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Top Financial Advisors in Richmond, VA

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by Becca Stanek Updated

Finding a Top Financial Advisor Firm in Richmond, Virginia

Finding a financial advisor near you who suits your needs isn’t easy. To make the search easier, SmartAsset dedicated hours of research to determining this list of the top 10 financial advisor firms in Richmond, Virginia. In tables and in reviews below, we lay out what you need to know about these firms in order to decide which one might be the right fit for you. As an alternative, SmartAsset’s financial advisor matching tool can pair you up with nearby financial advisors after you answer a short series of questions.

Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 $1,093,102,200

No set account minimum

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
2 $836,270,300

$500,000

  • Financial planning services
  • Portfolio management 
  • Pension consulting services

Minimum Assets

$500,000

Financial Services

  • Financial planning services
  • Portfolio management 
  • Pension consulting services
3 $724,797,800

$500,000

  • Financial planning services
  • Portfolio management 
  • Educational seminars/workshops

Minimum Assets

$500,000

Financial Services

  • Financial planning services
  • Portfolio management 
  • Educational seminars/workshops
4 $612,493,300

$1,000,000

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)

Minimum Assets

$1,000,000

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
5 $605,366,800

$500,000

  • Financial planning services
  • Portfolio management

Minimum Assets

$500,000

Financial Services

  • Financial planning services
  • Portfolio management
6 $545,462,200

$1,000,000

  • Financial planning services 
  • Portfolio management
  • Selection of other advisors (including private fund managers) 
  • Tax preparation and planning

Minimum Assets

$1,000,000

Financial Services

  • Financial planning services 
  • Portfolio management
  • Selection of other advisors (including private fund managers) 
  • Tax preparation and planning
7 $353,618,700

No set account minimum

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
8 $342,152,700

No set account minimum

  • Financial planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • General business consulting and tax services

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • General business consulting and tax services
9 $297,511,700

$500,000

  • Financial planning services
  • Portfolio management

Minimum Assets

$500,000

Financial Services

  • Financial planning services
  • Portfolio management
10 $194,864,800

No set account minimum

  • Financial planning services
  • Portfolio management

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management

How We Found the Top Financial Advisor Firms in Richmond, Virginia

SmartAsset only considered firms that are registered with the U.S. Securities and Exchange Commission for this list. All firms that are registered with the SEC are bound by fiduciary duty to act in their clients’ best interests and must file paperwork with the government annually, which allows for greater oversight. From there, we eliminated any firms that had disclosures or disciplinary issues, as well as any firms that did not manage individual accounts or have financial planners on staff. The remaining firms were then sorted according to assets under management (AUM). The 10 firms with the highest AUMs made this list.

Heritage Wealth Advisors

Heritage Wealth Advisors is the only firm on this list that has more than $1 billion in assets under management (AUM). The firm leads the pack with $1.1 billion in AUM, while the second-ranking firm, Kanawha Capital Management, LLC, manages $836.3 million.

The fee-only firm has 10 advisors on its team, which includes four certified financial planners (CFPs), three chartered financial analysts (CFAs) and two certified public accountants (CPAs).

Heritage Wealth Advisors is one of four firms on this list that does not have a set account minimum. However, the vast majority of its clients are high-net-worth.

Heritage Wealth Advisors Background

Heritage Wealth Advisors has been in business since 2005 and was founded by Dee Ann Remo, the CEO and managing director. Remo, who previously worked as a tax and wealth management partner at KPMG, envisioned creating a firm that offered comprehensive solutions "in a creative and collaborative way," according to the firm’s website. Reno, Jay Jordan, chief investment officer and chief compliance officer, Chase Hill, director of client services and Marshall Chambers, lead advisor, are the firm's principal owners.

Heritage Wealth Advisors says its services are designed to meet client's unique needs. The firm's comprehensive services include investment management, financial planning, tax planning and preparation and charitable giving. 

Heritage Wealth Advisors Investing

Heritage Wealth Advisors considers a client's time horizon, risk tolerance, cash flow needs and personal preferences, including restrictions on investing in certain securities, when it designs a personalized asset allocation for a client’s portfolio. The firm also pays particular attention to the assets held in each account, to ensure tax efficiencies are maximized and costs are minimized. 

