Top Financial Advisors in Cleveland, OH

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With billions in assets under management (AUM), MAI Capital Management leads the pack of Cleveland financial advisor firms. This fee-only firm was originally established in 1973, making it one of the older firms on this list. To become a client, you’ll need at least $500,000 in investable assets.

Advisors at the firm have a number of certifications. Such certifications include certified financial planner (CFP), certified public accountant (CPA), chartered financial analyst (CFA), certified private wealth advisor (CPWA) and several others.

Unliked many firms, MAI charges performance-based fees, though this fee is only only charged if your portfolio does better than projected. The firm is also fee-only, as its advisors do not earn any extra commissions.

MAI Capital Management Background

Originally known as Investment Advisors International, an affiliate of sports management firm International Management Group, MAI Capital has gone through a number of name changes and restructurings throughout the years. In 2014, the firm assumed the name it’s known as now. The principal owner is MAI Capital Holdings, LLC, a subsidiary of Galway Insurance Holdings, LP.  

Services offered at MAI Capital management include wealth management, investment management, tax planning, financial planning and estate planning. In addition to Cleveland, you can find offices in Nashua, New Hampshire; Ponte Vedra Beach, Florida; and Irvine, California. 

MAI Capital Management Investment Strategy

MAI Capital has nine main investment strategies:

• Dividend (ideal minimum assets: $500,000)
• Diversified focused equity (ideal minimum assets: $500,000)
• Diversified dividend (ideal minimum assets: $500,000)
• Exchange-traded fund (ideal minimum assets: $250,000)
• Focused equity (ideal minimum assets: $500,000)
• Growth equity (ideal minimum assets: $500,000)
• Fixed income - tax exempt (ideal minimum assets: $250,000)
• Fixed income - taxable (ideal minimum assets: $250,000)

Each strategy corresponds with its name. For example, the ETF strategy is a diversified portfolio containing exchange-traded funds (ETFs).

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This fee-only firm is aimed towards high-net-worth individuals and families. Most of Clearstead Advisors' accounts belong to those in the high-net-worth category, though it also works with non-high-net-worth individuals, retirement plans, businesses and more. 

Clearstead Advisors' team includes several chartered financial analysts (CFAs), certified public accountants (CPAs), certified financial planners (CFPs) and chartered alternative investment analysts (CAIAs). It also has a single accredited tax preparer (ATP), along with a few other certified advisors. 

Clearstead Advisors Background

Until 2018, the firm was known as Hartland & Co. In 1989, when the firm was first founded, clients were defined benefit pension plans. As the years went on, the company began serving private clients. In 2014, Tom Hartland, the founder of the firm, moved to become the chairman of the board of directors. Today, that role is held by David Fulton, the firm's chairman and CEO.

The firm offers services such as investment management, financial planning, tax planning and compliance and family office administration.

Clearstead Advisors Investment Strategy

Investing at Clearstead Advisors is primarily limited to mutual funds and exchange-traded funds (ETFs) instead of individual stocks and bonds. Clearstead uses open-end mutual funds and ETFs and diversifies broadly across asset classes.

When choosing which funds to invest in, the firm uses qualitative and quantitative investment manager research. The firm has an investment research committee that evaluates each security before it's presented to clients.

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Up next on our list of the top financial advisory firms in the city of Cleveland is Marcum Wealth. Marcum works with an array of clients, though most of the firm's client base is made up of non-high-net-worth individuals. The next biggest client group is high-net-worth individuals. Institutional clients are fewer and further between, but the firm does work with a handful of retirement plans, charities and businesses.

Marcum doesn't have a minimum account balance requirement. The firm, however, is fee-based, since advisors can sell insurance products to clients in a commission-basis. This potential conflict of interest is mitigated by the firm's status as a fiduciary, which legally obligates it and its advisors to act in the best interests of clients at all times.

Marcum Wealth Background

Marcum Wealth was founded in 2006. It registered with the SEC as an investment advisor a year later, in 2007. The firm has a broad ownership circle, being owned by Marcum, LLP, Christopher Bart, James Butler, Steven Brett, Robert D. Coode, Robert E. Coode, Wendy Eldridge, Charles Hoffmann, Peter Hoffmann, Charles Moore, Perry Reghetti, Matthew Reghetti, Eric Wulff, Jeffrey Weiner and Aurum Holdings, LLC. The firm also has offices in Akron, Ohio; Mentor, Ohio; Hartford, Connecticut; Tampa, Florida; Ft. Lauderdale, Florida; Melville, New York; Nashville, Tennessee; and Philadelphia, Pennsylvania.

Marcum Wealth Investment provides both investment management and financial planning services to clients. It may provide these services to clients simultaneously or separartely using a number of approaches.

