Finding the Top Financial Advisor Firms in Lancaster, Pennsylvania
It cab be challenging to find a financial advisor in Lancaster, Pennsylvania. The search may involve a lot of phone calls and combing through documents filled with financial jargon. But don’t worry. We did the hard work for you. We conducted in-depth research, looking at such key factors as account minimums, services offered and advisor qualifications. Read on for the top financial advisor firms who serve your area.
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| Rank | Financial Advisor | Assets Managed | Minimum Assets | Financial Services | More Information |
|---|---|---|---|---|---|
| 1 |
RKL Wealth Management, LLC
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$1,431,852,377 | $5,000 minimum annual fee |
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Minimum Assets$5,000 minimum annual feeFinancial Services
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| 2 |
Domani Wealth, LLC
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$1,329,486,524 | $5,000 minimum annual fee |
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Minimum Assets$5,000 minimum annual feeFinancial Services
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| 3 |
PSI Capital Management
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$242,653,310 | Varies based on account type |
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Minimum AssetsVaries based on account typeFinancial Services
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| 4 |
Atwater Malick
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$392,172,111 | $1,000,000 |
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Minimum Assets$1,000,000Financial Services
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What We Use in Our Methodology
To find the top financial advisors in Lancaster, 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:
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AUMFirms with more total assets under management are ranked higher. -
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Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher. -
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Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher. -
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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.
RKL Wealth Management
RKL Wealth Management is a fee-only firm that works with various client types, including individuals (with and without a high net worth) and institutions. The firm doesn’t require a minimum investment to open an account. However, it imposes a minimum annual asset-based fee of $5,000.
Advisors at this firm boast a number of designations. These include certified financial planner (CFP), certified public accountant (CPA), chartered life underwriter (CLU), chartered financial analyst (CFA), chartered financial consultant (ChFC) and chartered alternative investments analyst (CAIA).
RKL Wealth Management Background
RKL Wealth Management has been active in the industry since 1999. Today, it is a wholly-owned subsidiary of RKL LLP, a regional certified public accounting firm.
The firm extends its services to individuals, businesses, trusts, estates, charities and corporate retirement plans. RKL provides families and individuals with various stand-alone financial planning services from investment planning to insurance review as well as trust and fiduciary services.
RKL Wealth Management Investing Strategy
RKL Wealth Management seeks to construct portfolios based on the client’s individual financial situation and objectives. To diversify your portfolio, the firm may invest your assets in the following securities if deemed appropriate:
- Stocks
- Bonds
- Mutual funds
- Exchange-traded funds (ETFs)
The firm may also utilize the services of separate account managers or sub-advisors to manage part or all of your portfolio. This may be the case if you have a particularly large asset base.
Domani Wealth
At the top of this list, Domani Wealth operates on a fee-only basis. This means it doesn’t collect compensation from third parties such as mutual fund or insurance companies for selling their products. It collects fees only for the services it provides directly to you. Domani Wealth typically doesn’t impose an asset minimum for investment advisory services. However, it may require a minimum fee of $5,000 for specific services.
When you sign on with Domani Wealth, you have access to a range of personal finance and accounting professionals. The team features designations like certified financial planner (CFP), accredited investment fiduciary (AIF), chartered financial analyst (CFA) and more.
Domani Wealth Background
Through its predecessor entities, Domani Wealth has been active in the financial services space since 1995. However, it registered as an investment advisor with the SEC under its current organization in 2015. Domani Wealth is primarily owned by Hawthorne Wealth Management Holdings, LLC.
The firm works with non-high-net-worth and high-net-worth individuals, businesses, trusts, charitable organizations and other clients. It can tailor a wealth management plan to your needs. But it specializes in the following focus areas:
- Estate and wealth transfer management
- Retirement planning
- Philanthropy
- Strategic tax management
- Investment management
- Trust and foundation services
- Retirement plans for businesses
Domani Wealth Investment Strategy
Domani Wealth aims to create diversified portfolios according to the client’s individual circumstances. So advisors will analyze your risk tolerance, investment goals, time horizon and other factors that may influence your asset allocation. In managing your portfolio, the firm may engage in the following:
- Long-term purchases (securities held at least a year)
- Margin transactions (use of borrowed assets to purchase financial instruments)
- Individual equities/hedging (in the event that a client transfers in or directs the purchase of a concentrated individual equity position, the advisor may utilize protective options to hedge against downside risk)
PSI Capital Management
PSI Capital Management, formerly known as Planning Strategies, Inc., is a fee-based firm. This means some advisors may earn commissions from insurance sales, which is a potential conflict of interest. That said, advisors must always act in the best interest of the client due to their fiduciary duty.
Account minimums to receive investment management services at PSI vary based on the portfolio program you choose. But the minimum generally ranges from $100,000 to $200,000. The firm may waive its minimum requirements for certain clients.
The team here features chartered financial analysts (CFAs), chartered financial consultants (ChFCs), chartered life underwriters (CLUs) and retirement income certified professionals (RICPs).
PSI Capital Management Background
PSI Capital Management has been in business since 2001. The majority owners of the firm are chief compliance officer (CCO) Scott Smith and chief investment officer (CIO) Gregory Staub. Both still work for the firm as managing partners.
PSI Capital offers financial planning, consulting, pension consulting and investment management services. It currently works mostly with high-net-worth individuals. In addition, the team specializes in financial planning services for families with disabilities. It can also help clients manage foundations and other charitable entities.
PSI Capital Management Investing Strategy
PSI Capital Management employs what it calls Paradigm Shift Investing. According to its website, “Paradigm Shift Investing is analyzing a client’s financial situation first, then using what is discovered to build an active, living, breathing financial plan that serves as a guide to drive all current and future financial and investment decisions.”
In meeting these goals and managing diversified portfolios, the firm may work with clients and other financial professionals. These can include accountants, attorneys, mortgage brokers and insurance agents.
Atwater Malick
At fee-only Atwater Malick (AM), the team includes one certified financial planner (CFP) and one chartered financial analyst (CFA). To open an account with this firm, you’d generally need a minimum investment of $1 million. However, the firm may be willing to lower this requirement in certain situations.
According to the firm’s most recent SEC filings, AM serves about as many high-net-worth individuals as it does people who don't have a high net worth. It also extends its services to businesses, retirement plans and charities.
Atwater Malick Background
Ben Atwater and Matt Malick founded Atwater Malick in 2008. Both remain principal owners to this day.
The firm works with individuals, high-net-worth individuals, trusts, estates, charities and corporations. AM provides investment management services as well as various financial planning offerings. You can approach the firm for guidance around life insurance, divorce, tax concerns, retirement planning and more.
Atwater Malick Investment Strategy
Atwater Malick primarily relies on its clients' investor profiles when building diversified portfolios and making investment decisions. It aims to design asset allocation models based on factors like the client’s long-term investment goals. AM notes that it “utilizes investment strategies that are designed to capture market rates of both return and risk.”
The firm also discourages frequent trading, which can affect investment performance through increased brokerage and other transactional costs, as well as taxes. Instead, AM trends toward using a buy-and-hold investment strategy.
