Independent Financial Advisory Firms for High-Net-Worth Individuals

Financial Advisors’ Top 5 Picks: Independent Broker-Dealers

A broker-dealer is a person or business entity that buys and sells securities either on behalf of clients or for its own account. Broker-dealers must be registered with the Securities and Exchange Commission (SEC). They facilitate trading, offer certain types of financial advice, and help companies raise capital. Broker-dealers range from small independent businesses to large multinational investment banks.

Below are five notable independent broker-dealers, according to a selection by U.S. News:

1. Ameriprise Financial Services

Founded in 1986, Ameriprise Financial Services is a publicly held company providing a variety of financial planning services. Clients work with a dedicated team to develop plans tailored to their financial goals, including services related to education funding, tax planning, investment strategies, business planning, and estate planning.

Fees for the Ameriprise Financial Planning Service (AFPS) are negotiable, with a minimum fee of $500 and an ongoing $50 monthly charge. Additional fees such as wrap fees, product fees, markups or markdowns, and brokerage commissions may apply if clients implement their plans through Ameriprise or its affiliates.

2. Equitable Advisors

Equitable Advisors, headquartered in New York City, was founded in 1999. The firm provides financial planning and asset management services, and may also serve retirement plans but does not provide services to government entities.

The firm manages over $27 billion in assets across more than 75,000 accounts.
Fees are negotiated individually with clients and may be structured as fixed fees, hourly fees (ranging from $100 to $400), or asset-based fees. Equitable does not charge performance-based fees.
Clients include individuals, charitable organizations, banks, and businesses.

3. Raymond James Financial Services Advisors

Founded in 2009 and based in St. Petersburg, FL, Raymond James Financial Services Advisors manages approximately $245 billion in assets. The firm provides comprehensive guidance on asset allocation, portfolio management, tax planning, insurance strategies, education funding, retirement, estate planning, and business consulting.

Advisory fees are typically based on a percentage of assets under management, not exceeding 2.25%. The firm also offers hourly consulting services (up to $400 per hour) and fixed fee arrangements.
Raymond James does not accept performance-based fees. Additional account-related fees may apply.

4. LPL Financial

LPL Financial operates through a broad network of independent advisors who offer both brokerage and investment advisory services. Available investment vehicles include stocks, bonds, mutual funds, ETFs, annuities, and alternative assets, depending on the advisor’s licensing and offerings.

Brokerage services are typically transaction-based (commission structures), while advisory services are generally charged a quarterly fee based on account value. Fee structures vary depending on the advisory program selected by each client.

5. Commonwealth Financial Network

Established in 1979 and headquartered in Waltham, MA, and San Diego, CA, Commonwealth Financial Network manages over $145 billion in assets. The firm’s approximately 2,900 advisors operate as Investment Advisor Representatives (IARs).

Commonwealth does not offer proprietary investment products, allowing advisors to tailor recommendations based solely on clients’ goals, risk tolerance, and time horizons. Fees are generally asset-based and vary depending on the selected investment program.

For example, the PPS Custom Program, a personalized portfolio service, requires a $25,000 minimum account balance.Note: The broker-dealers listed above were highlighted by U.S. News based on factors such as service offerings, asset management capabilities, and accessibility.

When considering a broker-dealer or financial advisor, it’s important to conduct your own research to ensure their services align with your individual financial goals and needs

What Do Independent Financial Advisory Firms Do?

You might have come across the term “independent financial advisory firms,” but may not have a clear understanding of what they do. If you are wondering what services these firms provide, continue reading to learn more.

Independent financial advisory firms offer a range of services depending on the expertise of their financial advisors and their areas of specialization. Some advisors focus on a single service, while others provide comprehensive support to help clients achieve their financial objectives. Services commonly include:

• Portfolio analysis
• Investment management
• Retirement planning
• Tax management
• Estate planning

Each of these services holds particular value for high-net-worth and ultra-high-net-worth individuals.

