Finding a Top Financial Advisor Firm in Plano, Texas
You might end up considering dozens of financial advisor firms before finding the right advisor for you. To narrow the field for Plano residents, SmartAsset determined the top firms in the city. Below, in a table and in reviews, we lay out what you need to know about the firms to determine which one suits your needs. If you want a different way to search, try SmartAsset’s financial advisor matching tool to get connected with advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Retirement Planners of America Find an Advisor||$4,709,352,114||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||SFMG Wealth Advisors Find an Advisor||$1,975,358,577||$1,000,000|| || |
|3||Insight Wealth Partners Find an Advisor||$758,223,455||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||WealthStar Advisors, LLC Find an Advisor||$717,616,108||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||Moss, Luse & Womble, LLC Find an Advisor||$298,700,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||The Watchman Group, Inc. Find an Advisor||$505,859,384||$1,000,000|| || |
|7||Lifeway Financial Corporation Find an Advisor||$271,417,780||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Strategic Financial Planning, Inc. Find an Advisor||$163,436,933||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Legacy Consulting Group Find an Advisor||$325,106,232||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||Stowe Financial Planning, L.L.C. Find an Advisor||$145,420,000||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Plano, 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.
Retirement Planners of America
Retirement Planners of America, formerly known as Money Matters With Ken Moraif, sits at the top of our Plano, Texas list. The firm’s sizable team boasts several certified financial planners (CFPs), an important certification to consider when choosing a financial advisor. In addition to its CFPs, there are also chartered financial consultants (ChFCs), chartered retirement planning counselors (CRPCs) and retirement income certified professionals (RICPs).
Retirement Planners of America, which is fee based, does not require a set account minimum. Its clients include individuals, high-net-worth individuals, defined benefit plans, participant and non-participant directed defined contribution plans and institutions.
All of Retirement Planners of America's investment advisor representatives are required to be licensed insurance agents and will earn commissions from sales. While this may present a potential conflict of interest, the firm is a fiduciary, which means it must act in clients' best interests at all times.
Retirement Planners of America Background
Retirement Planners of America was founded in 2011 as Money Matters with Ken Moraif. The firm rebranded to Retirement Planners of America in 2019. The employee-owned firm’s principal owners are senior advisors Kenneth A. Moraif, Charles D. Dyer, Jr. and Douglas M. Bartol.
Retirement Planners of America says its goal is to guide its clients "along the path to financial peace of mind." The firm says it will help its clients navigate things like maintaining their lifestyle after retirement, assessing financial needs after losing a loved one or going through a divorce or helping with Medicare and long-term care planning. Its services include financial planning, investment management, family legacy planning and income tax planning assistance. The firm's discretionary portfolio management services are offered as part of a wrap program.
Retirement Planners of America also offers educational events hosted by industry professionals, client appreciation events and a podcast. The firm's founder has hosted the radio show "Money Matters With Ken Moraif" since 1996.
Retirement Planners of America Investing Strategy
The firm's namesake and senior advisor Ken Moraif has published a book titled "Buy, Hold and Sell!" In this book, Moraif explains why the "buy and hold investment philosophy" is incomplete. Instead, Moraif advocates for investors having a "proactive plan that includes a sell strategy" so their retirement plans aren't devastated during a bear market. These beliefs largely inform the firm’s investing strategy.
However, the firm works with individual clients to determine an appropriate investment strategy and asset allocation model. The firm allocates clients' assets based on their investment strategy, goal or model, and they are free to adjust their asset allocations. Typically, Retirement Planners of America recommends mutual funds, variable annuities and fixed annuities.
Once a client's portfolio has been created, the firm will monitor the portfolio and rebalance it at least quarterly.
SFMG Wealth Advisors
SFMG Wealth Advisors is a large firm and it comes in next on our list of the top financial advisory firms in Plano. SFMG provides a range of financial advisory services to a client base composed almost exclusively of non-high-net-worth and high-net-worth individuals. They also work with a very small number of charitable organizations. They impose a $1 million minimum account size.
SFMG recently transitioned from a fee-based fee structure to a fee-only one. That means all of its compensation comes from client-paid fees and not third-party product sales.
SFMG Wealth Advisors Background
SFMG Wealth Advisors is the result of several mergers between companies. Strategic Financial Management was founded by Greg Morgan in 1992. He joined forces with David White and Craig Greenway and created Strategic Financial Management Group in 2002. Kevin Margolis joined in 2004, and the firm was changed to SFMG in 2005. Today, the firm is owned by Ryan Blair, J. Taylor Nipp, Shashin Shah, Craig Greenway, Kevin Margolis. The Executive Committee members are also equity stakeholders.
