Finding a Top Financial Advisor Firm in Mississippi
Choosing a financial advisor to work with can be a stress-inducing venture. To help you sort through your options in Mississippi, SmartAsset created this list of the top financial advisor firms in the state. To help differentiate between the firms, our experts go over each entry’s typical investment strategy, client base, services and more. SmartAsset also developed a financial advisor matching tool that can set you up with as many as three advisors in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Smith Shellnut Wilson, LLC Find an Advisor||$3,093,797,958||$500,000|| || |
|2||Hardy Reed, LLC Find an Advisor||$1,051,684,566||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Barnes Pettey Financial Advisors, LLC Find an Advisor||$925,482,356||$25,000|| || |
|4||Medley & Brown, LLC Find an Advisor||$786,830,211||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||Ballew Advisors Inc Find an Advisor||$743,302,848||$100,000|| || |
|6||Financial Concepts Find an Advisor||$586,583,594||$25,000|| || |
|7||Mag Cap Find an Advisor||$325,608,357||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Element Wealth, LLC Find an Advisor||$253,118,414||$250,000|| || |
|9||Legacy Wealth Management, LLC Find an Advisor||$214,590,373||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||EFP Advisors Find an Advisor||$214,183,540||No set account minimum|| || |
Minimum AssetsNo set account minimum
How We Found the Top Financial Advisor Firms in Mississippi
For this list, we only considered financial advisor firms in the state of Mississippi that are registered fiduciaries with the U.S. Securities and Exchange Commission (SEC). We removed from consideration any advisory practices that have disclosures, don’t manage individual accounts or don’t offer financial planning services. The top 10 firms that made the cut are listed here, sorted from the highest assets under management (AUM) to lowest.
All information is accurate as of the writing of this article.
Smith Shellnut Wilson, LLC
Smith Shellnut Wilson, LLC is a fee-only firm with the largest amount in client assets on this list. For advisory services, the firm mainly generates compensation from asset-based fees and fixed fees. And the firm imposes a minimum account size requirement of $500,000 on its client base of individuals, high-net-worth individuals, corporate entities, pension and profit sharing plans, charitable institutions, foundations, municipalities, trusts, insurance companies and other U.S. institutions.
The firm has a relatively small staff of advisors. However, when it comes to industry credentials, two of the firm’s advisors hold the chartered financial analyst (CFA) designation, and seven advisors have MBAs.
Smith Shellnut Wilson Background
Since 1995, SSW has provided financial planning, advisor selection, security ratings/pricing services and discretionary and non-discretionary investment advisory services.
Frank W. Smith, III and William Parks Johnson Jr. are the firm’s primary owners.
Smith Shellnut Wilson Investment Philosophy
SSW says it develops investment portfolios based on client needs and objectives. The firm selects securities using fundamental analysis, technical analysis and cyclical analysis. As for its asset types, SSW typically invests in U.S. government and agency bonds, exchange-traded equity securities, U.S. state and local bonds, investment grade corporate bonds, cash and cash equivalents and securities issued by pooled investment vehicles.
Hardy Reed, LLC
Hardy Reed, LLC is a wealth advisory firm that’s been around for longer than a decade. The firm has more than 200 clients that combine to hold billions in investable assets. The majority of Hardy Reed’s clients are individuals, but it also works with high-net-worth individuals, pension plans, charitable organizations and corporations. This is a fee-only firm.
The firm provides investment management and financial planning services, and it occasionally offers consulting services as well. The firm doesn’t impose an account minimum, but it does charge a minimum annual fee of $10,000, which may make its services cost prohibitive for clients with smaller accounts.
Hardy Reed Background
Hardy Reed was established in 2006 by Scott Reed and John C. Hardy. Today, Reed is the firm’s CEO and Hardy serves as president. The firm employs a small staff of advisors in its offices in Tupelo. All are accredited investment fiduciaries (AIFs), two are certified financial planners (CFPs) and two are certified investment management analysts (CIMAs).
Portfolio management services come with a fee based on a percentage of your assets under management (AUM). This can reach as low as 0.30% and as high as 1.25%, depending on the value of your assets. Financial planning fees are negotiable, but typically vary from a $1,000 to $10,000 fixed fee or a $250 hourly fee based on the scope of your services.
Hardy Reed Investment Philosophy
Hardy Reed strongly prefers to develop a comprehensive picture of each client’s financial life before beginning the investment process. It does this to ensure that it fully understands the client’s risk profile, investment objectives, tax situation and liquidity and income needs before making any purchases.
