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||$17,273,988,863||$500,000|| || |
|2||LSIA Find an Advisor||$6,030,379,476||$1,000,000|| || |
|3||Schwartz & Co. Find an Advisor||$4,011,048,003||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||R.H. Bluestein & Co. Find an Advisor||$3,374,451,562||$25,000 minimum annual fee|| || |
Minimum Assets$25,000 minimum annual fee
|5||Zhang Financial Find an Advisor||$3,217,727,271||$1,000,000|| || |
|6||FormulaFolio Investments Find an Advisor||$3,135,001,995||$25,000|| || |
|7||Telemus Capital, LLC Find an Advisor||$3,059,601,035||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Advance Capital Management, Inc. Find an Advisor||$2,955,347,426||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|9||Mainstay Capital Management, LLC Find an Advisor||$2,675,672,091||$200,000|| || |
|10||Rehmann Financial Find an Advisor||$2,524,000,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
How We Found the Top Financial Advisor Firms in Michigan
To make this list, a firm had to be based in Michigan and registered with the U.S. Securities and Exchange Commission (SEC). These firms are all bound by fiduciary duty, requiring them to act in clients’ best interests at all times. Firms were disqualified if they didn’t manage primarily individual accounts or didn’t offer financial planning services, and we also eliminated firms that had disclosures of disciplinary issues. The top firms that met these requirements are listed below, ordered from the most assets under management (AUM) to the least. All information is accurate as of the writing of this article.
Plante Moran Financial Advisors
Plante Moran Financial Advisors is by far the largest firm on this list. The firm primarily does business in Southfield, Michigan. At $500,000, Plante Moran has one of the highest minimum account sizes on this list. The firm serves both non-high-net-worth and high-net-worth individuals.
Plante Moran says it specializes in working with companies and individuals in the following industries: automotive, construction, manufacturing, not-for-profit, private equity, healthcare and real estate. It also provides family office services.
This is a fee-based firm that employs advisors who sell insurance products. While these advisors can earn commissions from these sales, the firm is a registered fiduciary and therefore must act in clients' best interests, no matter what.
In early September 2020, PMFA was acquired by CAPTRUST Financial Advisors.
Plante Moran Financial Advisors Background
Plante Moran Financial Advisors was established in 1977. The firm is part of a large network of accounting and consulting firms titled Plante & Moran, PLLC, which is owned by P&M Holding Group, LLP.
This firm has many services available for its clients, ranging from individual financial planning to institutional client services. Overall, though, the firm’s staple offerings are retirement planning, estate planning, tax planning, insurance consulting, business succession planning, tax preparations, employer retirement plan management and financial reviews.
Plante Moran Financial Advisors Client Experience
Before jumping into any specific financial plans, the advisors at Plante Moran will want to learn more about what you’re looking for in a client-advisor relationship. This is also the point at which your advisor will help you nail down your risk tolerance and any time horizon you might have in mind. Based on this information, the firm will draw up a formal investment policy statement that details your personal financial situation along with the strategy that the firm believes will help you reach your goals.
When it comes to strategy implementation, the firm is likely to invest your assets in exchange-traded funds (ETFs), mutual funds, separate account managers, hedge fund-of-fund managers and alternative investment vehicles. Once your plan is in place, your advisor will provide you with periodic updates on current performance and any proposed changes or rebalancings.
LSIA is an individual- and institutional-centric financial advisor firm in Bloomfield Hills. This is a fee-only firm, which means all of its compensation comes from client-paid fees and not third-party commissions. The firm also has one of the highest minimum account sizes on this list at $1 million, though LSIA reserves the right to accept clients with less than that amount.
The client base at this firm is dominated by high-net-worth individuals, though it works with non-high-net-worth individuals as well. Other clients of the firm include government entities, charitable organizations, retirement plans, pooled investment vehicles, businesses, unions and insurance companies.
The services that LSIA offers are largely based around clients' investments. They are holistic in nature though, which means the firm will take into account all of your financial needs and goals when determining your investment plans.
LSIA has been in business since 2008. The firm is owned by multiple employees, including Mark Shank, Karen McClintock, Jay Van Cleave, Kristine Hollister, Joann Kayser and Daniel Kostaroff. In addition to its Bloomfield Hills headquarters, the firm also operates branch locations in Milwaukee, Wisconsin; Pasadena, California; and Boca Raton, Florida.
The advisory team at this firm includes four chartered financial analysts (CFAs), one certified financial planner (CFP) and two chartered investment counselors (CICs).
