Finding a Top Financial Advisor Firm in Barrington, Illinois
If you live in or near Barrington, Illinois and you're looking for a financial advisor, we've put together this list to help you decide which firm is right for you. By going into detail on each firm's typical advisory services, client base, account minimums, financial certifications, investment strategies and more, SmartAsset hopes to make your search much easier. To expand your search, use SmartAsset's free advisor matching tool. It will connect you with up to three financial advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Sequoia Wealth Management, LLC Find an Advisor||$496,096,039||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|2||Piershale Financial Group, Inc. Find an Advisor||$295,875,335||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|3||Carter Financial Group, Inc. Find an Advisor||$255,870,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||Virtue Asset Management LLC Find an Advisor||$112,487,106||$1,000,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Barrington, 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.
Sequoia Wealth Management, LLC
Sequoia Wealth Management (SWM) is a fee-based firm that's ratesd as the No. 1 financial advisory in Barrington. While the firm's minimum account size varies based on the service that's provided, most of the firm's clients do not have a high net worth, although some do. Account minimums generally range from $5,000 to $100,000.
Advisors are also brokers and insurance agents. In these non-advisor roles, they collect transaction-based fees from vendors, which can potentially pose conflicts of interest. That said, as an SEC-registered firm, Sequioa must abide by its fiduciary duty to put clients' interests before its own.
The firm charges its clients asset management fees that are based on how much money they have under the firm's management. SWM also charges an hourly or flat fee for financial planning and consulting services. These fees can reach $500 an hour or up to $25,000 on a fixed basis.
The firm's advisory team has a variety of certifications, including the chartered life underwriter (CLU), certified financial planner (CFP) and chartered financial consultant (ChFC) designations. (Advisors may have more than one credential).
Sequoia Wealth Management Background
Robert Lyman founded Sequoia Wealth Management in 2014. He is the managing partner and sole owner of the firm.
The firm offers asset management, which may include the advisory services of a third-party money manager. Asset management may also be part of advisory programs sponsored by LPL Financial that may be on wrap fee basis. Additionally, Sequoia Wealth provides financial planning and consulting, including retirement plan consulting.
Sequoia Wealth Management Investing Strategy
Through LPL Financial, clients have access to several different investment solutions, including model portfolios, customized portfolios and robo-advisors. Advisors will help clients choose the appropriate investment solution based on their goals, risk tolerance and financial situation. Generally speaking, the practice applies charting, fundamental analysis, technical analysis and cyclical analysis when evaluating securities. It may engage in long-term purchases, short-term purchases, trading, short sales, margin transactions and option writing.
Piershale Financial Group, Inc.
Piershale Financial Group is the next firm on our list. The firm's client base is composed entirely of individual clients. Of these individuals, most do not have a high net worth.
The account minimum for the firm's asset management services is $150,000, whereas the minimum for investment consulting is much lower, at $10,000. The firm is fee-only, which means advisors collect fees only from their clients. They do not receive transaction-based fees from vendors, which can pose conflicts of interest.
Piershale Financial Group has a number of accredited professionals on staff including four registered financial consultants (RFCs), two chartered financial consultants (ChFC), a chartered financial analyst (CFA) and one financial paraplanner qualified professional (FPQP).
Piershale Financial Group Background
Piershale Financial Group opened in 2000, but it wasn't until 2011 that it registered as an investment advisor with the SEC. Founder Michael Piershale is the sole owner of the firm and serves as its chief compliance officer (CCO) and president.
The firm provides investment management and consulting services. These offerings are quite comprehensive and encompass portfolio creation and ongoing supervision. Investment consulting is closer to financial planning and covers issues like retirement income planning.
Piershale Financial Group Investment Strategy
In providing ongoing investment management services, Piershale Financial Group looks to develop individualized investment strategies for all clients. Advisors take into account their personal risk tolerance, investment objectives and current financial and tax situations in order to properly and effectively manage their accounts. They also monitor and rebalance portfolios on an as-needed basis to ensure the intended investment plans remain intact.
When it comes to evaluating investments, advisors at Piershale use both fundamental and technical methods of analysis. While advisors invest client assets by taking advantage of both long-term trading and short-term trading, their primary investment strategy is the "Advance and Protect" strategy. This tactical approach to investing seeks to preserve wealth over the long term, while capturing gains from advancing markets.
Carter Financial Group, Inc.
Next up on our Barrington list is Carter Financial Group, a relatively young firm. Carter works almost exclusively with individual clients. Of these individuals, the majority do not have a high net worth. However, it still works with a solid handful of high-net-worth individuals. Institutional clients at the firm include a small number of charitable organizations.
Carter doesn't have a minimum account size requirement. It is a fee-based firm, though. This means that advisors can receive commissions for the sale of financial products from third parties, on top of the fees that advisory clients pay. This is a potential conflict of interest, but the firm is a fiduciary and is legally obligated to act in the best interests of clients at all times.
The firm's small staff includes two certified finanical planners (CFPs) and one certified retirement planning counselor (CRPC).
Carter Financial Group Background
Carter Financial Group was founded in 2019, making it the youngest firm on our list. While it was originally registered at the state level, Carter swapped that registration out for an SEC registration in mid- 2020. Kevin Carter is the firm's sole principal owner.
Carter provides its clients with both investment management services and financial planning services. Most of the firm's assets are managed on a discretionary basis.
Carter Financial Group Investment Strategy
Carter Financial Group works like many other investment management and financial advisory firms out there in that it looks to tailor its advisory services and investment strategies to the individual needs of clients. It does so by meeting with clients to learn their tolerance for risk, overall financial situation, liquidity needs and other important factors.
Advisors may invest client assets in a variety of ways. They may use model portfolios or a variety of different investment securities. It may also use a variety of different methods of analysis, depending on what is appropriate for the client's account.
Virtue Asset Management LLC
Virtue Asset Management, a fee-only practice, is the fourth and final firm on our list of the top advisors in Barrington, Illinois. The firm requires a minimum account size of $1 million. As a result, most of its clients are high-net-worth individuals. However, the firm does work with individuals without a high net work, as well as retirement plans, corporations and businesses.
As a fee-only practice, Virtue's advisors do not collect commissions or third-party compensation for recommending securities or insurance. Instead, the firm collect client-paid fees that are based on how much money a person has under the firm's management.
As for advisors, Virtue's small staff features two certified financial planners (CFPs) and one chartered financial analysts (CFA).
Virtue Asset Management Background
Founded in 2016, Virtue Asset Management is owned by Robert P. Finley, an advisor with the CFA and CFP designations. In addition to its headquarters in Barrington, Virtue has branch offices in Chicago and Glenview, Illinois.
Virtue can provide clients with discretionary asset management and financial planning services. The latter offering may include retirement planning, philathropic giving, estate planning, wealth transition, business succession planning and the recommendation of third-party managers.
Virtue Asset Management Investment Strategy
Before building a client's portfolio and investing their money, Virtue Asset Management examines each client's current investments, identifies their investment objectives, goals, age, time horizon, financial circumstances, investment experience and other relevant factors. From there, the firm selects mutual funds, exchange-traded funds and individual securities, including fixed income securities. When analyzing investments, the firm relies on quantitative methods, computer-based risk/return analysis, technical analysis and computer models that utilize long-term economic criteria.