Finding a Top Financial Advisor Firm in Midlothian, Virginia
Finding and choosing a financial advisor can be tough, as different firms have varying fees, minimums, investment strategies and more. That's where we come in. Our experts put together this list of the the top options in Midlothian, Virginia. You can check out vital information about each firm, such as the types of advisory services they offer, how many advisor certifications they claim, their minimum investment requirements and more. You can also try SmartAsset's free financial advisor matching tool to connect with up to three advisors who serve your area.
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|Colonial River Wealth Management, LLC Find an Advisor
|No set account minimum
Minimum AssetsNo set account minimum
|ACG Wealth Management Find an Advisor
|No set account minimum
Minimum AssetsNo set account minimum
|James River Asset Management, LLC Find an Advisor
|Varies based on account type
Minimum AssetsVaries based on account type
|Bowen Financial Services, LLC Find an Advisor
What We Use in Our Methodology
To find the top financial advisors in Midlothian, 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.
Colonial River Wealth Management
Colonial River Wealth Management's client base is made up exclusively of individuals. Of these, less than 15% come in above the high-net-worth threshold.
This firm doesn't have a minimum opening balance requirement for new clients.
This is a fee-based firm, as some advisors have the opportunity to receive commissions when they sell specific securities or insurance products. While this could be a potential conflict of interest, the firm is still a fiduciary, meaning it legally must act in clients' best interests.
Colonial River Wealth Management Background
Devin Garofalo founded Colonial River Wealth Management in 2015, but the firm didn't become a registered investment advisor (RIA) until 2017.
Garofalo currently serves as the firm's president and chief compliance officer (CCO), as well as its principal owner.
The firm's advisory team holds multiple certifications, including accredited investment fiduciary (AIF), chartered financial consultant (ChFC) and certified financial planner (CFP).
Colonial River provides investment management and financial planning services that pertain to a wide array of situations. The firm manages assets only on a discretionary basis.
Colonial River Wealth Management Investment Strategy
Colonial River Wealth Management provides individualized portfolio management services to clients. Each client relationship begins with in-depth, conversational meetings that help the firm understand your financial objectives, time horizon, tolerance for risk and other important needs you might have.
Portfolios are typically constructed using stocks, bonds, mutual funds and exchange-traded funds (ETFs), but advisors may use other investments if they fit in with your overall investor profile. Advisors use both qualitative and quantitative methods of analysis to evaluate and choose securities for client portfolios. Additionally, the firm tends to prefer investing with an eye toward pursuing long-term growth.
ACG Wealth Management
ACG Wealth Management works mainly with non-high-net-worth individuals and pensions plans, though other clients include high-net-worth individuals and charitable organizations.
There is no minimum account size requirement at ACG.
Since some advisors at ACG are insurance agents as well, they may receive commissions for selling insurance products to clients. This is a potential conflict of interest, mitigated by the fact that the fee-based firm is a fiduciary and is therefore legally obligated to act in the best interests of clients at all times.
ACG Wealth Management Background
ACG Wealth Management was founded in 1991, making it the oldest firm on our list. It registered as an investment advisor in the same year. Joseph Saunders Wiggins is the firm's only principal owner. He is a certified financial planner (CFP) and an accredited investment fiduciary (AIF).
ACG provides clients with a wide range of services that relate to investment management:
- Analysis of client objectives
- Interpretation of client risk tolerance
- Portfolio construction
- Drafting of investment policy statement (IPS)
- Recommendation of investment vehicles
- Selection of managers
- Ongoing monitoring of manager performance
- Portfolio rebalancing
- Manager additions or replacements
- Periodic reporting regarding client assets
- Tax gain or loss harvesting, when applicable
- Financial consulting and/or wealth management, when applicable
The firm also provides stand-alone financial planning and consulting services.
ACG Wealth Management Investment Strategy
When it comes to crafting an effective investment strategy for a client, ACG takes into accout the client's overall financial picture by developing an investment policy statement. Such a statement takes into account a client's tolerance for risk, liquidity needs, time horizon and any other information that could be relevant to creating a proper tailored investment strategy.
The firm and its advisors use a range of qualitative and quantitative database information that is kept up to Global Investment Performance Standards (GIPS). They also identify money managers on a style-by-style basis. The firm looks to diversify portfolios by seeking the services of a range of different money managers.
James River Asset Management
James River Asset Management is the final firm on our list of the top advisors in Midlothian. The majority of James River's client base is comprised of non-high-net-worth individuals, though it also works with high-net-worth individuals, charitable organizations and businesses.
There is no minimum investment requirement for opening a standard advisory account. Though it does impose minimum requirements for other accounts.
As a fee-based firm, some members of James River Asset Management's team can receive commissions for the sale of insurance products or securities to clients. Although this is a potential conflict of interest, it's important to remember that the firm is a fiduciary, meaning it is legally obligated to act in your best interest.
James River Asset Management Background
James River Asset Management was founded in 1995 and is under common control with James River Asset Management.
The firm offers both investment management and financial planning services. Financial planning is considered part of every advisory relationship the firm maintains.
James River Asset Management Investment Strategy
James River Asset Management works closely with all clients to determine a proper investment plan for their needs and goals. Thus, all investment strategies and asset allocation models are customized based on your risk tolerance, time until retirement and more. Once your portfolio plan has been developed and implemented, advisors will conduct ongoing monitoring and periodic rebalances.
Advisors at this firm typically use mutual funds, exchange-traded funds (ETFs), equities and debt securities in the makeup of client portfolios. Since investment management services are carried out on a discretionary basis, advisors have the final say on what investments are made. However, clients are permitted to place reasonable restrictions on how investment strategies are carried out.
Bowen Financial Services
Bowen Financial Services is a fee-only firm that works with both non-high-net-worth and high-net-worth individuals.
For clients engaging in financial planning and investment management services, the firm imposes fees on a tiered basis. These can range from 1% on the first $2 million, 0.75% on the next $3 million, 0.50% on the next $5 million, 0.35% on the next $10 million and 0.25% on assets over $20 million.
The firm generally imposes a minimum account balance of $500,000. Though its brochure also says that accounts below this minimum could get charged a fee that does not exceed $5,000.
Bowen Financial Services Background
Bowen Financial Services was formed in 1999 by its principal owner John G. Bowen, a certified public accountant (CPA) and certified financial planner (CFP).
The firm is a registered as an investment advisor and offers clients tax planning, investment management and financial planning services.
Bowen Financial Services Investment Strategy
Bowen Financial Services says that it works with clients to define financial objectives and develop strategies to reach them.
Clients typically get investment portfolios that consists mainly of no-load stock and bond mutual funds.