Finding a Top Financial Advisor Firm in Fort Wayne, Indiana
Finding the right financial advisor is tough when you have plenty of options to choose from. Luckily, SmartAsset narrowed your choices to the top five in Fort Wayne, Indiana. Keep reading to learn what we discovered about each firm.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Phillips Financial Find an Advisor||$898,872,422|| |
No set minimum asset requirement; however, at least $50,000 is recommended.
| || |
No set minimum asset requirement; however, at least $50,000 is recommended.
|2||Galecki Financial Management Find an Advisor||$449,134,090|| |
Minimum annual fee of $5,000
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Minimum annual fee of $5,000
|3||Wealth Advisors Group Find an Advisor||$436,801,350||$100,000|| || |
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|4||Monarch Capital Management Find an Advisor||$340,566,125|| |
No asset minimum
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No asset minimum
|5||Vestia Personal Wealth Advisors Find an Advisor||$337,869,946||No minimum asset level for wealth management services|| || |
Minimum AssetsNo minimum asset level for wealth management services
|6||Compass Financial Advisors Find an Advisor||$233,109,000|| |
| || |
|7||Dickmeyer Boyce Financial Mangement Find an Advisor||$179,637,565||$500,000|| || |
How We Found the Top Financial Advisor Firms in Fort Wayne, Indiana
To start, SmartAsset only considered firms registered with the U.S. Securities and Exchange Commision (SEC). This is because registered financial advisors that are fiduciaries and are required to follow government rules and reporting requirements. Any firm with disclosures or disciplinary issues or that didn’t manage individual accounts was crossed off from the list. The five firms that remained are ordered from most assets under management (AUM) to least.
First on SmartAsset’s Fort Wayne list is Phillips Financial, with more than $800 million in assets under management. Founded in 2004, it’s one of the newest financial advisory firms out of our top five. The firm of 12 advisors is fee-based and offers financial planning, asset management, insurance management, retirement planning assistance and more.
Phillips Financial is located on the west side of Fort Wayne on Inverness Way.
Phillips Financial Background
Robert Phillips is the majority owner, founder and CEO of Phillips Financial. He’s worked in financial services since 1979 and is a certified financial planner (CFP).
Shannon Hardiek owns the second-largest number of company shares and is the firm’s COO. Hardiek also works as a financial advisor.
In total, the firm currently features four CFPs along with one certified public accountant (CPA) and two accredited investment fiduciaries (AIFs).
Phillips Financial Investment Process
When you become a client, one of the first things you’ll do is answer a risk tolerance questionnaire. You’ll also discuss your current financial situation as well as your financial goals and objectives. You and your advisor will select a model portfolio that makes the most sense for your needs and your money will be invested.
Your advisor can make adjustments to the model portfolio to more closely align to your objectives, if necessary. In general, Phillips Financial uses mutual funds and ETFs for portfolios. In some cases, individual stocks and bonds may be bought or sold, but for the majority of clients, the firm “follows an investment philosophy of passive investing,” according to paperwork filed with the SEC.
Galecki Financial Management
Galecki Financial Management is a fee-only firm. That means advisors cannot receive compensation from selling you insurance products or mutual funds or other products. The only compensation advisors receive is from a percentage of your assets under management or fixed fees for standalone services.
Galecki, a firm of seven advisors, has more than $400 million in assets under management and has had its doors open since 1990. There’s a minimum annual fee of $5,000 for new accounts and services offered include: asset management, financial planning, tax planning and estate planning. Galecki also specializes in medical investment advisory services. This planning and wealth management service is geared toward physicians and medical groups.
Galecki Financial Management Background
This firm has seven main shareholders: Greg Galecki, Albert Kohout, Brady McArdle, Melanie Colwell, Kevin Chandler, Andrew Young and Chloe Blythe. All are certified financial planners (CFPs). Colwell is a certified divorce financial analyst (CDFA), and Kohot has an MBA.
The firm also employs one certified public accountant (CFP).
Galecki Financial Management Investment Strategy
This firm primarily uses technical analysis to evaluate investment vehicles. While the firm provides advice on a large number of investments, in general, your portfolio will consist of exchange-traded funds (ETFs) and mutual funds. To build your portfolio, advisors will determine your financial objectives, risk tolerance, cash flow needs and time horizon. Your initial questionnaires and meetings will go over these topics so that your advisor can build a portfolio that matches your needs.
