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. Find an Advisor||$1,098,780,505||$500,000|| || |
|2||Pappas Financial (The Enterprise Investment Company) Find an Advisor||$258,951,360||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||GPM Growth Investors, Inc. Find an Advisor||$218,877,569||$500,000|| || |
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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:
- 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.
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.