Heritage Wealth Advisors diversifies through multiple asset classes. Clients' objectives drive investment decisions. The firm primarily uses mutual funds, exchange-traded funds (ETFs), separately managed accounts, individual equities and private investments.

Before selecting a mutual fund or separately managed account, Heritage Wealth Advisor will assess funds using risk and return parameters, and it will also look at an investment company's track record and investment style. Heritage Wealth Advisor’s research partners include BCA, Empirical and Morningstar.

Assets Under Management

$1,093,102,200

Number of Advisors

10

Time in Business

Founded in 2005

Disclosures

0

Fee Structure

Fee-only

Office Location

919 East Main Street

Suite 950

Richmond, VA 23219

Phone Number

(804) 643-4080

Website

Heritage Wealth Advisors is the only firm on this list that has more than $1 billion in assets under management (AUM). The firm leads the pack with $1.1 billion in AUM, while the second-ranking firm, Kanawha Capital Management, LLC, manages $836.3 million.

The fee-only firm has 10 advisors on its team, which includes four certified financial planners (CFPs), three chartered financial analysts (CFAs) and two certified public accountants (CPAs).

Heritage Wealth Advisors is one of four firms on this list that does not have a set account minimum. However, the vast majority of its clients are high-net-worth.

Heritage Wealth Advisors Background

Heritage Wealth Advisors has been in business since 2005 and was founded by Dee Ann Remo, the CEO and managing director. Remo, who previously worked as a tax and wealth management partner at KPMG, envisioned creating a firm that offered comprehensive solutions "in a creative and collaborative way," according to the firm’s website. Reno, Jay Jordan, chief investment officer and chief compliance officer, Chase Hill, director of client services and Marshall Chambers, lead advisor, are the firm's principal owners.

Heritage Wealth Advisors says its services are designed to meet client's unique needs. The firm's comprehensive services include investment management, financial planning, tax planning and preparation and charitable giving. 

Heritage Wealth Advisors Investing

Heritage Wealth Advisors considers a client's time horizon, risk tolerance, cash flow needs and personal preferences, including restrictions on investing in certain securities, when it designs a personalized asset allocation for a client’s portfolio. The firm also pays particular attention to the assets held in each account, to ensure tax efficiencies are maximized and costs are minimized. 

Heritage Wealth Advisors diversifies through multiple asset classes. Clients' objectives drive investment decisions. The firm primarily uses mutual funds, exchange-traded funds (ETFs), separately managed accounts, individual equities and private investments.

Before selecting a mutual fund or separately managed account, Heritage Wealth Advisor will assess funds using risk and return parameters, and it will also look at an investment company's track record and investment style. Heritage Wealth Advisor’s research partners include BCA, Empirical and Morningstar.

Kanawha Capital Management, LLC

To be a client of Kanawha Capital Management, LLC, you'll need at least $500,000. The firm's clients include both individuals and high-net-worth individuals, as well as pension and profit-sharing plans, trusts, estates, charitable organizations and corporations. 

Kanawha has five advisors on its staff, including two certified financial planners (CFPs) and three chartered financial analysts (CFAs). The firm offers numerous wrap fee programs, sponsored by UBS Financial Services, Inc., Morgan Stanley Smith Barney, Wells Fargo Advisers and RBC Wealth Management. Kanawha earns a percentage of the fee that clients pay the brokerage firm for its services. Though the firm may have a financial incentive to recommend wrap arrangements, it is bound by its fiduciary duty to first and foremost act in clients' best interests. 

Kanawha Capital Management, LLC Background

Founded in 1985, Kanawha Capital Management is one of the oldest firms on this list. The firm’s roots date back even further: The firm’s founders initially founded an investment advisory subsidiary for a brokerage firm in 1982, before formally founding Kanawha. Kanawha is owned by HighTower Advisors, LLC, an SEC-registered investment advisor that ranks first on our list of Chicago's top 10 financial advisor firms.

The firm offers investment management and financial planning, which encompasses retirement planning, estate planning, tax planning and coordination, family wealth issues, unexpected lifestyle changes, charitable giving strategies, insurance analysis and closely held business issues. The firm's financial planning services are centered on assessing clients’ ability to meet their goals, with a probabilistic approach used to determine clients’ odds of meeting their defined spending objectives and stress testing used to determine how the plan will withstand unfavorable circumstances.

