Financial advisors may charge a flat fee, a percentage of assets under management (AUM), hourly billing, or commissions. Make sure you understand how your advisor gets paid and what your total costs will be.

Look for credentials like CFP® (Certified Financial Planner) or CFA® (Chartered Financial Analyst). Also ask how long they've been practicing and whether they’ve worked with clients in similar financial situations.

Advisors may provide investment management, retirement planning, tax strategies, estate planning, insurance advice, and budgeting. Be sure their services align with your goals.

Advisors use different investment strategies. Ask about their approach to risk, diversification, and how they tailor investment plans based on your objectives and time horizon.

Only fiduciary advisors are legally required to act in your best interest. Be sure to ask if the advisor operates under a fiduciary standard.

Communication frequency varies. Some advisors meet quarterly, others annually. Confirm how often you’ll receive updates and how they prefer to communicate—phone, video, or in person.

An IPS is a written plan that outlines your investment goals, strategy, and rules for monitoring progress. It helps ensure long-term alignment between you and your advisor.

This gives insight into the advisor’s availability and ability to provide personalized attention. Fewer clients often means more direct access.

Advisors often focus on specific groups—such as retirees, business owners, or high earners. Look for someone experienced in handling situations similar to yours.

Financial advisors can provide help in navigating the complex world of modern investing.

A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.

Assuming 5% annualized growth of $500k portfolio vs 8% annualized growth of advisor managed portfolio over 25 years. Source: Vanguard Research

Based on the methodology below, these financial advisor firms are among the top 5 financial advisor firms in the U.S.

1: Fisher Investments
2: Captrust
3: Wealth Enhancement Group
4: Mesirow
5: Summit Rock Advisors

Methodology

From among all firms registered with the SEC in the country, that offer financial planning services, primarily serve individual clients, and those that do not have disclosures on their record. The qualifying firms were ranked according to the following criteria:

AUM: Firms with more total assets under management are ranked higher.

Individual Client Count: Firms that serve more individual clients (as opposed to institutional clients) are ranked higher.

Clients Per Advisor: Firms with a lower ratio of clients per financial advisor are ranked higher.

‍

Years In Business: Firms that have been in business longer are ranked higher.

Fee Structure: Firms with a fee-only (as opposed to fee-based) compensation structure are ranked higher.

These stats are updated as of June 17, 2021.

The minimum investment can vary by advisor or firm. In order for you to be appropriately matched, please complete the quiz as accurately as you can.

Finance Advisors does not provide investment advice. We partner with a network of licensed & vetted advisors.