Disclaimer: The information in this article is NOT financial advice and is for informational purposes only. Always do your own research and speak to a registered financial advisor before making any important financial decisions.
Choosing a financial advisor specializing in private wealth management is one of the most important decisions an individual entering or already in retirement can make.
But with so many investment advisors and wealth management firms, how can you be sure you’re choosing the best financial advisor?
In this article, we’ll share some advice on how to find the best private wealth managers based on:
- Experience
- Care
- Fees
- Results
Keep in mind that before working with a wealth manager, it’s important always to do your due diligence, have multiple meetings to get to know them and be sure to check them out on BrokerCheck.org by Finra
Speak To A Private Wealth Manager
Get matched with an independent private wealth manager who focuses on helping you with your unique needs, wants and goals in retirement.
Pros:
An Overview of the Best Wealth Management Firms
Here are some of the top boutique wealth management firms:
- Edelman Financial Engines (Best for Personalized Service)
- Allen & Company of Florida, LLC (Best for Diverse Solutions)
- HoyleCohen Wealth Management (Best for Holistic Planning)
- Connecticut Wealth Management, LLC (Best for Client-Centered Approach)
- Jones Zafari Group (Best for High-Net-Worth Clients)
- The Polk Wealth Management Group (Best for Philanthropic Advice)
Are you an investment advisor, a private wealth management firm or a financial advisor looking for clients yourself, it’s a good idea to invest in digital marketing strategies.
With the right marketing strategies, you can invest in more staff and better technology and ultimately provide a better service to your clients.
Some of the most popular lead generation strategies for financial advisors include:
When implemented correctly, these financial advisor lead strategies should help you get consistent appointments in your firm with your ideal clients.
Now let’s dive deeper into some of these financial firms that have already achieved success.
The top wealth management firms for 2024
1. Edelman Financial Engines
Best for Personalized Service
Edelman Financial Engines is one of the largest independent financial planning and investment advisory firms in the United States. With over 35 years of experience, it pioneered the use of technology and automation in wealth management. Edelman Financial Engines’ approach combines investment strategy, taxes, insurance, retirement, and estate planning to help maximize clients’ wealth.
With a strong national presence, the firm targets affluent and workplace clients across the United States. It currently serves 1.3 million clients, 690+ plan sponsors, and more than 10 million plan participants. The assets under its management are worth $270 billion.
Regarding fees, the Wealth Management Advisor charges a percentage of total investable assets. The percentage changes based on the amount of wealth under management. For professional management, fees are calculated as a percentage of assets under management (AUM). Additionally, there is a $10,000 minimum for Professional Management clients who wish to have a managed IRA.
Key Features
- One of the largest independent wealth management advisors in the U.S., serving 1.3 million clients with $270+ billion AUM.
- Pioneered technology and automation for affordable digital advice targeting mass affluent clients.
- Specializes in investment, taxes, insurance, and estate planning.
- Leverages automation but still provides human advisor access.
- Charges percentage-based fees on AUM, with wrap fees covering transaction costs. Fixed planning fees can be waived.
2. Allen & Company of Florida, LLC
Best for Diverse Solutions
The next wealth management advisor on the list is Allen & Company of Florida, LLC. This family-owned advisory firm based in Florida has 85 years of experience serving affluent families, entrepreneurs, professionals, and corporations.
A unique feature of Allen & Company is its in-house trust company, which provides trust and estate administration services. This allows the firm to offer a comprehensive suite of services under one roof, making it ideal for wealthy clients seeking a one-stop solution for all their financial planning needs.
Services at Allen & Company of Florida include investment planning and portfolio management, retirement planning, tax planning, estate planning, education and college planning, life insurance, charitable giving and gifting, business succession planning, stock options, and private wealth management.
Clients can choose between discretionary and non-discretionary investment advisory services. In either case, the fee structure typically involves an ongoing quarterly fee based on a percentage of the account value.
Additional per-transaction charges may apply to some account types. The firm also charges hourly or fixed fees for specialized services like financial planning and retirement consulting.
Key Features
- A family-owned boutique firm focused on ultra-high networth families, entrepreneurs, and corporations.
- Offers in-house trust company and estate administration services.