Kanawha Capital Management, LLC Investment Philosophy

Kanawha Capital Management says that its investment process is tailed to its clients and their objectives, risk tolerance, time horizon and tax considerations. The firm focuses on broad diversification and offers three approaches: equity, fixed income and balanced.

The equity approach uses individual stocks of large-cap, established companies that have both growth and value characteristics, as well as exchange-traded funds. This approach is focused on cash flow. The fixed-income approach, on the other hand, uses high-quality taxable and tax-free debt securities, which are selected based on a client's time horizon and the firm's market outlook. The balanced approach includes both equity securities and fixed-income securities. 

Assets Under Management

$836,270,300

Number of Advisors

5

Time in Business

Founded in 1989

Disclosures

0

Fee Structure

Fee-based

Office Location

7201 Glen Forest Drive

Suite 200

Richmond, Virginia 23226

Phone Number

(804) 359-3900

Website

To be a client of Kanawha Capital Management, LLC, you'll need at least $500,000. The firm's clients include both individuals and high-net-worth individuals, as well as pension and profit-sharing plans, trusts, estates, charitable organizations and corporations. 

Kanawha has five advisors on its staff, including two certified financial planners (CFPs) and three chartered financial analysts (CFAs). The firm offers numerous wrap fee programs, sponsored by UBS Financial Services, Inc., Morgan Stanley Smith Barney, Wells Fargo Advisers and RBC Wealth Management. Kanawha earns a percentage of the fee that clients pay the brokerage firm for its services. Though the firm may have a financial incentive to recommend wrap arrangements, it is bound by its fiduciary duty to first and foremost act in clients' best interests. 

Kanawha Capital Management, LLC Background

Founded in 1985, Kanawha Capital Management is one of the oldest firms on this list. The firm’s roots date back even further: The firm’s founders initially founded an investment advisory subsidiary for a brokerage firm in 1982, before formally founding Kanawha. Kanawha is owned by HighTower Advisors, LLC, an SEC-registered investment advisor that ranks first on our list of Chicago's top 10 financial advisor firms.

The firm offers investment management and financial planning, which encompasses retirement planning, estate planning, tax planning and coordination, family wealth issues, unexpected lifestyle changes, charitable giving strategies, insurance analysis and closely held business issues. The firm's financial planning services are centered on assessing clients’ ability to meet their goals, with a probabilistic approach used to determine clients’ odds of meeting their defined spending objectives and stress testing used to determine how the plan will withstand unfavorable circumstances.

Kanawha Capital Management, LLC Investment Philosophy

Kanawha Capital Management says that its investment process is tailed to its clients and their objectives, risk tolerance, time horizon and tax considerations. The firm focuses on broad diversification and offers three approaches: equity, fixed income and balanced.

The equity approach uses individual stocks of large-cap, established companies that have both growth and value characteristics, as well as exchange-traded funds. This approach is focused on cash flow. The fixed-income approach, on the other hand, uses high-quality taxable and tax-free debt securities, which are selected based on a client's time horizon and the firm's market outlook. The balanced approach includes both equity securities and fixed-income securities. 

Godsey & Gibb Wealth Management

Founded in 1985, Godsey & Gibb Wealth Management has been in business the longest of any firm on this list. On the firm’s staff, which includes 10 advisors, there is one certified financial planner (CFP), one chartered financial analyst (CFA) and one certified public accountant/personal financial specialist (CPA/PFS). Godsey & Gibb requires a $500,000 account minimum for its investment services. The fee-based firm’s clients include both individuals and high-net-worth individuals.

Godsey & Gibb is affiliated with an accounting firm, G&G Accounting Services, which means it can provide its clients tax services including tax planning, advisory and preparation. In addition, certain employees of the firm are agents for G&G Insurance Services, Inc. During the firm's financial planning and risk analysis, it may refer clients to G&G Insurance Services for evaluation and recommendation. Though employees may earn commissions from sales, they're bound by fiduciary duty to put their clients' best interests first. 

Godsey & Gibb Wealth Management Background

Godsey & Gibb Wealth Management was founded in 1985 by Frank Gibb, III and Joseph Godsey, Jr. Gibb, now a chairman emeritus and consultant, and Godsey wanted to make a firm that offered investment advice tailored to client's individual needs. Currently, the firm's principal shareholder is The Gibb Family Stock Trust.

