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Top 8 Financial Advisors in Asheville, NC

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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. Start your search with this list of the top financial advisor firms in Asheville, North Carolina. Then use SmartAsset’s free financial advisor matching tool to personalize your search.

How We Found the Top Financial Advisor Firms in Asheville, North Carolina

For this list, we only considered financial advisor firms in Asheville, North Carolina that are registered fiduciaries with the U.S. Securities and Exchange Commission (SEC). We removed from consideration any advisory practices that have had a disclosure or disciplinary issue within the last 10 years or whose individual accounts make up less than half of their client base. The top eight firms are listed here, sorted by AUM, from highest to lowest.

Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 Parsec Financial Management, Inc Parsec Financial Management, Inc logo Find an Advisor

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$ 2,442,313,196 No minimum
  • Financial planning
  • Portfolio management
  • Pension consulting 

Minimum Assets

No minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting 
2 Dixon Hughes Goodman Wealth Advisors LLC Dixon Hughes Goodman Wealth Advisors LLC logo Find an Advisor

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$1,605,946,490 No minimum
  • Financial planning
  • Portfolio management

Minimum Assets

No minimum

Financial Services

  • Financial planning
  • Portfolio management
3 Boys Arnold & Co. Inc. Boys Arnold & Co. Inc. logo Find an Advisor

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$ 1,091,651,390 No minimum
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisers (including private fund managers)
  • Trust services through its affiliated trust company

Minimum Assets

No minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisers (including private fund managers)
  • Trust services through its affiliated trust company

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4 Altavista Wealth Management, Inc. Altavista Wealth Management, Inc. logo Find an Advisor

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$ 487,856,070 1,000,000
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of advisors (including private fund managers)
  • Family office services

 

Minimum Assets

1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of advisors (including private fund managers)
  • Family office services

 

5 ACT Advisors ACT Advisors logo Find an Advisor

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$ 217,050,286 $25,000
  • Financial planning
  • Portfolio management
  • Pension consulting

Minimum Assets

$25,000

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
6 Altamont Capital Management Altamont Capital Management logo Find an Advisor

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$ 133,000,000 $150,000
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisers (including private fund managers)

Minimum Assets

$150,000

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisers (including private fund managers)
7 Colton Groome Financial Advisors, LLC Colton Groome Financial Advisors, LLC logo Find an Advisor

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$ 126,429,452 No minimum
  • Financial planning
  • Portfolio management
  • Selection of other advisers (including private fund managers)
  • Qualified retirement and non-qualified deferred compensation plan consulting
  • Insurance consulting

Minimum Assets

No minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisers (including private fund managers)
  • Qualified retirement and non-qualified deferred compensation plan consulting
  • Insurance consulting
8 Camden Financial Management, Inc. Find an Advisor

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$ 110,335,502 $3,000,000
  • Financial planning
  • Portfolio management

Minimum Assets

$3,000,000

Financial Services

  • Financial planning
  • Portfolio management

Parsec Financial Management, Inc

Parsec Financial Management, Inc

At the top of our list, Parsec Financial Management has more than $2.4 billion in assets under management. Headquartered in Asheville, it also has offices in South Asheville, Charlotte, Southern Pines, Tryon and Winston-Salem. 

The team in Asheville includes: 10 certified financial planners (CFPs), four chartered financial analysts (CFAs), three certified trust and financial advisors (CTFAs), two accredited investment fiduciaries (AIFs), two behavioral financial advisors (BFAs), one  chartered federal employee benefits consultant (ChFEBC), one certified divorce financial analyst (CDFA), one financial services certified professional (FSCP) and one financial paraplanner qualified professional (FPQP). (Advisors may have multiple professional accreditations.)

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. As of its most recent SEC filing, assets under management were invested as:

  • 62% in exchange-traded equity securities
  • 13% in non-exchange-traded equity securities
  • 9% in investment-grade corporate bonds 
  • 5% in state and local bonds
  • 4% in U.S. government and agency bonds
  • 4% in sovereign bonds
  • 3% in cash and cash equivalents
  • 1% in non-investment-grade corporate bonds
  • 1% in alternative mutual funds

Dixon Hughes Goodman Wealth Advisors LLC

Dixon Hughes Goodman Wealth Advisors LLC

With more than $1.6 billion in assets under management, Dixon Hughes Goodman Wealth Advisors has its main office in Asheville, seven more offices in North Carolina, and another 11 offices in six more southern states. The team in Asheville includes three advisors, one of whom is a certified public accountant (CPA), personal financial specialist (PFS) and certified financial planner (CFP).