- Ideal for clients looking for a more personalized and unique service experience.
- Fees are based on a percentage of AUM but may have additional transaction charges.
- Great for clients looking for a Florida-based Wealth Management Advisor.
3. HoyleCohen Wealth Management
Best for Holistic Planning
HoyleCohen Wealth Management is a registered wealth management firm on the West Coast. Founded in 2001, the firm has over 50 team members and serves around 1,400 client households. It currently has approximately $3.2 billion in managed assets.
With HoyleCohen, you get a robust wealth management service covering investment management, tax planning, estate planning, and risk management. It is one of the few Wealth Management Advisors with services tailored to women investors.
While HoyleCohen prefers clients who meet accredited investor standards, it considers fit on a case-by-case basis. The stated minimums are $1 million in investable assets or a $7,500 annual advisory fee.
The firm’s fee structure has many parts. For example, ongoing advisory fees are based on assets under management per their fee schedule or a flat annual retainer fee revisited periodically. New clients often pay a separate upfront fixed fee of $2,500-$15,000 for comprehensive financial planning, after which planning is bundled into the overall advisory fee.
Another unique feature of HoyleCohen is that advisors get salaries and bonus compensations based on client service and firm contributions. There are no commissions or investment-specific compensations.
Key Features
- Mid-size West Coast firm specializing in consolidated investment, tax, estate, and risk management advice.
- It serves corporate executives, entrepreneurs, and multi-generational families in the high-networth segment.
- Fee structures include AUM percentages, flat retainers, and upfront fixed planning fees.
- It offers wealth advisory services for women.
- Advisors get salaries and bonus compensations based on client service and contributions.
4. Connecticut Wealth Management, LLC
Best for Client-Centered Approach
Connecticut Wealth Management, LLC (CTWM) is a regional registered investment and wealth management firm based in Connecticut. It adopts a fee-only model with transparency in billing practices. The firm currently has over $4 billion in assets under management.
CTWM provides holistic financial planning, tax planning, and investment advice. Its primary clientele includes individuals with high networth, such as business owners, executives, professionals, and retirees.
It also caters to multi-generational families, divorcees, and parents with special needs children. Therefore, it is the Wealth Management Advisor with the most robust wealth and financial management service. The firm offers personalized strategies to help clients identify, plan, and work towards their unique financial goals.
Regarding fees, CTWM typically offers financial planning or consulting services on a fixed fee basis of up to $10,000. However, this may be negotiable based on complexity. For investment management, they charge an annual percentage fee of up to 1.35% on assets under management, structured on a tiered basis. Advisory fees for retirement plans are charged quarterly in advance.
A unique aspect of CTWM is its community orientation, which includes offering philanthropy programs and educational seminars. As a local Connecticut firm, CTWM may specialize in understanding the estate planning and trust services needs relevant to the state’s legal framework.
Key Features
- Wealth Management Advisor with over $4 billion in AUM primarily serving Connecticut residents.
- Offers customized solutions to complex financial and estate situations. These include businesses, divorces, and other special needs scenarios.
- Ideal for clients looking for an advisor who’s an expert in state regulations and estate laws.
- Great for business owners, divorces, and special needs scenarios.
- The Wealth Management Advisor with the best community orientation on the list.
5. Jones Zafari Group
Best for High-Net-Worth Clients
Jones Zafari Group is a private wealth management advisory firm based in California serving wealthy investors. It offers a comprehensive suite of services focusing on customized portfolio management and alternative investments.
Jones Zafari Group’s client base includes intergenerational family wealth, corporate executives, company founders, and entrepreneurs. The firm’s comprehensive suite of services includes a strong focus on risk management, ensuring that clients’ investments are protected from market volatility and other potential risks. This risk-conscious approach is particularly beneficial for clients with significant wealth to protect.
Jones Zafari prioritizes discretion and personalized attention in addressing the needs of its very wealthy clients. Therefore, it can provide the institutional-level research and investment strategies the largest institutional investors will need.
The firm combines this institutional-level advice with services like investment management, trust and estate planning, brokerage, tax-effective hedging, diversification strategies, private banking, and family office services.