LSIA Investment Strategy
LSIA bases its entire investment philosophy around the idea that they want to be each client's personal chief financial officer (CFO). To do this, the firm will first take an overall look at your financial situation and goals. This will involve determining your risk tolerance, time until retirement, income needs and more.
Once the above information is clear, LSIA will develop a specific investment plan for you. As part of this arrangement, your advisor will also integrate any financial planning services that can work in conjunction with your investments. This can include retirement planning, insurance planning, estate planning and more.
Schwartz & Co.
Schwartz & Co. is a fee-based financial advisor firm based in Bloomfield Hills. Most of the firm’s clients are non-high-net-worth individuals, though it also advises plenty of high-net-worth accounts. Schwartz’s institutional clients include pooled investment funds, pension and profit-sharing plans, charitable organizations, government entities and corporations.
There is no minimum account size requirement for new clients, though access to the firm's pooled investment fund requires you to be an accredited investor and invest at least $100,000.
Fees for advisory services are based on a percentage of each client's assets under management. Some advisors at the firm are registered with a broker-dealer and may make commissions from selling securities. However, fiduciary duty requires that the firm act in clients' best interests.
Schwartz & Co. Background
Gregory J. Schwartz, Sr. founded Schwartz & Co. in 1976. It is fully owned by Schwartz Holdings, LLC, and Schwartz, Sr. still serves as chairman of the board. His five sons - Walter, Joseph, Edward, Peter and Gregory, Jr. - are all officers and principals. The advisory team here includes three certified public accountants (CPAs), one certified financial planner (CFP) and one registered financial consultant (RFC).
Services offered by the firm include:
- Risk/return evaluation
- Asset allocation monitoring
- Annual cost analysis
Schwartz & Co. Investment Strategy
Both short- and long-term purchases are used by advisors at Schwartz & Co. Portfolio diversification is also important to this firm. This is true both in terms of types of investments and in terms of style, class and market capitalization.
Fundamental analysis and cyclical analysis are used to make investment choices. This ensures that the intrinsic value of an investment is considered while also considering what patterns in the market may be causing values to rise and fall for different investments.
R.H. Bluestein & Co.
Birmingham-based R.H. Bluestein & Co. works almost entirely with high-net-worth individual clients. In fact, over 85% of the firm's client base is comprised of these individuals. 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 Bluestein and Jeffrey N. Bluestein, another advisor at the firm.
The team of advisors at this firm includes three chartered financial analysts (CFAs) and one 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 is a fee-only financial advisor firm based in Portage, Michigan. The firm advises more non-high-net-worth individuals than it does high-net-worth individuals. It also works with some institutional clients, such as pension and profit-sharing plans, charitable organizations and government entities. Fees at Zhang may be flat or based on a percentage of assets under management.
The firm has a wrap fee program, which allows clients to pay a single rate that covers all advisory, transactional and custodial fees. The minimum account size at Zhang is $1 million, though the firm may waive this requirement.
Zhang Financial Background
Charles Zhang founded Zhang Financial in 2012. He remains the principal owner of the firm and acts as an advisor and CEO of the company. The on-staff advisors at Zhang boast a bevy of certifications, including nine certified financial planners (CFPs), six certified public accountants (CPAs), three chartered financial analysts (CFAs), one chartered financial consultant (ChFC), one chartered life underwriter (CLU) and one certified divorce financial analyst (CDFA).
The firm’s services include:
- Investment planning
- Retirement planning
- Estate planning
- Charitable planning
- Education planning
- Insurance analysis
Zhang Financial Investment Strategy
Zhang Financial’s advisors use fundamental, technical and cyclical analysis to look at companies and securities and decide where to invest client’s money. The firm may implement the following strategies for a client’s portfolio:
- Long-term purchases (securities held for at least a year)
- Short-term purchases (securities held less than a year)
- Trading (securities sold within 30 days)
- Margin transactions
- Option writing
No other firm on this list manages as many individual accounts as FormulaFolio Investments, which oversees more than 15,000 accounts. The majority of these accounts belong to non-high-net-worth individuals, with a small number held by their high-net-worth counterparts. The firm also works with estates, pension and profit-sharing plans, trusts, businesses, investment advisors and charitable organizations.
Set at just $25,000, this fee-only firm has one of the lowest account minimums on this list. Chartered financial analysts (CFAs) and certified financial planners (CFPs) are on the advisory staff at FormulaFolio, which also placed as SmartAsset’s top financial advisor firm in Grand Rapids.
FormulaFolio has also ranked on the Inc. 5000 for five straight years. On the 2019 list, it placed No. 1,432.