Overall, the fee-only firm serves more than twice as many non-high-net-worth individuals as high-net-worth ones (3090 to 1448). Its clients also include corporate pension and profit-sharing plans, charitable institutions, foundations and endowments. There is no minimum investment requirement, and the vast majority of accounts are on a discretionary basis. 

Dixon Hughes Goodman Wealth Advisors Background

Dixon Hughes Goodman was founded in 1997 and has been under its current ownership since 2004. It’s primarily owned by similarly named CPA firm Dixon Hughes Goodman LLP. The firm’s executives are also minority owners, including Kevin Broadwater, who is based in Asheville.

The practice offers investment management and financial planning services.

Dixon Hughes Goodman Wealth Advisors Investment Strategy

To accumulate great wealth long term, Dixon Hughes Goodman believes in “owning complete asset classes in statistically attractive weightings, via passive, pure no-load, low cost institutional mutual fund vehicles, which are held for the long term and rebalanced back to the original portfolio weightings.” However, it does not invest in passive indexes. According to its last SEC filing, assets under the firm’s management were invested as:

  • 84% in securities issued by registered investment companies (such as mutual funds) or business development companies
  • 7% in state and local bonds
  • 4% in exchange-traded equity securities
  • 3% in cash and cash equivalents
  • 1% in U.S. government and agency bonds
  • 1%  in investment-grade corporate bonds 

Boys Arnold & Co. Inc.

Boys Arnold & Co. Inc.

Founded in 1977, Boys Arnold & Co. (BAC) manages nearly $1.1 billion in assets. Its team in Asheville (there’s also a Hilton Head office) includes three chartered financial analysts (CFAs), three chartered investment counselors (CICs), two certified financial planners (CFPs), two certified trust and financial advisors (CTFAs), one certified public accountant (CPA) and one financial paraplanner qualified professional (FPQP).

BAC’s client base is made up of more high-net-worth individuals than non-high-net-worth ones (221 to 152). The fee-only firm also serves nonprofit institutions, sponsors of retirement plans and corporations. There is no minimum to open an investment account, though BAC recommends a $1,000,000 floor, since the annual minimum fee is $12,000. All investment accounts are on a discretionary basis.

Boys Arnold & Co. Background

Of the two partners who lent their names to the firm’s name, only Tommy Arnold is still with the firm, serving as a director as well as an investment counselor. The practice is primarily held by its employee stock ownership plan, while members of the executive team and other staffers also have small stakes separate from the plan.

BAC provides financial planning, portfolio management and retirement plan advisory services. Through its trust, it also offers fiduciary services to client estates and trusts.

Boys Arnold & Co. Investment Strategy

Using fundamental and comparable analyses to select investments, the firm bases its methodology on diversification. It also avoids extreme positions. “It is our belief that a well-diversified portfolio provides a client with the best opportunity to reach their objective while managing volatility at acceptable levels,” BAC says in its SEC filings. 

The firm most recently reported that the assets under its management were allocated as: 

  • 56% in exchange-traded equity securities
  • 13% in state and local bonds
  • 12% in cash and cash equivalents
  • 11% in securities issued by registered investment companies (such as mutual funds) or business development companies
  • 2% in U.S. government and agency bonds
  • 2% in investment-grade corporate bonds 
  • 1% in non-investment-grade corporate bonds 
  • 1% in derivatives
  • 1% in securities issued by pooled investment vehicles (other than registered investment companies or business development companies)
  • 1% in loan instruments 

Altavista Wealth Management, Inc.

Altavista Wealth Management, Inc.

With an office in Asheville and a branch in Charlotte, Altavista Wealth Management has almost $487.9 million in assets under management. Its Asheville team includes three certified financial planners (CFPs), one certified public accountant (CPA) and one chartered financial analyst (CFA). (Advisors may have multiple professional accreditations.)

The fee-only firm serves high-net-worth individuals. The minimum investment is $1,000,00, though it may be waived under special circumstances. Accounts are primarily on a discretionary basis. Altavista also serves pension and profit sharing

plans, trusts, non-profit foundations, bank or thrift institutions and business entities.

Altavista Wealth Management Background

Altavista was formed in 2003 by managing partners L. Daniel Akers, Jr. and Kyle Boyd. They own most of the firm, while COO Christine Nelson and Director of Financial Planning Jacqui Friedrich hold small stakes. Previously, Boyd worked at Boys Arnold & Co. (No. 3 on this list).

