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've gone into detail on each firm’s typical investment strategy, client base, services and more. Want a more personalized recommendation? Our financial advisor matching tool will ask you a few questions about your financial situation, then use your answers to recommend local advisors.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||LSIA Find an Advisor||$5,153,833,848||$1,000,000|| || |
|2||Schwartz & Co. Find an Advisor||$3,483,325,035||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Planning Alternatives LTD Find an Advisor||$1,017,110,504||No set account minimum|| || |
Minimum AssetsNo set account minimum
|4||Diversified Portfolios, Inc. Find an Advisor||$841,882,252||$1,000,000|| || |
|5||Cranbrook Wealth Management, LLC Find an Advisor||$672,151,070||None|| || |
|6||Emerson Wealth Management, LLC Find an Advisor||$363,644,205||None|| || |
|7||Lifecycle Financial Planners Inc. Find an Advisor||$358,707,666||None|| || |
|8||Gainplan LLC Find an Advisor||$230,258,542||None|| || |
|9||Sculati Wealth Management, LLC Find an Advisor||$150,500,000||$250,000|| || |
|10||Integrated Capital Management Find an Advisor||$131,169,116||None|| || |
How We Found the Top Financial Advisor Firms in Bloomfield Hills, Michigan
For starters, SmartAsset only considered firms for this list if they are registered with the U.S. Securities and Exchange Commission (SEC) in Bloomfield Hills, Michigan. SEC registration is essential, because all such companies have a fiduciary duty to act in their clients’ best interests. They also must file a Form ADV each year to stay in good standing with the SEC, which gives crucial insight into their investment approaches and business practices. To further condense our list, we removed firms that have disclosures, do not manage individual accounts or do not offer financial planning. The result of this research is below, in order of the most assets under management (AUM) to the least.
LSIA is a wealth advisory firm that’s been around for longer than a decade. The firm manages more than $5 billion in investable assets on behalf of more than 300 clients. The majority of LSIA’s clients are high-net-worth individuals, but it also works with non-high-net-worth individuals, pooled investment vehicles, pension plans, charitable organizations, government entities, other investment advisers, insurance companies, businesses and unions. 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, and it occasionally acts as a sub-advisor for other investment advisors. LSIA generally imposes an account minimum of $1 million, but it may decide to waive this minimum under certain circumstances.
LSIA was established in 2008 as a spin-off of Natixis Global Asset Management, a massive investment firm with $960 billion in assets under management (AUM). Natixis is the parent company of another investment advisor, Loomis, Sayles & Company, LP. Loomis Sayles is a minority owner of LSIA, and no owner controls more than 25% of the firm.
The firm employs nine total advisors across its offices in Bloomfield Hills, Michigan; Milwaukee, Wisconsin; Pasadena, California; and Boca Raton, Florida. Among them are one certified financial planner (CFP) and five chartered financial analysts (CFAs).
Portfolio management services come with a fee based on a percentage of your AUM. This can reach as low as 0.02% and as high as 0.90% depending on the value of your assets. These charges, along with financial planning fees, are negotiable.
LSIA Investment Philosophy
LSIA has four main investment strategies that clients can choose between:
- Total Portfolio 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.
- Passive Management Strategy - This strategy seeks to mimic market indexes, with special attention to dividend stocks.
Schwartz & Co.
Schwartz & Co. is a 17-advisor firm that has been doing business since 1976. The firm currently manages roughly $3.5 billion in assets under management (AUM) from more than 1,000 clients. The firm’s client base is a combination of individuals and high-net-worth individuals, 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 or selling insurance products. These commissions may alter incentives and create conflicts of interests. However, the firm is bound by fiduciary duty to always act in the best interest of its clients.
The firm can offer financial planning and investment management to its clients. Frequently, the firm will provide both of these services simultaneously, but it has stand-alone financial planning as well.
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 has 17 advisors, one of whom is a certified public accountant (CPA).
For investment management services, the firm will often customize fee schedules to each client. However, it estimates the fee to be a percentage of AUM ranging from 0.25% to 0.40%. Financial planning fees typically range between 0.50% to 1.50% of your AUM, depending on the nature of the services you request. These fees are negotiable and may vary from client to client.
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.
Planning Alternatives Ltd.
Planning Alternatives Ltd. has 24 financial advisors that serve roughly 820 clients with just over $1 billion in assets. Founded in 1982, the firm works with individuals, high-net-worth individuals, pension plans, charitable organizations and businesses.
Planning Alternatives is a fee-based firm, meaning some advisors may earn commissions for selling insurance products or conducting certain securities transactions. These commissions have the potential to create conflicts of interest, but the firm still has a fiduciary duty to act in your best interest at all times.