Portfolio Analysis

Independent financial advisory firms assist affluent individuals with optimizing their investment portfolios through detailed portfolio analysis.
A financial advisor will assess the structure of your portfolio, identify any potential risks, and recommend strategies to mitigate those risks while aligning with your financial goals.
Portfolio analysis can be particularly helpful when planning for future investments and preserving long-term wealth.

Investment Management

Investment management is a cornerstone service for individuals with significant assets.
The way investments are structured and managed plays a critical role in achieving financial objectives. Investment management is also closely linked to retirement planning, tax efficiency, and estate planning.

Experienced advisors at independent firms develop holistic investment strategies aimed at producing steady, long-term returns. Rather than focusing solely on short-term gains, advisors structure portfolios to align with life goals, risk tolerance, and future needs.

Proper investment management is essential to financial security, and for high-net-worth individuals, it requires an experienced, thoughtful approach.

Retirement Planning

Retirement planning is an essential component of financial management at every level of wealth, but it becomes especially complex for affluent individuals.
A thorough retirement strategy ensures that you can maintain your desired lifestyle and financial independence after you stop working.

Independent financial advisory firms help clients create customized retirement income strategies, balancing current needs with long-term wealth preservation.
Starting retirement planning early offers more flexibility in investment choices and a greater ability to adapt to changing financial circumstances over time.

Tax Management

Tax management is another critical service offered by independent financial advisory firms.
For ultra-high-net-worth individuals, optimizing tax strategies can significantly impact overall wealth accumulation and preservation.

Advisors help restructure portfolios and assets to enhance tax efficiency, identify opportunities for tax-loss harvesting, and recommend strategies to minimize tax obligations.
Effective tax management allows clients to retain more of their earnings, improve cash flow, and build wealth more efficiently.

Estate Planning

Estate planning ensures that wealth is transferred smoothly to the next generation.
Independent financial advisory firms work with clients to create comprehensive estate plans that include wills, trusts, and asset transfer strategies.

Estate planning can become particularly complicated for individuals with multimillion-dollar estates, especially when considering factors such as estate taxes and succession planning.
Proper estate planning helps ensure that your assets are distributed according to your wishes while minimizing administrative delays and potential tax burdens for heirs.

Note: Independent financial advisory firms provide educational, strategic support across multiple areas of wealth management. Each service aims to help clients maintain financial security, optimize asset growth, and prepare for future generations.

When Should I Use an Independent Financial Advisor Firm?

Now that you have a clear understanding of what an independent financial advisor firm does, you might be wondering, “When should I use an independent financial advisor firm?”

As discussed earlier, independent financial advisory firms have the expertise to provide a wide range of investment planning and financial management services, particularly for high-net-worth and ultra-high-net-worth individuals.

For example, if you are looking to set up a charitable foundation, develop a comprehensive retirement plan, or launch a new business venture, working with an experienced independent financial advisor firm can offer valuable support.

Here are some common situations where engaging an independent financial advisor firm can be especially beneficial:

Your Tax Liabilities Are Increasing

One of the challenges of achieving strong investment returns is the increased tax obligations that often follow. Taxes are a constant factor in financial life, but a well-designed tax strategy can help you preserve more of your wealth.

Independent financial advisor firms can analyze your current financial standing — including your assets, liabilities, and cash flow — and recommend tax-efficient strategies to help you minimize unnecessary tax payments. In some cases, advisors may suggest leveraging government incentives associated with certain investments to reduce your taxable income while supporting your broader financial goals.

Your Investments Are Exposed to High Risk

Affluent individuals often diversify their wealth across multiple financial markets. However, with diversification comes exposure to different types of market risk.
Market conditions can change rapidly, potentially undermining long-term investment gains.

Independent financial advisory firms can provide risk management services designed to identify vulnerabilities in your portfolio and develop strategies to reduce exposure to sudden market fluctuations. Managing investment risk effectively is essential for protecting and preserving long-term wealth.

You Need Help Translating Financial Goals into Actionable Strategies

Independent financial advisory firms also assist clients in transforming general financial aspirations into concrete, actionable plans.

