Finding a Top Financial Advisor Firm in Bloomfield Hills, Michigan
Choosing a financial advisor is easier said than done, especially if you have several options in your area to pick from. SmartAsset created this list of the top financial advisor firms in Bloomfield Hills, Michigan to help you sort through your options. Below, we describe each firm’s typical investment strategy, client base, services and more. SmartAsset's financial advisor matching tool can also pair you with as many as three advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Schwartz & Co. Find an Advisor||$6,330,452,360||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Schechter Investment Advisors, LLC Find an Advisor||$2,847,054,175||$100,000|| || |
|3||Planning Alternatives, Ltd. Find an Advisor||$1,219,942,741||$9,500 minimum annual fee|| || |
Minimum Assets$9,500 minimum annual fee
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|4||Diversified Portfolios, Inc. Find an Advisor||$1,466,343,423||$1,000,000|| || |
|5||Cranbrook Wealth Management, LLC Find an Advisor||$1,002,471,125||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||LSIA Find an Advisor||$912,858,853||$1,000,000|| || |
|7||Greystone Financial Group, LLC Find an Advisor||$617,554,772||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Lifecycle Financial Planners, Inc. Find an Advisor||$590,827,172||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Northern Financial Advisors, Inc. Find an Advisor||$532,039,019||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||Emerson Wealth, LLC Find an Advisor||$634,723,340||No set account minimum|| || |
Minimum AssetsNo set account minimum
What We Use in Our Methodology
To find the top financial advisors in Bloomfield Hills, 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.
Schwartz & Co.
Schwartz & Co. has been doing business since 1976. The firm’s client base is a mix of individuals with and without a high net worth, pooled investment vehicles, pension plans, charitable organizations, government entities and corporations. The firm doesn’t have an account minimum.
Schwartz & Co. is fee-based, meaning some advisors may earn commissions from conducting securities transactions. These commissions may alter incentives and create conflicts of interests. However, the firm is bound by its fiduciary duty to always act in the best interest of its clients.
For investment management services, the firm will often customize fee schedules to each client. However, it estimates the fee to be no higher than 1.50%. These fees are negotiable and may vary from client to client.
Schwartz & Co. Background
Schwartz & Co. first opened its doors over 40 years ago. The firm is wholly owned by Schwartz Holdings, LLC, a financial services holding company. Gregory Schwartz, Sr., along with his five sons Gregory Schwartz, Jr., Walter Schwartz, Joseph Schwartz, Edward Schwartz and Peter Schwartz, all own shares in Schwartz Holdings.
The firm offers financial planning and investment management. Often, the firm will provide both of these services together, but it provides stand-alone financial planning as well.
Schwartz & Co. Investment Philosophy
A key aspect of Schwartz & Co.’s investment process is fitting its strategy to individualized factors like your time horizon, need for liquidity, risk tolerance and investment goals. With that in mind, the firm will construct a diversified portfolio of investments.
The firm often invests in or provides advice on equities, corporate debt securities, certificates of deposit (CDs), municipal securities, government securities, interests in real estate partnerships, variable life insurance, variable annuities and mutual fund shares.
Schechter Investment Advisors is a wealth management and advisory firm that works with high-net-worth individuals, individuals, trusts, estates, charitable organizations, corporations and other business entities. The firm, which has surpassed $2.5 billion in assets under management (AUM), requires a $100,000 minimum account balance.
As a fee-only advisor, the firm or some of its advisors may earn commissions on certain recommended investments. This can create a potential conflict of interest but the firm and all advisors must abide by its fiduciary duty to put the needs of all clients first.
Schechter Investment Advisors Background
Schechter Investment Advisors, today operating as Schecter Wealth, was founded in 2013 by Marc R. Schechter. The firm has grown today to over 80 employees, advising clients in 48 states. The firm has some of the most highly regarded educational and industry-specific designations. These include some JDs, MBAs, CIMA, CLUs, LLMs, PFSs, CAPs, certified financial planners (CFP), chartered financial analyst (CFA), and more.
