Finding a Top Financial Advisor Firm in Farmington, Connecticut
If you're looking for a financial advisor in Farmington, Connecticut, you have a number of options to choose from. Our experts compiled this list to make it easy to find and compare firms. Below, you'll find information highlighting which services each firm offers, what types of clients they work with, the minimum account balances required to work with them and more. To expand your search more, try using SmartAsset's free advisor matching tool. It will connect you with up to three local advisors.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Connecticut Wealth Management, LLC Find an Advisor||$2,095,753,135||$1,000,000|| || |
|2||MJP Wealth Advisors Find an Advisor||$756,670,567||$500,000|| || |
|3||SageBroadview Wealth Management, LLC Find an Advisor||$264,885,072||No set account minimum|| || |
Minimum AssetsNo set account minimum
|4||Karn, Couzens & Associates, Inc. Find an Advisor||$497,688,055||$250,000|| || |
|5||Medallion Wealth Advisors, LLC Find an Advisor||$261,338,886||No set account minimum|| || |
Minimum AssetsNo set account minimum
What We Use in Our Methodology
To find the top financial advisors in Farmington, 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 accurate as of the writing of this article. 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.
Connecticut Wealth Management, LLC
Connecticut Wealth Management (CTWM) sits atop our list of the highest-rated financial advisory firms in Farmington. The firm works mostly with individuals and high-net-worth individuals, although it also serves some pension and profit-sharing plans, charitable organizations and other businesses. To become a client, you'll need a minimum of $1 million in investable assets, although the firm may choose to waive this requirement.
CTWM's team of advisors includes 13 certified financial planners (CFPs), six certified public accountants (CPAs), one certified investment management analyst (CIMA) and one certified divorce financial analyst (CDFA). (Advisors may have more than one credential.)
As a fee-based firm, some CTWM advisors earn commissions from the sale of securities or insurance products on top of their client fees. While this presents a potential conflict of interest, the firm is a fiduciary and is therefore legally bound to act with clients' best interests in mind at all times.
Connecticut Wealth Management Background
Connecticut Wealth Management was founded in 2010. The principal owners of the firm are CEO Kevin C. Leahy, Denis M. Horrigan and COO Michael A. Tedone. The trio has around 80 years of combined experience in financial services.
CTWM provides financial planning and consulting services, along with retirement plan advising and investment management. The firm provide clients:
- Tax planning
- Risk management
- Investment planning
- Advanced estate planning
- Business succession planning
- Asset allocation planning and review
Connecticut Wealth Management Investment Strategy
Connecticut Wealth Management works with each client to determine their financial needs and objectives so that its advisors can craft an appropriate portfolio strategy to help clients meet their goals. The firm looks to single out factors like your risk tolerance, time horizon and liquidity preferences. Advisors typically construct portfolios using a range of mutual funds and exchange-traded funds (ETFs) with a long-term investing mindset. From here, your portfolio will receive ongoing portfolio monitoring.
MJP Wealth Advisors
MJP Wealth Advisors, the second highest-rated firm in Farmington, typically requires a $500,000 minimum investment to become a client. If part of your investment is in the form of a variable annuity, it must be at least $25,000 in size. This minimum is generally non-negotiable, according to the firm's Form ADV.
MJP Wealth Advisors has four certified financial planners (CFPs) on staff, as well as one certified public accountant (CPA), two accredited investment fiduciaries (AIFs) and one chartered financial consultant (ChFC). The firm's clientele consists mainly of individuals who don't have a high net worth, as well as some high-net-worth individuals, businesses, pensiond and profit-sharing plans.
As a fee-based firm, some of MJP's advisors earn commissions from the sale of certain insurance products or securities. That said, as an SEC-registered firm, MJP Wealth has a legally binding fiduciary duty to act in the best interests of its clients.
MJP Wealth Advisors Background
MJP Wealth Advisors was founded in 1981 and began offering investment advisory services in 1983. President and managing executive Brian Vendig and senior vice president Michele Vendig have owned the firm since 2014.
This firm specializes in investment management, retirement plan consulting, financial planning and consulting. The firm also performs third-party advisory services. MJP manages assets on both a discretionary and non-discretionary basis, meaning some clients give MJP full discretion to manage their accounts without consulting them on individual transactions.
MJP Wealth Advisors Investment Strategy
In providing its portfolio management services, MJP Wealth Advisors looks to meet the financial needs and objectives of each individual client. To do this, the firm will gather information about their risk tolerance, time horizon, investment objectives, assets and liabilities and more. Based on these insights, the firm will either apply a model portfolio or create an investment strategy for a client from scratch. In each instance, the firm pursues long-term, sustainable growth and returns.
Advisors look to diversify portfolios using investments in both domestic and global markets with equities, fixed-income securities and liquid alternative investments. Advisors rely on small-, mid- and large-cap stocks to drive this growth. Methods of analysis used by the firm include fundamental, technical, intermarket, charting and more.
