Top Financial Advisor Firms

Identifying the top financial advisor firms begins by understanding your specific needs. The best firm for one investor may not be the same for another, as different firms specialize in various aspects of wealth management. For high-net-worth individuals looking to invest $5+ million in liquid assets, it’s essential to research firms that align with your unique financial goals and offer tailored strategies for wealth management and financial planning.

What Do You Want Out of Life that the Top Financial Advisor Firms Can Help You With?

Before diving into the seven ways to identify the top financial advisor firms, consider your preferences regarding common investment issues:

Your Role in Investment Management

Some investors prefer to take an active role in managing their investments, while others prefer to entrust this responsibility to an expert at a top financial advisor firm for peace of mind.

For those looking to be more hands-on, hiring a full-time financial advisor may not be necessary. Instead, paying for hourly advice or annual flat fees when needed might be a more suitable option.

For those who prefer to delegate the responsibility and seek long-term financial security, working with an advisor who charges a percentage of assets under management and provides ongoing portfolio management may be the best approach.

Choosing the right type of advisor is a critical decision that should be based on thorough research. Understanding your financial needs and goals is essential before making this choice.

Company Size

Some investors prefer to work with a large, well-established firm that has a long track record. Others, however, favor smaller, independent firms that specialize in working closely with individuals who share similar financial needs. Regardless of the size, the goal is to find a top financial advisor firm that aligns with their investment objectives and values.

Types of Investments

Different financial advisor firms offer varying approaches to investments. Some may focus on a limited set of options, such as exclusively in-house funds, typically found at larger banking firms. Others may specialize in hedge funds or other niche investment opportunities. Meanwhile, some advisors provide a broader range of options and are not restricted to a single institution, offering more flexibility in the investment choices available.

Level of Customization

The level of customization varies widely among top financial advisor firms. Some firms offer standardized investment plans based on common principles, while others provide highly customized financial advice and personalized planning tailored to individual goals and situations.

So, What Do You Want?

• Do you want an active role in managing your investments, or would you prefer a passive approach?
• Would you prefer to work with a large firm or a smaller, independent one?
• Are you looking for a broad range of investment options, or do you prefer a narrower selection?

Do you want fully customized financial planning, or would you rather choose from pre-designed plans and asset allocations?

13 Large Financial Advisory Companies

If you prefer working with a large, established financial advisory firm rather than a private, independent advisor, here are some of the largest firms in the United States:

1. Wells Fargo & Co.

Founded in 1852, Wells Fargo provides a wide range of services, including insurance, mortgage, banking, investment management, wealth management, and commercial finance. The firm manages $2 trillion in assets under management (AUM).

2. Morgan Stanley

Founded in 1935, Morgan Stanley Wealth Management provides investment banking and financial advisory services across multiple sectors. Its offerings include investment management, retirement planning, fixed income, real estate, and equity. The firm manages $896.8 billion in AUM.

3. Merrill Lynch Wealth Management

Part of Bank of America, Merrill Lynch offers a range of services, including investment advice, private equity, fixed income, asset management, and tax-related services. It manages $2.75 trillion in AUM.

The top financial advisor firms for wealthy individuals have the experience needed to handle large deals and provide expertise across areas such as wealth management, retirement planning, investment management, taxation, philanthropy, and succession planning.

4. Fisher Investments

Founded in 1979 by Ken Fisher, Fisher Investments is based in Camas, Washington, with branches across the globe. The firm manages $200 billion in assets and serves high-net-worth individuals, corporations, pension plans, charitable organizations, and governments.

Fisher Investments specializes in financial planning and portfolio management, with decisions guided by an Investment Policy Committee (IPC) that adjusts asset allocations based on market conditions and client goals.

5. CAPTRUST

Founded in 1997, CAPTRUST has grown to manage $630 billion in assets, with 83 locations across the U.S. CAPTRUST offers a variety of services for individual clients, including retirement planning, risk management, tax consulting, and estate planning. For institutional clients, CAPTRUST provides investment advisory and fiduciary services.