The firm provides financial planning, individual and retirement plan investment management and consulting services. From time to time, the firm may place assets under the advisement of other investment managers. There is no minimum account size for advisory services.
Planning Alternatives Background
Planning Alternatives formed in 1982 and has one principal owner, Nathan Mersereau. The firm has 12 advisors on its staff, a group that includes nine certified financial planners (CFPs), one chartered financial analyst (CFA) and one accredited investment fiduciary (AIF).
If you subscribe to investment management services, the firm charges a percentage of assets under management (AUM) that can range from 0.25% to 1.00%. 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 $1,500, which could make it cost prohibitive for some clients with smaller portfolios.
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, Inc.
Diversified Portfolios, Inc. is a five-person, fee-only firm that provides advisory services to roughly 465 clients. These include individuals, high-net-worth individuals, pension plans, charitable organizations and corporations.
The firm provides investment management for individuals and retirement plans, as well as wealth management services. The latter involves retirement planning and general financial planning. A minimum portfolio size of $1 million is typically required to become a client.
Diversified Portfolios Background
Diversified Portfolios was founded in 1993. The firm has three principal owners in partners Robert Toal, Ronald Yolles and Thomas Post. Five advisors work at this firm, and three of them are certified financial planners (CFPs), while two hold a chartered financial analyst (CFA) designation.
Fees for investment management tend to fall between 0.50% and 0.90% 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 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, the firm thinks that diversification among asset classes is the best method for limiting risk and increasing returns.
The firm 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, LLC
Cranbrook Wealth Management, LLC is a five-person firm that’s been doing business in Michigan since 2004. It has just over $672 million in assets under management (AUM), and it serves roughly 240 clients. This client base consists of individuals, high-net-worth individuals, pension plans and charitable organizations.
Cranbrook is a fee-based firm, which means that some advisors may earn commissions from certain securities transactions or through the sale of insurance products. This practice may create conflicts of interests, but like all firms on this list, Cranbrook is still bound by a fiduciary duty to act in its clients’ best interest. Cranbrook provides comprehensive financial planning and investment management services. There is no account minimum at this firm.
Cranbrook Wealth Management Background
Cranbrook Wealth Management was established in Troy, Michigan in 2004 and later moved to Bloomfield Hills. Its principal owner is Richard Balamucki, who founded the firm and serves as its president to this day. Balamucki is one of the firm’s four advisors, who collectively hold two certified financial planner (CFP) and one chartered financial consultant (ChFC) certifications.
Financial planning fees will typically come in the form of a fixed fee, which can range from $2,500 to $50,000 depending on the scope of your services. Investment management fees will be a percentage of your AUM, usually between 0.10% and 1.00%.
Cranbrook Wealth Management Investment Philosophy
Cranbrook typically invests client assets in a mixture 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.
Emerson Wealth Management, LLC
Emerson Wealth Management, LLC has been an investment advisor in Michigan since 2007. Its 150 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 firm has roughly $360 million in assets under management (AUM).
Emerson provides fee-based investment management, financial planning and consulting services to its clients. The firm doesn’t impose any sort of account minimum. As a fee-based firm, some advisors may conduct securities transactions or sell insurance products that generate commissions on top of the advisory fees you pay. This practice may create a conflict of interest, but it doesn’t alter the firm’s fiduciary duty to act in your best interest at all times.
Emerson Wealth Management Background
Emerson Wealth Management was created in 2007. It’s majority owned by managing partner Michael Emerson, with partner Kip White claiming a minority stake. The firm has five employees, but information about advisors’ professional certifications isn’t available.
Emerson Wealth Management calculates investment management fees as a percentage of your AUM between 0.15% and 0.95%. For financial planning or consulting services, the firm will charge a fixed fee of between $2,500 and $75,000. This fee is negotiable and will vary depending on the scope and complexity of the services provided.
Emerson Wealth Management Investment 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.
Lifecycle Financial Planners Inc.
Lifecycle Financial Planners, Inc. has been providing investment advice to clients in the Bloomfield Hills area since 2017. Its 345 clients include individuals and high-net-worth individuals. Lifecycle Financial Planners is a fee-only firm, and there is no minimum account size.
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 Background
Lifecycle Financial Planners was founded in 2017. The firm has two principal owners: Pamela S. Landy and Melissa R. Scenga. Information about the advisors’ professional certifications is unavailable.
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.
Lifecycle Financial Planners Investment Philosophy
Lifecycle Financial Planners subscribes to modern portfolio theory, which heavily 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:
Gainplan, LLC has been an investment advisor in Bloomfield Hills for about five years. It has more than 300 clients, a group that includes individuals, high-net-worth individuals, pension plans, charitable organizations and corporations. The firm manages roughly $230 million in client assets, and it is fee-based.
