Range Is Doing AI Investing the Right Way
- Range is an investment management company based in McLean, Virginia, focusing on lowering fees for self-managing investors and offering services including investment management, tax planning, equity compensation, retirement planning, real estate, estate planning, and budgeting.
- The company employs a team of specialists such as CFPs and CPAs from reputable firms, avoiding generalists, and charges a clear, flat annual membership fee ranging from $3,000 to $9,000 with no fees based on assets under management.
- Range has $1 billion under management as of early 2024, was founded in 2021, and while its website lacks detailed management information, key figures like founder and CEO Fahad Hassan and co-founder David Cusatis are identifiable via LinkedIn.
- Although privately held and not fully endorsed by the "AI Sheriff," Range effectively uses AI to assist investors, partners with Altruist for investment management, and is registered with the SEC as an investment adviser.
I mentioned eight weeks ago an investment management company using AI technology in what seemed like a good way, and today I am taking a closer look at Range, which is based in McLean, Virginia and has a website matching its name. I pointed out that the company focuses on lowering fees investors who are self-managing pay. It covers investment management as well as tax planning, which is its most requested area. Other areas include equity compensation, retirement planning, real estate, estate planning and cash flow and budgeting.
Very positively, the company discusses the team of specialists and not a single generalist. The team includes CFPs, CPAs and other specialists from known companies. The fee disclosure is very clear, with a fixed price and no fee on the amount of assets:
Range charges a flat annual membership fee — no AUM fees, no hidden charges, no percentage of your assets. Memberships range from $3,000 to $9,000/year depending on your level of complexity. Your fee stays the same whether you have $500K or $5M invested.
Looking at the management team, there is nothing on the website. The company does maintain a LinkedIn profile, and, from there, one can learn a lot. This video from a few days ago discusses the important fact that the company has $1 billion under management as of earlier this year. The problem with the video is that it doesn’t say who is doing the talking! It is Fahad Hassan, a founder and CEO. One can find other members of the management team through LinkedIn, like co-founder David Cusatis. The company was started in 2021
While the “AI Sheriff” has looked at it, he does not fully sign off on the company, as it is privately held. This seems to be a good way to use AI to help investors. The investments are managed by Altruist, which Vanguard just bought. Range Advisory, LLC is registered as an investment adviser with the SEC.