The Top Financial Advisors in Montana

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Billings-based Investment Management Group (IMG), whose principal shareholder is Stockman Financial Corp., has been in business for nearly two decades and is the largest financial advisor in Big Sky Country. IMG is sometimes referred to as Stockman Wealth Management.

The firm works with both high-net-worth clients and non-high-net-worth individuals, as well as pension and profit-sharing plans, charities, municipal governments, insurance companies and corporations.

Although its account minimum is normally $250,000, it has added a fully online and automated investment program as a new advisory service for private individuals. It runs on the Charles Schwab platform and carries an account minimum of $5,000. IMG's standard fee schedule for individual clients ranges from 0.30% to 1.20%, depending on assets under management and whether those assets are equities, fixed income or funds.

Investment Management Group Background 

Stockman Financial Corp. began in 1953 when William Nefsy bought a controlling interest in Miles City Bank in Miles City, Montana. Since then it's become the largest family-owned community bank in the state. In 2002 Stockman Wealth Management – doing business as Investment Management Group – was established as a sister company to Stockman Bank and Stockman Insurance. In 2013 financial planning was added to the firm's services.

Investment Management Group Investment Strategy

When investing client assets, IMG uses the following methods of analysis and strategies:

• Fundamental analysis: The firm seeks to gauge the intrinsic value of a security by looking at economic and financial factors (including the overall economy, industry conditions, and the financial condition and management of the company itself) to determine if a security is underpriced (indicating a good time to buy) or overpriced (indicating a good time to sell).
• Qualitative analysis: IMG subjectively evaluates non-quantifiable factors such as quality of management, labor relations and strength of research and development. 
• Asset allocation: The firm attempts to identify an appropriate ratio of securities, fixed income and cash suitable to the client’s investment goals and risk tolerance.
• Fund analysis: IMG assesses the experience and track record of fund managers to determine if they have demonstrated an ability to invest over a period of time and in different economic conditions. The firm also looks at the underlying assets in funds to see if there is a significant overlap in the underlying investments held in other fund(s) in the client’s portfolio.

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Located in Bozeman, Bitterroot Capital Advisors exclusively serves high-net-worth individuals. The firm does not charge performance-based fees 

There are no set account minimums, but the firm does charge an annual $200,000 retainer, which is negotiable. As fee-only practice, the sole compensation that Bitterroot receives comes from client-paid fees, not sales commissions for selling securities or insurance.

The Bitterroot team features two chartered financial analysts (CFAs) and a certified public accountant (CPA). 

Bitterroot Capital Advisors Background

Founded in 1999 in San Francisco by Andrew S. Martzloff, Bitterroot moved to Bozeman a year later. Martzloff owns 61% of the firm, while advisor Carl W. Gardiner owns 25% and chief compliance officer William Powers owns the remaining stake. 

Bitterroot provides financial planning, portfolio liquidity management, cash flow analysis, tax advice and estate planning.

Bitterroot Capital Advisors Investment Strategy

Bitterroot offers a multi-disciplinary, whole-team approach to meeting clients' goals. The firm offers discretionary management, as well as non-discretionary asset allocation services. Bitterroot typically relies on diversification techniques to minimize the risk and maximize the potential return of a client's portfolio. 

The firm offers advice on a variety of securities, including: equities, exchange-listed securities, securities traded over-the-counter; and foreign issues; warrants; corporate debt securities and commercial paper; certificates of deposit; municipal securities; mutual fund securities; United States government securities; option contracts on securities; real estate; oil and gas interests; hedge funds and private partnerships investing in venture capital, risk arbitrage, special situations, and distressed securities; and private placements and privately held businesses.

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Stack Financial Management (SFM), located in Whitefish, serves both high-net-worth and non-high-net-worth individuals, as well as pension and profit-sharing plans, charities, investment advisors and corporations.

The firm imposes a minimum account requirement of $750,000 for investment advisory services. 

As a fee-only firm, the sole compensation SFM receives comes from clients paying fees that are based on their assets under management. Those fees range from 1.20% to 0.75% for assets under $10 million. For assets greater than $10 million, SFM recommends calling to negotiate a rate.

The SFM team features a number of credentialed professionals, including three certified public accountants (CPAs), three chartered financial analysts (CFAs), a certified financial planner (CFP), a certified divorce financial analyst (CDFA), among others. 

Stack Financial Management Background

Founded in 1994, SFM is a corporation that was registered with the SEC as an investment advisor firm. It is owned principally by SFM's president James B. Stack, although a number of employees also own stakes in the business. 

Stack Financial Management Investment Strategy

As with other advisory firms, investments are based on client needs and goals. When managing a portfolio, SFM takes into account risk tolerance and time horizon, among other financial factors. 

