Finding a Top Financial Advisor Firm in Philadelphia, Pennsylvania
Finding the right financial advisor isn’t easy, especially when you have dozens of options to choose from. This list of the top Philadelphia financial advisor firms should make the search a little easier. Compiled through extensive research, our list lays out the top firms’ fees, expertise, investment strategies and more in tables and reviews.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||myCIO Wealth Partners, LLC Find an Advisor||$9,913,015,185||$1,000,000|| || |
|2||McAdam, LLC Find an Advisor||$829,743,892||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Wescott Financial Advisory Group, LLC Find an Advisor||$2,440,467,782||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|4||Roffman Miller Associates, Inc. Find an Advisor||$1,932,222,256||$500,000|| || |
|5||RTD Financial Advisors, Inc. Find an Advisor||$1,877,021,779||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Prudent Management Associates Find an Advisor||$1,101,473,105||$1,000,000|| || |
|7||West Capital Management Find an Advisor||$757,052,014||$1,000,000|| || |
|8||Levy Wealth Management Group Find an Advisor||$611,842,906||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|9||Wick Capital Partners, LLC Find an Advisor||$219,296,474||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||Planning Capital Management Corp. Find an Advisor||$189,547,078||No set account minimum|| || |
Minimum AssetsNo set account minimum
How We Found the Top Financial Advisor Firms in Philadelphia, Pennsylvania
To find the top financial advisors in Philadelphia, Pennsylvania, we first identified all firms registered with the SEC in the state. 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:
myCIO Wealth Partners
myCIO Wealth Partners, LLC ranks first on this list,and it has the most assets under management (AUM). The fee-only firm requires an account minimum of $1 million and almost exclusively serves high-net-worth individuals. Its clients include chairmen, CEOs and presidents of 48 Standard & Poor's and Fortune 500 companies.
myCIO Wealth Partners Background
myCIO Wealth Partners, LLC was formed in 2005 after Ernst & Young, one of the Big Four accounting firms, decided to exit the investment and wealth advisory space. myCIO was formerly Ernst & Young's investment advisory practice.
The firm's principal shareholder is Affiliated Managers Group, which is a publicly traded company. The remainder of myCIO is held by its partners. Notably, the firm's partners invest side by side with its clients in its recommended alternative investments.
The "CIO" in the firm's name stands for comprehensive, independent and objective. In turn, the firm claims that it's one of the country's largest independent wealth management firms, and that specializes in the alternative investment and fiduciary liability areas.
The firms says that financial planning and related consulting services are only made available "to the extent specifically requested by a client." 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 has experience with assisting ultra-wealthy families.
myCIO Wealth Partners 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 part of its specialization in alternative investment consulting, myCIO reviews and recommends a range of alternative investments, with a focus on long and short equity.
McAdam provides financial planning, wealth management, advanced tax and insurance strategies and business owner services to its clients. McAdam does not have a set account minimum and mostly serves individual clients without a high net worth.
McAdam is by far the largest firm on this list in terms of on-staff advisors. The firm’s leadership team includes two certified financial planners (CFPs).
McAdam is a fee-based firm. As a result, some representatives of the firm may earn commissions for selling securities or insurance products. While this could make for a potential conflict of interest, the firm is a fiduciary, so it's required to put its clients' best interests first.
McAdam was founded in 2014. The firm is wholly owned by Michael McAdam, who is the firm's CEO, founder and principal. The firm also has offices in Boston, Chicago and Tysons Corner, Virginia.
The firm's 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 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 (ETFs), individual debt and equity securities, options and independent investment managers. The firm tailors its services and investment decisions to meet individual client needs.
Wescott Financial Advisory Group
Wescott Financial Advisory Group primarily works with high-net-worth individuals and families. The account minimum at Wescott varies by account. You'll need at least $500,000 for its Entrada Management Program, which the fee-only firm developed to provide investment management services to clients with less than $2 million in investable assets. For its Wealth Management Program, you'll need at least $2 million. Trustee services require at least $800,000 in AUM.
Wescott Financial has a handful of certified financial planners (CFPs) on staff. It also has chartered life underwriters (CLUs), the top insurance designation. Other certifications include chartered financial consultant (ChFC) and chartered financial analyst (CFA).
Wescott Financial Advisory Group Background
Established in 1987, Wescott Financial Advisory Group's principal shareholders are its CEO and founder, 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 planning. 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. Its investment decisions are driven by the work of its investment research group.