The firm charges clients a quarterly fee based on the total value of their investment account, and fees are negotiated between the client and the advisor. A minimum advisory fee may apply.

6. Mercer Global Advisors, Inc.

Mercer Global Advisors, headquartered in Denver, operates over 90 offices across the U.S. The firm offers a wide range of financial services, including financial planning, investment management, estate planning, tax planning, and corporate trustee services.

A Mercer advisor manages every aspect of your financial life, allowing you to focus on living and growing your wealth. The advisor works to understand your needs and goals, develops investment and tax strategies, and customizes a financial plan that provides ongoing monitoring.

As a Mercer client, you are charged a monthly fixed fee based on the value of the investments in your account, typically ranging from 0.4% to 1.4%, including cash balances. For investment management services, there is a minimum annual management fee of $2,400, or up to 2% of AUM, whichever is less. Family office services have a minimum fee of $6,000, and ultra-high-net-worth clients have a minimum fee of $75,000. The minimum fee for investment management services that do not include financial planning is $800.

Mercer advisors are compensated with a fixed salary, bonuses, and commissions.

Mercer’s Ascend Group offers wealth management services that include investments, tax strategies, intergenerational wealth management, access to private banking, asset protection insurance, and trust management.

Investment strategies at Mercer Global Advisors focus on strategically weighted investments, broad asset class multi-factor diversification, cost management, and ongoing portfolio rebalancing to maintain the client’s risk and return profile.

7. Madison Investment Advisors, LLC

Madison Investment Advisors, based in Wisconsin’s capital, has been providing investment solutions since 1974. It is 100% employee-owned and manages approximately $25 billion in assets.

Madison’s four investment management teams (Multi-Asset Solutions, U.S. Equity, Fixed Income, and Institutional Equity) offer over 25 investment strategies for individuals and institutions. These strategies are actively managed when markets rise and protect assets when markets fall.

Madison provides investment advice to individuals, pension and profit-sharing trusts, insurance companies, foundations, charitable organizations, and mutual funds. The typical minimum account size for individual clients is $1 million, with $5 million for institutional clients.

For managed accounts, fees typically range from 0.4% to 0.8% annually, with balances ranging from $5 million to $15 million.

Madison’s asset allocation recommendations are based on its proprietary models, offering different portfolio compositions through its three strategies: Madison Mosaic, Madison Mosaic ETF, and Madison Mosaic Tax-Sensitive.

8. Summit Rock Advisors, LP

Summit Rock Advisors is based in New York City and is registered with the SEC as a large advisory firm managing at least $100 million in assets. The firm employs 75 people, with 35 investment advisors.

Summit Rock’s clients are primarily high-net-worth individuals with a typical net worth of at least $100 million, as well as pooled investment vehicles and charitable organizations. The firm manages about 140 discretionary accounts for individuals and businesses.

Summit Rock is owner-operated, ensuring that its interests are aligned with those of its clients. The firm believes that this alignment of interests drives better investment outcomes. Summit Rock’s employees are incentivized with discretionary bonuses, and senior employees receive compensation tied to the success of client investment plans through the company’s private SRA portfolios.

Clients pay an advisory fee based on the value of their assets under management (typically 0.50%), plus a management fee for SRA portfolios. The firm also charges performance fees at 15% of excess performance above the SRA benchmark. Additional fees may be paid for third-party services.

9. Buckingham Strategic Wealth, LLC

Founded in 1994 and headquartered in St. Louis, Buckingham Strategic Wealth operates 47 locations across the U.S. In 2022, the firm was recognized as one of the country’s leading fiduciaries on the Forbes Top RIA Firms list. With more than 10,000 clients across all 50 states, Buckingham manages $20 billion in assets.

Buckingham offers a range of financial services, including net worth development, retirement planning, investment planning, business owner planning, education planning, charitable giving, and tax planning.

