Finding a Top Financial Advisor Firm in Memphis, Tennessee
Finding the best financial advisor in your area is no easy task. That’s where SmartAsset comes in. After identifying the largest firms in the Memphis area, we narrowed the field to the top 10 and highlighted what you need to know about each firm. We go over information like each firm's investment minimums, advisory certifications, client bases, investment strategies and more. Use SmartAsset's free financial advisor matching tool to find advisors in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Legacy Wealth Management, Inc Find an Advisor||$1,737,536,766||$500,000|| || |
|2||Waddell & Associates Find an Advisor||$943,123,400||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|3||Delta Asset Management, LLC Find an Advisor||$1,251,198,296||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||Telarray Find an Advisor||$978,147,753||$500,000|| || |
|5||Reliant Investment Management Find an Advisor||$953,106,929||$500,000|| || |
|6||Summit Asset Management Find an Advisor||$674,136,604||$500,000|| || |
|7||Red Door Wealth Management Find an Advisor||$824,315,015||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Green Square Capital Find an Advisor||$912,961,039||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Private Wealth Management, Inc. Find an Advisor||$741,236,598||$1,000,000|| || |
|10||Kelman Lazarov Find an Advisor||$533,361,371||No set minimum|| || |
Minimum AssetsNo set minimum
How We Found the Top Financial Advisor Firms in Memphis, Tennessee
To find the top financial advisors in Memphis, Tennessee, 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:
Legacy Wealth Management
At the top of our list, Legacy Wealth Management is a fee-only firm, which means advisors are compensated solely through client fees - and do not accept sales commissions from third-party vendors. This eliminates potential conflicts of interest stemming from the sale of certain financial products.
You’ll need at least $500,000 to open an account with Legacy Wealth Management.
Legacy Wealth Management Background
John Ueleke founded the firm in 1982 as one of the first fee-only firms in the area. Although he’s no longer part of the company, Legacy Wealth Management still operates on his founding principles. The company states that it follows “four Cs”: clients, commitment to honesty and integrity, compassion and culture.
Legacy Wealth Management has a significant number of certifications and advanced degrees among its advisory team, including certified financial planner (CFP), multiple MBAs and JDs, chartered financial analyst (CFA), certified public accountant (CPA) and certified trust and financial advisor.
Legacy Wealth Management Investing Strategy
This firm is a proponent of globally diversified portfolios, stating on its website its belief that “a diversified portfolio is a sound portfolio.” Most client portfolios are invested in stocks, bonds, mutual funds and exchange-traded funds (ETFs). The firm looks to tailor its investment advice to the needs of its clients on an individual basis.
Waddell & Associates
Waddell & Associates was originally founded in 1986. It serves more clients who do not have a high net worth than those who do. It also works with corporate pension and profit-sharing plans, charitable institutions, foundations, endowments and corporations.
Generally, the firm imposes a $500,000 account minimum for new clients, though that goes down to $5,000 for clients on the W&Ai robo-advisor platform.
Waddell & Associates Background
David Waddell is the president, CEO and director of his namesake firm. He has an MBA from Babson College and is a certified financial planner (CFP). Before working for Waddell, he was part of Charles Schwab & Co. Perry Green serves as the senior vice president. A former tax professional at Ernst & Young, he has CFP, certified public accountant (CPA) and chartered financial analyst (CFA) certifications.
Waddell & Associates is owned by Focus Financial Partners. This LLC owns other advisors, broker-dealers, insurance firms and more.
Waddell & Associates Portfolio Management
As a client of the firm, you’re likely to have your money managed in a model portfolio. This means the firm has already developed several template portfolios to fit specific financial needs and situations. This differs from some firms that will create your portfolio completely from scratch. The primary investments made at Waddell are no-load mutual funds, ETFs, individual securities, money market funds and CDs, corporate bonds, U.S. treasury bonds and municipal bonds.
For those with less than $500,000, the firm offers access to its robo-advising platform called W&Ai. This is the Schwab Intelligent Portfolio. Trading and rebalancing is determined by an algorithm. Your money is managed digitally, resulting in lower fees and minimums.
Delta Asset Management
Next up on our list is Delta Asset Management, a large firm with a diverse clientele. The firm primarily works with individuals, and those without a high net worth outnumber those who do have a high net worth. The firm also works with institutional clients, such as pensions, profit sharing plans, charities, government entities and even one banking institution. The firm also works with other businesses.
Delta doesn't have a minimum account size requirement, though there's a minimum annual fee of $3,000. Delta is also a fee-only firm, so there's no potential conflict of interest that might arise from advisors selling financial products on a commission basis.
Delta Asset Management Background
Delta Asset Management was founded in 1989 and is one of the oldest firms on our Memphis list. The firm became SEC-registered as an investment advisor in 2001. The firm is owned by managin directors Myron Mall, Edward Taylor and David Smith as well as Hightower Advisors, LLC. Taylor is a chartered property casualty underwriter (CPCU) and Smith is a chartered financial analyst (CFA) and a certified financial planner (CFP).
