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Top Financial Advisors in Farmington Hills, MI

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Finding a Top Financial Advisor in Farmington Hills, Michigan 

Your search for a financial advisor in Farmington Hills, Michigan, just got easier. To help you with the process, we did the heavy lifting of sorting through the data and reading the fine print. Read on to learn about the top financial advisor firms in the city. To connect with local advisors, use SmartAsset's financial advisor matching tool. It connects you with up to three advisors who serve your area. 

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Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 Blue Chip Partners, Inc. Blue Chip Partners, Inc. logo Find an Advisor

Read Review

$1,098,780,505 $500,000
  • Financial planning
  • Portfolio management
  • Pension consulting services

Minimum Assets

$500,000

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting services
2 Pappas Financial (The Enterprise Investment Company) Pappas Financial (The Enterprise Investment Company) logo Find an Advisor

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$258,951,360 No set account minimum
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
3 GPM Growth Investors, Inc. GPM Growth Investors, Inc. logo Find an Advisor

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$218,877,569 $500,000
  • Financial planning
  • Portfolio management

Minimum Assets

$500,000

Financial Services

  • Financial planning
  • Portfolio management

What We Use in Our Methodology

To find the top financial advisors in Farmington Hills, 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:

  • AUM
    Firms with more total assets under management are ranked higher.
  • Individual Client Count
    Firms who serve more individual clients (as opposed to institutional clients) are ranked higher.
  • Clients Per Advisor
    Firms with a lower ratio of clients per financial advisor are ranked higher.
  • Age of Firm
    Firms that have been in business longer are ranked higher.
  • Fee Structure
    Firms with a fee-only (as opposed to fee-based) compensation structure 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.

Blue Chip Partners

At the top of our list is Blue Chip Partners, a fee-based firm. The Financial Times ranked Blue Chip among its Top Financial Advisors in 2017, 2018 and 2020. Its advisor team includes six certified financial planners (CFPs), three chartered financial analysts (CFAs), two certified public accountants (CPAs) and more.

To maintain an investment management relationship with the firm, a client generally needs to keep an account minimum of $500,000. However, the firm may waive this requirement at its discretion. Most of its clients are high-net-worth individuals, with most of the rest being individuals with less than a high net worth. Some advisors here may earn commissions, which can cause a potential conflict of interest. However, advisors must act in the best interest of the client at all times due to the firm's fiduciary duty.

Blue Chip Partners Background

Blue Chip Partners first launched as Steinberg Planning and Investment Management in 2004. It changed its name in 2010 and is primarily owned by two trusts - Steinberg Living Trust and Daniel E. Seder Living Trust.

The firm provides investment management and financial planning services to individuals, trusts, small businesses, estates and pension and profit-sharing plans. Advisors can provide advice on such topics as: 

  • Retirement planning
  • Estate planning
  • Tax planning
  • Education funding 
  • Insurance review

Blue Chip Partners Investment Strategy

Blue Chip Partners holds consultations with clients to determine investment goals, risk tolerance and other factors before the firm chooses an investment model with an appropriate target asset allocation. The firm, though, may adjust allocations if it deems it necessary. Portfolio strategies here can be custom or one of the following:

  • Aggressive Growth: 100% stock
  • Growth: 80% stock, 20% bond/cash
  • Growth and Income: 70% stock, 30% bond/cash
  • Balanced with Growth: 60% stock, 40% bond/cash
  • Balanced: 50% stock, 50% bond/cash
  • Balanced with Income: 40% stock, 60% bond/cash
  • Defensive: 30% stock, 70% bond/cash

Blue Chip Partners generally builds globally diversified portfolios with individual stocks, index or actively managed mutual funds, exchange-traded funds, bonds and other investments.

Pappas Financial (The Enterprise Investment Company)

Pappas Financial's services are entirely focused on the needs of high-net-worth individuals and families, as well as corporate retirement plans. However, there is no stated minimum investment for the firm.

The advisory staff at this firm holds a number of certifications. These include chartered life underwriter (CLU), chartered financial consultant (ChFC) and certified financial planner (CFP).

The firm is fee-based, which means advisors who are representatives of broker-dealers or are licensed insurance agents may earn commissions from third parties, on top of client fees. Pappas Financial, though, must uphold a fiduciary duty and provide advice only in the best interest of the client.

Pappas Financial Background

Pappas Financial, which also operates as The Enterprise Investment Company, was formed in 1985. Founder, CEO and president Norman Pappas is the majority owner.

Pappas Financial primarily focuses on business succession and estate planning. But it can also refer clients to unaffiliated sub-advisors for investment management services. In addition, the firm may offer direct financial planning services. 

Pappas Financial Investment Strategy

Before making investment decisions, Pappas Financial generally relies on fundamental security analysis. This involves determining the intrinsic value of a stock by analyzing factors such as the financial health of the company and its overall place in the market. However, investment strategies, styles and analysis may vary depending on which sub-advisor Pappas Financial may recommend. If it’s a registered investment advisor, you can learn more about the firm by viewing its Form ADV. This is a disclosure document that RIAs must file with the SEC, an investment industry regulator.

GPM Growth Investors

GPM Growth Investors is a fee-only firm that works almost exclusively with individuals, most of whom are not high-net-worth. It also serves a small number of charitable organizations and businesses. The minimum account size here is $500,000.

The firm's team includes a certified financial planner (CFP). Fees are based on a percentage of assets under management.

GPM Growth Investors Background

GPM Growth Investors was founded in 1993 by Timothy Griffin, who remains the majority shareholder and principal owner. Griffin has about 30 years of experience in the financial services industry.

Services offered include investment management and financial planning.

GPM Growth Investors Investment Strategy

GPM Growth Investors uses two basic strategies. Its long-term growth portfolio invests entirely in stocks, whereas its balanced portfolios divide client assets between stocks and bonds. Each of these is built around investments in approximately 30 U.S.-based growth companies.

As you might expect from the above, GPM tends to invest with the long term in mind, with clients' needs and situations dictating the exact manner in which their money is invested. In general, the firm tends to invest for wealth accumulation and income generation.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research