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-based 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.

For certifications, there are 17 certified financial planners (CFPs), 14 certified public accountants (CPAs), 10 chartered financial analysts (CFAs), two certified private wealth advisors (CPWAs), one chartered life underwriter (CLU), one chartered market technician (CMT) and two chartered retirement planning counselors (CRPCs).

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 a fiduciary, though, so it must act in your best interest.

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 Richard James Buoncore, who owns 25% of the company.  

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:

• MAI managed volatility (ideal minimum assets $10 million)
• Dividend (ideal minimum assets $500,000)
• Diversified core (ideal minimum assets $500,000)
• Diversified dividend (ideal minimum assets $500,000)
• Core (ideal minimum assets $500,000)
• Exchange-traded fund (ideal minimum assets $250,000)
• MAI energy infrastructure (ideal minimum assets $250,000)
• Fixed income - tax exempt (ideal minimum assets $250,000)
• Fixed income - taxable strategy (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. Clearstead Advisors' 400-plus accounts belong to those in the high-net-worth category, which is defined as having a net worth of $1.50 million or at least $750,000 in investable assets. 

Clearstead Advisors' team includes 13 chartered financial analysts (CFAs), 10 certified public accountants (CPAs), nine certified financial planners (CFPs), three chartered alternative investment analysts (CAIAs), two accredited investment fiduciaries (AIFs), two certified investment management analysts (CIMAs) and one accredited tax preparer (ATP). 

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 and CEO moved to become the chairman of the board of directors. Dave Fulton, a CFA is Hartland’s current 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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Wellspring Financial Advisors, another fee-only firm, states that clients with at least $10 million in investable assets are the best fit for the firm, though there is not technically an account minimum. This is the highest account minimum of any firm on this list. Clients of the firm include individuals, high-net-worth individuals, trusts, estates and entities related directly to existing clients, such as charitable endeavors.

The firm's team includes five certified public accountants (CPAs), two accredited estate planners (AEPs), two certified financial planners (CFPs), one chartered alternative investment advisor (CAIA) and one chartered financial analyst (CFA).

Wellspring Financial Advisors Background

Wellspring Financial Advisors was founded in 2007. Michael Novak, Donna Thrane and Hedy Demsey own the firm. Novak, a certified public accountant (CPA) and personal financial specialist (PFS), founded the firm with Thrane. Novak is the managing director and has spent his entire career as a personal wealth manager. Thrane, CPA and PFS, has more than 20 years of experience working with high-net-worth individuals and families. Before co-founding the firm, she worked at Ernst & Young, one of the largest tax and consulting firms in the world. Demsey, also a CPA, joined the firm in 2009 and has experience advising high-net-worth families as well as with income tax and estate planning. 

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. Architecture is step two. Your advisors will create an investment policy statement and propose strategic allocation guidelines. Implementation is step three. At this stage, your portfolio is funded and set. The last phase is 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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To become a client of Fairport Asset Management, you’ll need at least $1 million in investable assets. Fairport has one of the smallest advisory teams on this list. The fee-only firm has billions in assets under management (AUM), and fees are based on a percentage of assets under management.

The staff includes seven certified financial planners (CFPs), four chartered financial analysts (CFAs), five certified public accountants (CPAs), two chartered retirement planning counselors (CRPCs), one chartered alternative investment advisor (CAIA), two registered paraplanners (RPs), one chartered financial counselor (ChFC), and two accredited estate planners (AEPs)

Fairport Asset Management Background

Originally founded in 1963 as Roulston & Co, Fairport came to be in 2001 when Roulston & Co merged with another firm called The Hickory Group. Kenneth Coleman and Heather Ettinger are the two managing partners at the firm. Both Coleman and Ettinger have 25 years of experience in the financial services industry.

Services offered here include wealth management, investment advisory services, financial planning, tax planning, insurance planning and estate planning.

Fairport Asset Management Investment Strategy

As a new client, you’ll be walked through a number of questions related to your financial situation. One of the first is your time horizon, the next is what type of spending you expect and the last is your risk tolerance. This is how tolerable you are of fluctuations in the market. The firm has five different types of portfolios ranging from low to high risk: stable value lifestyle, conservative lifestyle, balanced lifestyle, growth lifestyle and aggressive lifestyle. 

Fairport uses an open architecture platform, which means your portfolio has a full range of investment possibilities. Like most modern financial advisors, Fairport builds diverse and global portfolios. 

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AdviseMe National Advisors, also known as Pension Advisors, manages assets for several different client types. The firm also has an office in Puerto Rico and an advisor who works in Milwaukee and Chicago. The Cleveland team's staff includes one retirement plan associate (RPA) and one certified employee benefits specialist (CEBS).

None of the firm’s individual clients are high-net-worth, and all of the firm's institutional clients are corporations. There is no minimum investment requirement at the firm, though some third-party asset managers may their own requirements.

Clients at AdviseMe are billed either through a one-time consulting fee or hourly rate, or through an asset management fee, based on a percentage of assets under management. Advisors at the firm are also registered with an unaffiliated broker-dealer. Though they are eligible to receive commissions for selling securities, they do not receive this compensation for work with AdviseMe clients. 

