Finding a Top Financial Advisor Firm in Florida
Because a large state like Florida has a lot of financial advisor firms, it’s difficult to narrow them down and find one that meets your exact needs. So SmartAsset’s investment experts have done the hard work for you and determined the top Florida financial advisor firms. We list each firm’s fee structure, services, account minimums and more below to help you differentiate among the firms and narrow down your choices. The SmartAsset financial advisor matching tool can also help you find a financial advisor after you answer a few simple questions about yourself and your investment goals.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||WE Family Offices Find an Advisor||$7,344,222,913|| |
None, but $150,000 minimum annual fee
| || |
None, but $150,000 minimum annual fee
|2||CV Advisors, LLC Find an Advisor||$5,608,887,420||$50,000,000|| || |
|3||Cumberland Advisors Find an Advisor||$2,983,555,527||$1,000,000|| || |
|4||Water Oak Advisors, LLC Find an Advisor||$2,007,395,057||$1,000,000|| || |
|5||Resource Consulting Group Find an Advisor||$1,837,081,123|| |
| || |
|6||Yale Capital Corp. Find an Advisor||$1,677,846,566||$10,000,000|| || |
|7||GenTrust Find an Advisor||$1,465,656,240|| |
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|8||Provise Management Group, LLC Find an Advisor||$1,260,637,400||$250,000|| || |
|9||Singer Xenos Schechter Sosler Wealth Management Find an Advisor||$1,359,592,000||$500,000|| || |
|10||Certified Advisory Corp Find an Advisor||$1,103,176,200||$100,000|| || |
How We Found the Top Financial Advisor Firms in Florida
Our SmartAsset personal finance experts only considered Florida-based financial advisor firms registered with the U.S. Securities and Exchange Commission (SEC) for placement on this list. That’s because all SEC-registered firms are bound by fiduciary duty, which requires them to act in clients’ best financial interests. We removed firms from contention for one of three reasons: they didn’t manage individual accounts, didn’t offer financial planning services or had past or ongoing disciplinary issues. The top firms that met these requirements are listed below, ordered from the firm with the most assets under management (AUM) to the firm with the least.
WE Family Offices
With more than $7.3 billion in assets under management (AUM), WE Family Offices manages nearly $2 billion more in client funds than the next firm on this list, CV Advisors, LLC. However, the Miami-based firm has an individual client base of just over 100 clients, all of whom have high net worths. SmartAsset named this firm the top financial advisor firm in Miami.
Although this fee-only firm technically has no set account minimum, it does charge a base annual fee of $150,000 for its family office services. It should therefore come as no surprise that WE Family Offices only serves ultra-high-net-worth and high-net-worth individuals and their families. As a comparison, most other firms on this list also work with some combination of businesses, charitable organizations and retirement plans.
At this firm you’ll find two of each of the following advisor certifications: certified financial planner (CFP), certified public accountant (CPA), chartered financial analyst (CFA) and chartered alternative investment analyst (CAIA). Notably, WE Family Offices charges performance-based fees if your portfolio exceeds projections.
WE Family Offices Background
Holding company WE Family Offices Holdings, LLC owns this firm. It was founded in 2000. Managing partners Mel Lagomasino, Santiago Ulloa and Michael Zeuner have all been working in the financial services industry for several decades.
Because this is a family office, all of its services are based around comprehensive financial planning and management. Its offerings encompass succession planning, investment manager selection, service provider selection and fee negotiation, investment transaction verification and asset and investment portfolio reporting. WE Family Offices avoids providing any type of legal, tax or accounting advice.
WE Family Offices Client Experience
Given that it is a family office, comprehensiveness is paramount to how WE Family offices manages its clients’ portfolios. This process opens with a complete overview of your family’s assets, including your holdings, sources and uses of cash and any existing wealth transfer plans. This information is then paired with your family’s history, values, roles, decision-making processes, communication practices and investment goals.
