Finding a Top Financial Advisor Firm in Reno, Nevada
SmartAsset created this list of the top financial advisor firms in Reno to make your search easier. Below, we outline what you need to know about Reno’s top firms, including each firm’s fees, services and investment strategies. You can also use our financial advisor matching tool to find an advisor in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||RB Capital Management, LLC Find an Advisor||$ 462,361,382||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Cornerstone Find an Advisor||$ 341,268,236||$250,000|| || |
|3||American Wealth Management Find an Advisor||$ 325,543,530||$300,000|| || |
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|4||Legacy Wealth Planning, LLC Find an Advisor||$ 300,976,918||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||Sage Financial Advisors, Inc. Find an Advisor||$ 168,826,408||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Open Window Financial Solutions, Ltd. Find an Advisor||$ 130,634,441||no set account minimum; $6,000 minimum annual fee|| || |
Minimum Assetsno set account minimum; $6,000 minimum annual fee
How We Found the Top Financial Advisor Firms in Reno, Nevada
Financial advisor firms located in the Reno, Nevada area that are registered with the U.S. Securities and Exchange Commission (SEC) were the only firms considered for this list. This is because SEC-registered firms are fiduciaries, so they are bound to act in clients' best interests at all times. We then removed from our list any firms that had disclosures, didn’t manage individual accounts or didn’t offer financial planning. Here are the remaining firms, listed in order of the most assets under management (AUM) to the least. All information is accurate as of the writing of this article.
RB Capital Management, LLC
At the top of the list, RB Capital Management, LLC manages more than $462 million in assets. Having moved its headquarters from Fresno, California, it is appearing on our Reno list for the first time this year. It has four offices in California and one in Shelton, Connecticut. Roughly three-quarters of clients do not have high net worths.
The team includes one certified financial planner (CFP), one accredited investment fiduciary (AIF) and one certified investment management analyst (CIMA). (Some advisors may have more than one credential.) Advisors here may also be brokers and/or insurance agents. These dual or multiple roles can be confusing: advisors have a fiduciary duty to recommend what's best for clients while brokers and salespeople must only recommend what's suitable. When receiving a recommendation, clients should make sure they understand what it is based on and whether and how the advisor will benefit from it.
RB Capital Management Background
The firm takes its name from founder Rob Ballan's initials. As CEO, he oversees the team and portfolio management process. He is the majority owner of the firm.
RB Capital Management offers hedging equity portfolios and bond portfolios designed by Ballan. It also provides wrap fee programs and financial planning.
RB Capital Management Investing Strategy
The firm takes into account clients' risk profiles, timelines and goals when determining their asset allocations. It does not try to time the market, but designs portfolios for the long term. It says that it recommends custom fixed income, which uses long and hedged equity, for every client. RB Capital also uses alternative investments such as precious metals, real estate and commodities as a strategy.
Cornerstone, or Cornerstone Retirement Group, is also new the list this year. It has a $250,000 minimum, which it may waive or lower at its discretion. The firm primarily works with individuals who do not have high net worths. It also serves high-net-worth individuals, trusts, estates, charitable organizations, pension and profit-sharing plans, doctors and small businesses.
Several advisors are licensed brokers and/or insurance agents, and one advisor on the team is a certified estate planner (CEP) and chartered retirement planning counselor (CRPC). When an advisor has more than one role, there is the potential for a conflict of interest. That said, as an SEC-registered advisor, Cornerstone has the fiduciary duty always to put clients' interests first.
If you've heard of Cornerstone, it may be from seeing its founder, Chris Abts, on cable money news shows. Or maybe you know him from his book, "Redefining Retirement: Creating Security in an Insecure World." He started the firm in 2011.
The firm specializes in comprehensive wealth management (asset management and financial planning) and pension consulting. It also offers complimentary educational events (for the public) and special events for current clients.
Cornerstone Investment Strategy
As with most firms, Cornerstone's investment strategies are based on the client's profile and goals. Its recommendations may include exchange-traded funds (ETFs), individual stocks, bonds, other securities, the use of a third-party money manager or platform manager Envestnet Asset Management. When evaluating securities, Cornerstone uses fundamental, technical and cyclical methods of analysis.
According to recent SEC data, assets under the firm's management were primarily invested in equities (69%) and the rest in cash and cash equivalents (31%).
American Wealth Management
American Wealth Management serves far more individuals who do not high net worths than those who do. Aside from individuals, the fee-based firm also works with businesses, investment companies, trusts, estates, charitable organizations and pension and profit-sharing plans. The firm generally requires a minimum of $300,000 to open an account, though it may waive or lower the requirement at its discretion.
American Wealth Management’s five-person advisory team holds a total of five certifications. This includes two certified financial planners (CFPs), one chartered financial analyst (CFA), one accredited investment fiduciary (AIF) and one chartered market technician (CMT). (Advisors may have more than one credential.)
Certain advisors are also brokers and/or insurance agents. In these non-advisor roles, they collect transaction-based commissions, which can present potential conflicts of interest. However, American Wealth Management is legally bound by its fiduciary duty to act in clients' best interest.
American Wealth Management Background
American Wealth Management is the oldest firm on this list, established in 1988. It is principally owned by the firm’s president, Laif Meidell, who has been in the financial industry for more than 23 years. The rest of this firm has an average of more than 20 years of experience.
