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 in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Retirement Planners of America Find an Advisor||$4,431,534,007||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Cain, Watters & Associates, LLC Find an Advisor||$1,881,362,278||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|3||SFMG Wealth Advisors Find an Advisor||$1,546,625,020||$500,000|| || |
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|4||WealthStar Advisors, LLC Find an Advisor||$452,725,108||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||Insight Wealth Partners Find an Advisor||$435,606,042||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|6||The Watchman Group, Inc. Find an Advisor||$354,849,353||$1,000,000|| || |
|7||Legacy Consulting Group Find an Advisor||$248,547,858||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Lifeway Financial Corporation Find an Advisor||$214,307,229||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Eubank, Hutson & Associates, LLC Find an Advisor||$118,485,840||$250,000|| || |
How We Found the Top Financial Advisor Firms in Plano, Texas
SmartAsset only considered U.S. Securities and Exchange Commission (SEC)-registered firms in Plano, Texas for this list. We specifically looked at SEC-registered firms because they have a fiduciary duty to put their clients’ best interests before their own. From those firms, we eliminated any that did not offer individual accounts, did not have financial planning services or did not have a clean record. We then arranged the remaining firms according to assets under management, from the highest AUM to the lowest. All information is accurate as of the writing of this article.
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 certified public accountants (CPAs), chartered financial consultants (ChFCs), chartered retirement planning counselors (CRPCs), retirement income certified professionals (RICPs) and registered financial consultants (RFCs).
Retirement Planners of America has the simplest fee structure of any firm on this list, as it only charges a percentage of assets under management. Other firms charge hourly charges and/or fixed fees in addition to a percentage of assets under management. The firm 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.
This is a fee-based firm. All of Retirement Planners of America's investment advisor representatives are also required to be licensed insurance agents and they 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, C. Chris Hatton, Charles D. Dyer, Jr., Elias R. Dragon 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, which may be provided through TD Ameritrade or SEI Asset Allocation 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.
Cain, Watters & Associates, LLC
Every partner or financial planner at Cain, Watters & Associates, LLC (CWA) is a certified public accountant (CPA). This is due to the fact that the firm is also a certified public accountancy firm that also offers accounting and tax services to its clients.
CWA specializes in serving dentists and practices. It offers a range of services tailored to dentists’ needs, from the CWA New Doctor Program for dentists who are just starting out to assistance with practice transitions. However, barely more than half of CWA’s client base is comprised of individuals and high-net-worth individuals. Beyond this, the rest of CWA's clients are trustees of pension and profit-sharing plans. The firm generally does not require a set account minimum for its advisory services. Certain programs do require a minimum though, such as its Separately Managed Account Programs, which calls for a minimum of $100,000 - $250,000, depending on the manager.
CWA is a fee-based firm. It has several affiliations within the financial industry, including with a bank and an insurance agency.
Cain, Watters & Associates, LLC Background
Cain, Watters & Associates was founded in 1984. The firm's founding partner, Darrell Cain, has worked closely with dentist and dental practice owners since the start of his career. He created the firm with the sole intent of providing financial advice to dentists, high-net-worth individuals and families.
CWA continues to specialize in working within the dental industry. The firm says it provides services like practice transitions, preparation and planning for new associate additions and dental practice efficiency and productivity analysis.
As a CPA firm, Cain, Watters & Associates also provides accounting services and tax services, including tax preparation and filing and audit services and representation. In addition, the firm offers the more typical advisory services, such a customized financial plans, retirement planning, insurance analysis and college planning.
Cain, Watters & Associates, LLC Investment Advisory Services
Cain, Watters & Associates offers non-discretionary investment advisory services, which means it can't decide which securities to buy and sell on its clients' behalfs. The firm offers its investment advisory services through several asset management programs:
- Pooled Investment Program: a pooled investment program through an affiliated national bank that offers clients the option to invest personal trust assets and qualified plan trust assets
- Unified Managed Account (UMA) Platform: single accounts in which a client will have multiple managers and asset classes; trades executed by TD Ameritrade Institutional
- Multiple Manager Account (MMA) Program: single accounts in which a client will have multiple managers and asset classes; trades executed by Fidelity Brokerage Services
- Separately Managed Account (SMA) Program: portfolios managed by individual stock and bond investment managers; require at least $100,000 per manager
- Participant Directed Pension and Retirement Investment Program: consulting services for the plan trustee or sponsor
The firm offers goal-based investing, taking into account clients' goals, time horizon, risk tolerance and income sources when creating portfolios. It receives financial management research services, like asset allocation and research on specific investments, through its affiliate Tectonic Advisors, LLC.