Hardy Reed normally invests client assets in a combination of mutual funds and exchange-traded funds (ETFs). On a more limited basis, the firm may allocate assets to third-party managers.
Barnes Pettey Financial Advisors, LLC
Barnes Pettey Financial Advisors, LLC is headquartered in Clarksdale. The firm currently manages hundreds of millions in assets under management (AUM) from thousands of clients. The firm’s client base consists of individuals and high-net-worth individuals, pension plans, charitable organizations, government entities, corporations, trusts, estates and partnerships. The firm has a $25,000 account minimum.
Barnes Pettey Financial Advisors is fee-based, meaning some advisors here may earn commissions from conducting securities transactions or selling insurance products. These commissions may create a potential conflict of interest. However, the firm is bound by fiduciary duty to always act in your best interest.
The firm offers financial planning and investment management services to its clients, as well as the selection of third-party advisors and retirement plan consulting. Additionally, the firm provides access to two investment programs administered by Raymond James:
- PASSPORT account program: an investment advisory account that’s primarily non-discretionary in which you receive continual investment advice and monitoring for a percentage-based fee
- Ambassador program: a wrap-fee advisory account typically managed on a discretionary basis that’s tailored to your goals.
Barnes Pettey Financial Advisors Background
Barnes Pettey Financial Advisors first opened its doors in 2007. The firm is indirectly owned by lead financial advisors Dudley M. Barnes and Holmes S. Pettey. In addition to its headquarters in Clarksdale, the firm has offices in Grenada, Oxford and Jackson, Mississippi, as well as in Memphis, Tennessee. The firm has multiple advisors, three of whom are certified financial planners (CFPs).
For investment management services, the firm will charge a fee as a percentage of AUM ranging from 0.40% to 1.25%. Fees for the two investment programs administered by Raymond James are also percentage-based and range from 1.25% to 2.25%. Financial planning fees are charged either as a fixed fee between $750 and $3,000 or as a $200 hourly fee.
Barnes Pettey Financial Advisors Investment Philosophy
Barnes Pettey Financial Advisors primarily recommends mutual funds and exchange-traded funds (ETFs), but it will ultimately tailor its recommendations to fit each client’s objectives and risk tolerance. The firm takes into consideration each client’s investing timeline before formulating the appropriate strategy for their portfolio. Consequently, the firm doesn’t have a standard preference toward long- or short-term investing.
Medley & Brown, LLC
Medley & Brown, LLC has a small staff of financial advisors that serve hundreds of clients with millions in investable assets. Founded in 1988, the firm works with individuals, high-net-worth individuals, pension plans, charitable organizations, insurance companies and businesses.
The firm provides financial planning, discretionary investment management and non-discretionary investment advice. There is no minimum account size for advisory services at Medley & Brown.
Medley & Brown Background
Medley & Brown formed in 1988 under the name Medley & Company, Inc. Currently, the firm is owned by a combination of president Tim C. Medley and other employees. Few advisors work at the firm, and among them are three certified financial planners (CFPs) and two chartered financial analysts (CFAs).
If you receive investment management services, the firm charges you a portion of your assets under management (AUM) that can be anywhere from 0.50% to 1.00%. Consultation fees are hourly and range from $140 to $375 depending on who is providing you with advice.
Medley & Brown Investment Philosophy
Medley & Brown typically invests in a wide range of asset classes via no-load mutual funds. These asset classes include cash, bonds, large-cap stocks, small-cap stocks and international equities. Within these asset classes, the firm seeks to invest in funds that allow for broad diversification.
When it comes to analyzing potential funds, Medley & Brown prefers to select funds with managers who are significant investors in their own funds. Additionally, the firm focuses on analyzing the processes of fund managers to attempt to ensure that any success isn’t the result of mere luck.
Ballew Advisors, Inc. has been providing advisory services to clients in Jackson since 1991. The over 1,000 clients at the firm include individuals, high-net-worth individuals, pooled investment vehicles, charitable organizations and corporations.
Ballew is a fee-based firm, meaning some advisors may earn commissions for selling insurance products or conducting certain securities transactions. These commissions have the potential to create conflicts of interest, but the firm still has a fiduciary duty to act in your best interest at all times.
The firm provides investment supervisory services, as well as financial planning and retirement plan consulting. The firm also publishes newsletters and periodicals. A minimum portfolio size of $100,000 is typically required to become a client, although the firm may accept smaller accounts at its discretion.
