Finding a Top Financial Advisor Firm in Michigan
Handing over your assets to a financial advisor to manage can be nerve-racking. After all, you want to ensure you find an advisor who is well-equipped to meet your specific needs and protect and grow your savings. To help you decide which advisor is best for you, we’ve assembled this list of the top financial advisor firms in Michigan. To figure out which firm suits you, take a look at their fee schedules, investment strategies, offered services and more below. You can also use SmartAsset's free financial advisor matching tool to get connected directly to advisors in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Plante Moran Financial Advisors Find an Advisor||$16,319,543,549||$500,000|| || |
|2||FormulaFolio Investments Find an Advisor||$3,467,023,250||$25,000|| || |
|3||Retirement Wealth Advisors, LLC Find an Advisor||$2,179,419,572||$25,000|| || |
|4||Advance Capital Management, Inc. Find an Advisor||$3,451,072,833||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|5||Mainstay Capital Management, LLC Find an Advisor||$3,419,797,573||$200,000|| || |
|6||Schwartz & Co. Find an Advisor||$4,011,048,003||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Rehmann Financial Find an Advisor||$2,583,645,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||R.H. Bluestein & Co. Find an Advisor||$3,882,050,818||$25,000 minimum annual fee|| || |
Minimum Assets$25,000 minimum annual fee
|9||Zhang Financial Find an Advisor||$4,003,179,936||$1,000,000|| || |
|10||Telemus Capital, LLC Find an Advisor||$3,197,311,201||No set account minimum|| || |
Minimum AssetsNo set account minimum
How We Found the Top Financial Advisor Firms in Michigan
To find the top financial advisors in Michigan, 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:
Plante Moran Financial Advisors
At the top of the list, Plante Moran Financial Advisors LLC is a wealth advisory firm with a client base that includes individuals, high-net-worth individuals, pension plans, charitable organizations, government entities, corporations, family limited partnerships (LPs) and family/private foundations. In early September 2020, PMFA was acquired by CAPTRUST Financial Advisors.
For portfolio management services, the firm will typically charge a percentage of your AUM that ranges from 0.25% to 0.90%, depending on the market value of your assets. Financial planning fees are typically charged at an hourly rate between $110 and $450.
Plante Moran is a fee-based firm, meaning its advisors may earn commissions on top of standard advisory fees - either through certain securities transactions or the sale of insurance products. While this may create a potential conflict of interest, the firm has a fiduciary duty to always act in its clients' best interests.
The firm's advisory team includes certified financial planners (CFPs) and chartered financial advisors (CFAs).
Plante Moran Financial Advisors Background
Plante Moran Financial Advisors was established in 1993. In addition to Southfield and elsewhere in Michigan, the firm has offices in Colorado, Illinois and Ohio - plus in China, India, Japan and Mexico.
The firm provides investment management, general financial planning, wealth management, estate planning, auditing, tax preparation and consulting services. Plante Moran generally imposes an account minimum of $500,000, but it may waive this requirement at its discretion.
Plante Moran Financial Advisors Investment Philosophy
Plante Moran typically invests in many different types of securities when constructing client portfolios. These include open-end mutual funds, exchange-traded funds (ETFs), collective trusts, certificates of deposit (CDs), limited partnership interests, interests in limited liability companies, options contracts on securities, hedge funds and other alternative investments.
Plante Moran uses proprietary models to analyze investment options and attempt to find undervalued securities. The model will factor in statistics like P/E ratio, dividend yield, price-to-book ratio and others to formulate a market valuation that can be compared to historical averages. From time to time, the firm may recommend allocating a portion or all of a client’s portfolio to the advisement of an independent investment manager.
The advisory team at FormulaFolio Investments includes certified financial planners (CFPs), chartered retirement planning counselors (CRPCs) and chartered financial analysts (CFAs). Notably, Inc. 500 ranked this firm on its list of the fastest-growing private companies in the U.S. for the sixth year in row.
This fee-based firm works mostly with non-high-net-worth individuals, a claim supported by the fact that the firm serves 62 such individuals for every one high-net-worth individual. This could be because of the firm’s comparatively modest $25,000 account minimum.
Some of the advisors at this firm can receive commissions from the sale of insurance products to clients. While this creates a potential conflict of interest, the firm's fiduciary duty requires it to act in clients' best interests at all times.
FormulaFolio Investments Background
FormulaFolio Investments was founded in 2011 by chief investment strategist Jason Wenk. The firm is owned by Brookstone Capital Management, LLC.
