regulation S-P.
While no system is entirely risk-free, Parallel Advisors’ use of third-party custodians, fiduciary obligations, and disclosed cybersecurity controls aligns with common security practices among registered investment advisory firms.
Parallel Advisors: Customer service
Parallel Advisors’ customer service is built on a direct-advisor relationship.
Client support is typically delivered through the assigned financial professional as part of the ongoing advisory engagement.
For firm-level questions or requests for official documentation, clients can contact Parallel Advisors by phone and email.
Parallel Advisors: Mobile app
Parallel Advisors offers a mobile app called Parallel Financial Partners, which is designed as a secure, consolidated wealth dashboard rather than a full-featured investing or trading app.
Its primary purpose is to give clients a clear, centralized view of their overall financial situation in one place.
The app focuses on visibility and monitoring, allowing users to view portfolio values, account balances, asset allocation, and high-level performance across linked accounts.
Advanced analytics, detailed charting, and self-directed investment tools are limited, reflecting the app’s role as a companion to the advisory relationship rather than a primary management interface.
Is Parallel Advisors worth it?
Whether Parallel Advisors is worth it depends on what you want from a wealth management relationship.
For investors who prefer an advisor-led, discretionary service and who value having investment management alongside broader planning and advisory support under a full-service wealth management model, it can be a fit for an ongoing, long-term relationship rather than a self-directed investing experience.
However, investors who are fee-sensitive, want a lower-cost entry point, or prefer to direct and approve each trade may find the discretionary, ongoing advisory model less suitable.
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