An investment strategy is then built based on these familial goals, as well as your risk tolerance and any potential tax or estate planning issues. All the while, the firm will work to help your family achieve financial literacy and independence so that this plan doesn’t go to waste.
Once your advisor has implemented your plan, he or she will manage your account on a daily basis. If your family requires it, the firm can offer support to ensure that the family remains engaged in the plan. Should your financial needs or objectives change, the firm also has the ability to repurpose its plans to fit the altered circumstances.
CV Advisors, LLC
Much like WE Family Offices, CV Advisors, LLC has a small individual client base made up of fewer than 80 high net worth individuals. As the second firm on SmartAsset’s list of the top financial advisor firms in Florida, it has more than $5 billion in assets under management (AUM). The firm has a team of just 11 advisors.
Aside from high net worth individuals, the firm works with corporations, insurance companies, charitable organizations and banking or thrift institutions. Finaccess Advisors does not require a minimum amount of assets to open an account. A fee-only firm, it is not engaged in any other types of financial businesses.
CV Advisors, LLC Background
CV Advisors, LLC was established in 2009, making it the second youngest firm on our list (behind only GenTrust, which was founded in 2011). The firm is owned by founding partners Elliot Dornbusch, Alexandre Mann and Matthew J. Storm.
The firm's investment advisory services include asset allocation analysis, instrument and security selection, performance reporting and portfolio monitoring. These services can be provided on both a discretionary and non-discretionary basis.
CV Advisors, LLC Investing Strategy
CV Advisors, LLC typically creates portfolios for its clients which include (but are not limited to) fixed income, securities, exchange-traded funds (ETFs), private equity funds, hedge funds, certificates of deposit (CDs), managed accounts and mutual funds.
The firm's investment philosophy prioritizes liquidity, risk management and investment cost efficiency. When providing advisory services, the firm will take into account your investment objectives, investment experience, financial situation and risk tolerance.
Cumberland Advisors is a fee-only financial advisor firm that principally does business in Sarasota. It has a high account minimum at $1 million. The firm typically manages accounts for high-net-worth individuals, businesses, public and corporate retirement plans, institutions, investment companies, government entities and foundations. It does have roughly 760 clients that don’t have a high net worth, though. The firm manages more than $2.9 billion in client assets.
The 18-person advisory staff at Cumberland has a total of just three certifications, all of which are certified financial analyst (CFA) designations. The firm also works as a registered municipal advisor, making it the only firm on this list that has a second side to its business.
Cumberland Advisors Background
No firm on this list has been around longer than Cumberland Advisors, which opened in 1973. The firm’s senior management staff owns it, and Chairman and Chief Investment Officer David Kotok is the principal owner.
Cumberland provides investment management services both through traditional management programs and wrap fee programs. Its advisors will build portfolios and plans based on your personal needs.
Cumberland Advisors Investing Strategy
Above all else, Cumberland Advisors looks to preserve its clients’ assets. The firm wants your assets to grow despite inflation. Clients will usually work with just a single advisor in an effort to build a one-on-one relationship.
Stocks and bonds make up the vast majority of Cumberland’s client portfolios. It believes these are solid choices because of the inherent link that stocks and bonds have to interest rates. The firm thinks that because of this association the value of stocks and bonds will proportionately rise with inflation, helping not only to preserve assets but also to produce returns.
Water Oak Advisors, LLC
With just nine advisors in its offices, Water Oak Advisors, LLC has the smallest team on this list, despite managing more than $2 billion in client assets. Across this group, you’ll find five certified financial planners (CFPs), two chartered financial analysts (CFAs) and one advisor with a certificate in investment performance measurement (CIPM).
This fee-only firm is located in Winter Park, and it requires a minimum account size of $1 million. Individuals and high-net-worth individuals, corporate pension and profit-sharing plans, charitable institutions, endowments and investment companies are the firm’s most common clients.
Water Oak includes performance-based fees in its fee structure. However, it’s important to remember that the firm will only charge these fees if your portfolio outperforms its original projections.
