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 financial advisors in your area who can meet your specific needs.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||GM Advisory Group, Inc. Find an Advisor||$1,415,458,995||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Frisch Financial Group, Inc. Find an Advisor||$409,088,525||$1,000,000|| || |
|3||J.J. Burns & Company Find an Advisor||$360,205,515||$1,000,000|| || |
|4||Heller Wealth Management Find an Advisor||$214,000,000||$1,000,000|| || |
|5||Piermont Wealth Management, Inc. Find an Advisor||$194,803,271||$500,000|| || |
|6||Clear Point Advisors, Inc. Find an Advisor||$152,158,739||$500,000|| || |
|7||Excomp Asset Management, Ltd. Find an Advisor||$123,413,901||$250,000|| || |
|8||Landmark Wealth Management, LLC Find an Advisor||$117,340,331||$500,000|| || |
|9||Compass Advisors Find an Advisor||$106,000,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||CCG Investments Find an Advisor||$94,500,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
How We Found the Top Financial Advisor Firms in Melville, New York
Only firms that are registered with the U.S. Securities and Exchange Commission (SEC) and located in Melville, New York were under consideration for this list. We limited our list to SEC-registered firms because such firms must abide by fiduciary duty to always work in their clients’ best interests. Next, we removed any firms that either didn’t offer financial planning services, didn’t manage individual accounts or had disclosures on their Form ADV. The remaining firms are listed below, ordered from the most assets under management (AUM) to the least.
GM Advisory Group, Inc.
GM Advisory Group, Inc. has by far the largest pool of client assets under management (AUM), with $1.4 billion under its control. In fact, the firm has $1 billion more in AUM than the second-place firm on our list, Frisch Financial Group, Inc.
All five of the firm’s advisors are certified financial planners (CFPs); the group also includes three certified public accountants (CPAs), one chartered financial analyst (CFA) and one certified investment management analyst (CIMA).
There are no minimum investable asset requirements at GM Advisory Group. Even still, high-net-worth individuals account for more than half of the firm’s overall client base. 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 abides by fiduciary duty, legally binding it to act in your best interest.
GM Advisory Group, Inc. 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, Inc. Investing Strategy
GM Advisory Group prefers tot 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.
Frisch Financial Group, Inc.
Frisch Financial Group has a $1 million account minimum, tying it with third- and fourth-place J.J. Burns & Company and Heller Wealth Management for the highest account minimum on this list. The firm does state in its Form ADV, however, that it may reduce or waive this requirement under the right circumstances. Indeed, the firm currently has 140 more non-high-net-worth individual clients than their high-net-worth counterparts.
There are five financial advisors working at this fee-only firm. Throughout this team, you’ll find four certified financial planners (CFPs), one certified public accountant (CPA), one chartered financial analyst (CFA), one personal financial specialist (PFS), one certified divorce financial analyst (CDFA), one certified fund specialist (CFS) and one chartered retirement planning counselor (CRPC).
Frisch Financial Group, Inc. Background
Frisch Financial Group was established in 1999 by David Andrew Frisch, who 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, Inc. 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.
J.J. Burns & Company
J.J. Burns & Company (JJBCO) has four financial advisors managing $360 million in client assets under management (AUM). This team includes three 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 often, as its high-net-worth individual clients are far outnumbered by those below the high-net-worth threshold.
J.J. Burns & Company is a fee-based firm, and 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.
Heller Wealth Management
Heller Wealth Management generally requires a $1 million account minimum for new and prospective clients. Despite this, it works with a nearly even number of high-net-worth individuals and non-high-net-worth individuals. Pension and profit-sharing plans round out the firm’s client base.
There are three advisory employees taking care of Heller’s $214 million 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
No firm on this list has been in existence longer than Heller Wealth Management, which was founded in 1992. Current firm president Larry Heller founded the firm and owns it.
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.
Piermont Wealth Management, Inc.
Piermont Wealth Management, Inc. is the only firm on this list with just a single advisor on staff - Philip Capell, the firm’s founder. Capell is a certified financial planner (CFP). This is a fee-only firm.
New clients of this firm are subject to a $500,000 minimum opening investment, though the firm may reduce or even waive the minimum under the right circumstances. Piermont works with around 170 clients, all of whom are individuals.
Piermont Wealth Management, Inc. Background
Piermot Wealth Management has been in business for nearly two decades, as it was opened in 2000. The firm is under the principal ownership of its founder and sole advisor Philip J. Capell.
This firm offers general financial planning that covers cash flow management, tax planning and more. Piermont has also developed a retirement planning suite that features a five-step process that helps clients protect their “long-term and short-term interests,” according to its website.
Piermont Wealth Management, Inc. Investing Strategy
For the most part, Piermont Wealth Management prefers to invest in open-end mutual funds, equity-based exchange-traded funds (ETFs) 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.
