Finding a Top Financial Advisor Firm in Philadelphia, Pennsylvania
Finding the right financial advisor isn’t easy. This list of the top Philadelphia financial advisor firms should make the search a little easier for those looking for an advisor in Philly. Compiled through extensive research, this list lays out the top firms’ fees, expertise, investment strategies and more in tables and reviews. If you need some help finding the right advisor, SmartAsset’s financial advisor matching tool can pair you up with an advisor near you.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||myCIO Wealth Partners, LLC Find an Advisor||$5,726,213,600|| |
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|2||Wescott Financial Advisory Group, LLC Find an Advisor||$1,883,809,300|| |
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|3||Efficient Advisors, LLC Find an Advisor||$1,268,842,200|| |
No set account minimum
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No set account minimum
|4||RTD Financial Advisors, Inc. Find an Advisor||$1,250,179,500|| |
No set account minimum
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No set account minimum
|5||Roffman Miller Associates, Inc. Find an Advisor||$1,117,269,100|| |
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|6||West Capital Management Find an Advisor||$784,958,000|| |
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|7||Cordasco Financial Network, LLC Find an Advisor||$387,600,000|| |
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|8||McAdam LLC Find an Advisor||$251,027,400|| |
No set account minimum
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No set account minimum
How We Found the Top Financial Advisor Firms in Philadelphia, Pennsylvania
To determine the top Philadelphia financial advisor firms, SmartAsset first compiled all U.S. Securities and Exchange Commission (SEC)-registered firms in the city, as these firms are all bound by a fiduciary duty to act in their clients’ best interests. From those firms, we eliminated any firms that did not have clean records, did not have financial planners on staff or did not manage individual accounts. We then ranked the remaining firms from most assets under management to least.
myCIO Wealth Partners, LLC
myCIO Wealth Partners, LLC ranks first on this list because it has the most assets under management (AUM). The fee-only firm manages $5.73 billion, which is more than three times the AUM of the second-ranking firm on this list, Wescott Financial Advisory Group LLC.
myCIO requires an account minimum of $1 million and primarily serves high-net-worth individuals. Its clients include chairmen, CEOs and presidents of 48 Standard & Poor's and Fortune 500 companies.
The firm has two certified financial planners (CFPs) on staff, as well as four chartered financial analysts (CFAs), one chartered alternative investment analyst (CAIA), three certified investment management analysts (CIMAs) and one certified public accountant (CPA).
myCIO Wealth Partners, LLC Background
myCIO Wealth Partners, LLC was formed in 2005 after Ernst & Young, one of the Big Four accounting firms, decided to exit the investment advisory and wealth advisory space. myCIO was formerly Ernst & Young's investment advisory practice.
The firm's principal shareholder is AMG Wealth Partners, LP, which is a subsidiary of publicly traded asset management company Affiliated Managers Group (AMG). The remainder of myCIO is held by its principals. Notably, the firm's partners invest side by side with its clients in its recommended alternative investments.
myCIO, which stands for comprehensive, independent and objective, claims that it's one of the country's largest independent wealth management firms. It says that it specializes in the alternative investment area and in fiduciary liability.
At myCIO, financial planning and related consulting services are only made available "to the extent specifically requested by a client," the firm says. myCIO will assist its clients with retirement, children's education, home purchases, taxes, investments, stock options, setting priorities, goal funding and insurance. The firm also offers family office service and, as evidenced by the fact that it’s advised families who have been listed on the annual Forbes 400 list, it has experience with assisting ultra-wealthy families.
myCIO Wealth Partners, LLC Investing Strategy
myCIO's primary investment strategies are long-term purchases, defined as securities held at least a year, and short-term purchases, defined as securities sold within a year. The firm primarily allocates its clients' assets among stocks, bonds, fixed-income securities, mutual funds, exchange-traded funds, private investment funds, non-traded/non-public REITs, subadvisors and independent managers.
As mentioned previously, the firm specializes in alternative investment consulting. myCIO reviews and recommends alternative investments, with a focus on long and short equity.
Wescott Financial Advisory Group, LLC
Wescott Financial Advisory Group, LLC primarily works with high-net-worth individuals and families. The account minimum at Wescott varies by account. You'll need at least $250,000 for its Entrada Management Program, which the firm developed to provide investment management services to clients with less than $2 million in investable assets. For it's Wealth Management Program, you'll need at least $2 million.