Schechter Investment Advisors Investment Philosophy
Schecter believes in providing more opportunities in wealth management than just investments, but also offers access to private investment opportunities that the public doesn't have access to. The firm builds a unique investment approach for each client to best serve each of their needs. The firm often uses stocks, bonds, mutual funds, and ETFs to help grow their clients overall wealth.
Planning Alternatives was founded in 1982 and works with non-high-net-worth individuals, high-net-worth individuals, pension plans, charitable organizations and businesses. As a fee-only firm, all of its compensation comes from client-paid fees. The team here includes eight certified financial planners (CFPs), one chartered mutual fund counselor (CMFC) and two chartered financial analysts (CFAs).
If you sign up for its investment management services, the firm charges a percentage of assets under management (AUM) that can range from 0.2% to 0.95%. Financial planning fees are typically charged at a fixed rate that’s negotiable depending on the complexity of your needs. The fee carries a minimum of $9,500, which could make it cost prohibitive for some clients with smaller portfolios.
Planning Alternatives Background
Planning Alternatives formed in 1982 and has one principal owner, Nathan Mersereau. Mersereau is the firm's president and one of its senior wealth advisors.
The firm provides financial planning, individual and retirement plan investment management and consulting services. In certain situations, the firm may place assets under the advisement of other investment managers. There is no minimum account size for advisory services.
Planning Alternatives Investment Philosophy
Planning Alternatives invests in a wide range of securities, provided that each one falls in line with a client’s risk tolerance and overall investment goals. This assortment includes stocks, bonds, mutual funds, index funds, exchange-traded funds (ETFs), exchange-traded notes (ETNs) and fixed and variable annuities.
Mutual funds and ETFs are the two most popular investments here, as they easily allow for diversification across various markets and asset classes. Additionally, the firm also prioritizes asset allocation over individual security selection when building client portfolios.
Diversified Portfolios is a fee-only firm that provides advisory services to individuals above and below the high-net-worth threshold, pension plans, charitable organizations and corporations. The firm has three certified financial planners (CFPs) and two chartered financial advisors (CFAs) on staff. A minimum portfolio size of $1 million is typically required to become a client.
Fees for investment management tend to fall between 0.2% and 0.9% of your assets under management (AUM). Wealth management services are also included in this fee arrangement. The firm may decide to negotiate a different fee schedule if it deems your situation appropriate for it.
Diversified Portfolios Background
Diversified Portfolios was founded in 1993. The firm has three principal owners in partners Robert Toal, Ronald Yolles and Thomas Post.
The firm provides investment management for individuals and retirement plans. It also offers wealth management services, which involve retirement planning and general financial planning.
Diversified Portfolios Investment Philosophy
Diversified Portfolios has a number of core beliefs upon which it bases its investment approach. It believes that the most important decision to be made is how to allocate your assets among cash, bonds, stocks, real estate and any other primary securities. Additionally, as its name suggests, the firm thinks that diversification among asset classes is the best method for limiting risk and increasing returns.
The advisory primarily invests with a long-term perspective, both to keep down trading costs and because a portfolio that diversifies across asset classes should increase in value over the long term. The firm also states that no-load, passively managed mutual funds and exchange-traded funds (ETFs) are the best vehicles for accessing that value, particularly for people using taxable investment accounts.
Cranbrook Wealth Management
Cranbrook Wealth Management has been doing business in Michigan since 2004. The client base consists of non-high-net-worth individuals, high-net-worth individuals, pension plans and charitable organizations.
Cranbrook is a fee-only firm, which means all of its compensation comes from the fees that clients pay for its services. The advisory team here includes three certifieid financial planners (CFPs) and one chartered financial consultant (ChFC). There is no account minimum at this firm.
Cranbrook Wealth Management Background
Cranbrook Wealth Management was established in Troy, Michigan in 2004, but it later moved to Bloomfield Hills. Its principal owner is Richard Balamucki, who founded the firm and serves as its president to this day.