SageBroadview Financial Planning, LLC
SageBroadview Wealth Management is next on our list of the top-rated financial advisor firms in Farmington. The firm works with individual clients, most of whom are high-net-worth individuals. While the firm technically doesn't have a minimum account size requirement, it does call for a $2,000 minimum quarterly fee on a per-client-household basis.
Four of SageBroadview's advisors are certified financial planners (CFPs) and one is also a certified public accountant and personal financial specialist (CPA/PFS).
As this list's sole fee-only firm, SageBroadview only receives fees from clients in exchange for services provided. That means it won't collect transaction-based fees or commissions as a fee-based firm does.
SageBroadview Wealth Management Background
SageBroadview, previously known as Broadview Financial Planning and then DHAS Financial Planning, was founded in 2000. The firm is owned by SageBroadview, Inc., which is in turn owned by Lawrence J. Annello and Sheri Iannetta Cupo. The two serve as wealth managers at the SageBroadview.
This firm provides wealth management and financial consulting services, along with a program specifically designed for young professionals. Specific offerings at the firm include:
- Risk tolerance assessment
- Asset allocation planning
- Estate planning
- Insurance review
- Cash flow analysis
- Tax planning
- Employee benefits planning
SageBroadview Wealth Management Investment Strategy
At the start of each client relationship, SageBroadview determines the preferences of the client and uses this information to direct their discretionary investment management decisions. Advisors take into account each client's risk tolerance profile, current financial situation and long-term needs and goals.
The firm bases its investment advice and strategies on Modern Portfolio Theory (MPT), prioritizing market efficiencies, risk/reward profiles and appropriate asset allocation and diversification. Advisors typically pursue strategies of long-term growth, often holding assets for a year or more while conducting periodic portfolio rebalancing. This is done to ensure that your originally intended asset allocation remains intact while accounting for your changing needs.
Karn, Couzens & Associates, Inc.
Karn, Couzens & Associates (KC&A), a fee-based firm, comes next on our list of top firms in Farmington. KC&A mainly works with individuals, although its clients also include high-net-worth individuals, pension and profit-sharing plans, along with some charitable organizations and businesses.
KC&A's staff features one chartered life underwriter (CLU), one chartered financial consultant (ChFC) and one certified public accountant (CPA).
To become a client of this firm, you'll likely need to maintain a minimum account balance of $250,000. However, the firm may elect under certain circumstances to waive or reduce this minimum. As a fee-based firm, KC&A also receives commissions from the sale of specific securities and insurance products. While this is a potential conflict of interest, it's important to remember that the firm is a registered fiduciary. Therefore, it is legally obligated to act in clients' best interests.
Karn, Couzens & Associates Background
While KC&A was founded in 1987, the firm has only been a registered investment advisor (RIA) since 2004. The principal owners of KC&A are vice president Jeffrey P. Couzens and president/chief compliance officer Robert A. Karn. Altogether, Karn and Couzens have more than 60 years of experience in financial services.
KC&A provides investment management services in relation to asset allocation planning, 401(k) account management and more. It also offers model portfolio programs, retirement plan consulting and financial planning. The latter category includes estate planning, tax planning and insurance planning services.
Karn, Couzens & Associates Investment Strategy
KC&A provides discretionary asset management services to clients based upon their risk tolerance, time horizon, income needs and financial objectives. While the firm can tailor its investment strategies according to these needs, it also offers model asset allocation portfolios that follow specific, predetermined strategies that are designed to pursue different levels of growth.
KC&A utilizes charting, fundamental and technical methods of analysis when deciding on investments for clients' portfolios. Through the buying and selling of various mutual funds, exchange-traded funds (ETFs) and individual stocks, bonds and options, advisors pursue both long- and short-term strategies.
Medallion Wealth Advisors, LLC
Last but not least, Medallion Wealth Advisors primarily works with non-high-net-worth individuals but also offers its services to charitable organizations, pension and profit-sharing plans, corporations and other entities. Medallion Wealth Advisors does not impose a minimum account threshold.
At Medallion Wealth, advisors are called investment advisor representatives. They may also be brokers and insurance agents who earn transaction-based fees, presenting a potential conflict of interest. Yet, as an SEC-registered firm, Medallion Wealth is legally required to put its clients' interests before its own.
Medallion Wealth Advisors Background
E. Thorson Cheyne founded Medallion Wealth Advisors in 2010. Prior to that he worked at Morgan Stanley Smith Barney as a vice president. He is the sole owner of the firm.
Although not mandatory, the practice offers investment management through a wrap fee program, which bundles services for one comprehensive fee. It may also recommend that part or all of your portfolio be managed by an unaffiliated third-party money manager. Additionally, the firm offers financial planning, consulting and pension consulting services.
Medallion Wealth Advisors Investment Strategy
The firm's investment advice generally covers exchange-listed securities (i.e., equities, exchange-traded funds, preferred stock), corporate debt securities, municipal debt securities, U.S. governmental securities, certificates of deposit and mutual fund shares (open-end and closed-end). It typically purchases securities with the intention of holding them for at least a year.
For discretionary accounts, Medallion Wealth will review portfolios quarterly and automatically rebalance them annually. For non-discretionary accounts, the firm will obtain the client's approval before rebalancing.