Delta Asset Management provides its clients with investment management and financial planning services. It offers a wrap-fee program through LPL Financial. The firm also manages all of its assets on a discretionary basis.
Delta Asset Management Investment Strategy
Delta Asset Management tailors its investment management services to the needs and objectives of its clients. This process, which is ongoing throughout the client relationship, involves meetings to help advisors determine the client's risk tolerance, liquidity needs and overall financial profile, as well as an specific investment objectives.
Advisors typically use mutual funds, exchange-traded funds (ETFs), stocks, bonds and fixed-income securities to populate client portfolios. They also tend to use a model portfolio that serves as an asset allocation guide. The firm typically invests on a long-term basis.
Telarray is a fee-only Memphis firm that has been in operation since 2005. If you want to engage the firm for investment management services, you’ll need at least $500,000 in investable assets, though the firm may waive the minimum at its discretion.
Prospective clients should be aware that you'll only find limited financial planning here, rather than comprehensive planning services. That means that if you want a wealth manager that offers the full spectrum of financial planning, you might be better served at a different Memphis firm.
Telarray is co-founders John “Cliff” Paessler and Michael “Andy” Shaul second firm together. Previously, they had started Financial Strategy Group together, and before that, they were partners at accounting firm Dunavant, Dickey, Paessler & Shaul.
The two, who are both certified public accountants (CPAs) and personal finance specialists (PFSes) have the largest stakes in the company. Several other employees also own shares. Among them certifications include chartered financial analyst (CFA) and certified financial planner (CFP).
Telarray Investment Strategy
Telarray advisors will primarily use strategic asset allocation to manage your portfolio. This means your advisor will take information gathered in your initial meetings, such as your risk tolerance, cash-flow needs and financial objectives to establish your exposure to asset classes.
According to the firm’s SEC-filed brochure, advisors do “not engage in attempting to ‘time’ financial markets.” Most speculators have not been successful in this. Telarray will construct your portfolio with long-term gains in mind and will globally diversify your portfolio to maximize the return.
Generally, your portfolio will consist of mutual funds and ETFs that provide exposure to various asset classes. The firm does not use alternative asset classes such as managed futures, hedge funds, privately held real estate, precious metals or commodities.
Reliant Investment Management
Reliant Investment Management is an advisory firm with offices in Memphis and Shreveport. Its team includes financial certifications such as chartered financial analyst (CFA), certified financial planners (CFP) and certified public accountant (CPA). The firm is fee-only, which means it earns income exclusively from client fees.
Reliant requires at least $500,000 to be a client, and it works with individuals, high-net-worth individuals, pension plans, charitable organizations, government entities and corporations.
Reliant Investment Management Background
Reliant Investment Management was first organized in 2001. Co-founders Susan Huffman and John Huffman and Chief Compliance Officer Lon M. Magness are the principal owners of the firm. The firm provides investment management and investment consulting services.
Reliant Investment Management Investing Philosophy
Reliant Investment Management applies a number of methods when analyzing securities, including fundamental analysis, technical analysis and charting. The firm aims to discern the overall economic health of a company or entity, rather than focus exclusively on stock price movement.
The practice recommends a range of investments, including but not limited to stocks, bonds, debt securities, option contracts, futures contracts, mutual funds, exchange-traded funds (ETFs) and money-market instruments.
Summit Asset Management
Summit Asset Management is an employee-owned firm that is fee-only. That means advisors don’t earn commissions on the sale of financial products. Summit was formed in 1991.
The firm’s core services are investment management and financial planning. To engage Summit Asset’s services, you’ll need at least $500,000, the same amount as several other firms on our Memphis list.
Summit Asset Management Background
John N. Laughlin, Lance W. Hollingsworth and Peggy K. Adler are the owners of the firm. Hollingsworth has worked in finance since 1993. Laughlin has worked for Summit since 2001 and is a certified finanical planner (CFP). His industry experience stretches back to 1997.
Summit Asset Management Investing Process
As a client of Summit, you’ll go through a four-step investment process. The first step is articulating and determining your financial goals and objectives. This includes factors such as your time horizon, risk tolerance, tax bracket and income. Each portfolio’s investment mix is tailored to meet your objectives.
Collaborating is the next part of the process. The investment committee is involved with all advisors, ensuring shared knowledge, and advisors work with each other to provide the best mix of services to each client.
Creation and continuity are the two final steps. This is when your advisor constructs your portfolio with investments such as mutual funds, exchange-traded funds (ETFs), stocks and bonds.
Red Door Wealth Management
This fee-only firm doesn’t have an account minimum, so you can become a client with any amount of investable assets. Among Red Door Wealth Management’s five advisors, there are certifications such as certified financial planner (CFP), certified public accountant (CPA), chartered financial analyst (CFA) and certified plan fiduciary advisor (CPFA).