As a fee-based firm, some Gainplan advisors may earn commissions in addition to advisory fees through conducting securities transactions or selling annuities or life insurance. While this creates the potential for conflicts of interest, the firm still has a fiduciary duty to always act in the best interest of its clients.
Gainplan primarily provides asset management services, as well as financial planning. Beyond these, the firm offers consulting services for businesses, pensions and other retirement plans.
Gainplan was formed in 2015 by Jeffrey W. Ivory. Ivory is also the principal owner and CEO of the firm. Among the firm’s seven advisors, there are three certified financial planners (CFPs) and one chartered financial analyst (CFA).
Gainplan charges its management fees as a percentage of your assets under management (AUM) that can range from 0.50% to 1.50%, depending on the value of your assets. This will typically include financial planning fees, although the firm may charge a higher percentage if substantial planning is needed.
Gainplan Investment Philosophy
Gainplan uses a tactical asset allocation strategy to formulate client portfolios. More specifically, it will look forward to forecast risk and return, and use these insights to inform any tweaks that should be made. This differs from a more passive allocation strategy in which changes are only made to rebalance a portfolio to its original allocation. The firm believes its strategy better allows for the implementation of new information.
To protect against risk, the firm employs a number of strategies. First, the firm constructs portfolios using low-correlation asset classes, meaning that each class you’re invested in will be subject to different risk factors. This avoids a scenario in which the entirety of the assets in your portfolio experience a simultaneous drop due to a crash of a particular asset class or sector. Additionally, the firm invests in broad-based exchange-traded funds (ETFs) to diversify each portfolio broadly and efficiently.
Sculati Wealth Management, LLC
Sculati Wealth Management, LLC is a five-person advisory firm that provides fee-only advisory services to roughly 275 clients. These clients are mostly individuals below the high-net-worth threshold, though the firm also advises some high-net-worth individuals and pension plans as well.
The firm provides a plethora of services, such as investment supervisory, financial planning and estate planning. There is no minimum account size to work with this firm.
Sculati Wealth Management Background
Sculati Wealth Management was founded in 2011 by David Sculati. Sculati is the firm’s sole owner, and he currently holds the position of firm president. The firm has four advisors on staff, one of whom is a certified financial planner (CFP).
Fees for investment management services tend to fall between 0.40% and 1.00% of your assets under management (AUM), with a minimum annual fee of $2,500. Financial planning services are provided to investment management clients at no additional cost.
Sculati Wealth Management Investment Philosophy
Sculati Wealth Management uses each client’s long-term investing goals, time horizon, liquidity needs, comfort with risk and other financial factors to come up with the proper risk tolerance and asset allocation for their portfolio. Each portfolio is diversified globally and across many different markets.
The firm primarily uses fundamental analysis to determine if a security fits its strategy. It will examine information like a company’s balance sheet, return on equity, historical financial performance and overall financial and economic environment. The firm may employ technical analysis and cyclical analysis from time to time as well.
Integrated Capital Management
Integrated Capital Management has been an investment advisor in Michigan since 2016. Its almost 300 clients are exclusively individuals, with some being above the high-net-worth threshold and some not. The firm has just over $150 million in assets under management (AUM), and it calls for a minimum initial investment of $250,000.
Integrated Capital Management provides discretionary investment management, financial planning and consulting services for individuals, businesses or retirement plans.
Integrated Capital Management is a fee-based advisory firm, which means some advisors may earn commissions for selling life insurance or conducting some securities transactions. These commissions create the potential for skewed incentives or conflicts of interest. However, the firm is still a fiduciary and must act in your best interest at all times.
Integrated Capital Management Background
Integrated Capital Management was formed in 2016, and it’s owned and controlled by Eric Singer and Brian Franke. Singer and Franke worked together at a different firm prior to founding Integrated Capital Management. Both owners are certified financial planners (CFPs) and chartered retirement plan consultants (CRPCs). Additionally, one of the firm’s five advisors is a chartered life underwriter (CLU).
For investment management services, the firm charges fees as a percentage of your AUM. This rate will vary between 0.50% and 2.50%, depending on the size of your account and what your assets are invested in. For financial planning clients, you’ll need to pay either a fixed fee between $1,000 and $5,000 or an hourly fee of $250. These fees are negotiable.
Integrated Capital Management Investment Philosophy
Integrated Capital Management approaches each investment process by considering the client’s investment goals, which are typically nailed down during the financial planning process. With that in mind, the firm will invest in a range of individual stocks, bonds, mutual funds and exchange-traded funds (ETFs). The exact allocation of asset classes will depend on the client’s needs, risk tolerance and timeline.