As of March 31, 2024, the team at Jones Zafari Group manages $30.2 billion in assets for clients whose net worths range from $10 million to over $1 billion. It has offices in Los Angeles, San Diego, Palo Alto, and Dallas.
Key Features
- A California-based wealth management firm with offices in Los Angeles, San Diego, Palo Alto, and Dallas.
- Offers customized institutional-level research portfolio management and alternative investments.
- Serves individuals, families, and foundations with $10M – $1B+ net worth.
- The client roster includes entrepreneurs, Fortune 500 executives, media personalities, non-profit organizations, and private corporation owners.
6. The Polk Wealth Management Group
Best for Philanthropic Advice
The Polk Wealth Management Group is a wealth management advisory firm established in Florida in 1977. It is the private wealth management division of Morgan Stanley, which has over $775 billion in assets under management.
Morgan Stanley is one of the industry’s largest providers of asset managers, with access to an extensive selection of investment managers, funds, and products. The Polk Wealth Management Group offers a combined experience of 372 years with Morgan Stanley.
The group adopts a client-based approach focusing on investment management, cash management and lending, wealth transfer, and philanthropy. It also has family governance and legacy expertise and provides signature access and other business services.
Therefore, if you need help with asset protection planning or transferring wealth across generations, I recommend this.
Key Features
- One of the largest Wealth Management Advisors with over 300 advisors on board.
- Strong ties with Morgan Stanley, a reputable provider of asset managers in the industry.
- Offers easy access to ultra-high-net-worth advisors in philanthropy, family dynamics, wealth transfer, lifestyle advisory, etc.
- High credibility with $775B in AUM and teams specializing in $20M+ clients
- Strong local community connection with sponsored financial literacy programs that empower individuals.
How to choose the right investment advisor for you
Are you looking for the best investment advisor and wealth management firm to help you in retirement? The word “Best” is subjective, so we recommend interviewing and finding an advisor who matches your personality and retirement goals.
Selecting the right investment advisor is a pivotal decision that can shape your financial future. It is not just about the numbers; it is about finding a partner that aligns with your vision and values.
When looking for a firm, consider submitting your information on multiple financial advisor websites. This will give you the opportunity to speak to multiple advisors and see how they each compare to one another.
Are you looking for a specialist?
Many of the financial advisors I work with each specialize in different services. For example, some specialize in wealth management, tax planning, life insurance, or annuities.
Consider the following factors when choosing a firm:
- Client satisfaction ratings
- Advisor-to-client ratios to assess the level of personalized service offered
- Transparency in operations and fee structures to ensure that your financial interests take precedence
- A firm’s commitment to risk management, and social and environmental values for those who seek to integrate their financial decisions with their ethical standards
As you sift through your options, weigh the importance of each firm’s specialties against your unique financial goals and needs. From the tailored services for high-net-worth clients offered by Jones Zafari Group to the philanthropic guidance provided by The Polk Wealth Management Group, the industry’s best firms present an array of options tailored to specific requirements.
Ultimately, your choice should reflect your financial aspirations and personal ethos. With the insights gained from our exploration of the top wealth management firms, you are now equipped to embark on a journey with a firm that not only manages your wealth but also enriches your life. Partnering with the right wealth advisors can make all the difference in achieving your financial goals.
What is private wealth management?
Private wealth management is essential for high-net-worth individuals and families with a net worth of at least $100,000 in investable assets under management.
Most wealth management firms work with individuals and families with over $500,000, $1 Million or more in investable assets.
By working with a qualified wealth management company, clients can benefit from a coordinated and customized approach to managing their financial life.
Wealth managers can help clients:
- Grow your wealth
- Avoid losing money in retirement
- Minimize taxes & build wealth tax-free
- Advise you on when to time withdrawals
- Asset allocation
- Insurance
And more!
Wealth managers typically require a significant amount of information from their clients to provide the best possible service.
This includes detailed information about income, assets, liabilities, and investment goals. Privacy is of utmost importance to high-net-worth individuals, and most wealth managers take great care to protect the confidentiality of their affluent clientele’s information.
What services do Wealth Managers provide?
There are various types of private wealth managers. Some manage the money of wealthy individuals, while others manage the money of large corporations. Some managers specialize in certain types of investments, such as hedge funds or real estate.