FormulaFolio’s services are completely customizable and chosen for each client depending on their specific financial needs. The firm handles investment management, retirement planning, individual employer-sponsored retirement plan management and tax management.
FormulaFolio Investments Investing Strategy
FormulaFolio’s investment approach is based on emotion-free, long-term investment formulas that its advisors have built through academic research. The firm says that its algorithms will incorporate your financial and investment goals, risk tolerance and current tax situation to ensure your needs are met by your designated time horizon.
Once a formula has been built and agreed upon both by you and your advisor, the firm begins a three-step secondary process. The first step is deciding on asset allocations, followed by choosing a money manager and then by the ongoing management of your portfolio. These secondary steps are intended to add a personal touch to a portfolio-building process largely driven by formulas.
Retirement Wealth Advisors is a fee-based financial advisor firm that connects clients to its financial advisors around the country. The firm’s typical clients include individuals with and without a high net worth, businesses, trusts, estates, charitable organizations, retirement plans and other investment advisors.
You must have at least $25,000 in investable assets to open an advisory relationship with this firm. It also reserves the right to waive or alter this minimum investment requirement.
Some of the advisors here have the opportunity to sell insurance products on a commission basis. While this opens the door for a potential conflict of interest, advisors are requires to act in clients' best interests at all times.
Retirement Wealth Advisors Background
Founder and president Jason Wenk established Retirement Wealth Advisors in 2005. Wenk is also the founder and chief investment strategist for another firm on this list, FormulaFolio Investments.
As its name indicates, Retirement Wealth Advisors is heavily focused on retirement. The firm offers retirement planning for impending retirement and income planning for those who are already retired. The firm offers other types of financial services, as well, such as estate planning, trust creation and tax minimization.
Retirement Wealth Advisors Investment Strategy
Your relationship with Retirement Wealth Advisors will begin with an opening consultation, during which the firm will ask you about your current and desired financial circumstances, liquidity needs and risk tolerance. A portfolio is then built for you based on your preferences and needs. The firm primarily uses investments like stocks, exchange-traded funds (ETFs), bonds and mutual funds. Through these investing opportunities, the firm seeks to have your funds globally diversified to help mitigate risk.
Because the firm believes that managing an existing portfolio is just as important as the process of building a new portfolio, its advisors value rebalancing. This is done both to ensure that your asset allocations remain within target, and so that any new investment strategies can be implemented as quickly as possible.
Advance Capital Management
Fee-only Advance Capital Management, Inc. works with individuals, high-net-worth individuals, pension plans, charitable organizations, other investment advisors and corporations.
Typically, the firm expects new clients to have varying amounts of minimum assets for different services that if offers. For investment management and financial planning services, the firm charges a percentage of your assets under management (AUM) from 0.65% to 1.00%. The firm may decide to negotiate a different fee agreement based on additional factors as well.
The advising team at ACM is spread across several offices. The team in Southfield includes staff members with professional designations such as certified financial planner (CFP), chartered financial advisor (CFA), chartered alternative investment analyst (CAIA) and certified public accountant (CPA).
Advance Capital Management Background
Advance Capital Management was established in 1986. The firm is owned by holding company Advanced Capital Group, Inc., which itself has four owners. The principal owner is the ACG Employee Stock Ownership Plan, while minority owners include John Shoemaker, Raymond Rathka and Robert Cappelli.
The firm offers financial planning and investment consulting services for individuals and retirement plans.
Advance Capital Management Investing Philosophy
Advance Capital Management usually invests in mutual funds and exchange-traded funds (ETFs), provided that these securities fit in with a client’s risk tolerance and overall investment goals. The firm may also use alternative investments as a way to further diversify a portfolio.
When deciding on what funds to invest in, the firm considers factors like its risk-adjusted performance, size, manager tenure, Morningstar rating and availability to new investors. From there, the firm’s investment committee will further analyze and narrow down the options to a list of approved funds. To determine the proper asset allocation, advisors will consider the client’s risk tolerance, investment objectives, time horizon, income needs and tax circumstances.
Mainstay Capital Management
Fee-only firm Mainstay Capital Management, LLC has its home office in Grand Blanc. The firm's staff holds a number of designations, such as chartered retirement planning counselor (CRPC), certified financial planners (CFP), accredited asset management specialist (AAMS), chartered financial analyst (CFA), chartered mutual fund counselor (CMFC), accredited wealth management advisor (AWMA) and more.