The firm works with individuals, high-net-worth individuals, pension plans, charitable organizations, government entities and corporations.
Red Door Wealth Management Background
Red Door Wealth Management was established in 2010, and its owners are Fred Hiatt, John Phillips V, John C. Giovannetti, Doug Wright, Jud Cannon and William Allen. The firm provides investment advisory services, financial planning services, consulting services and retirement plan investment management services.
Red Door Wealth Management Investing Philosophy
When analyzing securities, Red Door Wealth Management uses a mix of technical analysis, fundamental analysis and modern portfolio theory, which uses asset allocation to optimize a portfolio's returns for a given level of risk tolerance.
The firm recommends a wide range of investments, including mutual funds, exchange-traded funds (ETFs), stocks, bonds, certificates of deposit (CDs), option contracts, government securities, money market funds, real estate and real estate investment trusts (REITs).
Green Square Capital
Green Square Capital has been in operation since 2001. While company materials state that there’s no minimum asset requirement, many of the firm’s individual clients are high net worth. That means they have a net worth of at least $1.5 million or investable assets of at least $750,000, according to SEC standards.
With that in mind, this firm is ideal for wealthy families. Green Square Capital offers family office services that are tailored to the complex needs of wealthy families. The firm has five advisors and is located on the eastern side of Memphis.
Green Square Capital Background
Steven Samson, a former Goldman Sachs senior professional, co-founded the firm in 2001 with the goal of being an independent boutique wealth management firm. He is the chairman and has more than 20 years of experience managing client portfolios. Prior to Green Square and Goldman Sachs, he worked for Merrill Lynch.
Green Square Services
This financial advisor firm offers services such as wealth advisory, family office and institutional asset management. Wealth advisory clients will have access to web-based reporting, tax reporting and investment commentary as well as portfolio rebalancing.
Family office clients are those who have complex financial needs. Green Square Capital states that most of its clients “generated their wealth through building and liquidating a privately held family business.” The company offers client services including customized reporting, alternative investments and coordination of legal, accounting and insurance needs. Institutional asset management is provided to business or nonprofit owners.
Private Wealth Management
You'll need at least $1 million in investable assets to become a client at Private Wealth Management. Operating since 2002, this fee-only firm has a small team of advisors and a client base of almost exclusively high-net-worth individuals, as you might expect given its steep minimum account requirement. This firm doesn't have a website.
Private Wealth Management Background
Private Wealth Management was founded and is jointly owned by Joseph P. Horner and Scott M. Robbins. Robbins is a certified financial planner (CFP), and both Robbins and Horner have law degrees.
The firm provides investment management, financial planning and tax preparation services to its clients. These clients are almost entirely high-net-worth individuals, though the firm also works with a few non-high-net-worth individuals and charitable organizations.
Private Wealth Management Investing Philosophy
For client portfolios, Private Wealth Management typically looks for mutual funds and exchange-traded funds (ETFs) that align with each client’s investment objectives and risk tolerance. Of course, the firm may invest in a wide range of investment products depending on the wishes or specific circumstances of the client.
Additionally, the firm may select independent money managers to advise clients on some or all of their portfolio. When doing this, the firm examines the manager's historical performance and relationship with risk, as well as his or her investment philosophy and style, making sure these factors align with the client.
At Kelman Lazarov, advisors may also be brokers and/or insurance agents. This makes the firm fee-based firm, as advisors may collect sales commissions from third-party vendors on top of client fees. These multiple roles can present a potential conflict of interest, though as an SEC-registered investment advisor, Kelman Lazarov has the fiduciary duty always to put clients' interests first.
The firm has no stated minimum to start an account. Kelman Lazarov emphasizes that education and understanding your current financial situation is vital for you to make prudent decision. You can expect a hands-on approach to financial guidance at the firm.
Kelman Lazarov Background
The two namesakes of the firm, President Ron Lazarov and Chairman Marty Kelman, have worked in the financial industry since the late 1970s. Lazarov and Kelman are both certified financial planners (CFPs) and Kelman is also a certified retirement counselor (CRC).
Kelman Lazarov offers investment management and financial planning, plus retirement planning, consulting services, retirement plan management servicese and education and enrollment services.
Kelman Lazarov Asset Management
At this firm, asset management is on a discretionary basis only and is provided through two programs: the Kelman-Lazarov Traditional Asset Management Program and Kelman-Lazarov Select Asset Management Program.
The Traditional program offers access to Kelman Lazarov's model portfolios, which invest in equities, fixed income and cash, depending on your portfolio. Similarly, the Select offers model portfolios, but this program is generally for accounts with less than $250,000 in assets. The portfolios in this program primarily use exchange-traded funds (ETFs) and mutual funds that do not have transaction fees.