Wealth Advisors Group
To become a client of the Wealth Advisors Group, you’ll need at least $100,000. This fee-based firm has five advisors. Wealth Advisors Group has more than $400 million in assets under management and has been in business since 1991. Clients are offered the following services: financial planning, investment management, estate planning, tax planning and risk management.
Wealth Advisors Group Background
Mark Vanderhagen, Joshen Dewald, Patrick O’Connell and Alex Budzon own the firm. Vanderhagen serves as majority shareholder. He is a certified financial planner (CFP), accredited investment fiduciary (AIF) and has worked in the financial industry for more than 30 years. Vanderhagen’s three additional co-owners are all CFPs, as well.
The firm’s team has 10 employees, including an investment strategist and a certified divorce financial advisor (CDFA).
Wealth Advisors Group “Wealth TREK”
Wealth TREK is Wealth Advisors’ financial planning process. The firm states the “Wealth TREK method allows you to organize, coordinate and stay on top of your financial goals while planning for the future.” The process starts with goal orientation. This is where you tell your advisors your financial objectives. Step two is the “unique roadmap.” Your advisor will chart the best course of action to reach your goals. Your risk profile is the third step. You’ll be provided a personal financial risk tolerance assessment to help you find the ideal level of risk for your investments. Step four is accumulation. You’ll find out if you have enough money to do what you want, and how to reach the level you’d prefer. The penultimate step is retirement spending strategies. You’ll learn how to make a spending plan, control risk and make tax-efficient withdrawals in this phase. The final step is recalibration. This is an ongoing process of keeping your financial objectives aligned with your plan.
Monarch Capital Management
This fee-based firm, in operation since 1994, has more than $300 million in assets under management. Monarch Capital Management primarily offers investment management services. Four advisors work for the firm, which is among the lowest number of advisors out of the rest of the list. Wealth Advisors Group (the No. 4 firm) has the same number of advisors.
Monarch Capital Management Background
Monarch has three owners: David Meyer, John D. Meyer and Katherine K. Moenter. David Meyer has more than 40 years of investment management experience, and has a master’s degree from Ball State University. John Meyer has 15 years of experience and previously worked at Salomon Smith Barney and Frye-Louis Capital Management before joining the firm. Moenter runs foundation services.
The firm’s additional employees have credentials ranging from a PhD from MIT to an MBA. This is one of two firms that doesn’t include certified financial planners (CFPs), chartered financial analysts (CFAs) or certified public accountants (CPAs) on its staff. The other firm is Compass Financial Advisors, No. 5.
Monarch Capital Management Investment Strategy
Monarch builds portfolios primarily based on individual stocks and bonds. This differs from a large number of financial advisors that use mutual funds and ETFs almost exclusively (investment advice you can get by using a robo-advisor, for example, for a much lower cost). The firm aims to own these stocks and bonds for many years, with minimum turnover. The firm has four key methods to minimize risk of loss: “investing only in securities of profitable and established companies,” avoiding overpaying for stocks, diversifying and avoiding margin or leverage, according to paperwork filed with the SEC.
Vestia Personal Wealth Advisors
Vestia Wealth Advisors
Formed in 2017, Vestia Wealth Advisors is the youngest firm on our list of the top financial advisors in Fort Wayne. But it has already accumulated more than $300 million in assets under management. So it’s no surprise that the firm primarily serves high-net-worth individuals. In fact, recent filings with the SEC show this sector accounts for more than 70% of the firm’s clientele.
Vestia currently employs eight investment advisors. The staff features five certified financial planners (CFP)s and one certified private wealth advisor (CPWA). The latter designation is considered the step following CPA recognition. Tommy Martin, the CPWA, has been recognized by Investment News’ Top 40 Under 40 Advisors across the nation. Vestia’s staff also includes two MBAs.
Vestia Wealth Advisors Background
Vestia formed as an SEC-registered advisor in 2017. It’s a subsidiary of Vestia Holdings, LLC. Shares of this parent company are owned by MD Advisory Services, LLC; CDH Financial, LLC, Parker Advisory Services, LLC; and other minority shareholders.
