Finding a Top Financial Advisor Firm in Des Moines, Iowa
SmartAsset created this list of the top financial advisor firms in Des Moines, Iowa after in-depth research and analysis. In tables and in reviews below, we highlight what each firm charges in fees, what its minimum account balances are and how it invests client assets. To find an advisor in your area, use SmartAsset’s free matching tool.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Legacy Financial Group Find an Advisor||$489,030,488||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||DMKC Advisory Services, LLC Find an Advisor||$390,632,714||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|3||West Financial Services, LLC Find an Advisor||$307,800,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
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How We Found the Top Financial Advisor Firms in Des Moines, Iowa
Any firm that is registered with the U.S. Securities and Exchange Commission (SEC) and operates in Des Moines was considered for placement on this list. However, firms that had no financial planners, had disciplinary issues on record with the SEC or didn’t manage individual accounts were eliminated. The remaining firms are listed below, ordered from the most assets under management (AUM) to the least. All information is accurate as of the writing of this article.
Legacy Financial Group
The Legacy Financial Group is an SEC-registered advisor that first opened its doors in 2010, making it one of the youngest firms on our list. Unlike several advisors, Legacy Financial Group specializes in actively managed portfolios. In other words, the firm generally considers asset allocations that aim to outperform market benchmarks.
This is a fee-based firm. That means some of its advisors can sell insurance products and securities on a commission basis. Despite the potential conflict of interest this creates, the firm is legally bound to act in clients' best interests due to its fiduciary duty.
Legacy Financial Group Background
Legacy Financial has been in business since 2010. The firm is wholly owned by Spectrum Wealth Advisors. However, the firm serves in a fiduciary capacity. This means it is required by applicable law to place the best interests of the client ahead of its own, despite advisors receiving third-party commissions.
Legacy Financial Group Investment Strategy
Legacy Financial focuses on actively managed investment portfolios. This strategy involves utilizing research, analysis theories and other resources to select investments that may have potential for major return.
According to recent documents the firm has filed with the SEC, “The Adviser believes that a portfolio should be diversified, and excess returns can be achieved by overweighting undervalued asset classes and investment styles.”
Unlike passive management strategies, active investing aims to outperform a market benchmark as opposed to mimicking it. However, such investments are generally more heavy on the fee side.
DMKC Advisory Services
DMKC Advisory Services, LLC is the following firm on our list of the top financial advisors in Des Moines. This firm works mainly with individual clients, those both with and without a high net worth. Other clients include institutions such as charities and businesses.
DMKC is a fee-based firm. It employs advisors who may also receive commissions from selling insurance products or securities to clients. This potential conflict of interest is mitigated by the fact that the firm is a registered fiduciary advisor. This means it is legally obligated to act in the best interests of clients at all times.
DMKC Advisory Services Background
Daniel M. Kelly founded DMKC Advisory Services in 2007, and the firm registered with the SEC as an investment advisor the same year. Kelly serves as the president of the firm. D.M. Kelly & Company, which Kelly founded in 1995, is the parent company of DMKC. The Daniel M. Kelly 2004 Trust is the majority owner of D.M. Kelly & Company.
DMKC provides its clients with both investment portfolio management services and financial planning and consulting services.
DMKC Advisory Services Investment Strategy
DMKC works with its clients to provide tailored investment strategies that help them meet their individual financial goals. Advisors meet with clients on a regular basis to dtermine an overall financial profile, including tolerance for risk, liquidity needs, financial history, desired investment strategy and more.
Advisors at DMKC primarily use fundamental analysis to inform their investment decisions and long-term purchases to help drive growth in client portfolios. They use a range of model strategies, ranging from conservative income to aggressive growth.
West Financial Advisors
A fee-only firm, West Financial Advisors, LLC comes last on our list. The team collectiveley features several certified financial planners (CFPs) and certified public accountants (CPAs), among other advisory certifications.
Individuals and their spouses make up the majority of this firm’s client base. More specifically, the firm aminly serves high-net-worth individuals and their families. The firm does not have a set account minimum, but it is focused on serving high-net-worth investors, defined as households with a least $1 million managed by the firm or individuals with a net worth exceeding $2 million.
West Financial Advisors Background
Husband and wife financial advisor duo, CIO Brian West and managing partner Laura West, independently own West Financial Advisors, LLC. The firm was founded in 2006, but its advisor team has an average of about 20 years in the financial industry.
This firm manages portfolios for many different types of clients and its offered services are equally as diverse. The firm’s most used services are financial planning, retirement and estate planning, insurance evaluation and tax minimization. Depending on what’s easiest for you, the firm will hold meetings with clients either in-person or online.
West Financial Advisors Investment Strategy
Before the portfolio construction process can begin, West Financial Advisors, LLC likes to make sure that it knows exactly what your desired investment style is. To do this, the firm will schedule a face-to-face consultation to learn about your risk tolerance level and time horizon. These guidelines are then taken into consideration to figure out how your portfolio will be diversified across asset classes.
This firm enagages in active management and believes that rebalancing your account according to market changes as important as designing your original asset allocation. But because success can be defined in more than one manner, the firm uses previous performance benchmarks to determine how well your portfolio is performing.