SFMG provides its clients with financial planning, wealth management and investment advisory services. Financial planning services span a variety of topics and may include estate planning, retirement and anything else a client needs guidance on.
SFMG Wealth Advisors Investment Strategy
SFMG, like many other financial advisory firms that do investment management, tailors its investment strategies to the individuals needs of clients. Clients are permitted to place restrictions on the management of their money. Advisors also work with clients to determine their specific goals and objectives when it comes to investing. A large element of this process is determining risk tolerance.
SFMG looks to centralize their investment decision making process among its advisors and its investment team. Advisors do not look to time the market, instead focusing on long-term investing. Specific investment include stocks, bonds, cash, mutual funds, exchange-traded funds (ETFs), private equity, real estate, commodities, hedge funds and third-party subadvisors.
Insight Wealth Partners
Insight Wealth Partners primarily serves individuals, about two-thirds of which are high-net-worth individuals. In addition, the firm says that it works with trusts, estates, charitable organizations, pension and profit-sharing plans and corporations. Insight Wealth Partners does not require a minimum account balance for its asset management services, but it does require a minimum annual fee of $1,000. For its financial planning services, the firm usually charges a minimum first-year fee of $2,500.
Insight Wealth Partners is relatively small when it comes to staff size. The team includes several certified financial planners (CFPs). Notably, David Dryden, one of the firm’s managing partners, has been named "Best Financial Planner in Dallas" for multiple years by D Magazine.
This is a fee-based firm, so a few of its advisors may earn commissions from the sale of insurance products. While this could develop into a conflict of interest, the firm is a fiduciary, and must act in your best interest at all times.
Insight Wealth Partners Background
Insight Wealth Partners is an employee-owned firm founded in 2010. The firm's five owners are its managing partners: David Dryden, Travis Carter, Wayne Smith III, M. Chad Lowe and Ryan Ferguson. Each owns a 20% share of the firm.
Insight Wealth Partners takes a team approach to financial management and says it collaborates closely with its clients and their other advisors. The firm's services include asset management and comprehensive financial advice. The latter may encompass retirement income planning, education planning, estate planning, tax planning, protection planning and asset protection strategies. For certain clients, the firm may review their 401(k), 403(b) or 457 plans.
Insight Wealth Partners Portfolio Management
Insight Wealth Partners offers two different types of portfolio management: traditional portfolio management and synthetic portfolio management. Its investment strategy for its traditional portfolios is based on modern portfolio theory, with an emphasis on strategic and tactical asset allocation. The firm says that its synthetic equity strategy attempts to "mirror the upside momentum of the major market indices while preserving the downside risk exposure by using a heavily weighted fixed-income portfolio combined with advanced options strategies such as puts, calls and leaps."
Both portfolio types will be tailored according to clients' investing goals. Insight Wealth Partners relies on its exploratory financial planning process to uncover its clients' goals and needs. The firm regularly reviews its clients' portfolios once they’ve been implemented and rebalances as necessary.
WealthStar Advisors, LLC
Like many of the firms on this list, WealthStar Advisors does not require a set account minimum. However, the firm’s current client base contains nearly twice as many non-high-net-worth individuals as high-net-worth individuals. WealthStar also notes that it specializes in serving small business owners.
The firm has a decent-sized team of advisors. Their financial certifications include certified financial planners (CFPs) and chartered retirement planning counselors (CRPCs), among others.
WealthStar Advisors is a fee-based firm. Certain employees are licensed insurance agents, and they may earn commissions from recommending insurance products as part of the firm's financial planning services. However, the firm is bound by fiduciary duty to put its clients' best interests before its own.
WealthStar Advisors Background
WealthStar Advisors has been in business since 2010. WealthStar’s principal owners are its co-founders, Jeffrey Wolf, Scott Stockton and Erik Wyse.
WealthStar offers portfolio management, financial planning and 401(k) plan participant advisory services. Notably, the firm only offers portfolio management on a wrap fee basis. Its financial planning and 401(k) plan participant services are offered on a standalone basis or as part of a wrap program.