Cranbrook provides comprehensive financial planning and investment management services. Investment management fees will be a percentage of AUM, usually between 0.1% and 1%.
Cranbrook Wealth Management Investing Philosophy
Cranbrook typically invests client assets in a mix of stocks, bonds, mutual funds, exchange-traded funds (ETFs), municipal and government securities and more. The firm tends to recommend mutual funds and ETFs of different kinds to promote portfolio diversification within various asset classes. The firm will not recommend investments in private equity or private placements.
Cranbrook works to tailor its investment strategy to each client by having them complete a “Risk Tolerance Assessment” at the start of the relationship. This allows the firm to learn about not only your risk tolerance, but also your financial needs, investment objectives, time horizon and any other factors that are relevant to your specific financial situation. The firm takes these factors into account and uses them to create an asset allocation that’s best equipped to produce success over the long term.
LSIA is a wealth advisory firm that’s been around for longer than a decade. The majority of LSIA’s clients are high-net-worth individuals, but it also works with non-high-net-worth individuals, pension plans, charitable organizations, other investment advisers, insurance companies and businesses. This is a fee-only firm, which means you don't need to worry about conflicts of interest stemming from advisors making commissions on the side.
The firm provides portfolio management and financial planning services. LSIA generally imposes an account minimum of $1 million, but it may decide to waive this minimum under certain circumstances.
Portfolio management services come with a fee based on a percentage of your AUM. This can be as high as 0.9% depending on the value of your assets and the strategy you use. These charges, along with financial planning fees, are negotiable.
LSIA was established in 2008 as a spin-off of Natixis Global Asset Management, a massive, international investment bank. The firm is employee-owned by six members of its staff.
The firm employs its advisors across offices in Bloomfield Hills, Michigan; Milwaukee, Wisconsin; Pasadena, California; and Boca Raton, Florida.
LSIA Investment Philosophy
LSIA has three main investment strategies that clients can choose between:
- Multi-Asset Class Strategy: Under this strategy, the firm will construct a portfolio with multiple asset classes that’s based on the client’s investment objectives and goals.
- Equity Strategy: This is a large-cap-centric stock strategy that looks to actively trade equity securities for long-term growth.
- Bond Strategy: Portfolios using this strategy will consist of multiple types of bonds, with an objective to provide long-term returns with income.
Greystone Financial Group
Fee-only Greystone Financial Group has no minimum investment requirement for new clients, making its services attainable for just about anyone. The firm's client base is mostly made up of individuals, with non-high-net-worth clients outnumbering their high-net-worth counterparts. Greystone also has a sizable retirement plan consulting business.
The group of advisors at Greystone has a few certifications to their name. These include one certified financial planner (CFP) and one chartered financial analyst (CFA).
Greystone Financial Group Background
Greystone Financial Group was originally established back in 2015. The firm is one of two companies splitting from the firm formerly known as Polaris Greystone Financial Group, with the other being Polaris Wealth Advisory Group. Managing partner Todd Moss is the firm's majority owner, and partner Kristie Guadiano is its minority owner.
Both investment management and financial planning services are available at this firm. The latter can cover a wide range of topics, such as retirement planning, estate planning, business succession planning, tax planning, risk management and more.
Greystone Financial Group Investing Strategy
Greystone Financial Group builds all client portfolios according to the needs and situation of each person and their family. For instance, the firm will review and determine your personal risk tolerance, time horizon, income needs, long- and short-term goals and tax situation before investing a dime. Should your situation change during your relationship with the firm, you can let your advisor know and your investment plan will be adjusted accordingly.
When selecting investments, Greystone uses two different portfolio management styles. These include best of breed stock selection within preferred industries and sectors, as well as technical analysis and macro world view considerations.