Marcum Wealth Investment Strategy

Being a large firm, Marcum Wealth works to provides it clients with individualized apporaches to investment portfolios. Its overarching investment strategy, however, is guided by what the firm calls the Marcum Asset Allocation Frameworks. The firm follows this approach by primarily using independent money managers to manage client assets. The firm provides investment advice on an incredibly wide range of investments.

The firm and its advisors primarily take a long-term approach to investing, looking to invest on a 10-year or greater time horizon. Assets are primarily allocated among global equities, fixed-income securities, diversified alternative strategies and cash.

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Wellspring Financial Advisors, another fee-only firm with no account minimum, is next on our list. Clients of the firm include non-high-net-worth and high-net-worth individuals, trusts, estates and entities related directly to existing clients, such as charitable endeavors.

The firm's team includes financial certifications such as certified public accountant (CPA), accredited estate planner (AEP), certified financial planner (CFP), chartered alternative investment advisor (CAIA), enrolled agent (EA) and chartered financial analyst (CFA).

Wellspring Financial Advisors Background

Wellspring Financial Advisors was founded in 2007. Michael Novak principally owns the firm. Novak, a CPA, personal financial specialist (PFS) and AEP, founded the firm. Novak is the managing director and has spent his entire career as a personal wealth manager.

The firm offers services such as financial planning, income tax planning, business succession and family office services. 

Wellspring Financial Advisors Investment Strategy

Wellspring Financial Advisors considers diversification, quality, liquidity and transparency as the four main drivers of its investment strategy. When building your portfolio, Wellspring advisors first consider your risk tolerance, time horizon, preferences and objectives. This is known as the analysis phase. It then follows a few other phases:

• Architecture: Your advisors will create an investment policy statement and propose strategic allocation guidelines.
• Implementation: At this stage, your portfolio is funded and set.
• Monitoring and reporting: Your advisors will periodically send you performance reports, outlooks and tax-related documents. You’ll verify that your investment policy is accurate and your portfolio is rebalanced as needed.

Wellspring generally invests client assets in mutual funds and exchange-traded funds (ETFs). 

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Vantage Financial Group is the next firm on our list. This firm doesn't have as much in assets under management as some of the other firms on our list, but it ranks quite high when it comes to the number of clients it serves. These clients are mainly individuals, about two-thirds of which do not have a high net worth. Other clients include high-net-worth individuals, retirement plans, charitable organizations and businesses.

Vantage doesn't require a minimum account size. The firm is also fee-based, as some advisors can receive commissions from the sale of insurance products to clients. Desite the fact that this is a potential conflict of interest, the firm is still a fiduciary. This means that it is legally obligated to act in the best interests of clients at all times.

Vantage Financial Group Background

Vantage Financial Group was founded in 1988. It became an SEC-registered investment advisor in 1988 as well. William M. McCormick, Michael T. Bearducci, Michael F. Cleary and George D. Smith are the principal owners of the firm. There are a number of advisory certifications present at the firm, including certified financial planner (CFP), accredited investment fiduciary (AIF), certified employee benefits specialist (CEBS) and others.

Vantage provides four main financial advisory services. They are portfolio management services, financial planning services, financial consulting services and retirement plan consulting services.

Vantage Financial Group Investment Strategy

When it comes to investment strategy, Vantage Financial Group aims to tailor its advice to the individual needs, objectives and situation of each client. Important factors that can guide the portfolio creation and wealth planning process are total investment net worth, tolerance for risk and any other relevant information.

While advisors primarily populate client portfolios using mutual funds and exchange traded funds (ETFs), they may also use and provide advice on other securities, such as equities, variable annuities and bonds.

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Beacon Financial Advisory is a fee-based firm with a significant amount in AUM. Most of its clients are non-high-net-worth individuals, though it also advises a number of high-net-worth individuals. Its only institutional clients are retirement plans, charitable organizations and businesses. Beacon's staff includes certified financial planners (CFPs), certified public accountants (CPAs) and chartered financial consultants (ChFCs), among other certifications.

Fees for portfolio management are based on a percentage of assets under management. Fixed and hourly fees are charged for financial planning services. Advisors may make commissions for selling financial products to clients. This is a potential conflict of interest, but fiduciary duty binds advisors to act in the best interest of the client. Beacon does not have a minimum account size requirement. 

Beacon Financial Advisory Background

Beacon Financial Advisory was founded in 2014. The principal owner is Gregory Giller Randall, who is the founder, managing partner and lead financial advisor at the firm.

Beacon’s services include:

• Investment strategy
• Asset allocation
• Risk tolerance
• Personal investment policy
• Asset selection
• Regular portfolio monitoring
• Financial planning
• Retirement planning
• College planning

Beacon Financial Advisory Investment Strategy

Beacon Financial Advisory uses a number of strategies in clients portfolios, including long-term trading, short-term trading, short sales, margin transactions and options.

Modern portfolio theory is one of the analytical methods used by advisors at Beacon. This is a theory that attempts to maximize expected return given the amount of risk or minimize risks given an expected return. This is done by carefully choosing how much of each asset to purchase.