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, Texas. 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 $500,000 minimum account size.
Through registration with an insurance company, advisors at SFMG may receive commissions from selling insurance products to clients. This creates an opportunity for a conflict of interest to arise. However, the firm is SEC registered and is a fiduciary advisor, meaning that it's legally obligated to act in the best interests of clients at all times.
SFMG Wealth Advisors Background
SFMG 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. Those four gentlemen co-own the firm today. It also has an office in Dallas, Texas.
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.
WealthStar Advisors, LLC
Like many of the firms on this list, WealthStar Advisors, LLC 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 small team of advisors. Their financial certifications include certified financial planners (CFP) and chartered retirement planning counselors (CRPC), 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, LLC Background
WealthStar Advisors, LLC 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, LLC 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.
Insight Wealth Partners
Insight Wealth Partners primarily serves individuals. About a quarter of its client base is comprised of 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, in 2018, David Dryden, one of the firm’s managing partners, was named a Forbes best in-state wealth advisor.
This is a fee-based firm, so a few of its advisors can 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.
The Watchman Group, Inc.
The Watchman Group, Inc. 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 $1,000,000 in investable assets.
The Watchman Group is on the smaller side compared to many of the other firms. It has one certified financial planner (CFP) and two certified public accountants (CPA) on its team.
The Watchman Group, Inc. Background
The Watchman Group, Inc. has been in business since 2004. The firm is principally owned by Mark Robinson, president and chief investment officer, and Janell Robinson.
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, Inc. 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 clients' active participation.
Legacy Consulting Group
Legacy Consulting Group is a fee-based firm with certified financial planners (CFPs), certified public accountants (CPA) and chartered financial analysts (CFA) 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 institute 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 equally owned by Steven Wachs, president, CCO and CIO, and Roger Shake, partner and financial planner.
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 3 Dimensional Asset Allocation Approach
Legacy Consulting Group says that it often relies on a 3 Dimensional Asset Allocation approach to build client portfolios. This approach 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.
Lifeway Financial Corporation
Lifeway Financial Corporation's advisory team includes certified financial planners (CFPs), chartered financial analysts (CFAs) and certified divorce financial analysts (CDFA). 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 and president, is the firm's principal owner.
The firm says that it 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 Approach
Lifeway Financial Corporation believes that the investment management process should be guided by clients' 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.
Eubank, Hutson & Associates, LLC
Eubank, Hutson & Associates, LLC (EHA) is the final firm on our list of the top financial advisory firms in Plano, Texas. EHA works entirely with individual clients. About 80% of these individual clients are individuals without a high net worth. The firm does not work with any institutional clients at the time. You'll need at least $250,000 in assets to have an account with EHA.
EHA is a fee only firm, meaning that it doesn't receive commissions from third-parties of any kind. A fee-only firm, in contrast, may receive insurance or broker-dealer commissions, which may present a conflict of interest.
Eubank, Hutson & Associates Background
EHA has been in business since 2015, making it one of the younger firms on our list. The firm is owned entirely by Keith Hutson. Hutson is an employee of the firm and has over 20 years of investment management experience. He is also a chartered retirement planning counselor (CRPC). The firm also employs one certified financial planner (CFP).
EHA's services fall into two categories: financial planning and portfolio management. All of the firm's assets under management are managed on a discretionary basis.
Eubank, Hutson & Associates Investment Strategy
When it comes to crafting investment strategies for clients, EHA looks to tailor its advice, recommendations and services to the individual needs of each client. Clients are permitted to place restrictions on how their assets are managed, and advisors meet with clients to adequately determine their financial profile. This entails determining risk tolerance, liquidity needs, time horizon and anything else deemed relevant.
The specific types of investments that EHA uses to build client portfolios vary significantly based on the client. However, they use a combination of fundamental and technical analysis as well as modern portfolio theory to inform their investment decisions. The use long- and short-term purchases as well as options writing when it comes to making investments.