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 assist your search.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Parsec Financial Management, Inc. Find an Advisor||$3,427,806,357||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Dixon Hughes Goodman Wealth Advisors, LLC Find an Advisor||$1,691,612,578||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Altavista Wealth Management, Inc. Find an Advisor||$601,541,726||No set account minimum|| |
Minimum AssetsNo set account minimum
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|4||ACT Advisors Find an Advisor||$316,365,417||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|5||Colton Groome Financial Advisors, LLC Find an Advisor||$188,894,429||No set minimum|| || |
Minimum AssetsNo set minimum
|6||Altamont Capital Management Find an Advisor||$195,977,836||$150,000|| || |
|7||Horizons Wealth Management Find an Advisor||$122,530,878||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Camden Financial Management, Inc. Find an Advisor||$129,190,002||$3,000,000|| || |
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 accurate as of the writing of this article. 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.
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.
Dixon Hughes Goodman Wealth Advisors LLC
Dixon Hughes Goodman Wealth Advisors has its main office in Asheville, seven more offices in North Carolina, and another several offices in six more southern states. The team in Asheville includes advisors who have professional certifications such as certified public accountant (CPA), personal financial specialist (PFS) and certified financial planner (CFP).
Overall, the fee-only firm serves about twice as many non-high-net-worth individuals as high-net-worth ones. 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.
Altavista Wealth Management, Inc.
Altavista Wealth Management's Asheville team includes professional certifications such as certified financial planner (CFPs), certified public accountant (CPA) and chartered financial analyst (CFA).
The fee-only firm serves high-net-worth individuals. 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. Previously, Boyd worked at another North Carolina firm called Boys Arnold & Co.
The firm offers portfolio management and financial planning and consulting services. It also provides a suite of family office services that include:
- Family governance
- Philanthropic consulting
- Lifestyle services
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.
The ACT in ACT Advisors is an acronym for Act, Collaborate, Thrive. Founded in 2014, the fee-vased 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.
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.
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 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.” Investments include mutual funds, bonds and stocks.