Notably, both Barron’s and Forbes named Water Oak Advisors, LLC among the top 100 financial advisors in 2017. The firm also scored similar rankings from Financial Advisor Magazine and the Financial Times.
Water Oak Advisors, LLC Background
President Clarke Lemons opened Water Oak Advisors, LLC in 1997. Lemons has remained the firm’s principal owner to this day.
The services provided by this firm are centered around three popular areas of financial management: goals planning, estate planning and tax planning. Because the firm believes that it can flesh out the rest of your account based on these service offerings, personalization is a main focus.
Water Oak Advisors, LLC Investing Strategy
Water Oak Advisors, LLC has a unique but concise investment strategy that is centered around finding a way for clients to gain access to investments historically popular with only large endowments and pension plans. This firm affords clients special institutional pricing for these investments.
Once the firm purchases these investments, it will allocate them depending on your model portfolio. You and your advisor will work together not only to identify your current financial situation, but also to pinpoint your future goals. Your portfolio will ultimately boil down to your risk tolerance, time horizon and desired level of liquidity.
The firm’s investment strategy is heavily based on modern portfolio theory. This popular theory states that investors should only accept an increase in risk if there is a proportionate and corresponding jump in return - otherwise, the added risk is simply not worth it.
Resource Consulting Group
Resource Consulting Group ranks first on SmartAsset’s list of the top financial advisor firms in Orlando. It is a fee-only firm that is heavily focused on serving high-net-worth individuals. It stipulates that clients must have at least $1 million in investable assets, though the firm does serve a small number of non-high-net-worth individuals. Aside from these two groups, the firm’s client base is also comprised of pension and profit-sharing plans, estates, trusts, businesses and charitable organizations.
The firm’s 15-person advisory team has a total of 11 certifications. You’ll find nine certified financial planners (CFPs), one chartered financial analyst (CFA) and one financial paraplanner qualified professional (FPQP) at Resource Consulting Group.
Resource Consulting Group Background
Founded in 1988, Resource Consulting Group is celebrating its 30th anniversary this year. Michael Davis, the firm’s original founder and CEO, principally owns the independent firm. Both AdvisoryHQ and the Financial Times ranked this firm one of the top in the nation in 2017.
When you strike up a client relationship with this firm, it starts by exploring your current financial situation and where you want to end up before you select a service. But as you and your advisor become increasingly familiar with each other, you’ll work together to create a specific financial plan to meet your needs. This differs from how many other firms operate, which typically involves the firm asking clients to first select the services they need.
Resource Consulting Group Investing Strategy
Like most firms, your personal financial objectives, risk tolerance and time horizon shape your portfolio. But where this firm begins to differ is its focus on passive investments. The investments the firm uses in its client portfolios include index funds, passive mutual funds and investment trusts.
Before it makes any specific investment decisions, the firm analyzes market data. To do this, Resource Consulting Group utilizes the services of Morningstar and DFA, which provide academic research. Factors the firm considers include a fund’s comparative performance, structure and turnover, as well as whether there are any options with low operating expenses.
Yale Capital Corp.
Saint Petersburg-based firm Yale Capital Corp. has a simple fee structure. Its fees are based on a percentage of your assets under management, with the occasional performance-based fee cropping up as well.
The firm requires a minimum of $10 million in investable assets to open an account. As you might infer from this high minimum, the firm serves only high net worth individuals. The firm’s team includes one certified financial planner (CFP) and one certified private wealth advisor (CPWA).
Yale Capital Corp. Background
Yale Capital Corp. is owned by Cheyne Pace. Pace founded the firm in 2004 after spending 10 years working in finance, and he continues to serve as the firm's president, chairman and chief investment officer (CIO) today.
The firm provides investment advice and asset management services to its clients, along with financial planning services. Further, the firm specializes in managing tax-advantaged holdings such as master limited partnerships.
Yale Capital Corp. Investing Strategy
Yale Capital Corp. seeks to tailor its investment strategies to each client, factoring in the client's age, investment objectives, income, cash-flow requirements and risk tolerance when determining its approach. The firm also considers broader market conditions and tax-efficiency before making investment decisions.
