Finding a Top Financial Advisor Firm in Asheville, North Carolina
Choosing a financial advisor is not only one of the most important decisions you’ll ever make. It’s also one of the hardest. After all, there’s plenty to consider. To help you, we collected a number of factors you should consider - fundamentals such as assets under management (AUM), fee basis and investment strategy. Then we put all the info together here for convenient comparing and contrasting. If you don’t have a financial advisor yet, finding one doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Parsec Financial Find an Advisor||$3,745,709,001||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||ACT Advisors Find an Advisor||$316,365,417||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|3||Colton Groome Financial Advisors, LLC Find an Advisor||$188,894,429||No set minimum|| || |
Minimum AssetsNo set minimum
|4||Altamont Capital Management Find an Advisor||$195,977,836||$150,000|| || |
|5||Joel Adams and Associates, Inc. Find an Advisor||$207,416,522||$500,000|| || |
|6||Horizons Wealth Management Find an Advisor||$122,530,878||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Wells Financial Management, LLC Find an Advisor||$101,186,085||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Asheville, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is obtained through public records and is updated annually after the firms’ form ADV filing. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria. SmartAsset is not a client of the aforementioned firms, and did not receive compensation for including any of the firms on the aforementioned list.
Parsec Financial Management, Inc
At the top of our list, Parsec Financial Management is headquarted in Asheville but also has offices in South Asheville, Charlotte, Southern Pines, Tryon and Winston-Salem.
The team in Asheville includes: certified financial planners (CFPs), chartered financial analysts (CFAs) and a bevy of other certifications including certified public accountant (CPA), accredited investment fiduciary (AIF) and financial paraplanner qualified professional (FPQP).
Most investment accounts are on a discretionary basis, which means Parsec can make trades without prior client consent. The fee-only firm serves almost as many high-net-worth individuals as non-high-net-worth ones. It also has corporate pension, profit-sharing and 401(k) plans; foundations; endowments; charitable organizations; trusts; estates and corporations or other businesses as clients.
As large as the practice is, it has no minimum investment to open an account.
Parsec Financial Management Background
William Barton Boyer founded the firm in 1980. He remains the principal owner and serves as chairman of the board. Other advisors also have stakes, including President William Hansen, CEO Richard Manske and COO Harli Palme.
Parsec offers investment management and financial planning for individuals, qualified retirement plan consulting and employee education, and trust services through National Advisors Trust, its administrator for several clients.
Parsec Financial Management Investment Strategy
The firm says it “takes a long-term investment approach that focuses on diversification, client suitability and tax efficiency.” Each client’s portfolio is different, according to goals, cash flow needs, client preferences and more. That said, Parsec bases each portfolio on one of the models it has designed, based on risk tolerance and objectives.
The ACT in ACT Advisors is an acronym for Act, Collaborate, Thrive. Founded in 2014, the fee-based firm is based in Asheville, with branch offices in Charleston and Raleigh. The team includes a number of certified financial planners (CFPs).
ACT’s non-high-net-worth clients are more than double the number of high-net-worth ones. Accounts are only on a discretionary basis. The firm also serves banks and thrift institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, state and municipal government entities, corporations and other business entities.
Some advisors may earn commissions as a broker-dealer. This is a conflict of interest, but advisors must still act in the best interest of the client. The investment minimum varies between asset management clients and passive strategy clients.
ACT Advisors Background
Doug English and Wes Johnson formed ACT in 2014. English is the majority owner. Johnson and Jennifer English, Asheville branch manager, have minority stakes.
ACT sponsors and manages a wrap fee program, which provides advisory and brokerage execution services for an all-inclusive fee. (Johnson is a registered representative of LPL Financial, an SEC-registered broker/dealer).
The firm offers asset management, passive strategy asset management, financial planning and employer-sponsored plans participant advice.