Ballew Advisors Background
Ballew Advisors was founded in 1991. The firm is owned by SB Holding Company, Inc. via a subsidiary, Security Ballew, Inc. Several advisors work at the firm. Throughout this group, there are two certified financial planners (CFPs), one certified public accountant (CPA), one chartered financial consultant (ChFC) and one chartered life underwriter (CLU).
Fees for investment management tend to fall between 1.00% and 2.00% of your assets under management (AUM), although the firm may decide to negotiate a different arrangement. Financial planning fees can vary depending on the degree of responsibility involved and the amount of skill and work required, so there is no standard rate or fee.
Ballew Advisors Investment Philosophy
Ballew Advisors has a number of core beliefs upon which it bases its investment approach. It believes that the most important decision to be made is how to allocate your assets among cash, bonds, stocks, real estate and any other primary securities. Additionally, the firm thinks that diversification among asset classes is the best method for limiting risk and increasing returns.
The firm primarily invests with a long-term perspective, both to keep down trading costs and because a portfolio that diversifies across asset classes should increase in value over a long period of time.
Financial Concepts is a firm with two advisors that’s been doing business in Columbus since 2011. It has hundreds of millions in assets under management (AUM), and it serves more than 2,600 clients. Individuals, high-net-worth individuals, pension plans and charitable organizations comprise this client base.
Financial Concepts is a fee-based firm, which means that some advisors may earn commissions through the sale of insurance products. This practice may create potential conflicts of interests, but Financial Concepts is still bound by a fiduciary duty to act in its clients’ best interests at all times.
Financial Concepts provides financial planning and individual portfolio management services. There is a $25,000 account minimum at this firm.
Financial Concepts Background
Financial Concepts was established in 2011. Its principal owners are Rhonda S. Ferguson, who serves as the firm’s president, and Scott Todd Ferguson, who acts as its chief compliance officer (CCO). The two owners are also the firm’s main advisors. Rhonda Ferguson is a certified financial planner (CFP).
Financial planning fees will typically come as a fixed rate, which can range from $1,000 to $5,000 depending on the scope of your services. Investment management fees will be 0.50% of your total AUM.
Financial Concepts Investment Philosophy
Financial Concepts typically invests client assets in a range of different mutual funds that represent a variety of asset classes. When analyzing potential funds, the firm employs fundamental analysis, looking at a fund’s financial statements and surrounding information in an attempt to gauge its intrinsic value.
The firm has a buy-and-hold investment strategy and makes recommendations for portfolio changes based upon the client’s life circumstances rather than market fluctuations. It doesn’t believe that market timing can be a successful strategy, especially in the long term.
Mag Cap, or Magnolia Capital Advisors, LLC, has been an investment advisor in Mississippi since 2018. Its clients include a majority of individuals, with some high-net-worth individuals and pension plans rounding it out. The firm has millions in assets under management (AUM), and it doesn’t impose an account minimum.
Mag Cap provides investment management, financial planning and consulting services to its clients. The firm doesn’t impose any sort of account minimum.
As a fee-based firm, some advisors may conduct securities transactions or sell insurance products that generate commissions on top of the advisory fees you pay. This practice may create a potential conflict of interest, but it doesn’t alter the firm’s fiduciary duty to act in your best interest at all times.
Mag Cap Background
Mag Cap was created in 2018, making it the youngest firm on this list. It’s principally owned by its managing directors Vaiden Clark, Stephen Griner and Charles Marion. The firm employs seven advisors, including one of each of the following designations: certified public accountant (CPA), certified financial planner (CFP), chartered financial analyst (CFA), accredited investment fiduciary (AIF) and certified investment management analyst (CIMA).
Mag Cap gives clients the choice between a percentage-based fee or a flat fee when it comes to portfolio management services. Percentage-based fees typically won’t exceed 2.00% of your AUM. For financial planning services, there’s no additional charge for clients who already receive portfolio management. Stand-alone financial planning clients will pay a fixed fee between $2,500 and $25,000.
Mag Cap Investment Philosophy
Most of Mag Cap’s investment recommendations revolve around money market funds and other cash instruments, exchange-listed securities, mutual funds, exchange-traded funds (ETFs), closed-end fund shares, certificates of deposit (CDs), corporate debt securities, municipal securities, government securities, options, variable annuity products, private funds and private placements.