When dealing with high-net-worth individuals, Yale Capital believes that a strategy involving frequent trading will involve more costs than is justifiable. The firm focuses instead on building portfolios of dividend-bearing and tax-efficient asset classes.
GenTrust is one of the top financial advisor firms in Miami. It is a fee-based firm that calls for a minimum of $10 million in investable assets to open an account. The firm’s typical clients are banks, estates, trusts, high-net-worth individuals, charitable organizations, corporations, businesses, RIAs and pooled investment vehicles.
Across this firm’s leadership, investment and advisory teams, you’ll find one certified financial planner (CFP), one chartered financial analyst (CFA), one certified public accountant (CPA), one certified investment management analyst (CIMA) and one chartered retirement planning counselor (CRPC).
Some advisors at GenTrust sell insurance policies and trade securities on a commission basis. The firm also charges performance-based fees if your portfolio exceeds pre-investment projections. However, the firm is a fiduciary, binding it to act in clients’ best interests.
GenTrust was formed in 2011, making it the youngest firm on this list by a couple years. Founding principals Jim Besaw, George Perez and Gui Socarras opened the firm. That trio, alongside principals Eli Cohen and Hugh Nikola, own the firm.
While income planning and cash flow analysis are staples of this firm’s financial planning program, the firm will also customize its services according to what youneed. For RIA clients, GenTrust offers research, consulting and support at a wholesale rate.
GenTrust Investing Strategy
GenTrust strives to give individual clients the same high-level portfolio design and risk management services that institutional clients receive. To do this, the firm utilizes both recent academic market research and its own proprietary analysis to develop portfolios that closely align with clients’ risk tolerances, time horizons and liquidity needs. The firm makes it clear that its strategy is never set in stone, however, as it reacts to the market’s movement.
Aside from the above concepts, GenTrust bases its investment philosophy on five core tenets: asset allocation, diversification, macro-risk-factor-driven allocations, scenario-based risk management and valuation. While these each serve different purposes, the firm says that together they should help it to choose the right investments and, in turn, build stronger client portfolios.
Provise Management Group, LLC
Provise Management Group, LLC boasts the second-lowest set account minimum on this list, at $250,000. That makes it accessible to non-millionaires, and more than two-thirds of its individual client base is made up of non-high-net-worth individuals. Trusts, estates, 401(k) plans, pension and profit-sharing plans, businesses and charitable organizations make up the remainder of the firm’s typical clientele.
There are plenty of advisor certification to go around at this firm, which is based in Clearwater. In fact, you’ll find 11 certified financial planners (CFPs), two accredited investment fiduciaries (AIFs), one certified public accountant (CPA), one chartered life underwriter (CLU), one chartered financial consultant (ChFC), one certified divorce financial analyst (CDFA), one financial paraplanner qualified professional (FPQP), one accredited investment fiduciary analyst (AIFA) and one certified trust and financial advisor (CTFA).
This is the only firm on the list that charges commissions when you make trades in your account. Additionally, some advisors at this fee-based firm sell insurance policies, and they may earn commissions from sales. Provise does abide by fiduciary duty, though, which means that even if there are some conflicts of interest, they always act in clients’ best interests.
Provise Management Group, LLC Background
Provise Management Group, LLC was created in 1988. Kestra Financial Holdings, LP, a holding company, wholly owns the firm. Kestra also owns other registered investment advisors (RIAs), insurance agencies and financial service businesses.