Wescott Financial has 12 certified financial planners (CFPs) on staff, the second-most of any firm on this list. It also has two chartered life underwriters (CLUs), the top insurance designation, as well as one chartered financial consultant (ChfC), one chartered financial analyst (CFA), one certified divorce financial analyst (CDFA) and two certified public accountants (CPAs). One staff member holds a master's degree in financial services.
In 2016, Barron's ranked Wescott Financial as one of the top 20 independent advisors in the nation.
Wescott Financial Advisory Group, LLC Background
Founded in 1987, Wescott Financial Advisory Group, LLC is the second-oldest firm on this list. The firm's principal shareholders are its CEO, Grant Rawdin, and Wescott Holding Company LLC.
The firm offers a wealth management program and financial planning, which encompasses personal planning, cash flow and tax planning, investments, insurance, retirement, death and disability and estate. Its customized portfolios are created to address clients’ liquidity needs, risk tolerance and goals. Wescott combines passive and active management to capture the rational and irrational parts of the market and its investment decisions are driven by the work of its investment research group.
Wescott Financial Advisory Group, LLC Life-Minded Wealth™
Wescott Financial Advisory Group's unique approach to wealth management is called Life-Minded Wealth™. This process aims to uncover the underlying emotional drivers of a person's financial decisions.
The firm believes that each financial decisions is driven by two things: your financial assets and your financial mindset, which it defines as the "physiology and emotions that represent your perceptions and feelings about wealth." Wescott believes that by considering a person's financial mindset alongside their financial situation, it can ease the concerns and anxieties that often come with financial decisions.
Curious if your financial plan reflects your life goals? Wescott offers a glimpse of its Life-Minded Wealth™ approach in its Life-Minded Wealth™ quiz, available on its website.
Efficient Advisors, LLC
Efficient Advisors, LLC operates a little differently than the other firms on this list in that it’s a turn-key asset management (TAMP) firm. That means the firm facilitates relationships between clients and advisors within its community of advisors and provides comprehensive back office support to its advisors.
Efficient Advisors is the sole firm on this list that principally serves individuals rather than high-net-worth individuals. It’s also one of a few firms that does not have a set account minimum.
The fee-only firm’s core team includes one certified financial planner (CFP), one certified fund specialist (CFS) and one accredited asset management specialist (AAMS).
Efficient Advisors, LLC Background
Efficient Advisors, LLC was founded in 2009. The firm is owned by Fiduciary Services Group, LLC and JJCC Financial, Inc.
The firm was founded to support advisors who are looking to offer their clients "the prudence of passive, structured investing based on academic discipline," Efficient Advisors says on its website. The firm's mission is to offer a rigorous investment approach and back office services so advisors have more freedom to focus on their clients.
Efficient Advisors' services include its turn-key asset management services and financial planning and consulting. For advisors, the firm offers ongoing education through webinars, monthly Advisor Insights and weekly Investor Minutes, as well as its back office services.
Efficient Advisors, LLC Disciplined Wealth Portfolios?
Efficient Advisors' Disciplined Wealth Portfolios? are managed according to the tenets of Modern Portfolio. The firm's core philosophy rests on strategic asset allocation, and the firm says it's committed to creating broadly diversified, global portfolios with "passive or passive-leaning underlying investments." The firm says that it uses low-cost underlying investments whenever it can, and it relies on academic research to identify certain risk factors.
Disciplined Wealth Portfolios? features model portfolios, which are designed to allocate assets among exchange-traded funds, no-load mutual funds, managed-futures mutual funds and variable annuity sub accounts.
RTD Financial Advisors, Inc.
RTD Financial Advisors Inc. has decades of experience in the financial industry and boasts a team with an impressive array of expertise. Founded in 1983, RTD Financial Advisors Inc. is the oldest firm on this list. It has by far the most certified financial planners (CFPs), with 18 on staff. In addition, it has one chartered financial consultant (ChFC), one accredited estate planner (AEP), three certified public accountants (CPAs), one certified divorce financial analyst (CDFA), one chartered financial analyst (CFA), one personal financial specialist (PFS) and one chartered alternative investment analyst (CAIA).
RTD Financial Advisors’ client base is comprised of both individuals and high-net-worth individuals. The firm does not have a set account minimum, but it does have minimum fees, which vary depending on the service.
In 2017, Financial Times named RTD one of the nation's top 300 Registered Investment Advisors and a top retirement plan advisor.
RTD Financial Advisors, Inc. Background
RTD Financial Advisors, Inc., formed in 1983, is employee-owned. Richard Busillo, the firm’s CEO and chairman; Jeffrey Weiand, president and chief compliance officer; John Hochschwender, executive vice president and CFO; Marc Labadie, chief investment officer and Michael Smith and Mitchell Metz, senior vice presidents, each own between 10% and 25% of the firm. Three other employees each own 5% or less.
