Finding a Top Financial Advisor Firm in Melville, New York
If you’re looking for a financial advisor in Melville, New York, you have a lot of firms to choose from. To help you sort through the available options, SmartAsset has compiled this list of the top financial advisor firms in the city. If you’d prefer to have the hard work done for you, the financial advisor matching tool from SmartAsset can set you up with as many as three vetted financial advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||GM Advisory Group, Inc. Find an Advisor||$2,514,704,958||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||The Wealth Alliance, LLC Find an Advisor||$1,476,685,246||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||J.J. Burns & Company Find an Advisor||$700,297,449||$1,000,000|| || |
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|4||Frisch Financial Group, Inc. Find an Advisor||$591,563,808||$1,000,000|| || |
|5||Compass Advisors Find an Advisor||$392,312,142||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Heller Wealth Management Find an Advisor||$301,519,356||$1,000,000|| || |
|7||Prospect Financial Services, LLC Find an Advisor||$228,707,659||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Lantern Wealth Advisors, LLC Find an Advisor||$174,623,891||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|9||Piermont Wealth Management, Inc. Find an Advisor||$216,674,379||$500,000|| || |
|10||Clear Point Advisors, Inc. Find an Advisor||$191,539,122||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Melville, 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.
GM Advisory Group, Inc.
GM Advisory Group's advisors all are certified financial planners (CFPs), and other professional designations are also represented on the team, including certified public accountant (CPA), chartered financial analyst (CFA) and certified investment management analyst (CIMA).
There are no minimum investable asset requirements at GM Advisory Group. Even still, high-net-worth individuals account for most of the firm’s assets under management. Individuals, businesses, charitable organizations, estates, trusts, pension and profit-sharing plans and pooled investment vehicles are also clients of the firm.
As a fee-based firm, GM Advisory Group employs certain advisors that can receive commissions for insurance product sales. Regardless, the firm must abide by fiduciary duty, legally binding it to act in your best interest at all times.
GM Advisory Group Background
GM Advisory Group has been in business since 2004. It was founded by managing principal Frank Marzano, who still owns the firm entirely. Marzano is a CFP, CPA and CIMA.
The services at GM Advisory Group are encompassed within its wealth management suite, which encompasses both financial planning and investment management services. More specific offerings include tax planning, philanthropic gift planning, retirement planning, net worth determination, risk management, estate planning and investment planning.
GM Advisory Group Investing Strategy
GM Advisory Group prefers to take a long-term approach with its clients’ portfolios, and its first focus is on building a diversified asset allocation for your portfolio. This involves shifting your investable assets into different market sectors and asset classes to reduce your exposure to risk.
These asset classes are split into three main categories: growth, preservation and inflation protection. Depending on your risk tolerance and time horizon, your portfolio may include varying percentages of each asset class type.
The Wealth Alliance, LLC
Fee-based advisor The Wealth Alliance, LLC (WA) serves a clientele base that includes non-high-net-worth and high-net-worth individuals, retirement plans and business entities. The firm is mainly compensated through asset-based fees, fixed fees and hourly fees, but certain advisors also charge commissions for securities products. This can create a conflict of interest if advisors favor products with higher fees, but WA says it honors a fiduciary duty to prioritize each client’s best interests.
Among the firm’s staff are three chartered retirement planning counselors (CRPCs), four certified financial planners (CFPs), one certified public accountant (CPA), two chartered investment management analysts (CIMAs) and one chartered retirement plans specialist (CRPS).
Since the firm, which doesn’t have a set account minimum, is fee-based some advisors may receive compensation for the sale of insurance products. However, as a fiduciary, the firm is obligated to always put client interests first.