Godsey & Gibb offers individual portfolio management, financial planning, including retirement and educational expense planning, accounting services and educational seminars. The firm's accounting services are a unique selling point, as many firms do not offer tax services. 

Godsey & Gibb Wealth Management Investment Management

Godsey & Gibb Wealth Management's portfolio management process is centered on its clients' unique objectives, as well as an understanding of their risk tolerance, income needs and capital growth expectations. The firm describes itself as "moderately conservative," and it prioritizes the preservation of capital above all else. As part of its "risk-averse philosophy," the firm explains that it gradually invests its clients' portfolio after it assumes active management of investments.

Godsey & Gibb claims that it strives to ensure its clients understand exactly why it makes the investment decisions it makes. As a client's goals and needs may evolve, the firm will amend his or her investment objectives and restructure the client’s portfolio as necessary.

Assets Under Management

$724,797,800

Number of Advisors

10

Time in Business

Founded in 1985

Disclosures

0

Fee Structure

Fee-based

Office Location

6806 Paragon Place 

Suite 230

Richmond, Virginia 23230

Phone Number

(804) 285-7333

Website

Founded in 1985, Godsey & Gibb Wealth Management has been in business the longest of any firm on this list. On the firm’s staff, which includes 10 advisors, there is one certified financial planner (CFP), one chartered financial analyst (CFA) and one certified public accountant/personal financial specialist (CPA/PFS). Godsey & Gibb requires a $500,000 account minimum for its investment services. The fee-based firm’s clients include both individuals and high-net-worth individuals.

Godsey & Gibb is affiliated with an accounting firm, G&G Accounting Services, which means it can provide its clients tax services including tax planning, advisory and preparation. In addition, certain employees of the firm are agents for G&G Insurance Services, Inc. During the firm's financial planning and risk analysis, it may refer clients to G&G Insurance Services for evaluation and recommendation. Though employees may earn commissions from sales, they're bound by fiduciary duty to put their clients' best interests first. 

Godsey & Gibb Wealth Management Background

Godsey & Gibb Wealth Management was founded in 1985 by Frank Gibb, III and Joseph Godsey, Jr. Gibb, now a chairman emeritus and consultant, and Godsey wanted to make a firm that offered investment advice tailored to client's individual needs. Currently, the firm's principal shareholder is The Gibb Family Stock Trust.

Godsey & Gibb offers individual portfolio management, financial planning, including retirement and educational expense planning, accounting services and educational seminars. The firm's accounting services are a unique selling point, as many firms do not offer tax services. 

Godsey & Gibb Wealth Management Investment Management

Godsey & Gibb Wealth Management's portfolio management process is centered on its clients' unique objectives, as well as an understanding of their risk tolerance, income needs and capital growth expectations. The firm describes itself as "moderately conservative," and it prioritizes the preservation of capital above all else. As part of its "risk-averse philosophy," the firm explains that it gradually invests its clients' portfolio after it assumes active management of investments.

Godsey & Gibb claims that it strives to ensure its clients understand exactly why it makes the investment decisions it makes. As a client's goals and needs may evolve, the firm will amend his or her investment objectives and restructure the client’s portfolio as necessary.

JoycePayne Partners, P.C.

JoycePayne Partners, P.C. is tied with SBK Financial, Inc. for the highest account minimum on this list: Both firms require its clients to have at least $1 million of investable assets. The firm’s staff boasts a comparatively impressive array of certifications, with five certified financial planners (CFPs), three certified public accountants (CPAs), one chartered financial analyst (CFA), one enrolled agent (EA), one registered paraplanner (RP), one chartered financial consultant (ChFC) and one chartered retirement plans specialist (CRPS).

Notably, JoycePayne Partners is one of two firms on this list, alongside Canal Capital Management, LLC, that charges performance-based fees. This means that the better your portfolio performs, the more you’ll have to pay. However, the firm is fee-only

JoycePayne Partners, P.C Background

JoycePayne Partners, P.C. has been in business since 1993. Its principal shareholder is Michael Joyce, the firm’s founder. Joyce, who is currently the firm’s president, has been named seven times by Barron's as one of the nation's top 100 financial advisors, and he's also been named a top financial advisor for doctors and dentists.