SFM portfolio investments may include:

• Primarily large-cap and mid-cap stocks, and potentially small-cap stocks
• Exchange-traded funds (ETFs) 
• Mutual funds
• International stocks (ADRs)
• Cash and cash equivalents, including money market funds and U.S. Treasury bills
• Limited positions in bonds

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Allied Investment Advisors, based in Billings, is the next firm on our list of the top practices in Montana. Allied has nearly 700 clients and a team of advisors that includes chartered financial analysts (CFAs), a certified financial planner (CFP), an accredited investment fiduciary (AIF) and an accredited portfolio management advisor (APMA). 

Clients include individuals, high-net-worth individuals, pension and profit-sharing plans, trusts, estates, charitable organizations and businesses.

The account minimum for Allied, which is a fee-only firm, is $250,000. Fees are based on assets under management, and a typical fee schedule is as follows: 1.2% for the $1 million; 1% for the next $2 million; 0.9% for the next $2 million; 0.8% for $5 million and above.

Allied Investment Advisors Background

Allied, which was founded in 2009, provides clients in Montana and Wyoming financial planning, portfolio management (on either a discretionary or non-discretionary basis) and pension consulting services. The firm also publishes monthly newsletters that provide general information on different financial topics, including estate planning, retirement planning and market trends. 

Managing member Gary Lucas is the majority owner of the practice. Bart Aby, Dan Kelly, Eric Vermulm and Michele White all own smaller stakes in the business. 

Allied Investment Advisors Investment Strategy

The firm takes a highly personal approach to advising clients, beginning with a "discovery meeting" in which staff members aim to understand a client's financial history, current situation and goals, whether that be retirement, selling a business or navigating challenging market events. Generally, the focus is on a client's long-term goals.

Allied provides investment advice on the following types of securities: exchange-listed equity securities (i.e. stocks), securities traded over-the-counter, foreign issues, fixed-income securities, commercial paper, corporate debt paper, certificates of deposit, municipal securities, mutual fund shares, exchange-traded funds and U.S. government securities.

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Main Line Retirement Advisors is a fee-only wealth management firm located in Whitefish. The firm has advisors on staff with several financial credentials, including the chartered mutual fund counselor (CMFC), certified financial planner (CFP) and accredited investment fiduciary (AIF) designations. 

The firm works with individuals, high-net-worth individuals and retirement plans. Just keep in mind that you'll need $1 million to open an account with Main Line Retirement Advisors, although the firm may choose to waive this requirement. 

As a fee-only practice, Main Line Retirement Advisors is compensated solely by the fees that clients pay for advice. The firm doesn't earn any commissions for selling third-party financial products or insurance. This means you won't have to worry about whether your advisor is making recommendations simply to generate a commission. 

Main Line Retirement Advisors Background

Main Line is a relative newcomer to the state of Montana, having moved from Radnor, Pennslyvania, between 2022 and 2023. Founded in 2016, the practice traces its roots back to 1958 when Alfred Matarazzo Sr. founded Main Line Financial Advisors outside Philadelphia. Despite moving to Montana, Main Line still maintains its office in Pennsylvania. Matarazzo's son and grandson, Al and Zachary, remain owners of the firm. 

Main Line Retirement Advisors provides discretionary and non-discretionary wealth management through a wrap fee program. As a client, that means you pay one consolidated fee that covers the cost of account management and brokerage fees. 

The firm offers comprehensive wealth management, so in addition to managing your portfolio, Main Line can help you various financial planning topics, including:

• Tax planning
• Retirement planning
• Risk management
• Estate planning
• Cash flow planning
• Business planning
• Education planning

Main Line Retirement Advisors Investment Strategy

Main Line may use long-term purchases (securities held for at least a year), short-term purchases (securities sold within one year), options and trading (securities sold within 30 days). When formulating advice, it uses fundamental, technical and charting methods of analysis. 

The firm may invest in a variety of securities, including:

• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• U.S. governmental securities
• Options contracts on securities
• Interests in partnerships investing in real estate 

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True North Financial (TNF) is an advisory firm based in Billings that provides financial planning and investment management services to a range of clients.  

The firm primarily works with individual clients who don't have a high net worth but also has dozens of high-net-worth individuals as clients, as well. Additionally, the firm works with some charitable organizations and corporations.

TNF imposes a minimum account size of $250,000 and charges a combination of hourly, fixed and/or asset-based fees. TNF advisors do not collect third-party commissions for selling insurance or securities, making TNF a fee-only practice. 

Speaking of advisors, the team includes an accredited investment fiduciary (AIF) and a certified financial planner (CFP). 

True North Financial Background

TNF was founded by Ty Fogele in 2020. He holds a 100% ownership stake in the practice. 

The firm offers investment management on either a discretionary or non-discretionary basis. Beyond portfolio management, the firm offers financial planning services that may include education planning, business planning and estate planning.