The Wealth Alliance Background
Founded in 2019, WA primarily focuses on financial planning, portfolio management, pension consulting, selection of other advisors. WA’s financial planning services also include the following areas of planning:
- Investment planning
- Retirement planning
- Estate planning
- Personal savings
- Education savings
- Insurance needs
The Wealth Alliance Investment Strategy
WA mainly employs a long-term approach to its investment process, and the firm’s primary forms of securities evaluation are fundamental analysis and technical analysis. As for investments, the firm makes them in mutual and exchange-traded funds, cash, cash equivalents and bonds, among other types of securities.
The firm may also deploy client money in options trading, margin borrowing and alternative investments.
J.J. Burns & Company
J.J. Burns & Company (JJBCO) has a relatively small staff of financial advisors managing millions in client assets. This team includes four certified financial planners (CFPs) and one chartered financial analyst (CFA).
This firm has instituted a $1 million minimum investable asset requirement, but it may waive this in certain situations. It appears to take advantage of this stipulation, as it serves both high-net-worth and non-high-net-worth individuals, in additions to pension and profit sharing plans.
J.J. Burns & Company is a fee-based firm, so some of its advisory employees have the opportunity to sell insurance products for a commission. While this represents a potential conflict of interest, the firm is bound by fiduciary duty.
J.J. Burns & Company Background
J.J. Burns & Company earned the title of registered investment advisor (RIA) in 2006, but it can trace its history back to 1994, when CEO and president James J. Burns founded the firm. Burns is still the sole owner of JJBCO.
The firm offers both investment management and financial planning services. The former includes portfolio customization, risk tolerance review and personal investment policy creation, whereas the latter involves tax planning, estate planning, business legacy planning, charitable gift planning and more.
J.J. Burns & Company Investing Strategy
When building a portfolio for you, J.J. Burns & Company will take into account your risk tolerance, time horizon, income needs and overarching investment goals. Based on these considerations, the firm will formulate an asset allocation to get you where you want to be.
As returns begin rolling in, though, your portfolio’s asset allocation may stray from its original target. The firm will monitor your portfolio to make sure that if this happens, it’s caught early on, and the firm will rebalance your assets accordingly.
The firm's primary method of investment analysis is fundamental analysis.
Frisch Financial Group, Inc.
Frisch Financial Group has both non-high-net-worth individual clients and high-net-worth clients. It also serves business entities, charitable organizations, and pension and profit sharing plans.
There are multiple financial advisors working at this fee-only firm. Throughout this team, you’ll find professionals who hold such designations as certified financial planner (CFP), certified public accountant (CPA), chartered financial analyst (CFA), personal financial specialist (PFS), certified divorce financial analyst (CDFA), certified fund specialist (CFS) and chartered retirement planning counselor (CRPC).
Frisch has a $1 million account minimum. The firm may reduce or waive this requirement under the right circumstances.
Frisch Financial Group Background
Frisch Financial Group was established in 1999 by David Andrew Frisch, who principally owns the firm to this day. However, it wasn’t until 2001 that the firm became a registered investment advisor (RIA). Frish serves as the firm’s president.
The services at this firm include:
- Investment advisory
- Asset allocation planning
- Estate planning
- Retirement planning
- Executive compensation strategies
- Income tax planning
- Cash flow management
Frisch Financial Group Investing Strategy
Frisch Financial’s investment ideology can be summed up in one sentence from its Form ADV: “The basic investment philosophy of Frisch Financial is to invest in investments that, in our opinion, represent good, long-term investment opportunities.”
Once the firm has a collection of securities that it feels comfortable recommending, it will work to develop a plan to diversify your assets between them. This can help protect your money from a major market crash, while also providing at least some level of insurance for positive returns.
Methods of security analysis include charting, fundamental, technical and cyclical. Strategies include long-term purchases, short-term purchases, trading and option writing.
The client base at Compass Advisors is dominated by individuals without a high net worth. However, the firm also provides advisory services to high-net-worth individuals, pension and profit-sharing plans. There are no minimum account requirements at this firm.