The firm offers portfolio management and financial planning and consulting services. It also provides a suite of family office services that include:

  • Family governance
  • Planning
  • Philanthropic consulting
  • Lifestyle services
  • Trust

Altavista Wealth Management Investment Strategy

Employing fundamental analysis, the group’s primary investment strategies include long-term purchases and short-term purchases. The firm may also may also implement or recommend the use of margin and options transactions. As of its most recent SEC filings, assets under its management were invested as:

  • 49% in exchange-traded equity securities
  • 36% in securities issued by registered investment companies (such as mutual funds) or business development companies
  • 6% in cash and cash equivalents
  • 4% in state and local bonds
  • 3% in unique assets held for trust clients
  • 1% in U.S. government and agency bonds
  • 1% in investment-grade corporate bonds 

ACT Advisors

ACT Advisors

The ACT in ACT Advisors is an acronym for Act, Collaborate, Thrive. Founded in 2014, the fee-only firm is based in Asheville, with branch offices in Charleston and Raleigh. Managing more than $217 million in assets, the team in Asheville includes two certified financial planners (CFPs) and one registered paraplanner (RP).

Though ACT’s non-high-net-worth clients are more than double the number of high-net-worth ones, the latter’s assets are nearly double the former’s ($132 million to $78 million). 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.

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. (Partners English and Johnson are both registered representatives 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. The investment minimum for asset management is $25,000, and for passive strategy asset management, it’s $5,000.  

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. 

As of the firm’s most recent SEC filing, assets under its management were allocated as: 

  • 67% in securities issued by registered investment companies (such as mutual funds) or business development companies
  • 21% in exchange-traded equity securities
  • 7% in U.S. government and agency bonds
  • 3% in cash and cash equivalents
  • 1% in investment-grade corporate bonds 
  • 1% in variable annuities

Altamont Capital Management

Altamont Capital Management

Founded in 2001, Altamont Capital Management manages $133 million in assets. The boutique firm features four certified public accountants (CPAs), one certified financial planner (CFP) and one financial paraplanner qualified professional (FPQP).

The investment management part of the business is fee-only, but 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 ($54.3 million to $22.8 million), though they are 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:

1) Markets are efficient, leaving little room for outperformance.

2) Better returns come with risk.

3) High investment costs and poor tax management can be the largest detriment to returns. 

As of its most recent SEC filings, assets under the firm’s management were almost entirely (98%) invested in securities issued by registered investment companies (such as mutual funds) or business development companies. The rest (2%) was in cash and cash equivalents.

Colton Groome Financial Advisors, LLC

Colton Groome Financial Advisors, LLC

With more than $126.4 million in assets under management, 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 four certified financial planners (CFPs), two certified public accountants (CPAs), two chartered life underwriters (CLUs), one chartered financial consultant (ChFC), one accredited investment fiduciary (AIF), one chartered retirement plans specialist (CRPS) and one 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.

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. CCO Colin Larsen holds a small stake in the firm.

The boutique wealth manager offers portfolio management, financial planning, retirement plan consulting, insurance strategy and trust services. As an investment advisor, it is fee-only. Insurance agents, though, may receive a commission for their 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”

As of its most recent SEC filings, the firm invested assets under its management almost entirely (92%) in securities issued by registered investment companies (such as mutual funds) or business development companies. The remainder (8%) was in cash and cash equivalents.

Camden Financial Management, Inc.

Camden Financial Management is a boutique advisory firm, serving primarily high-net-worth clients. As a result, though it has only one advisor, the owner Randy Oldenburg, the client-to-advisor ratio is relatively low: 42 to 1.

With more than $110.3 million in assets under management, the fee-only firm also serves pension and profit sharing plans, trusts and estates. Accounts are on a discretionary basis, and the minimum investment is $3,000,000, though it may be lowered under certain circumstances.

Camden Financial Management Background

The firm was founded in 1996. As mentioned earlier, Randy Oldenburg is the sole owner.

In addition to portfolio management and financial planning, he helps clients with non-securites-related issues such as:

  • Estate planning 
  • Charitable gifting 
  • Property casualty/umbrella policies 
  • Roth conversions 
  • Long-term care insurance 
  • Reverse mortgages  
  • College planning – 529 plans 
  • Life planning 
  • Medicare and supplemental policies 
  • Identity theft 

Camden Financial Management Investment Strategy

Camden primarily uses strategic asset allocation when building portfolios. It states that it “spends the majority of its research efforts attempting to understand the macroeconomic forces and implementing broad and diversified investments that will benefit from these long-term these forces.” In its most recent SEC filings, it listed the assets under its management as:

  • 27% in securities issued by registered investment companies (such as mutual funds) or business development companies
  • 24% in state and local bonds
  • 21% in exchange-traded equity securities
  • 21% U.S. government and agency bonds
  • 4% in non-exchange-traded equity securities
  • 3% in cash and cash equivalents

How Many Years $1 Million 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 cost of living in retirement there.

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

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. 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.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

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