RTD Financial describes itself as "one of the original independent advisory firms." The firm makes an extra effort to ensure its promise of fiduciary excellence: RTD has a certification from the Centre for Fiduciary Excellence (CEFEX), which provides independent recognition that a firm is upholding its fiduciary duty.
RTD offers investment management and comprehensive financial planning services, which include income tax planning, investment planning, retirement planning, education planning, estate planning, cash flow planning, special needs planning, risk management/insurance planning, employee benefit planning, stock option analysis and planning, philanthropy and charitable giving and business, 401(k) and other retirement plan consulting.
RTD Financial Advisors, Inc. Financial Life Planning™
RTD Financial says it's a "pioneer" in Financial Life Planning™ Services. The firm describes Financial Life Planning™ as "the process of merging your money with your life."
To do this, the firm first helps its clients define their priorities, which fall into three categories: Heart’s Core (core values), Ought To (commitments and responsibilities) and Fun To (desires and dreams). Once the firm learns what's important to its clients and the realities of their financial situations, then it moves forward with crafting a financial plan. The Financial Life Planning™ places a particular emphasis on retirement planning. RTD advises people as they approach retirement as well as during retirement.
Part of the Financial Life Planning™ process is crafting a personalized investment strategy that aligns with a client's long-term goals and values. The firm's investment approach focuses on efficiency. It aims to minimize costs and maximize after-tax returns and opts for low-cost investment options.
Roffman Miller Associates, Inc.
Roffman Miller Associates, Inc. is the final firm on this list that has more than $1 billion in assets under management. To be a client, you’ll need at least $500,000.
Roffman Miller Associates has eight advisors on staff, which makes it on the smaller side compared to other firms on this list. The fee-only firm has two certified financial planners (CFPs), two chartered financial analysts (CFAs) and one chartered financial consultant (ChFC) on staff.
Roffman Miller Associates, Inc. Background
Roffman Miller Associates, Inc. was formed in 1990. The firm's principal owners are Robert Hofmann, its president and an investment committee member; Paulette Greenwell, vice president, chief compliance officer and an investment committee member and Mark Frombach, an investment manager and an investment committee member.
Roffman Miller primarily focuses on investment management, though it also offers financial planning services. All nine of the firm’s wealth management professionals sit on the firm's investment committee.
Roffman Miller Associates, Inc. Investment Strategy
Roffman Miller Associates' investment strategy rests on the belief that long-term investing is the most effective way to grow wealth. The firm aims to meet long-term goals and to reduce the volatility of returns.
At Roffman Miller, each client portfolio is tailored to individual client needs. Typically, portfolios include individual stocks, bonds, mutual funds and exchange-traded funds. Roffman Miller has an in-house investment committee that conducts research to identify potential investment opportunities. The firm typically sticks to a value-oriented investment selection process, and it uses a variety of asset classes.
West Capital Management
West Capital Management is tied with No. 1 firm myCIO Wealth Partners, LLC for the highest account minimum on this list. To be a client of West Capital Management, you'll need at least $1 million.
West Capital Management’s staff has a decent array of certifications. The fee-only firm has two certified financial planners (CFPs), one certified public accountant (CPA), one chartered financial analyst (CFA) and one certified investment management analysts (CIMA) on staff.
West Capital Management Background
West Capital Management was founded in 1994 by Matthew West. In 2016, West Capital Management was acquired by WSFS Financial Corp, a publicly held bank holding company. West Capital now operates as a wholly owned subsidiary of WSFS. West continues to serve as the firm’s president.
West Capital offers both investment management and wealth planning, and it says it's "properly staffed for equally strong expertise" in both areas. The firm's financial planning and consulting services may include estate planning, retirement planning, investments, education and cash flow needs.
The firm's approach is modeled after family offices. Rather than relying on a single advisor's viewpoint, West Capital clients work with three credentialed specialists: an advisor, a portfolio manager and a wealth planner.
West Capital Management Investing
At the outset of its relationship with clients, West Capital Management works with the client to develop a wealth plan customized to his or her financial objectives, risk tolerance and broader personal ambitions. Once the investment policy statement is established, West Capital Management assesses how well a client's current holdings align with the goals and needs outlined in the statement.
West Capital takes tax efficiency into consideration when it's building a portfolio. The firm uses a Monte Carlo simulation to assess how likely the portfolio is to meet a client's goals. It typically allocates its clients' assets to independent manages and mutual funds.