Certain members of this firm's team hold various professional designations, such as certified financial planner (CFP), chartered life underwriter (CLU), chartered financial consultant (ChFC) and chartered retirement planning counselor (CRPC).
Some advisors at this fee-based firm can sell certain insurance products or purchase specific securities that may earn them a commission. This creates a potential conflict of interest, but the firm still abides by fiduciary duty.
Compass Advisors Background
Founded in 2017, Compass Advisors is a relatively young firm. Managing partners Lauren M. King and Michael A. Cuneo act as the firm’s principal owners. Together, the duo have about 30 years’ experience working in financial services.
Compass divides its services between those for individuals and families and those for business owners. Here’s a breakdown:
- Individuals/families: investment management, retirement planning, estate protection, tax strategies, insurance solutions, education funding
- Business owners: retirement plan development, business succession planning, insurance funding, executive compensation, employee benefits, 401(k) and pension plan administration
Compass Advisors Investing Strategy
In an effort to keep trading costs low and diversification high, Compass Advisors primarily invests in mutual funds and exchange-traded funds (ETFs). This allows the firm to gain access to stocks, bonds and other types of investments without needing to individually select them. However, if your risk tolerance and financial goals call for it, the firm may decide to add individual securities to your portfolio. The firm uses fundamental analysis to evaluate securities
Heller Wealth Management
Heller Wealth Management generally requires a $1 million account minimum for new and prospective clients. Despite this, it works with both high-net-worth individuals and non-high-net-worth individuals. The firm also offers services to pension and profit-sharing plans and business entities.
The firm manages millions in client assets under management (AUM). This team includes three certified financial planners (CFPs), one certified public accountant (CPA) and one accredited investment fiduciary (AIF).
Some advisors at this fee-based firm can earn commissions via insurance product sales. This doesn’t discount the firm’s fiduciary duty, though, which legally binds it to act in clients’ best interests.
Heller Wealth Management Background
The firm was founded in 1992. Current firm president Larry Heller founded the firm and serves as its principal.
The services at Heller Wealth are split into three groups: investment advisory, financial planning and retirement plan fiduciary. More specific services include estate planning, college planning, long-term care planning, tax planning, asset allocation planning and retirement plan advising.
Heller Wealth Management Investing Strategy
Heller Wealth Management’s main investment philosophy is modern portfolio theory, otherwise known as MPT. This award-winning strategy illustrates a direct relationship between risk and return, while maintaining a “belief that markets are ‘efficient,’” according to Heller’s Form ADV.
In other words, if you can stomach high levels of risk, your returns prospects are significantly raised. For the risk-averse investor, returns are lower, but generally safer.
Prospect Financial Services, LLC
Prospect Financial Services is a fee-only firm that serves both non-high-net-worth individuals and high-net-worth individuals. It also can offer services to trusts, estates, businesses and retirement plans. And it generally does not impose a minimum relationship size.
Clents engaging in wealth management services pay a percentage based on assets under management that can range up to 2.50%. Financial planning service fees can range from $2,000 to $10,000 per engagement. And retirement planning service fees can range up to 1% annually.
Prospect Financial Services Background
Prospect Financial Services was founded in 1999 and the firm became a registered investment advisor in September 2021. It is owned and operated by managing partner and chief compliance officer Sean P. Rooney; partner Jay L. Nathan; and owners Anthony C. Sgueglia and Michael F. Fairbrother.
This firm offers general financial planning that covers investments, retirement plans, tax plans, estate plans, college plans and life insurance, among other services.
Prospect Financial Services Strategy
Prospect Financial Services uses both fundamental and technical analysis methods to develop investment strategies for clients. These methods use economic and business indicators to identify and select assets for investment portfolios.
The firm invests in mutual funds, exchange-traded funds (ETFs), options contracts and fixed-income securities like bonds and CDs. To achieve a portfolio composition that’s aligned with your personal needs, the firm will use a combination of these securities. By doing this, the firm can account for and control risk more accurately.