No matter their manager type, these professionals share one thing: they all work to grow their clients’ wealth.
Some private wealth managers work for big financial firms (such as Merrill Lynch, Edward Jones, Vanguard, Russell Investments, Bank of America, and more), while others are independent financial advisors.
Private wealth managers typically have much experience in the financial industry and use their knowledge to create investment plans to help their clients reach their financial goals.
They also offer advice on issues such as estate planning and tax planning. In addition, they keep their clients up-to-date on the latest news and trends in the financial world.
What are the benefits of hiring a wealth manager?
Hiring a wealth manager can provide numerous benefits for individuals looking to maximize their net worth. Access to exclusive investment opportunities for accredited investors not available to the general public is one of the primary advantages.
Wealth managers can draw upon resources and data that may be out of reach for private investors, enabling them to make more educated decisions concerning where and how they put their funds.
Another benefit of hiring a wealth manager is reduced stress associated with managing finances alone. A qualified professional can take on many burdensome financial management tasks such as budgeting, tracking investments, tax planning, estate planning, and more.
Wealthy institutional clients can experience a sense of ease, realizing their funds are in capable hands and freeing up space to focus on other activities like business operations or quality time with loved ones.
Utilizing a wealth manager’s expertise assures you that financial decisions will be based on sound advice rather than guesswork or intuition, especially during market turbulence or economic instability when so much is at stake.
With their in-depth knowledge and tailored plans crafted to fit your particular goals and requirements, you can be confident that your finances are managed by experienced professionals – leaving more time for other pursuits like running a business or spending quality moments with family.
What to consider before working with wealth management firms
Finding the right wealth manager is essential to achieve your wealth management goals.
When deciding on a financial advisor, it’s crucial to consider your monetary allowance, the services you require from them, and if virtual or physical guidance is favored.
Determine your budget before selecting a wealth manager. Before engaging with a financial advisor, it’s important to understand how much you can afford to spend on their services. This will help narrow the list of potential wealth advisors who fit your price range and provide the best value for money.
Many wealth advisors also operate on a percentage based of total assets under management (AUM). Others offer hybrid services, such as wealth management and insurance products such as Indexed Universal Life.
Decide what specific services you need from an advisor.
Different advisors offer different types of advice and assistance when managing finances and investments.
Consider whether you prefer in-person or online advice when making your selection.
Some high-net-worth clients may prefer receiving professional advice – some may prefer face-to-face meetings. In contrast, others may be more comfortable with digital communication platforms such as Skype or Zoom calls for convenience.
It’s important to consider this when looking at prospective wealth managers or financial advisors so that they can provide the type of service that best suits individual needs and preferences.
Before bringing on a wealth manager, business owners should consider various factors to ensure they have selected the ideal individual who will aid them in achieving their financial objectives effectively and expeditiously.
Finding the right advisor is critical to meeting your wealth management needs.
Now, it is time to comprehend the interplay between individual finances and corporate funds so that tailored strategies can be devised for both short-term requirements and long-term goals.
What do wealth managers invest in?
There are many different types of wealth management. Most advisors invest in stocks, but others also invest in real estate and still others in precious metals.
There are also various investment vehicles, such as mutual funds and exchange-traded funds. Each has its risks and rewards.
It is important to consult with a financial advisor to determine which type of investment is best for you.
Conclusion
Hiring a private wealth manager can be a great decision for those looking to maintain their wealth and strive to ensure its security. By working with a professional who understands the complexities of managing and preserving wealth, individuals can rest assured that their finances are in good hands.
In addition, a private wealth manager can provide valuable advice on how to grow one’s assets over time.
For these reasons, it is highly recommended that anyone with significant assets consult with a private wealth manager to help them achieve their financial goals.
If you’re a financial advisor looking for leads, check out our wealth management lead generation services.
FAQs
Ashley Davis (or ‘Ash’ for short) is the CEO & Founder of Skyline Social. For over 15 years, Ash has been helping business owners with lead generation. Ash specializes in helping businesses get high-quality leads, appointments and clients each month with automated digital marketing strategies. Learn more about the author here.