WealthStar Advisors Investing Approach
WealthStar Advisors' portfolio management services, offered through a wrap program that it sponsors, are based on each client's goals, objectives, time horizon and risk tolerance. The firm's investment strategies are tailored to these factors and it may include equity substitution strategy, margin transactions, short-term trading, short sales and options writing.
Clients have the option of imposing any reasonable restrictions on their portfolios. The firm sends reports to clients on a quarterly basis and contacts clients at least once a year to determine if there have been any changes in their financial circumstances, objectives or risk tolerance.
Moss, Luse & Womble
Moss, Luse & Womble is up next on our list. The firm doesn't require a minimum account size for investment advisory services. It works only with individuals, most of whom do not have a high net worth.
Advisors with the firm work on a fee-only basis. This means their only compensation comes from fees charged to clients. It also indicates that they don’t earn commissions from third-party financial institutions for selling their products or services.
Moss, Luse & Womble Background
Though registered with the SEC in 2019, Moss, Luse & Womble has been around since 2010. Its owners are Jeffrey Moss, Jason Luse and Michael Womble through their respective limited liability companies.
Working primarily with non-high-net-worth individuals, advisors provide the following services:
- Financial planning
- Portfolio management
- Pension consulting
Moss, Luse & Womble Investment Strategy
Moss, Luse & Womble emphasizes diversification. They believe that investing in various, non-correlating asset classes can help the client take advantage of upmarkets while mitigating risk during down markets. As a client, you can expect your portfolio generally to contain:
- Exchange-listed securities
- Corporate debt securities
- Certificates of deposit (CDs)
- Municipal securities
- Mutual funds
- U.S. government securities
The Watchman Group
The Watchman Group is a fee-only firm that serves individuals and high-net-worth individuals, as well as charitable organizations and corporations. Unlike many of the firms on this list, The Watchman Group does require an account minimum. To be a client of this firm, you'll need a minimum of $1 million in investable assets and pay $5,000 a year in annual fees.
The Watchman Group is on the smaller side compared to many of the other firms. It has one certified financial planner (CFP), one chartered financial analyst (CFA) and two certified public accountants (CPA) on its team.
The Watchman Group Background
The Watchman Group has been in business since 2004. The firm is principally owned by Mark Robinson, president and chief investment officer (CIO).
The Watchman Group's financial planning services include retirement planning, income planning and tax planning. In addition, it may collaborate with its network of partners to provide services such as estate planning, tax preparation and life and disability insurance. The firm manages portfolios on a discretionary basis, and its portfolios are customized to meet each client's needs, objectives and risk tolerance.
The Watchman Group Investing Approach
In its customized portfolios, The Watchman Group says it strives to tie a client's goals and risk/reward framework to his or her financial plan and investments. The firm says it wants investment returns to be aligned with clients' time horizons and it also wants to ensure clients' investments are tax efficient. Typically, The Watchman Group says it uses low-cost investment strategies and primarily invests clients' assets in stocks, fixed income and mutual funds.
The Watchman Group conducts its own fundamental research to determine which companies to invest in. While many firms use third-party money managers, The Watchman Group emphasizes that it builds, implements and manages client portfolios itself, which it argues results in a "more personalized and cost-efficient" portfolio. Another unique aspect of The Watchman Group's investment management services is its emphases on client education and active participation.
Lifeway Financial Corporation
Lifeway Financial Corporation's advisory team includes certified financial planners (CFPs), chartered financial analysts (CFAs) and certified divorce financial analysts (CDFAs). A CDFA a useful certification for those looking for help navigating the financial complexities of divorce.
The fee-only firm’s clients include individuals both with and without a high net worth. It does not have a specific account minimum.
Lifeway Financial Corporation Background
Lifeway Financial Corporation was founded in 1999. David Brunson, Lifeway's founder, president and chief compliance officer (CCO), is the firm's principal owner.
The firm provides financial planning to most of its clients. Elements of its financial plans may include financial goals and objectives, financial statement analysis, cash flow and tax reports, education and retirement planning, estate and survivor planning, investment strategy and portfolio management. In addition to financial planning, the firm offers investment management and consultations.
Lifeway Financial Corporation Investment Strategy
Lifeway Financial Corporation believes that the investment management process should be guided by client objectives, preferences and constraints. It believes this information is best obtained through a recurring, comprehensive financial planning process, one of the firm's fundamental services.
Like many financial advisor firms, Lifeway Financial Corporation espouses a long-term investment approach and asset diversification within interdependent asset classes. The firm strives to achieve a balance between risk and return while staying true to clients' objectives. Clients’ objectives dictate the balance between income and growth assets in their portfolios.