Lifecycle Financial Planners
Lifecycle Financial Planners has been providing investment advice to clients in the Bloomfield Hills area since 2017. Its clients include non-high-net-worth and high-net-worth individuals, as well as one charitable organization. Lifecycle Financial Planners is a fee-only firm, and there is no minimum account size.
Fees for financial planning and asset management services will often be rendered as a fixed annual charge. The fee can vary from $950 to $50,000, depending on the scope of services and the complexity of your finances.
No information is provided about the firm's advisor certifications.
Lifecycle Financial Planners Background
Lifecycle Financial Planners was founded in 2017. The firm has two principal owners: Pamela S. Landy and Melissa R. Scenga.
The firm provides holistic financial planning services to its clients, along with discretionary investment management. The former can include retirement accumulation and distribution planning, estate planning, insurance review, business planning, college planning, account structuring, cash flow management and debt/credit management.
Lifecycle Financial Planners Investment Philosophy
Lifecycle Financial Planners subscribes to modern portfolio theory, which emphasizes asset diversification to maximize return for a given level of risk. The firm seeks to establish this risk tolerance for each client, and then optimize return based on that.
The firm generally offers investment advice on:
Northern Financial Advisors
Northern Financial Advisors only works with individual clients, with a nearly even split between those with and without a high net worth. There is no set account minimum at this firm. The team of advisors here includes four certified financial planners (CFPs), two enrolled agents (EAs) and two certified public accountants (CPAs).
As a fee-only firm, Northern Financial Advisors does not receive any third-party commissions beyond its standard advisory fees. A fee-based firm, on the other hand, would receive both commissions and client-paid fees.
Northern Financial Advisors Background
Northern Financial Advisors is one of the older firms on this list, as it was established back in 2002. Firm president Christine Isham is the firm's principal owner. Isham has around 30 years' experience in the financial services industry.
Holistic financial planning is the premier service at this firm, as it covers tax planning, estate planning, retirement planning, risk management, insurance analysis, cash flow analysis and more. Investment management services are available too. The firm also has an offering that it calls "Spark Retainer," which is "designed for young professionals who have important financial questions and are in the accumulation phase of their financial lives," according to Northern Financial's Form ADV.
Northern Financial Advisors Investing Strategy
Northern Financial Advisors uses a proprietary investing system when building portfolios for clients. This is called "Functional Asset Allocation," or FAA for short. This program accounts for a number of factors that are internal and external to the investor's life, such as what's currently happening in their life and what the economic and global situation looks like at any given time. Therefore, things that are important to you are what drive your portfolio's management and construction.
This firm uses three main investment groups: equities, real estate and interest-earning securities. These are invested in according to modern portfolio theory, meaning your portfolio's asset allocation will be maximized for your given risk level.
Emerson Wealth has been an investment advisor in Michigan since 2007. Its clients are almost entirely high-net-worth individuals, though the firm also advises a handful of non-high-net-worth individuals and pension plans.
The practice doesn’t impose an account minimum. It is fee-based, which means that some advisors may sell insurance products that generate commissions on top of the advisory fees you pay. This may create a potential conflict of interest, but it doesn’t alter the firm’s fiduciary duty to act in clients' best interests at all times.
Emerson Wealth Background
Emerson Wealth was created in 2007. Managing partner Michael Emerson is the majority owner, with partner Kip White holding a minority stake. The advisor team here has a few certifications, including three certified financial planners (CFPs), one chartered life underwriter (CLU) and one chartered financial consultant (ChFC).
Emerson provides fee-based investment management, financial planning and consulting services.
Emerson Wealth Investing Philosophy
Most of Emerson’s recommendations will be for mutual funds and exchange-traded funds (ETFs), but the firm may also invest in individual stocks, fixed-income securities like bonds, commercial paper, certificates of deposit (CDs), municipal securities, government securities and private placements.
When analyzing potential funds, the firm will examine factors like the performance history of the fund manager relative to competitors and other benchmarks, fund returns adjusted for risk, value that the manager is adding and any relevant fee concerns.