ACT Advisors Investment Strategy
ACT employs a combination of fundamental and technical analyses, along with Modern Portfolio Theory. It may undertake a long- or short-term trading strategy, based on the client’s objectives and risk tolerance. The firm can also advise on the purchase and sale of various types of investments, including but not limited to, mutual funds, exchange-traded funds (ETFs), variable annuity subaccounts, real estate investment trusts (REITs), equities and fixed income securities.
Mutual funds are the most common investment at the firm.
Colton Groome Financial Advisors, LLC
Colton Groome Financial Advisors is a family firm. Its founder Henry Colton invited his son’s childhood friend George Groome to join the firm right after college. More than 40 years later, Groome and his sons Tate and Matt now run the practice.
The advisory team counts varioius professional certifications among them, including certified financial planner (CFP), certified public accountant (CPA), chartered life underwriter (CLU), chartered financial consultant (ChFC), accredited investment fiduciary (AIF), chartered retirement plans specialist (CRPS) and qualified plan financial consultant (QPFC). (Advisors may have multiple accreditations.)
The firm serves high-net-worth and non-high-net-worth individuals. It also serves retirement plans and their participants, charitable organizations, trusts, estates, endowments foundations, corporations and other business entities.
All investment accounts are on a discretionary basis. There is no minimum requirement, though there may be a minimum annual fee. Though the firm is not an insurance agent itself, it is a fee-based firm because some advisors may earn commissions selling insurance.
Colton Groome Financial Advisors Background
In its current formation, Colton Groome was founded in 2003. It is wholly owned subsidiary of Groome Holdings, LLC, which is owned by the Groomes.
The boutique wealth manager offers portfolio management, financial planning, retirement plan consulting, insurance strategy and trust services.
Colton Groome Financial Advisors Investment Strategy
The firm primarily employs strategic asset allocation, using index funds as well as actively managed funds and third-party managers. These are its stated main aims:
- “Protecting your hard-earned money from an investor's two worst enemies: market downturns and inflation
- “Leveraging knowledge and expertise from leading global resources
- “Focusing on independent thinking and research
- “Targeting the real issues in the economy and markets that will affect your money”
Altamont Capital Management
Founded in 2001, Altamont Capital Management features various professional certifications on its team, including certified public accountant (CPA) and certified financial planner (CFP).
The firm is fee-based as advisors may receive commissions for insurance services. As is often the case, the assets of high-net-worth clients outshadow those of non-high-net-worth clients, though they comprise a fraction of the client base. Generally, the minimum to open an investment account is generally $150,000. All accounts are on a discretionary basis.
Altamont Capital Management Background
Altamont is currently owned by the five principals working at the firm: Jeffrey Gould, Harvey Jenkins, Gerald Towson, Shon Norris and President James Plaster.
The group offers investment management, financial planning, retirement plan services and insurance services. In addition to individuals and families, it serves pension and profit sharing plans, trusts, estates, corporations and other business entities.
Altamont Capital Management Investment Strategy
Altamont takes the long view with investing. Its philosophy is based on three principles:
- Markets are efficient, leaving little room for outperformance.
- Better returns come with risk.
- High investment costs and poor tax management can be the largest detriment to returns.
Joel Adams and Associates
Joel Adams and Associates serves individuals, high-net-worth individuals, families, trusts, estates, small businesses, charitable organizations and retirement plans. The firm also administers a wrap-fee program.
As a fee-based firm, its advisor may receive compensation from insurance companies or other third parties for the sale of products like annuities. However, as a fiduciary, the firm is obligated to put its clients' best interests first, at all times.
Adams and Associates offers its services on a discretionary basis.
Joel Adams and Associates Background
The firm was founded in April 1994 by Joel B. Adams Jr. as JB Adams and Associates Inc. In April 2022 the firm made the transition from the independent contractor division of Raymond James registered investment advisor and the entity's legal entity name was changed to Joel Adams and Associates Inc. Bray Creech, principal, financial advisor and chief compliance officer, and Chad Storck, principal, now own the firm.