This firm primarily works with non-high-net-worth individual clients, as it currently manages assets for almost 1,000 more of these clients than their high-net-worth counterparts. The firm's account minimum of $200,000 also makes it more accessible than some of the other firms on this list. While individuals make up the majority of accounts at Mainstay, it does have services available for trusts and corporations too.
Mainstay Capital Management Background
Mainstay Capital Management was created in 2000, and it is under the principal ownership of CEO David Kudla. Kudla has been in the financial services industry for over 15 years, and has been named one of Barron’s top 100 independent financial advisors in the U.S. for 11 years running.
The firm’s main services are comprehensive investment management, individual 401(k), 457 and 403(b) account management and retirement plan transitions. But the firm’s services extend way beyond just that, as it also offers:
- Estate planning
- Retirement planning
- College savings planning
- Charitable gift planning
- Tax minimization
- Debt and mortgage optimization
- Buyout analysis
Mainstay Capital Management Investing Strategy
Mainstay Capital Management offers a few different pre-built investment strategies, ranging from ultra-aggressive to ultra-conservative. The firm is open to using short-term purchases within its client accounts, but not necessarily for the purpose of market-beating investing. Instead, the firm uses these investments to satisfy a client’s need for liquidity by shooting for quick, albeit risky, returns.
Exchange-traded fund (ETFs) and mutual funds are explicitly stated as the favored investment types of Mainstay Capital Management. But because these investments won’t always fit neatly into everyone’s plans, the firm will also review various stocks and bonds to flesh out certain client accounts.
Schwartz & Co.
Schwartz & Co. has been doing business since 1976. The firm’s client base is a mix of individuals with and without a high net worth, pooled investment vehicles, pension plans, charitable organizations, government entities and corporations. The firm doesn’t have an account minimum.
Schwartz & Co. is fee-based, meaning some advisors may earn commissions from conducting securities transactions. These commissions may alter incentives and create conflicts of interests. However, the firm is bound by its fiduciary duty to always act in the best interest of its clients.
For investment management services, the firm will often customize fee schedules to each client. However, it estimates the fee to be no higher than 1.50%. These fees are negotiable and may vary from client to client.
Schwartz & Co. Background
Schwartz & Co. first opened its doors over 40 years ago. The firm is wholly owned by Schwartz Holdings, LLC, a financial services holding company. Gregory Schwartz, Sr., along with his five sons Gregory Schwartz, Jr., Walter Schwartz, Joseph Schwartz, Edward Schwartz and Peter Schwartz, all own shares in Schwartz Holdings.
The firm offers financial planning and investment management. Often, the firm will provide both of these services together, but it provides stand-alone financial planning as well.
Schwartz & Co. Investment Philosophy
A key aspect of Schwartz & Co.’s investment process is fitting its strategy to individualized factors like your time horizon, need for liquidity, risk tolerance and investment goals. With that in mind, the firm will construct a diversified portfolio of investments.
The firm often invests in or provides advice on equities, corporate debt securities, certificates of deposit (CDs), municipal securities, government securities, interests in real estate partnerships, variable life insurance, variable annuities and mutual fund shares.
Rehmann Financial is a fee-based financial advisor firm located in Lansing. The firm's headquarters, which is listed as the home of the wealth management division of the company, includes certified public accountants (CPAs), certified financial planners (CFPs) and chartered global management accountants (CGMAs).
The firm advises both individuals and high-net-worth individuals. It also does business with institutions, including pension and profit-sharing plans, government entities and corporations. The firm does not have a minimum account size requirement or minimum fee, but some individual advisors may impose them.
Investment management fees are paid based on a percentage of assets under management. Some advisors may also sell you securities or insurance products and earn a commission for doing so. This is a potential conflict of interest, but the firm is still a fiduciary and must act in your best interest.
Rehmann Financial Background
Rehmann Financial has been in business since 2001. It is owned by parent company Rehmann Financial Group, LLC, which in turn is owned by Rehmann, LLC. No shareholder of the parent firm holds more than 25% interest in the advisory business.
The following services are available for Rehmann clients:
- Financial planning
- Financial consulting
- Investment management
- Portfolio analysis
Rehmann Financial Investment Strategy
Your advisor at Rehmann Financial will help you come up with a portfolio strategy that makes sense for you. Your asset allocation will vary based on your financial situation and goals, but will include equities, fixed-income investments and alternative investments. Both individual securities and mutual fund shares may be used, depending on your preferences.
The firm uses a number of modes of analysis, including technical analysis and qualitative analysis, to decide which companies and other investments to choose for its clients.
R.H. Bluestein & Co.