Because there is no one-size-fits-all approach for financial management clients, this firm offers a wide range of services, including:
- Pre- or post-retirement planning
- Estate planning and review
- Income tax impact evaluation
- Insurance planning
- Planning for savings
- Charitable giving
- Employee benefit usage
- Debt management
American Wealth Management Client Experience
American Wealth Management believes that the only way to begin creating an attainable financial future is by identifying your exact financial goals. Beyond just that, you will also be required to state your level of risk tolerance, as well as your time horizon. Once a plan is built, your assets will be invested in various exchange-traded funds (ETFs) and mutual funds, with stocks and bonds utilized in certain situations.
While the firm will incorporate technology and its benefits into all of its plans for client portfolios, it also believes that a human connection is necessary for a successful financial relationship. The firm prioritizes what it calls “transparent communication,” pledging to keep you informed on changes in your portfolio through emails, quarterly market reviews and in-person meetings.
Legacy Wealth Planning, LLC
Legacy Wealth Planning is next on our list of the top Reno financial advisor firms with nearly $301 million in assets under management (AUM). The firm has seven advisors on staff, including two certified financial planners (CFPs). The advisors at the firm also act as representatives of LPL Financial, one of the nation’s largest broker-dealers. Because they can earn commissions in addition to advisory fees, this represents a potential conflict of interest. The firm is a fiduciary though, meaning it must put clients' best interests before its own.
The firm’s client base is primarily comprised of individual investors, with far more non-high-net-worth individuals than high-net-worth individuals. It also works with businesses, charities, non-profits, 403(b) plans, retirement plans and trusts. The firm does not have any minimum account size requirements.
Legacy Wealth Planning Background
Legacy Wealth Planning has provided investment advisory services since 2017. It is owned by managing partners Phil Mahoney, Mark Levy, Martin McClellan and Chris Vargas.
Services provided by the firm include personalized investment management and financial planning. The firm offers both retirement planning and education planning.
Legacy Wealth Planning Investing Strategy
Rather than offering a cohesive investment approach as a firm, the investment strategies and methodologies used will vary depending on the investment advisor representative. All of the investment advisor representatives at Legacy Wealth Planning will, however, create a portfolio based on each client's needs, investment objectives and risk tolerance. The firm typically offers advice on stocks, bonds, annuities and mutual funds.
In addition to customized portfolios, the firm also offers clients model portfolios that are based on different objectives and levels of risk tolerance.
Sage Financial Advisors, Inc.
Sage Financial Advisors, Inc. is a fee-only firm that suggests a minimum account size of $750,000. Its typical clients include individuals, charitable institutions, foundations, trusts, corporate pension and profit-sharing plans, municipalities and endowments. When it comes to individuals, the firm serves far more individuals than high-net-worth individuals.
The firm is on the small side, with nearly $169 million in assets under management (AUM). Thus, it’s no surprise that the advisory staff at this firm is made up of just two professionals. The firm's president, Brian Loy, is a chartered financial analyst (CFA) and a certified financial planner (CFP).
Sage Financial Advisors Background
Brian Loy formed Sage Financial Advisors in 1996. Today, he is the firm’s president and majority shareholder, sharing ownership with CCO Kirstin Griffin and Stan Teilgland.
Sage Financial Advisors offers wealth management, retirement planning, risk management and personal financial services for individuals. The firm approaches wealth management for businesses by providing services to aid with expansion, human capital, profitability, leader succession, exit planning and tax minimization.
Sage Financial Advisors Investing Strategy
The investment types that Sage uses in its client accounts can be divided into two categories: equities and fixed income. It may recommend market-centric index funds, mutual funds, exchange-traded funds (ETFs), U.S. government and corporate securities, preferred stocks, municipal bonds, CDs, investment trusts and closed-end funds.
The firm believes that by combining the above investments and focusing on a long-term strategy, it can mitigate the emotional side of investing and the trigger finger that sometimes accompanies it. Sage’s advisors will rebalance your portfolio periodically. Rebalancing will also occur if your financial objectives change.
Open Window Financial Solutions, Ltd.
Last but not least, Open Window Financial Solutions, Ltd. joins the list for the first time this year. Its two advisors manage roughly $131 mllion in assets. Though the firm does not have a set account minimum, about two-thirds of its clients have high net worths. The firm does, however, have a minimum annual fee of $6,000, which means that accounts with less than $343,000 will pay a higher management fee than 1.75%.
The firm is fee-only. This means that its advisors do not collect transaction-based commissions. Their only compensation comes from the advisory fees they collect from clients.
Open Window Financial Solutions Background
Joe Hollen founded the firm in 2004. His son Eric Hollen became a co-owner in 2017. Both Hollens are certified financial planners (CFPs). The elder Hollen is also an MD.
The firm offers investment advisory services on a discretionary basis. It also provides financial planning and consulting and advisory services to ERISA retirement plans.
Open Window Financial Solutions Investing Strategy
When evaluating securities, Open Window uses fundamental analysis. Its strategies include both long-term and short-term purchases. According to recent SEC data, assets under the firm's management were entirely (100%) invested in securities issued by registered investment companies (such as mutual funds) or business development companies.