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Advance Capital Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

The founders of Advance Capital Management come from a slightly different background than most financial advisors - they managed the pension at Michigan Bell. While there, they noticed a lot of people didn't understand planning for retirement, so they decided to move into the financial advising space.

This fee-only firm has been providing investment management and financial planning services to a wide variety of clients in Southfield, Michigan since the 1980s. With billions in client assets under its control, Advance Capital is on SmartAsset's top financial advisor lists for both Southfield and Michigan.

Advance Capital Management Background

Advance Capital Management was originally formed in 1986. Today, it’s owned by Advance Capital Group, Inc., which is, in turn, owned by the ACG Employee Stock Ownership Plan, John Shoemaker, Raymond Rathka and Robert Cappelli. Outside of Michigan, the firm has branches in Illinois, Ohio and Texas.

The firm's advisory staff includes certified financial planners (CFPs), certified public accountants (CPAs), chartered financial analysts (CFAs), chartered alternative investment analysts (CAIAs) and more.

Advance Capital Management Client Types and Minimum Account Sizes

Advance Capital Management works with individuals above and below the high-net-worth threshold, pension and retirement plans, trusts, estates, charitable organizations and corporations. Individual investment accounts do not have minimum size requirements.

Services Offered by Advance Capital Management

Advance Capital Management focuses on financial planning and discretionary investment management services. Its advisors meet with clients to create financial plans that cover various aspects of their financial lives from budgeting to estate planning. For each client, the firm will base investment recommendations on the person's financial plan.

Advance Capital Management Investing Philosophy

As just noted, Advance Capital Management uses the financial plan it designs for clients as the cornerstone of its investment recommendations. The firm generally recommends mutual funds and exchange-traded funds (ETFs). Advisors, though, may consider other types of securities. These may include exchange-listed and over-the-counter securities, foreign issues, warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities and U.S. government securities. Individual clients' portfolios are actively managed and on a discretionary basis.

Fees Under Advance Capital Management

For investment management services, the firm charges annual asset-based fees. We provide the current fee schedule below. These fees are billed separately at the end of each month based on the fair market value of the assets held in your account. 

Advance Capital Management Investment Management Fees
Assets Under Management Annual Fee
First $500,000 1%
Next $500,000 0.8%
Assets in excess of $1,000,000 0.65%

Keep in mind that these fees are negotiable. Also, they apply to services provided by Advance Capital Management. They don’t include other expenses your account may incur such as brokerage fees, custodial costs and fund fees. In addition, accounts with less than a certain amount are required to adhere to a specific minimum fee.

The table below shows what you could pay in management fees based on how much money you have at the firm:

*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.
Estimated Investment Management Fees at Advance Capital Management*
Your Assets Advance Capital Management Fee Amount
$500K $5,000
$1MM $9,000
$5MM $32,500
$10MM $65,000

What to Watch Out For

Advance Capital Management has a clean legal and regulatory record based on its most recent Form ADV that's filed with the SEC.

Opening an Account at Advance Capital Management

To speak to someone about opening an account at Advance Capital Management, fill out the contact form on the firm's website. You can also try calling the firm's HQ at (248) 350-8543 or stopping into one of its nine offices.

All information was accurate as of the writing of this article.

Tips for Finding the Right Financial Advisor

  • Want an advisor who will manage your assets on a non-discretionary basis? Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Know how your advisor gets paid. While they may sound interchangeable, there is a difference between fee-only and fee-based advisors. Namely, the former may have fewer conflicts of interest than the latter.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research