AdviseMe National Advisors Background

David Kasnow founded the firm in 1999. He still owns the company and works as an advisor and serves as president and CEO.

Services offered by the firm include:

• Pension consulting
• Individual consulting
• Managed accounts
• Financial planning

AdviseMe National Advisors Investment Strategies

AdviseMe National Advisors uses three types of analysis to make investment decisions:

• Fundamental analysis: a general assessment based on things like sale price, asset values and market structure
• Cyclical analysis: a time-based assessment
• Charting and technical analysis: an assessment that uses diagrams to display patterns or progressions

Possible investments used in client portfolios include stocks, mutual funds, government securities and real estate investment trusts (REITs).

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Gries Financial LLC 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 and charitable organizations. Gries has multiple advisors on staff, including six certified financial planners (CFPs) and one 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. A minimum of $1 million in assets under management is required for investment management services.

Gries Financial LLC Background

Gries Financial LLC began conducting business in 1978. The firm has three principal shareholders: Jeffrey H. Palmer, Edward J. Bell and Robert J. Herman. Palmer and Bell are managing partners, while Herman is a senior partner.

Services offered at the firm are as follows:

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

Gries Financial LLC 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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First Fiduciary Investment Counsel, Inc. is a fee-only firm managing 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. First Fiduciary also has institutional clients, including pension and profit-sharing plans, charitable organizations, state or municipal government entities, corporations and a charitable remainder trust. The minimum account size for clients is $1 million.

First Fiduciary's staff includes two 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, Inc. Background

First Fiduciary Investment Counsel, Inc. was founded in 1975. Firm President Mary F. Anderson owns 51% of the firm. William S. Henry, the firm's chief operating officer, owns the remaining 49%.

Services the firm offers include:

• Investment supervisory services
• Tailored relationships
• Wealth management 

First Fiduciary Investment Counsel, Inc. 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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Beacon Financial Advisory, LLC 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. Beacon does not advise any institutional clients. Beacon's staff includes six certified financial planners (CFPs), three certified public accountants (CPAs), two chartered financial consultants (ChFCs), one chartered life underwriter (CLU), and one chartered financial analyst (CFA).

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 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, LLC Background

Beacon Financial Advisory was founded in 2014. The principal owner is Gregory Giller Randall, who is a managing partner and 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, LLC 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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James Reed Financial Services, Inc. (RFS) is a fee-based firm serving more than 1,000 individuals, high-net-worth individuals, pension and profit sharing plans, trusts, estates, charitable organizations, corporations and other businesses. 

As for advisory services, the firm charges asset-based fees, hourly fees and fixed fees. However, RFS also earns insurance and securities commissions. This can create a conflict of interest if advisors prioritize commissioned products over more suitable, non-commissioned products, but the firm says it honors a fiduciary duty to work in each client’s best interests. 

Prospective clients will need at least $250,000 to establish an advisory relationship with Reed Financial Services. 

James Reed Financial Services, Inc. Background

Established in 1986, RFS is owned by James M. Reed, Amanda E. Lisachenko and Janet S.Edwards. The firm’s advisory services are portfolio management, consulting services and fee-based financial planning services. RFS’ financial planning services include the following:

• Retirement planning
• Investment planning
• Insurance needs analysis
• Cash flow forecasting
• Asset allocation review
• Charitable giving
• Business succession planning

James Reed Financial Services, Inc. Investment Strategies

RFS says its investment philosophy is rooted in modern portfolio theory (MPT) and that it emphasizes the analysis of mutual funds, exchange-traded funds and fund managers in the investment selection process. In analyzing securities, the firm employs fundamental analysis, mutual fund and exchange-traded fund (ETF) analysis and cyclical analysis.

The investment strategies the firm primarily applies are long- and short-term purchases and trading.

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Concluding our list is fee-only firm FSM Wealth Advisors, LLC. FSM doesn’t have the largest staff of advisors, but the firm serves more than 200 individuals, trusts, estates and high-net-worth individuals. Among its team’s industry credentials are the certified financial planner (CFP) and certified public accountant designations. 

When it comes to advisory services, FSM charges asset-based fees and fixed fees. The firm doesn’t have a set account minimum, so clients won’t need a certain dollar amount to establish an advisory relationship. 

FSM Wealth Advisors, LLC Background

Founded in 2018 by David Lightner, FSM mainly specializes in investment management and financial planning services. The independent firm also offers tax management, bill pay, estate planning and business financial consulting where needed. 

FSM’s financial planning arrangements may also target topics such as insurance planning and debt planning.

FSM Wealth Advisors, LLC Investment Strategies

FSM largely relies upon strategic asset allocation when making investment decisions for its clients. In working to meet a client’s objectives, the firm generally utilizes a combination of stocks, bonds, open end mutual funds, exchange-traded mutual funds, options and other investments. 

When it comes to securities analysis, FSM employs fundamental analysis, financial analysis, technical and charting analysis, cyclical analysis and macro-economic analysis. The firm’s investment strategies also include long- and short-term purchases, trading, short sales, margin transactions, option purchases and option writing.