What Are the Top Financial Advisor Firms in the United States?

Kariuki Maina
By Kariuki Maina 9 Min Read

It can be difficult to choose a financial advisor. There are tens of thousands of businesses to choose from, and even more fervent opinions urging you in every direction. In fact, you are the only person who is intimately familiar with your finances to be able to make an informed decision.

It’s a good idea to learn about the best financial advisor firms in the country, whether you’re just starting out or an expert. It’s a good place to start to find out where the majority of Americans keep their money.

Today, we’ll look at the best financial advisor firms in the United States and answer a few important questions for people looking to hire a new advisor.

What is a Financial Advisor?

To achieve your financial objectives, you do not need to have a doctorate in economics. As an alternative to going it alone, financial advisors are available. These educated professionals guide their clients’ financial decisions and contribute to the growth of their nest eggs by asking pertinent questions and relying on their expertise.

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Financial advisors can come from a variety of backgrounds and hold a wide range of certifications, credentials, and specializations. This is why it can be so important to take your time choosing the best one for you. A credentialed Certified Divorce Financial Analyst, for example, will offer advice that is vastly different from that of a financial advisor with a background in risk management.

What Does a Financial Advisor Do?

In general, financial advisors are professionals who assist their clients in developing and implementing a financial strategy. They might meet with you to talk about your needs and goals, educate you on your choices, come up with an investment plan, and keep track of how your account is doing over time.

As was mentioned earlier, a financial advisor’s area of expertise can affect the services they offer. Some are experts in divorce, others in investing, and still others in retirement. Therefore, before hiring a professional, you should always be in control of your decision by reviewing your own financial objectives.

What to Ask a Financial Advisor?

It is acceptable to not know what questions to ask your financial advisor. They will frequently be the ones asking questions. It will be easier for you to ask questions and understand the answers the more you understand the process.

Having said that, a few essential inquiries to ask any potential financial advisor include:

What is your investment philosophy?

The response to this question can reveal a lot about you. Finding an investment strategy that aligns with yours and that of your financial advisor can be crucial to your partnership’s long-term success.

Are you a fiduciary?

A financial advisor who is obligated to act in your best interest is known as a fiduciary. Most of the time, fiduciary financial advisors charge a one-time monthly fee.

Non-fiduciary advisors may be paid commissions and may be compelled to sell you particular investment products regardless of whether or not they are the best fit for your portfolio.

Each has advantages and disadvantages, but it’s critical to know the difference and which category your financial advisor falls into.

What are your qualifications?

Even though you don’t technically need a specific certification to call yourself a financial advisor, you should always inquire about their past. Their response may even highlight expertise in areas that correspond to your objectives.

What are my all-in costs?

The costs of investing go far beyond the occasional commission and the one-time flat fee charged by an advisor. There are additional costs associated with some products that will undoubtedly add up over time. Knowing how much of your hard-earned gains are being taken away is always important.

How Much Money do Financial Advisors Make?

The advisor’s response to this question will largely depend on the investor’s specific requirements, though some may offer a different pay schedule or rate. You might only be charged for a few hours if all you want to do is ask a few questions.

It might also depend on the company. Some advisors receive compensation in the form of commissions, others receive compensation as salaried employees, and still others receive compensation as a percentage of the total number of assets they manage.

Depending on their state and reputation, a financial advisor can earn up to $166,000 annually.

What Are the Top Financial Advisor Firms

Knowing who is at the top of the list is a good idea whether you are new to investing or just like to stay up to date on the latest trends. For a number of years, CNBC has been ranking the nation’s best financial advisor firms. The following are their top five for 2022, along with their total assets under management (AUM) and a few additional metrics:

Woodley Farra Manion

  • Total AUM: $1.4B
  • Accounts Under Management: 1,106
  • Years In Business: 27

Dana Investment Advisors

  • Total AUM: $7B
  • Accounts Under Management: 1,256
  • Years In Business: 42

Albion Financial Group

  • Total AUM: $1.4B
  • Accounts Under Management: 2,221
  • Years In Business: 40

Heritage Investment Group

  • Total AUM: $1.7B
  • Accounts Under Management: 1,888
  • Years In Business: 29

Edgemoor Investment Advisors

  • Total AUM: $1.1B
  • Accounts Under Management: 320
  • Years In Business: 23

What is the Best Financial Advisor Company?

CNBC ranked Indianapolis-based financial advisor Woodley Farra Manion as the best in the country based on a variety of metrics, such as the number of certified financial planners on staff, the total assets under management, and the number of years in business.

As a fee-based business, Woodley Farra Manion claims that it helps keep them accountable to both their clients and themselves. Their investors will no doubt appreciate the fact that an impartial third party validates every performance result and calculation.

The Woodley Farra Manion website provides access to a free retirement readiness review tool that is simple to sign up for.

Find Your Financial Advisor

Choosing to work with a financial advisor is a big decision that can make or break your ability to achieve your financial goals. As a result, picking the right one is crucial. The only way to make sure your money is in good hands is to know your specific requirements, ask the right questions, and familiarize yourself with the best financial advisor firms in America.

There’s no shame in comparing prices. Since we are talking about your financial security here, you should never feel pressured to sign a contract or choose a poor financial advisor. Consult with others, read as much as you can, and only choose an advisor with whom you feel at ease. Regardless of how long it takes to find the right fit, having complete faith that your money is in safe hands is definitely worth it.

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By Kariuki Maina Kariuki Maina
In a world full of worriers, be the warrior.
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