Specialty areas include faith-based wealth management, planning through divorce, and LGBTQ financial planning. The firm utilizes its proprietary DBP (Design-Build-Protect) process for financial success, providing clients with a comprehensive life map for their finances.

Buckingham develops portfolios based on the client’s risk tolerance, utilizing a mix of passively managed or evidence-based mutual funds, individual fixed-income securities, and closed-end funds, depending on the client’s investment policy.

Buckingham’s clients include individuals, high-net-worth individuals, qualified retirement plans, charitable organizations, foundations, and corporations.

Fees:

• $3,000 minimum for wealth management services
• $250/month for clients with less than $300,000 in investable assets
• $26,000 minimum annually for institutional advisory services for assets over $5 million

The firm takes an evidence-based approach to investing, relying on over 50 years of research. It does not use an active investment approach, instead focusing on proven strategies that are adjusted as research evolves.

10. Moneta Group Investment Advisors, LLC

Moneta, based in St. Louis, has additional offices in Denver, Kansas City, Chicago, and Boston. Founded in 1869, the firm is employee-owned, with 37 equity partners. Moneta manages over $20 billion in assets and operates 22 teams of advisors under a fee-only model.

Moneta is known for pioneering the planned estates service in 1933 and for adopting a policy of “problems to solve, not products to sell.” As a fee-only firm, Moneta does not offer proprietary investment products; instead, it recommends a variety of investment options such as ETFs, mutual funds, fixed-income securities, REITs, hedge funds, separately managed accounts, and private equity funds.

Moneta’s clients include high-net-worth individuals, families, and institutional clients, such as 401(k) and other pension plans, foundations, and charitable organizations.

Fees:

• No account minimums
• Fee percentage typically <2% of assets under management
• Clients are also responsible for brokerage fees, ETF and mutual fund fees, and fees to third-party advisors.

Moneta’s investment strategy takes into account the client’s risk tolerance, performance expectations, and economic factors, applying them to different asset classes like fixed income, equities, and alternatives.

11. Fort Washington Investment Advisors, Inc.

Founded in 1990 and headquartered in Cincinnati, Ohio, with additional offices in Cleveland, Albany (NY), and San Francisco (CA), Fort Washington Investment Advisors managed over $70 billion in assets by the end of 2022.

Fort Washington is the primary investment arm of Western & Southern Investment Holdings, which also includes seven life insurance subsidiaries.

Fort Washington serves a wide range of clients, including individuals and families, institutions, consultants, endowments, foundations, and insurance companies, including those within the parent firm.

The firm focuses on delivering strategies that meet each client’s specific goals, utilizing public equity, fixed income, and private equity investments.

• Minimum Account Size: $500,000 for individual accounts
• Fees: Range from 0.50% to 1.00% of assets under management. Additionally, financial planning services may involve either flat fees or hourly rates.

12. Beacon Pointe Advisors, LLC

Beacon Pointe Advisors, founded in 2002, is the largest female-led RIA in the U.S. The firm’s headquarters are located in Newport Beach, CA, with over 40 offices and 350 professional staff across the country, managing $25+ billion in assets under advisement.

Beacon Pointe offers financial advisory services to a variety of clients, including individuals, businesses, trusts, estates, charitable organizations, pension plans, governments, and private funds. Alternative investments play an integral role in the firm’s portfolios.

Through its Managed Account Program (MAP), Beacon Pointe works with third-party investment managers to manage client assets. The investment managers are selected and continually reviewed by the Beacon Pointe Investment Committee. Client assets can be allocated to mutual funds, ETFs, REITs, or private funds, depending on their needs.

• Minimum Account Size for MAP: $1 million (may be waived under certain circumstances)

Beacon Pointe’s investment philosophy is focused on risk control and diversification across asset classes and investment managers. The firm generally favors active management, although it will employ passive management where appropriate.

13. NFP Retirement, Inc.

NFP Retirement, Inc. is headquartered in Aliso Viejo, CA, with offices across the U.S., Canada, Europe, and Puerto Rico.