Lantern Wealth Advisors
With millions in assets under management (AUM), Lantern Wealth Advisors has many individual clients, including clients with and without high net worth. It also offers services to pension plans, and charitable organizations. Minimums vary based on account type and are negotiable at the discretion of the firm.
As a fee-based firm, Lantern Wealth Advisors employs certain advisors who can receive commissions for insurance product sales. Regardless, the firm abides by fiduciary duty, legally binding it to act in your best interest at all times.
Lantern Wealth Advisors Background
The firm was founded in 2008. It is owned by Percheron Asset Management Group and Markpet. It offers a series of advisory services, as well as financial planning and consulting.
Annual asset management fees range from 0.75% to 2.50%, depending on which type of plan a client has.
Lantern Wealth Advisors Investing Strategy
Lantern Wealth Advisors uses fundamental, cyclical, charting and technical analysis when evaluating securities. Investment strategies include long-term purchases, short-term purchases, trading, short sales, margin transactions and option writing (including covered options, uncovered options, or spreading strategies).
Piermont Wealth Management Inc.
Piermont Wealth Management offers its services to individuals, high-net-worth individuals, business entities, pension and profit-sharing plans, trusts and estates. There is no mandatory requirement for opening or maintaining an account with the firm but they do seek to provide services to those with at least $500,000 in assets for the firm to manage.
Additionally, the firm operates as a fee-only advisory firm, meaning the revenue the firm receives is only from clients. This differs from a fee-based firm that has advisors who get commissions on sales of insurance products to clients.
Piermont Wealth Management Background
Piermont Wealth Management was founded in 2000 by Philip J. Capell to serve parts of New York and Florida with retirement needs. The firm currently has multiple team members who have earned the Certified Financial Planner (CFP) designation.
Should you join forces with Landmark, you’ll be able to use these services:
- Financial Planning
- Investment Management
- Retirement Planning
Piermont Wealth Management Investing Strategy
Piermont Wealth Management focuses on helping individuals prepare for retirement by taking a serious look into potential inflation and making sure your individual plan has the longevity potential to succeed. The firm focuses on the right asset allocation to help you reach your retirement goals. This involves everything from taking the type of retirement you want into account to making sure that your appetite for risk is considered in the overall plan and investment structure.
Clear Point Advisors, Inc.
Clear Point Advisors is a fee-only firm in southern Melville, N.Y., that employs multiple financial advisors. The team includes one chartered financial consultant (ChFC).
A majority of this firm's client base is comprised of individuals either with or without a high net worth. The firm is also known to maintain advisory relationships with trusts, estates, charitable organizations, pension and profit-sharing plans, businesses, individual retirement accounts and other investment companies.
Clear Point calls for a $500,000 minimum opening investment from new clients. The firm reserves the right to waive this requirement, though.
Clear Point Advisors Background
Clear Point Advisors was once named Steven Brill Advisors after its founder . But in 1998, the firm took on the name that it holds today. Steven Brill owns about 90% of the firm’s shares, with Barry E. Dampf and Robert Levine combining to hold the rest.
Most of what this firm does involves some form of investment management. The firm will tailor its investment plans to fit the needs of the client. However, Clear Point does have a few financial planning services - namely retirement planning, estate planning and cash flow budgeting.
Clear Point Advisors Investing Strategy
Clear Point Advisors’ core investment philosophy is based on the asset allocation approach. This strategy values the overall structure of a portfolio over individual security selection. Beyond this, a deliberate asset allocation can be used to induce specific returns and control risk. To aid your asset allocation in producing favorable results, the firm will diversify your assets globally.
The firm uses fundamental analysis, technical analysis and cyclical analysis when evaluating securities. Investment strategies may include funds or direct investments that use derivatives, long-term purchases, short-term purchases, trading, short sales and option writing (including covered options, uncovered options or spreading strategies).