Clear Point Advisors, Inc.
Clear Point Advisors, Inc. is a fee-only firm in southern Melville that employs a trio of financial advisors. There are no advisory certifications between them. Altogether, they manage $152 million in client assets.
More than 95% 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. It states in its Form ADV that it reserves the right to waive this requirement, though.
Clear Point Advisors, Inc. Background
Clear Point Advisors was once named Steven Brill Advisors, Inc. after its founder Steven C. Brill. 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, Inc. 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.
Excomp Asset Management, Ltd.
Excomp Asset Management is a fee-only advisory firm that currently has $123.4 million in assets under management (AUM). It has two advisors on staff; both hold the certified financial planner (CFP) designation.
At Excomp, there’s three individual clients for every high-net-worth individual the firm serves. It also works with trusts, estates, charitable organizations, non-profits, corporations and pension and profit-sharing plans. The firm institutes a $250,000 minimum initial investment, though it may reduce this minimum for certain clients.
Excomp Asset Management, Ltd. Background
Excomp Asset Management began offering services in 1993. Today, the firm is under the control of principal owner Timothy Dennis Atkinson, who acts as president and lead portfolio manager.
Like many financial advisor firms, Excomp uses the returns that your investment portfolio creates to help you reach your financial planning goals. So while the formulation of your portfolio is of the firm’s utmost concern, it also addresses retirement planning, estate and trust planning, college savings and more.
Excomp Asset Management, Ltd. Investing Strategy
Excomp Asset Management is unique in that almost all of its portfolios are comprised entirely of mutual funds. Should you or your advisor deem it necessary, the firm is open to including exchange-traded funds (ETFs) in your portfolio as well. Both options are professionally managed and provide built-in diversification.
Landmark Wealth Management, LLC
More than 90% of Landmark Wealth Management, LLC’s client base consists of individuals without a high net worth. The firm also works with high-net-worth individuals, businesses and pension and profit-sharing plans.
There’s a $500,000 minimum investable asset requirement for new clients at this fee-only firm. However, the firm explains in its Form ADV that it might decide to reduce or waive this minimum under certain circumstances.
The team of three advisors at Landmark Wealth take care of the firm’s $117.3 million in assets under management (AUM). Of these three advisors, two are certified financial planners (CFPs).
Landmark Wealth Management, LLC Background
Joseph M. Favorito created Landmark Wealth Management in 2011 after having spent 14 years working in the financial services industry. While Favorito is one of the firm’s principal owners, Christopher N. Congema and Brian Cohen also own shares.
Should you join forces with Landmark, you’ll be able to use these services:
- Long-term investment planning
- Asset allocation planning
- Retirement planning
- Education savings planning
- Personal savings planning
Landmark Wealth Management, LLC Investing Strategy
Like the majority of advisory firms on today’s market, Landmark Wealth Management tends to stick with long-term investing principles. However, the firm says that some securities may be sold prematurely due to changing market conditions or shifts in your overall financial goals. In addition, if there are any securities you’d rather not have in your portfolio, the firm will let you place restrictions on them.
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, trusts, estates, pension and profit-sharing plans and businesses. There are no minimum account requirements at this firm.
Despite being the ninth-largest firm on this list, Compass Advisors ties first-place GM Advisory Group, Inc. and second-place Frisch Financial Group, Inc. for the largest staff of financial advisors. This team includes four certified financial planners (CFPs), one chartered life underwriter (CLU), one chartered financial consultant (ChFC) and one 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 the youngest firm on this list. 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.
Fee-only CCG Investments, which boasts $94.5 million in client assets under management (AUM), is another firm that has no minimum investable asset requirement. Possibly because of this, the firm’s client base consists of over 230 individual clients below the high-net-worth threshold; high-net-worth individuals and pension and profit-sharing plans represent much smaller portions of their client base.
There are two financial advisors working here; neither holds any of the common advisory certifications.
CCG Investments Background
CCG Investments is one of the oldest firms in our roundup, having been founded in 1996 by Lou Russo, who holds the title of chairman emeritus. CCG is owned by the Apollo Lunar Module Limited Partnership, which is in turn owned by Michael Russo.
This firm provides individual portfolio management, financial planning and pension consulting services. Within these categories, you can take advantage of:
- Retirement planning
- Estate planning
- Investment analysis and planning
- Insurance review
- Cash flow planning
- Investment policy statement (IPS) preparation
- Asset allocation planning
CCG Investments Investing Strategy
The first step in CCG’s investing process is to figure out what kind of investor you are. To do this effectively, you and your advisor will delve into your long- and short-term goals, risk tolerance, income needs and any investment restrictions you may have. Once these factors are clear, an asset allocation will be put together for you, with rebalances possibly occurring as returns roll in or your needs change.