Wescott Financial Advisory Group Life-Minded Wealth™
Wescott Financial Advisory Group's approach to wealth management 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. 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.
Roffman Miller Associates
To become a client of Roffman Miller Associates, Inc. you’ll need at least $500,000 in investable assets. However, under certain circumstances, the firm may be willing to accept less from a new client.
Roffman Miller Associates has a medium-sized team of advisors; among them are certified financial planners (CFPs) and chartered financial analysts (CFAs). This is a fee-only firm, which means that it does not receive commissions from selling you insurance or other financial products.
Roffman Miller Associates Background
Roffman Miller Associates was formed in 1990. The firm's principal owners are Robert Hofmann, its president; Paulette Greenwell, vice president, chief compliance officer (CCO); and Mark Frombach, chief investment officer (CIO).
Roffman Miller primarily focuses on investment management, though it also offers financial planning services.
Roffman Miller Associates. 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 (ETFs). 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.
RTD Financial Advisors
Founded in 1983, RTD Financial Advisors, Inc. is one of the oldest firms on this list. In addition to its decades of experience in the financial industry, it also boasts a team with an impressive array of credentials. It has many certified financial planners (CFPs), as well as other certifications, like chartered financial consultant (ChFC), accredited estate planner (AEP), certified public accountant (CPA), enrolled agent (EA) and chartered financial analyst (CFA).
RTD Financial Advisors’ client base is comprised of non-high-net-worth individuals and high-net-worth individuals. It also works with institutional clients. The firm does not have a set account minimum, but it does have minimum fees that vary depending on the service. This is a fee-only firm.
RTD Financial Advisors Background
RTD Financial Advisors is employee-owned. Richard Busillo, the firm’s CEO and chairman; Jeffrey Alan Weiand, president and chief compliance officer (CCO); Marc Labadie, executive vice president; and Michael Smith and Mitchell Metz, senior vice presidents, each own less than 25% of the firm. Five other employees each own less than 10%.
RTD offers investment management and comprehensive financial planning services. These include income tax planning, investment planning, retirement planning, education planning, estate planning, cash flow planning and more.
RTD Financial Advisors Investment Strategy
RTD Financial works with clients to build a robust investment plan for their future. Furthermore, RTD advises people as they approach retirement, as well as during retirement. Part of this 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.
Prudent Management Associates
Prudent Management Associates sits in the middle of our list of the top financial advisors firms in Philadelphia, Pennsylvania. Prudent works primarily with individual clients. Of these individuals, about 80% are individuals with a high net worth. The client base doesn't stop there, also consisting of pensions, profit-sharing plans, charitable organizations and businesses. If you're interested in working with Prudent, you'll also need at least $1 million in investable assets.
Prudent is a fee-only firm that does not receive third-party commissions. The firm only collects advisory fees directly from clients, and is therefore not subject to a potential conflict of interest like a fee-based firm would be.
Prudent Management Associates
Prudent Management Associates was founded in 1982, making it one of the older firms on our list. The firm is owned by Keystone Development Services, Inc., Marshall Blume Associates, Inc. and Kantwell Partners, LLC. These entities are owned by employees of Prudent.
This firm provides broad-based financial planning and portfolio management to clients on a discretionary basis.
Prudent Management Associates
Prudent, through providing holistic wealth management services, looks to tailor its investment strategies to the risk tolerance of each client on an individual basis. Investment strategies may not vary significantly between clients, as the firm uses a variety of investment portfolios, each designed to take a certain amount of risk. These risk portfolios fall into the following categories: small, moderate, substantial and all-equity.
Advisors at Prudent invest using only low-cost, low-turnover and no-load mutual funds. They rely heavily on modern portfolio theory and thoroughly evaluate portfolio managers before selecting them.
West Capital Management
West Capital Management is another of Philly's exclusive firms, as you'll need at least $1 million in investable assets in order to become a client. This is a fee-only firm.
West Capital Management’s advisor team includes multiple certified financial planners (CFPs) and chartered financial analysts (CFAs), as well as a certified public accountant (CPA) and a certified investment management analyst (CIMA).
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, and Robert J. Schneider is now the firm’s president and chief operating officer (COO).
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 Strategy
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 managers and mutual funds.
Levy Wealth Management Group
Levy Wealth Management Group is the next firm on our list. This firm works primarily with individuals, both with and without a high net worth. Other clients of the firm include pensions, profit-sharing plans and charities. The minimum account balance requirement at Levy varies based on account type. There is a $50,000 minimum for the Manager Access Select program, a $10,000 minimum for the Optimum Market Portfolios program and no minimum for the Strategic Wealth Management program.
