Independent advisor
Falcon Wealth Planning
Falcon is a California RIA that runs tax-aware long/short SMAs for clients and moved that business from Fidelity to Schwab.
- Their fee
- Not disclosed
- Minimum
- Not disclosed
- Onboarding
- Not disclosed
- Status
- Restricted
Third-party profiles give conflicting schedules (2.00% to 0.75% tiers, and 0.1625% to 0.50%). Financing at Schwab is 0.40% to 1.20% by account size. Fidelity raised the rate for existing clients from 0.60% to 1.52%.
Schwab requires $10M for new long/short SMAs since 2026-09-16.
New accounts depend on Schwab terms. Fidelity accepts no new long/short SMAs.
New long/short accounts need $10M at Schwab, and the RIA total at Schwab is capped at 30% in long/short.
Products they offer
Tax-aware long/short
| Product | Product fee | All-in fee |
|---|---|---|
| Tax-aware long/short SMAs (managers not named)The firm president describes these in InvestmentNews articles. | Not disclosed | Not disclosed |
Sources
Checked 2026-10. Confidence: medium.