NFP offers financial advisory services that include asset management and retirement planning. Their investment advice is somewhat limited in scope, but they provide portfolio management services to individuals, trusts, estates, and businesses. Their investment strategies typically use passive index funds, actively managed mutual funds, and sometimes individual securities, all diversified to minimize risk.

• Fees: Investment management fees range from 0.50% to 1.25% of retirement plan assets. Additional flat fees range from $2,000 to $500,000, depending on service scope. Hourly rates range from $250 to $350.
• Minimum Account Size: $25,000 for individuals, trusts, estates, and businesses.
• Clients: NFP works with pension plans, profit-sharing plans, foundations, endowments, and charitable organizations.

NFP applies modern portfolio theory to guide asset allocation and uses research from third-party providers alongside its own proprietary analysis. The firm’s strategy is determined by the client’s specific goals and the advisor’s recommendations.

The Best Financial Advisor Firms Have 7 Things in Common

1. Experience
2. Fiduciary
3. Customized Financial Planning
4. Fee Structure
5. Cost Management
6. Continuous Monitoring
7. Financial Services You Need Now and in the Future

Choosing the best financial advisor firm involves a thorough evaluation of several factors. Among the top financial advisory firms, you will find firms that cater to a wide range of client profiles. Selecting the best one for you requires time and careful consideration. However, we help many clients in the process of initial screening.

Here are seven key qualities to look for in the best financial advisor firms:

1. Experience

The top advisors have years of experience working with investors in their area of expertise. For instance, a firm specializing in retirement planning should have a strong track record in that area.

Look for a firm with a proven track record that demonstrates successful work with clients like you, as well as a healthy amount of assets under management (AUM). A firm with deep experience understands the issues and challenges that its clients face.

If you’re a high-net-worth investor, ensure that the firm’s expertise matches your financial needs and goals. Experience matters, and many of the best financial advisory firms are experts in managing large portfolios and complex financial situations.

2. Fiduciary

A fiduciary is an advisor who is legally bound to act in the best interests of their clients. This means they must offer financial advice that prioritizes your needs, without being influenced by their own profits or commissions.

Fiduciary advisors must disclose any potential conflicts of interest, ensuring complete transparency. Many of the best financial advisor firms operate under the fiduciary standard, which means they are committed to providing impartial, client-first financial guidance.

3. Customized Financial Planning

While many financial advisory firms offer standardized plans (such as aggressive or conservative asset allocations), the best advisors provide personalized, tailored solutions. Customization means creating a financial plan that is specific to your life situation, goals, and desired lifestyle, now and in the future.

When considering a firm that offers customized planning, be sure to clarify exactly what they mean by “customized.” Ensure their approach genuinely matches your financial needs and expectations.

4. Fee Structure

The best financial advisor firms typically charge for their services in one of two broad categories: fee-only and fee-based.

• Fee-Only: As the name suggests, a fee-only structure involves charging clients a flat fee for services provided. This fee could be calculated on an hourly basis, milestone basis, or as a percentage of assets under management (AUM). If additional services are required, those are typically billed separately, but the core fee structure is straightforward in the fee-only model.
• Fee-Based: In this model, advisors charge both a fee and earn commissions on products sold or “marketed” to their clients. For example, if a client invests in a mutual fund that the advisor recommends, the advisor might receive a commission from the mutual fund company. This model creates an incentive to push certain products that generate commissions.

Fiduciary advisors, who are legally bound to act in their clients’ best interests, generally prefer the fee-only model. It ensures transparency and eliminates conflicts of interest, which can arise in fee-based models.

5. Cost Management

Some of the best financial advisor firms prioritize investment returns but may overlook the importance of minimizing investment costs. For example, excessive trading, or “portfolio churning,” can result in large short-term capital gains taxes that significantly reduce overall investment returns.

Additionally, investing in high-expense-ratio funds can lead to unnecessary costs that eat into your portfolio’s performance. These hidden fees are often hard to pinpoint, but they can have a substantial impact.