Cordasco Financial Network, LLC
Though Cordasco Financial Network, LLC is one of the smallest on this list, with just six advisors on staff, it boasts a decent array of certifications for its size. Cordasco has one certified financial planner (CFP), two certified public accountants (CPAs), one personal financial specialist (PFS), one chartered life underwriter (CLU) and one chartered advisor in philanthropy (CAP) on staff.
Cordasco Financial Network requires a $750,000 account minimum. Its clients are primarily high-net-worth individuals, though it also serves individuals, businesses, trust, estates and charitable organizations.
Cordasco is a fee-based firm, one of two on this list. Certain representatives of the firm are licensed insurance agents, and they may receive commissions for the sale of insurance products. However, as the firm is a fiduciary, it is first and foremost bound to act in its clients' best interests.
Cordasco Financial Network, LLC Background
Cordasco Financial Network, LLC was founded in 2012. Stephen Cordasco, the firm's founder and CEO, owns the firm and is also its managing member.
The firm offers wealth planning, investment management and lifestyle coaching. The firm says that it firmly believes that "your money is an extension of yourself" and thus should reflect your values. Each client relationship starts with a discussion about a client's objectives and values.
In 2016, Cordasco Financial Network launched an online radio program, "Your Life, Your Wealth." The streaming show offers guidance on personal financial and perspectives from the host, Steve Cordasco, who is also the firm's founder and CEO.
Cordasco Financial Network, LLC Three Pillar Approach
Cordasco Financial Network operates according to a Three Pillar strategy. The firm's three pillars include wealth planning, investment management and lifestyle coaching.
The firm's wealth planning pillar includes retirement planning, taxation management, cash flow analysis, social security solutions, employer benefit plans, debt management, estate planning, insurance analysis and business valuation. The firm aims to gather sufficient information about each of its clients to create a wealth plan that fully meets their unique needs.
The second pillar, investment management, centers on a flexible investment approach that can weather changing investment landscapes and market fluctuations. Cordasco takes a long-term approach and it simultaneously focuses on accumulation and preservation. The firm uses global diversification and primarily allocates its clients' assets among various stocks and bonds, mutual funds, and exchange-traded funds.
Lifestyle coaching, Cordasco's third pillar, is intended to create "a strong bond between your financial life and your quality of life," the firm says. While the first two pillars focus primarily on financial life, the third pillar is focused on helping clients to navigate life's challenges and make tough decisions.
McAdam LLC is unique in that it provides services to both investors and advisors. The firm offers support to new and experienced advisors, and it provides financial planning, wealth management, advanced tax and insurance strategies and business owner services to investors. McAdam is one of a few firms on this list that does not have a set account minimum and serves a majority individuals.
McAdam LLC is by far the largest firm on this list. It has 107 advisors; the next largest firm, myCIO Wealth Partners, LLC, has just 27 advisors. McAdam’s leadership team includes two certified financial planners (CFPs) and one chartered financial analyst (CFA).
McAdam is one of two firms on this list that’s fee-based. Certain representatives of the firm may earn commissions for selling securities or insurance products. The firm is a fiduciary though, so it's required to put its clients' best interests first.
McAdam LLC Background
McAdam LLC was founded in 2008, and it became a registered investment advisor in 2014. The firm is wholly owned by Michael McAdam, who is the firm's CEO and founder and a principal at the firm.
As mentioned previously, McAdam serves both advisors and investors. Its investor services include wealth management as well as financial planning and consulting services, which includes business planning, cash flow forecasting, trust and estate planning, financial reporting, investment consulting, insurance planning retirement planning, risk management, charitable giving, distribution planning and tax planning.
Uniquely, when McAdam looks at a client's financial picture, it takes the client's profession into consideration. McAdam says that it believes your profession is "the most important driver of your financial picture."
McAdam LLC Advanced Advisory Model™
McAdam describes its Advanced Advisory Model™ as "an intelligent advisory model that integrates all three areas of financial planning: the financial, the personal — and the professional." It explains that it considers the professional as part of the model because each profession has its own career trajectory and financial inflection points.
The professional aspect of the firm’s three-part advisory model covers career landscape, benefits, risk and investment. The personal aspect looks at lifestyle, family, retirement and special needs, while the financial aspect looks at what the firm has to offer: products, knowledge and opportunities.
McAdam primarily allocates its clients' assets among various mutual funds, exchange-traded funds, individual debt and equity securities, options and independent investment managers. The firm tailors its services and investment decisions to meet individual client needs.