Strategic Financial Planning
Strategic Financial Planning takes the eighth spot on our Plano list. The firm has no set account minimum, which means technically anyone can become a client. The firm's actual client base is dominated by high-net-worth individuals, though it also works with non-high-net-worth individuals and charities. This is a fee-only firm.
The small advisory staff at this firm holds a number of certifications. These include three certified financial planners (CFPs), one certified public accountant (CPA) and one personal financial specialist (PFS).
Strategic Financial Planning Background
Strategic Financial Planning has been in business for a little over two decades, as it first opened in 1999. Firm president and chief compliance officer (CCO) Bryan Keith Lee owns the firm in its entirety.
The services at this firm cover areas like retirement planning, investing, insurance planning, employee benefits, taxes, estate planning, education fund planning, cash flow planning, business planning and family wealth planning.
Strategic Financial Planning Investment Strategy
When you become a client of Strategic Financial Planning, you and your advisor will meet to discuss where you are in your financial journey and where you want to end up. To do this, the firm will go over your short- and long-term goals, risk tolerance, tax situation and time horizon.
Based on your goals and what you currently have, the firm will develop a financial and investment plan to fit your needs. Once your assets are invested, the firm will monitor how your portfolio is doing and make adjustments as necessary.
Legacy Consulting Group
Legacy Consulting Group is a fee-based firm with certified financial planners (CFPs), certified public accountants (CPAs), chartered financial analysts (CFAs) and more on staff. It serves about an equal number of non-high-net-worth individuals and high-net-worth individuals. It also works with pension and profit-sharing plans, charitable organizations, corporations and donor advised funds. Legacy does not have a minimum account size.
Certain advisory agents at this firm are also licensed as insurance agents or are registered representatives of a broker-dealer. Though they may earn commissions from selling securities or insurance products, they're required by fiduciary duty to put clients' best interests before their own.
Legacy Consulting Group Background
Legacy Consulting Group was founded in 2000. The firm is entirely employee-owned, with president, chief compliance officer (CCO) and chief investment officer (CIO) Steven Wachs and partner and financial planner Roger Shake acting as principal owners.
Legacy Consulting Group offers discretionary and non-discretionary portfolio management services, financial life planning services, third-party manager selection and special project and review and consulting services. Its financial planning services can encompass the identification of goals and objectives, an assessment of assets, liabilities and net worth and analyses of retirement income needs, income tax situations and education funding needs.
Legacy Consulting Group Investment Strategy
Legacy Consulting Group often relies on a multi-tiered approach to building client portfolios. This incorporates diversification at three different levels. The first level involves diversification across different types of asset classes, such as large and small company equities or growth and value equities. The second level incorporates the use of mutual funds, separate account managers, ETFs and multiple fixed-income investments to reduce risk. The third level of diversification may include alternative investments, which are used to provide non-correlation.
Typically, the firm says that its client portfolios include no-load mutual funds and individual stocks, bonds and ETFs. Legacy Consulting Group considers client's investment objectives, risk tolerance, net worth, net income, age, investment time horizon, tax situation and other factors when it designs customized portfolios.
Stowe Financial Planning, LLC
On the list for the first time, Stowe Financial Planning takes tenth place. The firm generally requires $500,000 to open an account and primarily caters to non-high-net worth individuals. To best benefit from its financial planning services, Stowe Financial recommends that potential clients have at least $250,000 in investable assets.
The firm is fee-only and does not receive commissions for any of its investment recommendations. While small, both advisors on its team are certified financial planners.
Stowe Financial Planning Background
Stowe Financial Planning has been in business since 2001. Founding principal Bob Stowe is a member of the National Association of Personal Financial Advisors, an organization that requires its members to be fee-only. He is also a member of the Financial Planning Association and has served on the Board of Directors for its Dallas Fort Worth Chapter.
Stowe Financial Planning Investment Strategy
Stowe Financial provides personalized and ongoing financial planning and investment management to individuals and businesses. Investment management is based on a comprehensive interview with the client, and investment strategies are based on a combination of charting, fundamental, technical analysis and cyclical analysis.
Investments are mainly passive and/or indexed. Stowe Financial believes that active management and timing are mostly counterproductive, and the firm prides itself on mostly relying on low-cost mutual funds. Other investment strategies may include long-term and short-term purchases, trading, short sales, margin transactions and option writing.