When analyzing potential funds to invest in, the firm looks at both the experience and track record of the fund manager, gauging if the manager has demonstrated an ability to invest over a period of time and in different economic conditions. Another important step is looking at the underlying assets in a fund to see if there is significant overlap in the underlying investments held in other funds in the client's portfolio. This helps to promote in-depth diversification.
Element Wealth, LLC
Element Wealth, LLC has been providing investment advice to clients in Ridgeland since 2006. Its 700 clients are a combination of individuals, high-net-worth individuals, pension plans and charitable organizations. Element Wealth is a fee-based firm, and there is no minimum account size.
Element Wealth is a fee-based firm, as certain members of its advisory team are licensed to sell insurance products, like life insurance or annuities. These sales may generate commissions for the advisors who perform them. This creates the potential for conflicts of interest, although the firm has a fiduciary duty to always act in clients’ best interests.
The firm provides investment management to its clients, along with financial planning. Additionally, the firm occasionally acts as a sub-advisor for the clients of an independent advisory firm.
Element Wealth Background
Element Wealth was founded in 2006. The firm has three principal owners: partners Barry Smith, Danny Williams and Jeremy Nelson. This trio also act as the firm’s primary advisors. Williams is a certified financial planner (CFP).
Fees for investment management services at the firm are charged as a percentage of client assets under management (AUM). The exact rate can vary from 0.40% to 1.00%, depending on the value of your assets, whether your assets are in an employer-sponsored retirement account or not and what asset classes make up your portfolio. Financial planning and other consulting services usually come with a $400 hourly fee.
Element Wealth Investment Philosophy
Element Wealth prioritizes diversification across asset classes for each and every client portfolio. How much these portfolios are exposed to securities like equities, bonds, cash and alternative investments will depend on the client’s investment objectives, timeline and risk tolerance.
The firm generally constructs smaller portfolios with a combination of mutual funds and exchange-traded funds (ETFs) and larger portfolios with individual stocks and ETFs. Some portfolios will feature all three of these investment types.
Legacy Wealth Management, LLC
Fee-only firm Legacy Wealth Management, LLC ranks as the penultimate firm on our list, with the ninth-largest amount in assets under management (AUM). This firm has a single advisor managing slightly more than 100 clients, which include individuals, high-net-worth individuals, family groups, corporations, foundations and endowments.
The firm primarily charges asset-based fees for its advisory services, and it doesn’t impose a minimum account size requirement on any of its clients. However, individual accounts come with a minimum annual fee of $2,500 while institutional accounts require $5,000 on an annual basis.
Legacy Wealth Management Background
Established in 2018, Legacy Wealth Management specializes in an array of advisory services, including portfolio management, financial planning and advisor selection services. The firm’s financial planning arrangements also focus on advice in the following areas:
- Retirement planning
- Cash flow planning
- Insurance analysis
Legacy Wealth Management Investment Philosophy
Legacy invests for the long-term while implementing conservative growth investment strategies, according to its firm brochure. Its advisors heavily rely upon fundamental analysis when conducting research and selecting appropriate investments for clients.
The firm generally invests in equities, fixed income securities and cash and cash equivalents.
EFP Advisors, Inc.
Having been in business since 2012, EFP Advisors, Inc. manages millions in assets. Its 700 clients are exclusively individuals, with some being above the high-net-worth threshold and some not. EFP is the only firm on this list with an exclusively individual client base. There is no minimum investment at the firm.
EFP Advisors provides portfolio management, financial planning and consulting services. The firm is fee-based, which means some advisors may earn commissions for selling life insurance or conducting certain securities transactions. These commissions create the potential for conflicts of interest. However, the firm is still a fiduciary and must act in your best interest at all times.
EFP Advisors Background
EFP Advisors was formed in 2012, and it’s principally owned by Douglas M. McDaniel and Christopher J. Register. McDaniel and Register are also two of the firm’s advisors. Both owners are certified financial planners (CFPs).
For investment management services, the firm charges fees as a percentage of your assets under management (AUM). This rate will vary from 0.50% to 1.95% and is dependent on the size of your account. Financial planning fees are generally negotiable and won’t exceed $250 an hour.
EFP Advisors Investment Philosophy
EFP Advisors approaches each investment process by considering the client’s investment goals, risk tolerance, time until retirement and income needs. The firm typically invests in equity securities, corporate debt securities, commercial paper, certificates of deposit (CDs), municipal securities, variable life insurance, variable annuities, mutual fund shares and government securities. However, the firm will consider investment products not included in this list if doing so makes the most sense for the client’s financial situation.