For instance, if you are approaching retirement and wish to establish a charitable organization, an advisor can help you structure your finances strategically to support this new goal without jeopardizing your core investments.
Rather than navigating complex financial decisions alone, working with an independent advisor ensures that you follow a tailored plan based on your timeline, risk tolerance, and ultimate objectives.

Note: Whether you are seeking tax optimization, investment risk management, or goal-based financial planning, independent financial advisory firms provide the expertise needed to help high-net-worth individuals achieve greater financial security and peace of mind.

Who Is the Best Financial Advisor Firm?

At this point, you may be seriously considering hiring an independent financial advisory firm. As a high-net-worth or ultra-high-net-worth individual, you can certainly benefit from the range of specialized services these firms provide.

However, you may still have a few important questions. You might be wondering, “Who is the best financial advisor firm?” or “How do I choose the right one for my needs?”

The good news is that there are clear criteria you can use to evaluate and select the most suitable financial advisory firm for your situation. Below are some key factors to consider when making your decision:

Relevant Experience

In the world of financial advisory services, few factors matter more than relevant experience.
Financial advisors and wealth managers who have experience working specifically with high-net-worth and ultra-high-net-worth clients are better equipped to understand the complex needs associated with large investment portfolios.

When evaluating firms, prioritize those that have a proven track record of successfully assisting clients with comparable asset levels and financial goals.
An advisor who regularly works with investors managing $5 million to $500 million in assets will likely offer strategies more aligned with your unique situation.

Investment Strategy: Passive Approaches

Passive investment management is a common strategy for wealth preservation.
This approach relies on monitoring financial markets and using data-driven insights to make long-term investment decisions, rather than attempting to actively time the market.
Benefits of passive investing often include lower fees, greater tax efficiency, and more stable returns over time.

When selecting a financial advisory firm, consider whether they offer a balanced approach to portfolio management, combining both passive and active strategies when appropriate to match your investment goals.

Fiduciary Commitment

Another critical factor to consider is fiduciary duty.
Independent financial advisory firms that operate as fiduciaries are legally obligated to act in your best interests, avoiding conflicts of interest whenever possible.

Fiduciary advisors are typically registered with the Securities and Exchange Commission (SEC) as Registered Investment Advisors (RIAs). They must adhere to a strict code of ethics, ensuring that their recommendations and financial strategies are designed solely to benefit their clients — not their own firm.

Choosing a fiduciary advisor can offer greater confidence that your wealth is being managed with transparency, integrity, and alignment with your objectives.

Note:
There is no single “best” financial advisory firm for everyone.
The right firm for you will depend on your specific financial goals, portfolio size, risk tolerance, and the type of relationship you wish to build with your advisor.

Taking the time to thoroughly vet your options — and focusing on experience, investment philosophy, and fiduciary status — will help you make a well-informed decision that supports your long-term financial success.

Parting Words

Choosing the right financial advisor is a critical decision for any high-net-worth or ultra-high-net-worth individual.
The ideal advisor will not only understand the complexities of managing significant wealth but will also offer fiduciary-level service that prioritizes your financial goals and long-term security.

Independent financial advisory firms provide a broad range of services — from investment management and tax planning to retirement and estate strategies — designed to help you build, protect, and pass on your wealth.
Taking the time to find an advisor with relevant experience, a client-focused approach, and a fiduciary commitment can make all the difference in achieving your financial aspirations.

Frequently Asked Questions

• How do independent financial advisors get paid?
• Is an Independent Financial Advisor worth it?
• Is an Independent Financial Advisor the same as a financial planner?
• Can I trust an Independent Financial Advisor?
• What services do independent financial advisory firms offer?  
• Are independent financial advisors fiduciaries?
• How do I choose the right independent financial advisor for my needs?
• Do independent financial advisors only work with HNWI?
• What should I expect during my first meeting with an independent financial advisor?
• How often should I meet with my independent financial advisor?

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