The top financial advisor firms strike a balance between pursuing strong returns and managing costs effectively. They focus on minimizing unnecessary expenses while ensuring that unavoidable costs are clear and transparent to clients.

6. Continuous Monitoring

The best financial advisor firms don’t just set up your investment portfolio and leave it at that. Instead, they offer proactive, continuous monitoring to ensure that your financial plans stay on track.

Unlike firms that standardize their approach to client monitoring, top advisors communicate personally with each client, providing frequent updates and performing periodic stress tests to assess whether the portfolio can handle unexpected life changes or market shifts.

This ongoing engagement is critical for adapting to evolving financial goals and market conditions.

7. Financial Services You Need Now and in the Future

The best financial advisor firms offer a broad range of services that can cater to different stages of your life. Your needs at age 35 will differ from those at age 55 or 75, and it’s important to work with an advisor who can evolve their approach as your goals and priorities change.

Look for an advisor who offers a variety of services to meet both your current and future financial needs. Below are some of the services you might expect to see from the best financial advisors:

5 Financial Services Offered by the Best Financial Advisory Firms

1. Wealth Management

Most of the top financial advisor firms offer wealth management services, even if they cater to a wider range of clients. However, specialized firms, like those exclusively serving high net worth and ultra-high net worth investors, families, and business owners, offer highly tailored services.

As clients build wealth, their needs evolve, and the best financial advisor firms anticipate and address these changes. If an advisor treats clients with millions of dollars the same as clients with just a few hundred thousand, it may indicate that the services are not adequately tailored to the needs of high-net-worth individuals.

Wealth management involves comprehensive planning, wealth protection, long-term financial security, estate planning, retirement planning, philanthropy, and customized investment portfolio management.

2. Insurance

Insurance plays a crucial role in financial planning, covering areas such as life insurance, retirement plan insurance, saving for future needs like education and healthcare costs, and more. While many of the best financial advisor firms do not directly provide insurance, they often have strong relationships with independent professionals who specialize in these areas.

3. Advisory

Sometimes, financial decisions go beyond investments. When you need expert advice, whether it’s choosing the right retirement plan, managing taxes, deciding on an investment, or handling complex life events like health issues, business opportunities, or real estate decisions, a financial advisor will guide you through it.

Private, independent advisors often excel in this area, providing more personalized service, experience, and access. Unlike large firms with high turnover, you won’t be shuffled between different advisors each year.

4. Investment Planning

The best financial advisors provide private, hands-on management for your investment planning. Each decision can have far-reaching effects, especially when dealing with substantial sums.

Clients with millions of dollars may have various accounts, including IRAs, Roth IRAs, 401(k)s, life insurance, health savings accounts, and more. They may also have business succession planning or own assets like real estate and stocks. As personal income sources increase, tax planning becomes even more crucial, particularly as retirement planning becomes more complex.

5. Estate Planning and Tax Minimization

Estate planning and tax minimization are often closely linked, especially considering how the estate tax can significantly impact high-net-worth families.

It’s surprising how many ultra-high-net-worth individuals haven’t done the basics of estate planning. Even prominent figures like Zappos founder Tony Hsieh, who tragically passed away in his 40s, didn’t have an estate plan in place, leaving a complicated mess for their families to handle.

The best financial advisor firms prioritize estate planning and tax minimization, focusing on strategies to protect your wealth and assets, especially for high-net-worth investors.

Searching for the Right Advisor for You

Finding the right advisor starts with some preliminary research from the comfort of your home. Begin by searching for the best financial advisor firms in your area.

If you have between $5 million and $500 million in liquid assets, you are invited to start a conversation with an experienced financial advisor to explore how we can assist you in achieving your financial goals.

The best financial advisors possess the seven qualities mentioned earlier, and we adhere to these principles.

Another effective way to search for the best financial advisor firms is to speak with family, friends, or colleagues who may also be high-net-worth individuals. They might be working with an advisor who specializes in the complex issues that wealthy individuals face.