Identifying the right financial advisor takes time. It’s a challenging process requiring a high level of trust. While it may be scary to give control of your hard-earned assets over to another individual, it can be to your benefit.
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Thankfully, a recent study from CNBC revealed the top financial advisor firms to consider if you’re in need of assistance.
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For six years, CNBC has ranked financial advisors. The publication works with AccuPoint Solutions to identify the top choices on important topics like compliance record, assets under management (AUM) and the lifespan of the business.
The analysis began with roughly 41,000 registered investment advisory (RIA) firms in the SEC regulatory database. CNBC used its proprietary formula to narrow the number to 903 RIA firms, then weighed various factors to narrow the list to the top 100.
These are the top ten financial advisory firms in America, according to CNBC:
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Heritage Investment Group: based in Florida — $1.7B AUM
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Parsons Capital Management: based in Rhode Island — $1.8B AUM
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The Burney Company: based in Virginia — $3B AUM
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Dana Investment Advisors: based in Wisconsin — $8.2B AUM
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George McKelvey Company, based in New Jersey — $1B AUM
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Pittenger & Anderson: based in Nebraska — $2.7B AUM
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Sheaff Brock Investment Advisors: based in Indiana — $1.3B AUM
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Salem Investment Counselors: based in North Carolina — $4.5B AUM
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Traphagen Financial Group: based in New Jersey — $1.8B AUM
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Ferguson Wellman Capital Management: based in Oregon — $8.7B AUM
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If you’re just out of college or new to investing in the stock market, you likely don’t need a financial advisor. It will be more important to focus on other financial priorities, like growing an emergency fund and beginning to invest through a 401(k).
However, once you amass a certain level of assets, it’s worth considering hiring a financial advisor.
Most people should consider hiring an advisor once they achieve $500,000 in investable assets, according to Forbes Advisor. While that’s not a magic number, as some advisors focus on Americans with fewer resources or only high-net-worth individuals, the $500,000 threshold is a good number to keep in mind.