FormulaFolio Investments Background
Firm founder Jason Wenk principally owns FormulaFolio Investments. Wenk established the firm in 2011. Today, Wenk is no longer leading FormulaFolio, as Jason Crump has taken over as CEO.
The firm’s specialties are investment management, tax management, retirement planning and individual employer-sponsored retirement plan management. However, if you have financial planning needs that don’t fit into one of these categories, FormulaFolio can create a personalized strategy just for you.
FormulaFolio Investments Investing Strategy
FormulaFolio Investments takes a research-based approach to investing. Proprietary algorithms determine how this firm invests client assets. To customize the algorithm to your personal situation, the firm incorporates your financial goals, risk tolerance and current taxes.
Based on the findings of these algorithms, the firm will implement and monitor your plan. More specifically, FormulaFolio will determine specific asset allocations, select money managers and provide ongoing management and rebalancings.
Telemus Capital, LLC is a bit more exclusive than some of the other firms on this list, as it serves just under 1,100 individual clients. Telemus also works with estates, trusts, families, pension and profit-sharing plans, businesses, government entities, pooled investment vehicles and charitable organizations.
The firm does not list an account minimum, though it does have a minimum annual fee of $3,750. The firm staffs four certified financial planners (CFPs), two certified public accountants (CPAs), four accredited wealth management advisors (AWMAs), one chartered advisor in philanthropy (CAP), two chartered financial analysts (CFAs), one chartered wealth manager (CWM) and one chartered global management accountant (CGMA).
This Southfield-based financial advisor firm is fee-only. That means the firm itself only receives client-paid fees when it comes to its compensation.
Telemus Capital Background
Telemus Capital was founded in 2013. The firm comes from a long line of predecessor firms that were similarly titled. Focus Operating, LLC, a holding company, now owns the firm.
Telemus Capital offers the following advisory services:
- Financial goal planning
- Cash flow planning
- Tax planning
- Charitable gift planning
- Estate planning
- Retirement planning
- Property, health, life and casualty insurance review
- 401(k) management for plan sponsors
Telemus Capital Investing Strategy
Rather than attempting to fit clients into predefined categories, Telemus Capital is in favor of personalizing its investment plans to each client’s needs. The firm also wants to be flexible in its planning, and in doing so will afford you the opportunity to alter your risk tolerance, investment goals and any other variables whenever you please.
Even with this adaptable ideology, Telemus tries to instill some level of consistency across its portfolios by utilizing principles such as tax and fee efficiency. Nearly all of the firm’s portfolios include some blend of individual equities, individual bonds, ETFs, mutual funds and alternative investments.
Advance Capital Management
Advance Capital Management, Inc. is a large fee-only financial advisor firm based in Southfield. The firm's team of advisors hold a wide range of certifications. These include 13 certified financial planners (CFPs), one chartered retirement planning counselor (CRPC), one certified regulatory and compliance professional (CRCP), one professional plan consultant (PPC), one certified public accountant (CPA), one accredited investment fiduciary (AIF), one chartered financial analyst (CFA), one chartered alternative investment analyst (CAIA), one accredited investment fiduciary analyst (AIFA) and one chartered mutual fund counselor (CMFC).
With around 5,800 individual clients, the firm manages assets for nearly seven times as many non-high-net-worth individuals as high-net-worth individuals. Aside from these groups, the firm also has working relationships with trusts, estates, corporations, charitable organizations, pension and profit-sharing plans and investment advisors. This firm has a variable account minimum that’s dependent on the type of services you utilize.
Advance Capital Management Background
Advance Capital Management opened its doors for business in 1986. The firm’s parent company, Advance Capital Group, Inc., currently holds primary ownership.
This firm prefers to keep its advisory services as open-ended as possible so they can be more easily tailored to meet clients’ needs. In general, though, the firm splits its services into three categories: financial planning, asset management and investment advice.
Advance Capital Management Investing Strategy
Exchange-traded funds (ETFs) and open-end mutual funds make up the vast majority of Advance Capital Management’s client portfolios. This is because these investments are inherently diversified across entire markets, and therefore satisfy the firm’s requirements. Your personal tolerance for risk, time horizon, investment goals, tax situation and liquidity needs will guide the firm’s decisions on exactly what investments are made.
However, the firm does realize that not all investors will fit into this mold. So its advisors will create custom portfolios that include individual stocks, corporate bonds, municipal bonds, U.S. government securities and CDs, in addition to ETFs and mutual funds.
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 17 chartered retirement planning counselors (CRPCs), nine certified financial planners (CFPs), four accredited asset management specialists (AAMSs), one chartered financial analyst (CFA), one chartered mutual fund counselor (CMFC), one 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 2,000 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.
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.