Finding a Top Financial Advisor Firm in Covington, Kentucky
A financial advisor can be a great partner, offering services like retirement planning, investment planning, estate planning and more. For Covington, Kentucky residents, SmartAsset created this list of the top financial advisor firms in the city to make your search easier. Look through the details of each firm, including their account minimums, investment strategies and overall services. If you'd like to be connected directly to advisors near you, try SmartAsset's free advisor matching tool.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||MCF Advisors, LLC Find an Advisor||$2,695,572,757||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Legacy Financial Advisors, Inc. Find an Advisor||$914,700,305||$500,000|| || |
|3||Journey Advisory Group, LLC Find an Advisor||$749,294,340||$50,000|| || |
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What We Use in Our Methodology
To find the top financial advisors in Covington, 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.
MCF Advisors, LLC
MCF Advisors is a large wealth management and institutional financial advisor firm. While the institutional side of its business serves retirement plans, endowments, cash balance plans and more, its wealth management offerings are intended for individuals and their families, as well as business owners.
However, for clients who are eligible to participate in Schwab Institutional Intelligent PortfoliosTM Platform, the minimum investment required to open or convert an account in the Program is $5,000. The minimum account balance to enroll in the tax-loss harvesting feature is $50,000.
The fee-only firm employs a number of advisors who hold advisory certifications. These include chartered financial analysts (CFAs), certified financial planners (CFPs) , financial paraplanner qualified professionals (FPQPs) certified public accountants (CPAs) and more. You can see the staff's full list of designations on the firm's website.
MCF Advisors Background
Firm chairman Robert Sathe founded MCF Advisors in 2000 after working for several years at Cigna Financial Advisors. Wealth management can be broken down into two main service types: wealth management and institutional services. The firm also participates in Schwab's robo-advisor platform.
Today, the firm is 100% employee-owned, with David L. Harris, Jr., the firm's CEO, maintaining majority ownership.
MCF Advisors Investment Strategy
Since clients can engage MCF Advisors with any amount of investable assets, investment strategies vary depending on the type of services that the firm determines are best for the client. Advisors use a tactical asset allocation approach when it comes to investing, but they still look to mold their strategies to the particular financial needs of the client. Clients are also permitted to impose some restrictions on how their assets are managed.
Advisors here look to diversify client portfolios in order to mitigate risk and promote long-term growth and returns. The firm believes that risk management is central to investment success. The most common investments made by the firm include mutual funds, exchange-traded funds (ETFs), equities and fixed-income securities.
Legacy Financial Advisors, Inc.
Started by four men who worked at a firm together, Legacy Financial Advisors manages millions in assets on a discretionary basis only. It’s located in Covington, with a branch office recently opened in Sarasota. The Covington team includes four certified financial planners (CFPs), two certified public accountants (CPAs), one chartered financial analyst (CFA), one chartered retirement plans specialist (CRPS) and one chartered life underwriter (CLU). (Advisors may have multiple accreditations.)
Clients include both non-high-net worth and high-net-worth individuals, as well as pension and savings plans and charitable organizations. There is $500,000 minimum for clients open an investment account, but that does not apply to those who digitally use the Fidelity Automated Managed Platform (AMP).
Legacy Financial Advisors Background
Of the four advisors who started the firm in 2006, three - Michael Maisel, Paul Sartori and Trent Lucas - remain and own the firm. Two other employees have small stakes, according to SEC data.
Legacy Financial specializes in investment management, estate planning, insurance, and risk management services. Its fiduciary services are on a fee basis, but advisors who are registered representatives of broker-dealers or insurance agents receive commissions in their other capacities.
Legacy Financial Advisors Investment Strategy
Employing strategic and tactical allocations, Legacy Financial follows what it calls “an advance and protect strategy.” It does this by placing client assets in a “capital preservation portfolio” (the protect part of the strategy) and a “growth portfolio” (the advance part), where securities are intended to provide long-term capital appreciation potential and diversification.
Journey Advisory Group, LLC
Journey Advisory Group, LLC has a client base of individuals, high-net-worth individuals, and pension and profit sharing plans. All clients must meet a minimum account size requirement of $50,000, and the firm charges asset-based fees, hourly fees and fixed fees. While the firm is technically fee-only, it's closely affiliated with an insurance company that earns commissions from insurance sales to clients.
Journey’s staff includes the chartered financial analyst (CFA) and certified financial planner (CFP) designations.
Journey Advisory Group Background
Founded in 2014, Journey offers a wide selection of advisory services, including individual portfolio management, automated portfolio management, financial planning, pension consulting and educational seminars. The firm also has locations in Ohio, California and Texas.
Tyler S. Lang and Stephan Lang are the firm’s principal owners.
Journey Advisory Group Investment Strategy
When formulating investment advice and managing client portfolios, Journey employs fundamental analysis and technical analysis. The firm also uses strategic asset allocation to identify the appropriate mix of investments for each client.
The firm mainly offers advice on exchange-listed securities, mutual Funds, exchange-traded funds (ETFs), securities traded over-the-counter, foreign issuer, option contracts on securities, warrants, corporate debt securities (other than commercial paper), commercial paper, certificates of deposit (CDs), municipal securities, U.S. government securities and other securities.