Birmingham-based R.H. Bluestein & Co. works almost entirely with high-net-worth individual clients. The rest of the firm's client base includes individuals without a high net worth, businesses, charitable organizations, retirement plans and pooled investment vehicles. While this firm does not have a minimum investment requirement for new clients, you will need to adhere to its $25,000 minimum annual fee.
This is a fee-only firm. That means all of its compensation solely comes from client-paid fees rather than a combination of client fees and sales commissions.
The servies of R.H. Bluestein include investment management, retirement account management and more. The firm touts its status as a "family-owned business that works closely with multiple generations of special families," according to its website.
R.H. Bluestein & Co. Background
R.H. Bluestein & Co. was established in 1990 by firm president Robert H. Bluestein. Today, the firm is under the ownership of Robert H. Bluestein and Jeffrey N. Bluestein, another advisor at the firm.
The team of advisors at this firm includes staff members with professional designations such as chartered financial analyst (CFA) and certified public accountant (CPA).
R.H. Bluestein & Co. Investment Strategy
R.H. Bluestein & Co. bases its investment services around the needs of each client. For example, the firm will focus on the client's short- and long-term investment objectives, time horizon, risk tolerance, liquidity and income needs, investment preferences and more. As a result of this personalization, the firm's investment philosophy will differ from client to client.
Zhang Financial LLC is a fee-only firm with a team that includes certified financial planners (CFPs), certified public accountants (CPAs), chartered financial analysts (CFAs), chartered financial consultants (ChFCs), certified divorce financial analysts (CDFAs) and chartered life underwriters (CLUs) on its team.
Many of its clients do not have high net worths. However, you need a minimum investment of $1 million to establish an account. The practice also offers its services to trusts, estates, charitable organizations, pension and profit-sharing plans and municipal government entities.
Zhang Financial Background
Zhang Financial has been operating as a registered investment advisor since 2012. It is headquartered in Portage and has four other Michigan branches - in Ann Arbor, Battle Creek, Grand Rapids and Troy - plus an office in Naples, Florida. Founder and CEO Charles Zhang is the principal owner.
The firm provides investment management services on a discretionary, either through or not through a wrap fee program. It also advises portfolios on a non-discretionary basis. Additionally, it offers financial planning and consulting on topics including retirement saving, estate planning and managing trusts. What's more, the firm acts as sub-advisor to pension and profit-sharing plans, charitable organizations and municipal government entities.
Zhang Financial Investment Strategy
Zhang Financial primarily provides advice on:
- Exchange-traded funds (ETFs)
- Mutual funds
However, the firm would consider other types of securities if it deems them suitable to help you meet your investment goals. When selecting investments, Zhang Financial applies fundamental, technical and cyclical methods of analysis. It uses long-term purchases (securities held for at least a year), short-term purchases (securities sold within a year), trading (securities sold within 30 days), margin transactions and option writing.
Telemus Capital, LLC works with individuals and high-net-worth individuals, pooled investment vehicles, pension plans, charitable organizations, government entities and corporations. The team at Telemus includes certified financial planners (CFPs), chartered financial advisors (CFAs), certified public accountants (CPAs) and accredited wealth managment advisors (AWMAs), to name a few represented designations.
The firm doesn’t have an account minimum, but it does impose a minimum annual fee of $3,750 per household. Note that this minimum may cause Telemus’ services to be cost prohibitive for low balances.
For investment management services, the firm will typically charge 0.55% to 1.25% of your invested assets. Financial planning fees are generally included in this rate. However, the firm may decide to charge a stand-alone fee for especially complex situations.
Telemus Capital Background
Telemus Capital is wholly owned by Focus Operating, LLC, which itself is a wholly-owned subsidiary of Focus Financial Partners, LLC, a financial services holding company.
The firm offers investment advisory and financial planning services to its clients, as well as consulting services for pensions and other qualified retirement plans.
Telemus Capital Investment Philosophy
A key aspect of the Telemus Capital investment process is fitting its strategy to individualized factors like your time horizon, need for liquidity, risk tolerance and investment goals. For most clients, the firm uses one of several model strategies: "Income Only," “Capital Preservation,” “Conservative,” "Conservative Income," “Moderate,” “Balanced,” “Aggressive,” "Ultra Aggressive" and "Growth Only."
Allocations of multiple asset classes (equities, fixed-income securities, alternative investments, cash) will be present in differing percentages in each model strategy, depending on the risk profile it adheres to. Every model will include some combination of individual equities, individual bonds, mutual funds, exchange-traded funds (ETFs), alternative investments and potentially other investments too.