Some of the firm’s representatives may be licensed insurance agents and may receive compensation for recommending insurance products. The firm notes: “Vestia Personal Wealth Advisors does not receive a referral fee from our insurance agency. Whether they are serving a client in one or more capacities, the associate will disclose in advance how they are compensated and if there is a conflict of interest involving any advice or service they provide.”
In addition, the firm works under a fiduciary capacity. This means it’s obligated to work in your best interests ahead of its own.
Vestia Wealth Advisors Resources
Vestia provides holistic financial planning, customized portfolio management and insurance services. It also hosts educational workshops covering an array of personal finance topics.
The firm opens its advisory process with what it calls the Vestia Vue. This entails a one- to three-month overview of your financial situation to get a grasp of your goals and needs. It then engages in progressive planning, which includes the following objectives.
- Leverage innovative tax strategies
- Maximize your retirement planning
- Coordinate multiple investment accounts for tax efficiency and risk
- Protect your assets from unforeseen circumstances
- Safeguard loved ones
When it comes to investing, Vestia relies on several methodologies including Modern Portfolio Theory and the Fama-French Factor Model. The latter explores behavioral finance concepts.
The Vestia Disciplined Wealth Management Philosophy revolves around several key points including the following.
- Develop a well diversified portfolio focusing on several market sectors and asset classes
- Hold the investments for a long period of time
- Rebalance portfolio as needed to keep desired scope of risk
Compass Financial Advisors
The final firm on SmartAsset’s list of the top financial advisors in Fort Wayne is Compass Financial Advisors. The firm manages $195 million in assets and has no asset minimum for clients, but may enforce a base fee on a case-by-case basis. The fee-based firm has operated since 1998 and has 12 advisors. Services offered include investment management, estate planning, tax planning, risk management and retirement plans, including 401(k) plans, 457s, 403(b)s and IRAs.
Compass has two offices in Fort Wayne, Indiana and one office in Valparaiso, Indiana.
Compass Financial Advisors Background
The firm has half a dozen owners. Only one shareholder, Bruce Patterson, chartered life underwriter (CLU) and chartered financial consultant (ChFC), works at the firm. Jerry Lencke is Compass Financial Advisors’ senior vice president. He has a background in business and management. He started working in the financial industry in 1998 with Smith Barney. He is Series 7-, 65- and 63-licensed. The firm has seven total employees who work out of the Fort Wayne office. There are no certified financial planners (CFPs), chartered financial analysts (CFAs) or certified public accountants (CPAs) at the firm.
Compass Financial Advisors Investment Strategy
Compass uses fundamental analysis, technical analysis, charting and cyclical analysis to evaluate securities for investment. Your financial information guides your portfolio’s asset allocation. Your net worth, financial goals, liquidity needs and risk tolerance are used to develop your investment policy statement, the document your advisor uses to choose assets for your portfolio. Compass Financial uses stocks, bonds, exchange-traded funds (ETFs), mutual funds, private placements and convertible securities when building your account.
Dickmeyer Boyce Financial Management
To open an account with Dickmeyer Boyce, you only need a minimum investment of $500,000. This structure makes it one of the most accessible firms on our list as many other firms require twice as much or more.
In addition, Dickmeyer Boyce primarily works with individuals without a high net-worth. So if yours is less than $1 million, this may be the right firm to start building your wealth. In fact, the firm also advises trust funds and estates so you can begin planning to pass on your earnings to the next generation.
Dickmeyer Boyce has more than $170 million in assets-under management. And even though the firm mostly works with individuals, it also extends its services to trusts and estates.
Dickmeyer Boyce Background
Dickmeyer Boyce was formed in 2002. The fee-only firm is owned by five employees including a certified financial planner (CFP). The firm has four advisors in total as well as a research analyst. Its CFP Ian D. Boyce has been in the financial services industry since 1999.
Dickmeyer Boyce Investment Process
Unlike several firms on our list, Dickmeyer Boyce takes a more passive approach to investing. It avoids seeking undervalued stocks to get a greater return than the broader market. In fact, the firm says, “History shows us that attempting to time the investment market is fruitless. One cannot account for all the factors influencing the pricing of various investment options. History also shows us that the value of investments rise over the long term in spite of near term economic or political catastrophes.”
Thus, Dickmeyer Boyce focuses on long-term investments and avoids frequent trading. It would invest in equities and fixed income securities as well as mutual funds and exchange-traded funds (ETFs) based on your risk appetite.