True North Financial Investment Strategy

TNF uses technical, fundamental or cyclical analysis drawn from publicly available information, research and reports as it develops investment advice for clients. The firm employs multiple model portfolios as well as custom portfolios. TNF's investment advice is based on clients' goals, assets, liabilities, investment horizon and objectives, age and risk tolerance, all of which are assessed using a comprehensive discovery process.

The firm provides advice on mutual funds, exchange-traded funds (ETFs), unit investment trusts, individual equities, individual bonds, structured notes, annuities, separately managed accounts and unified managed accounts.

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Coco Enterprises is a fee-only firm based in Whitefish. The practice serves both high-net-worth and non-high-net-worth individuals, as well as charities and corporations.

The firm, which employs two certified financial planners (CFPs), does not impose a minimum account size for investment advisory services. 

As a fee-only firm, the sole compensation Coco Enterprises receives is from client-paid fees that are based on their assets under management. Those asset-based fees range from 1.85% to 1.00% for assets under $2 million. Clients with assets over $2 million can negotiate the rate they pay. 

Coco Enterprises Background

Coco Enterprises was founded in 2009 and registered as an investment advisor in 2013. Joe Coco is the principal owner of the firm. 

In addition to portfolio management, the firm can help clients with:

• Cash flow planning
• Debt management
• Education planning
• Estate planning
• Investment planning
• Retirement planning
• Risk management
• Small business consulting

Coco Enterprises Investment Strategy

As with other advisory firms, investments are based on client needs and goals. When managing a portfolio, Coco Enterprises takes into account risk tolerance and time horizon, among other financial factors. When selecting securities, the firm relies on a combination of fundamental, technical and cyclical analysis. 

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Cladis Investment Advisory (CIA) is another fee-only practice located in Billings. The firm works with individual clients both above and below the high-net-worth threshold, as well as a handful of charitable organizations. CIA does however typically require a minimum account size of $250,000. 

In addition to asset-based fees, the firm also charges hourly and fixed fees, depending on the needs of the client. As a fee-only practice, CIA and its advisors do not collect commissions for selling certain products and services. This eliminates a potential conflict of interest that you'd otherwise have to keep in mind when working with a fee-based advisor. 

Cladis Investment Advisory Background

Nick Cladis founded his namesake firm in 2010 after working as an investment advisor for Capstone Wealth Management for several years. Cladis remains the firm's majority owner, while chief operations officer Tracy Hawbaker owns a minority stake in the business. 

CIA aims to provide comprehensive wealth management to its clients. So in addition to portfolio management, the firm may help you plan for retirement, navigate the estate planning process, develop a plan to pay down debt or save for your child's college education.

Cladis Investment Advisory Investment Strategy

When it comes to investing your money, CIA looks to tailor its approach to your individual needs and objectives. The firm believes in diversification and will strive to spread a client's money across a variety of asset classes. That means CIA may recommend you invest in a combination of individual exchange-listed stocks, corporate bonds, United States government and agency bonds, certificates of deposit, municipal securities, mutual funds and exchange-traded funds (ETFs). However, the firm does not advise or recommend derivatives of these investments, including options

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Big Sky Wealth Advisors rounds out our list of the top-rated advisory firms in the Treasure State. Thanks to an account minimum of just $50,000, a majority of clients do not have a high net worth. However, the firm does serve some high-net-worth individuals, as well as charities and at least one retirement plan.  

Big Sky's sole advisor is also a representative of a broker-dealer who can earn commissions when selling investment products. This makes Big Sky a fee-based firm. Commission-based compensation can lead to a conflict of interest because fee-based advisors have a financial incentive to recommend certain products and services over others. But keep in mind that the firm and its advisor are required to always act in your best interest. 

Big Sky Wealth Advisors Background

Founded in 2022, Big Sky is the youngest firm on our list of the top advisors in Montana. Josh Horton, the firm's founder and primary advisor, owns a majority stake in the business. Megan McLaughlin, who serves as both chief operations officer and chief compliance officer, owns a minority interest. 

Like other firms on this list, Big Sky provides comprehensive wealth management that combines portfolio management and financial planning services. Specifically, the firm can help with:

• Investment planning
• Estate planning
• Education planning
• Corporate tax planning
• Lines of credit analysis
• Retirement planning
• Charitable planning
• Personal tax planning
• Corporate financial planning
• Real estate analysis
• Mortgage/debt analysis
• Insurance analysis
• Cost segregation study

Big Sky Wealth Advisors Investment Strategy

Big Sky relies on the industry standard methods of analysis, including both fundamental and technical analysis, as well as qualitative and quantitative analysis. The firm also strives to balance risk and reward using asset allocation strategies. 

Once your portfolio is built, it may include a combination of individual stocks, bonds, exchange-traded funds (ETF), options, mutual funds, among other securities.