There aren’t many types of financial planning services that Provise doesn’t offer. Its extensive list of offering includes:
- Net worth analysis
- Cash flow planning
- Retirement planning
- Business succession planning
- Long-term insurance review
- Estate planning
- Trust planning
- Charitable gift planning
- Education cost planning
- Qualified retirement plan consulting
- Employee stock option analysis
Provise Management Group, LLC Client Experience
Provise Management Group, LLC uses five pillars of financial planning to ensure that all of its clients’ bases are covered. The pillars are:
- Financial independence: Investments, corporate plans, individual plans, government benefits, healthcare
- Income protection: Disability, asset protection
- Assist children: Education, living expenses
- Assist parents: Healthcare, living expenses
- Estate planning: Wills, trusts, heirs, charity
The first pillar, financial independence, is comprehensive and involves getting all your ducks in a row to ensure you’re taking advantage of every benefit available to you. Somewhat related is income protection, as this pillar is focused on making sure you preserve your assets for the future.
The "assist children" and "assist parents" pillars are intertwined, as well. Because both aging parents and children require consistent services, the firm’s advisors will handle them similarly. Lastly, estate planning is focused on helping you plan for the next generation and your legacy.
Singer Xenos Schechter Sosler Wealth Management
Singer Xenos Schechter Sosler Wealth Management's most common client type is high-net-worth individuals. The Coral Gables-based firm serves 670 such clients. Additionally, the firm works with corporations, charitable institutions, pension and profit-sharing plans, insurance companies, sovereign wealth funds and municipalities. The firm has an account minimum of $500,000.
The fee-based firm’s team boasts a number of certifications. There are seven certified financial planners (CFPs), one chartered financial analyst (CFA) and one chartered alternative investment analyst (CAIA).
Singer Xenos Schechter Sosler Wealth Management Background
Founding Partners Faith Xenos and Marc Singer and partners Jay Schechter and Neil Sosler independently own Singer Xenos Schechter Sosler Wealth Management.
This firm’s services include investment supervisory services and individual portfolio management on a discretionary basis. It also offers consulting services for clients looking for a more focused relationship.
Singer Xenos Schechter Sosler Wealth Management Investing Strategy
Singer Xenos Schechter Sosler Wealth Management relies on a number of analysis methods when formulating investment advice, including fundamental analysis, asset allocation analysis and mutual fund analysis. Fundamental analysis involves examining economic and financial data to measure the intrinsic value of a security.
With all its portfolios, Singer Xenos seeks to strike the appropriate balance of equity, fixed income, cash and other investments, keeping in mind each client's individual goals, risk tolerance and time horizon.
Certified Advisory Corp
Certified Advisory Corp, based in Altamonte Springs, serves more than five times as many non-high-net-worth individuals as high-net-worth individuals. Trusts, estates, pension and profit-sharing plans, charitable organizations, corporations and other businesses make up rest of this firm’s client base. The firm requires an account minimum of $100,000.
None of the firms on this list have as many advisor certifications as Certified Advisory Corp. The firm currently has 11 certified financial planners (CFPs), nine accredited investment fiduciaries (AIFs), one certified public accountant (CPA) and one national social security advisor (NSSA) on staff.
If you open a client relationship with this fee-based firm, note that some of its advisors may earn commissions from selling insurance policies or trading certain securities. The firm is a fiduciary, though, binding it to act in your best interest.
Certified Advisory Corp Background
Founding Principal Joseph Bert established Certified Advisory Corp, an independently owned firm, in 1991. Bert still occupies the top management and principal ownership spots at the firm. He’s spent 42 years in the financial and investment management industry.
The firm divides its services into two categories: for individuals and for employers. Individual services consist of general financial planning, investment planning, social security planning, estate planning and retirement planning. On the other hand, employer services include only sponsored plan management. The firm takes taxes into account across all portfolios.
Certified Advisory Corp Investing Strategy
Modern portfolio theory shapes everything that Certified Advisory Corp believes about investing and building portfolios. This theory says that the correlation between risk and return should inform any decision to increase risk in your portfolio. In other words, if an increase in risk doesn’t offer the possibility of a proportionate increase in return, that investment tactic just isn’t worth it.
ETFs, stocks, bonds and real estate investment trusts (REITs) make up the majority of this firm’s client portfolios. The firm may also include a few other types of investments, though, such as CDs, U.S. government securities, pooled investments, investment company securities and options.