As a fee-based firm, some advisors at Levy may be registered as broker-dealers through LPL Financial. They may receive commissions from selling securities to clients, which causes a potential conflict of interest. This is offset by the fact that the firm is a fiduciary and is legally obligated to act in the best interests of clients at all times.
Levy Wealth Management Group Background
Founded in 2013, Levy Wealth Management Group is one of the younger firms on our list. It is principally owned by Victor Levy and Michael Clatterbuck. Levy is the managing director and president of the firm, while Clatterbuck serves as director of operations. Levy and Clatterbuck are both certified financial planners (CFP).
Levy Wealth Management Group works with its clients to provide comprehensive wealth management services, including both financial planning and portfolio management. It offers multiple asset management programs through LPL Financial:
- LWMG Strategic Wealth Management Program (LSWM II)
- Optimum Market Portfolios Program (OMP)
- Manager Access Select (MAS)
- Manager Access Network Programs (MAN)
Levy Wealth Management Group Investment Strategy
The firm's investment strategies vary not only based on the type of program chosen by the client, but also based on the individual financial needs and objectives of each client. Programs also take advantage of model portfolios to help drive growth. Programs and model portfolios make take advantage of a wide range of investments, such as mutual funds, exchange-traded funds (ETFs), stocks and bonds.
Advisors at Levy always look to diversify portfolios adequately. They also use a variety of different methods of analysis and research to make sure that portfolio's are properly populated and monitored.
Wick Capital Partners
Wick Capital Partners is a small firm that works with a client base which consists almost entirely of both non-high-net-worth and high-net-worth individuals. It also works with other clients, such as pensions, profit-sharing plans, businesses and a single pooled investment vehicle. There is no minimum account balance requirement at this firm.
As a fee-only firm, Wick Capital Partners and its advisors do not receive third-party commissions like a fee-based firm would. Wick only receives advisory fees from clients themselves.
Wick Capital Partners Background
Wick Capital Partners was founded in 2018, making it the youngest firm on our Philadelphia list. The firm's principal owner is Grace Winston, LLC, which is, in turn, owned by Christopher Topolewski and Edward Topolewski. Christopher is the only owner who works at the firm, as he serves as managing partner and specializes in private client advisory. The firm has several advisory certifications on staff, including certified financial planner (CFP), chartered financial analyst (CFA) and certified public accountant (CPA).
Wick's asset management services are provided to clients on a comprehensive basis, entailing both portfolio management and financial planning. It does not offer standalone financial planning. The firm manages almost all assets on a discretionary basis.
Wick Capital Partners Investment Strategy
The investment strategies at Wick Capital Partners are designed around each client's individuals needs and investment objectives. Advisors meet with clients to determine their overall financial profile so that they can design a fitting investment strategy. They also look to develop a financial plan based on factors such as financial history, tax situation, tolerance for risk and other factors.
The firm may utilize both active and passive portfolios, depending on the client. It also may use a wide vareity of asset classes to properly populate a client's portfolio, as each client will have a different set of investment objectives.
Planning Capital Management
Rounding out our list is Planning Capital Management, which is located in central Philadelphia. The firm operates on a fee-only basis, which means all of its compensation comes from client-paid fees. Planning Capital’s team of advisors includes certified financial planners (CFPs), a chartered financial consultant (ChFC), a chartered life underwriter (CLU) and certified divorce financial analyst (CDFA).
There is no minimum investment necessary to become a client of this firm. In turn, it should come as no surprise that the firm primarily works with non-high-net-worth individuals. Other clients include high-net-worth individuals, pension plans, 401(k) plans and charities.
Planning Capital Management Background
Established in 2001, Planning Capital Management has been around for two decades. Its founder, Richard Bell, Jr., still owns the firm. Bell, Jr. also currently holds the position of president.
This firm’s services can be split into two main categories: financial planning and portfolio management. The former can cover topics like retirement, estates, divorce, insurance and more. Portfolio management is customized based on each client’s needs.
Planning Capital Management Investment Strategy
Before investing any of your money, your advisor at Planning Capital Management will look to figure out what kind of investor you are. This involves completing a proprietary questionnaire that will enlighten your advisor as to what you’re looking for. In the end, this process will determine your risk tolerance, time horizon, long- and short-term goals and income needs.
Based on the above information, your advisor will build you a personalized portfolio. When selecting investments, the firm usually sticks to mutual funds and ETFs.