Creech is a certified public accountant (CPA) and a certified financial planner (CFP). Storck, who joined the firm in 2023, is a CPA. Joel B. Adams Jr. retired in 2023 but serves on the investment committee.
Joel Adams and Associates Investment Strategy
Adams and Associates, which generally has a long-term approach to client investments, primarily employs fundamental and technical analysis methods in developing investment strategies for its clients. The firm will typically hold all or a portion of a security for more than a year but may hold for shorter periods for the purpose of rebalancing a portfolio or meeting the cash needs of clients.
At times, Adams and Associates may also buy and sell positions that are more short-term in nature, depending on the goals of the client or the fundamentals of the security, sector, or asset class.
Horizons Wealth Management
Horizons Wealth Management is a fee-only firm with no minimum account size. The firm works with mainly individuals, the majority of whom are not high-net-worth clients. The only institutional clients at the firm are pension and profit sharing plans.
Wealth management fees are generally based on a percentage of assets under management while financial planning fees are charged hourly.
The Horizons team includes three certified financial planners (CFPs).
Horizons Wealth Management Background
Horizons was founded in 2007. David S. Hunter is the principal owner and Glen J. Martin is the minority owner.
Services include wealth management, financial planning, retirement planning, investment planning, insurance, tax planning and estate planning.
Horizons Wealth Management Investment Strategy
Strategic asset allocation is the primary tool used by investors at Horizons. The most common investment vehicle are exchange traded funds (ETFs), though other investments such as stocks and bonds may be used.
The following are methods of strategy according to the firm:
"Horizons Wealth Management uses strategic asset allocation, primarily using exchange traded funds as the investment vehicle. Each individual client’s portfolio is based on an Investment Policy Statement (IPS) agreement which dictates a client’s asset mix and risk tolerance. Each IPS is decided upon based on a risk questionnaire and approved by each client before implementation.
An IPS can be changed at each client’s request orascircumstanceschange. HWM will rebalance according to the IPS as needed. There are no guarantees of investment performance. There is a risk of investment loss anytime you purchase assets. Past performance is in no way an indication of future performance."
Wells Financial Management serves individuals, high-net-worth individuals, corporations, trusts, estates and charitable organizations on a discretionary basis, meaning the firm has the authority to supervise and direct your portfolio without prior consultation..
As a fee-only firm, all of its revenue comes from client-paid fees. Fees range from 1.25% of assets under management 0.50% or less, depending on how large a client's account balance is.
The firm's sole advisor holds a certified financial planner (CFP) designation.
Wells Financial Management Background
David Wells is the sole owner of Wells Financial Management, which became a registered investment advisor with the Securities and Exchange Commission in 2022. He has more than 25 years experience monitoring financial plans and managing assets for a variety of clients.
Wells Financial Management Investment Strategy
Wells Financial Management proposes an appropriate strategy only after it fully understands the client's financial goals, risk tolerance, time horizon, income needs and tax situation. Further, the firm will review the suitability of each client's portfolio periodically as needs and circumstances change.
Individual equities are typically evaluated and selected based on fundamental qualitative research. Emphasis is placed on earnings and dividend growth, stability of the company, dividend yield, dividend stability and capital appreciation potential. Fixed-income investments may be used as a strategic investment, as an instrument to fulfill liquidity or income needs in a portfolio or to add a component of capital preservation. Wells Financial will generally evaluate and select individual bonds based on a number of factors including, without limitation, rating, yield and duration.
Wells Financial Management's investment strategies may contain a mix of fixed-income investments, such as bond funds or individual bonds, and equity investments, such as stock funds or individual stocks. There are instances where the firm may use passively managed index and exchange-traded funds (ETFs). It may also use alternative investments or strategies, such as real estate funds, arbitrage funds, absolute-return-oriented funds, commodity futures funds, distressed debt and hedge funds.