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Gries Financial is a fee-only firm managing assets for clients including both high-net-worth and non-high-net-worth individuals. The firm also advises institutions, including pension and profit-sharing plans, charitable organizations and businesses. Gries has multiple advisors on staff. They hold certifications such as chartered financial analyst (CFA).

Fees for investment advisory services are based on a percentage of assets under management. Financial planning fees are charged on an hourly basis. Advisors do not earn commissions for selling securities or financial products to clients. Generally, a minimum of $1 million in assets under management is required for investment management services, though this may be negotiable.

Gries Financial Background

Gries Financial began conducting business in 1978. The firm has one principal shareholder: The 4100 Group, Inc.

Services offered at the firm are as follows:

• Financial planning
• Tax analysis
• Investment analysis
• Insurance
• Retirement planning
• Estate planning

Gries Financial Investment Strategies

Gries focuses on long-term purchases for clients, which means holding securities for a year or more, especially when the firm believes that the security is undervalued.

The firm uses a number of types of analysis to come to its investment decisions, including fundamental analysis, technical analysis, quantitative analysis, qualitative analysis, asset allocation and mutual fund analysis. All of these are used together to come up with an appropriate investment strategy for each client.

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Cleveland Wealth is the next firm on our list of Cleveland's top financial advisor firms. This firm is one of the smallest on our list. Currently, it works exclusively with individual clients, the vast majority of which do not have a high net worth. A small number of its individual clients are high-net-worth individuals. The firm has a $500,000 minimum account size requirement, which may be waived in certain circumstances.

Cleveland Wealth is a fee-based firm, since some advisors are registered insurance agents who can earn commissions from the sale of insurance products to clients. This is a potential conflict of interest. However, the firm is still a fiduciary and is legally obligated to act in the best interests of clients at all times.

Cleveland Wealth Background

Cleveland Wealth was founded in October of 2015. It became registered with the SEC as an investment advisor the following year, in 2016. It has been in business as an investment advisor ever since. The firm is principally owned by Thomas Williams Stockett and Douglas William Sockman. Sockman is a certified financial planner (CFP). He is the only CFP at the firm, though it employs chartered financial consultants (ChFC) as well as a few other advisors with advisory certifications.

Cleveland Wealth provides clients with portfolio management services, financial planning services and financially educational seminars. The firm currently manages money entirely on a non-dsicretionary basis.

Cleveland Wealth Investment Strategy

Cleveland Wealth works with clients to help provide tailored investment management services. By developing an investment policy statement with each client, advisors learn about the client's tolerance for risk, financial goals, liquidity needs and any other information relevant to the investment management process.

Advisors at Cleveland Wealth lean heavily on the tenets of modern portfolio theory to help drive growth in client portfolios. The trade investments both on a long- and short-term basis.

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First Fiduciary Investment Counsel is a fee-only firm managing hundreds of millions in client assets. Most of the firm’s individual clients are high-net-worth, though it does do some business with non-high-net-worth individuals as well. First Fiduciary also has institutional clients, including pension and profit-sharing plans, charitable organizations and corporations. The firm does not have its own minimum account size for new clients.

First Fiduciary's staff includes a few chartered financial analysts (CFAs). The firm earns fees based on a percentage of assets under management. Some services may also be billed at a flat rate. Advisors do not earn commissions for selling securities or insurance products to clients.

First Fiduciary Investment Counsel Background

First Fiduciary Investment Counsel was founded in 1975. Firm president Mary F. Anderson owns 50% of the firm. William S. Henry, the firm's chief operating officer (COO), owns the other half.

Services the firm offers include:

• Investment supervisory services
• Tailored relationships
• Wealth management

First Fiduciary Investment Counsel Investment Strategy

First Fiduciary Invesment Counsel advisors believe in managing risk and using time as an ally for investors. 

The firm focuses on large capitalization equities that also pay dividends. The thought process is that when a company pays shareholders a dividend, it is more likely to be immune to market volatility.

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Winfield Associates is a fee-only advisory firm, meaning all of its compensation comes from client-paid fees. The firm works almost entirely with individuals, with a nearly even split between those with and without a high net worth. Other clients of the firm include businesses and charitable organizations.

Technically, Winfield has a $500,000 minimum investment for new clients. However, the firm may be willing to waive this minimum under certain circumstances.

Winfield Associates Background

Winfield Associates was founded back in 1997. The firm is under the ownership of Christopher William Baker and the William W. Baker Spousal Lifetime Access Trust. Baker is the firm’s president.

Investment management and financial planning are the hallmarks of Winfield’s advisory services.

Winfield Associates Investing Strategy

Winfield Associates will work with clients to build an investment policy statement (IPS) which details your personal financial goals, risk tolerance, time horizon and income needs. This is what will inform your eventual investment portfolio plan and what specific investments are chosen.