JoycePayne Partners says that its ultimate mission is to provide "innovative" financial management solutions that are tailored to clients' unique needs. Its clients are notably diverse: the firm says that it serves business executives, mid-career corporate managers, entrepreneurs, heirs, investment managers, medical and university professionals, financially independent retirees and large families with shared assets.

The firm offers tailored investment management and financial planning, which includes cash-flow planning, debt management, retirement planning, estate planning, insurance needs analysis, tax planning and college funding planning. In addition, JoycePayne Partners provides trust services, family office services, institutional retirement plans, concierge services and non-traditional investments. 

JoycePayne Partners, P.C Investment Philosophy

JoycePayne Partners' primary investment strategy is strategic asset allocation. However, the firm further refines its investment strategies for each portfolio based on a client's objectives, income needs, time horizon, constraints and tax situation. The firm strives to maximize returns within these guidelines, and to preserve capital in all market conditions.

JoycePayne Partners' portfolios are globally diversified. It invests its clients' assets in traditional asset classes like stocks, bonds and cash, as well as in non-traditional investments like real estate, private equity, commodities and venture capital. The firm notes that it has access to "normally hard-to-access, non-traditional funds," which is one of the ways JoycePayne Partners says it thinks outside of the box when it comes to investing.

Assets Under Management

$612,493,300

Number of Advisors

8

Time in Business

Founded in 1993

Disclosures

0

Fee Structure

Fee-only

Office Location

9030 Stony Point Pkwy.

Suite 100

Richmond, VA 23235

Phone Number

(804) 358-2702

Website

JoycePayne Partners, P.C. is tied with SBK Financial, Inc. for the highest account minimum on this list: Both firms require its clients to have at least $1 million of investable assets. The firm’s staff boasts a comparatively impressive array of certifications, with five certified financial planners (CFPs), three certified public accountants (CPAs), one chartered financial analyst (CFA), one enrolled agent (EA), one registered paraplanner (RP), one chartered financial consultant (ChFC) and one chartered retirement plans specialist (CRPS).

Notably, JoycePayne Partners is one of two firms on this list, alongside Canal Capital Management, LLC, that charges performance-based fees. This means that the better your portfolio performs, the more you’ll have to pay. However, the firm is fee-only

JoycePayne Partners, P.C Background

JoycePayne Partners, P.C. has been in business since 1993. Its principal shareholder is Michael Joyce, the firm’s founder. Joyce, who is currently the firm’s president, has been named seven times by Barron's as one of the nation's top 100 financial advisors, and he's also been named a top financial advisor for doctors and dentists.

JoycePayne Partners says that its ultimate mission is to provide "innovative" financial management solutions that are tailored to clients' unique needs. Its clients are notably diverse: the firm says that it serves business executives, mid-career corporate managers, entrepreneurs, heirs, investment managers, medical and university professionals, financially independent retirees and large families with shared assets.

The firm offers tailored investment management and financial planning, which includes cash-flow planning, debt management, retirement planning, estate planning, insurance needs analysis, tax planning and college funding planning. In addition, JoycePayne Partners provides trust services, family office services, institutional retirement plans, concierge services and non-traditional investments. 

JoycePayne Partners, P.C Investment Philosophy

JoycePayne Partners' primary investment strategy is strategic asset allocation. However, the firm further refines its investment strategies for each portfolio based on a client's objectives, income needs, time horizon, constraints and tax situation. The firm strives to maximize returns within these guidelines, and to preserve capital in all market conditions.

JoycePayne Partners' portfolios are globally diversified. It invests its clients' assets in traditional asset classes like stocks, bonds and cash, as well as in non-traditional investments like real estate, private equity, commodities and venture capital. The firm notes that it has access to "normally hard-to-access, non-traditional funds," which is one of the ways JoycePayne Partners says it thinks outside of the box when it comes to investing.

Verus Financial Partners

With 13 advisors on staff, Verus Financial Partners has the biggest advisory team of any firm on this list. The firm’s team is notable for more than just its size though. Verus Financial Partners has eight certified financial planners (CFP) on staff, the most of any firm. In addition, it has six certified public accountants (CPAs), six accredited investment fiduciaries (AIFs), four personal financial specialists (PFS) and four enrolled agents (EAs).

To be a client of this fee-only firm you'll need at least $500,000. Notably, the firm's client base does not include any high-net-worth individuals. Instead, Verus Financial Partners focuses exclusively on serving non-high-net-worth individuals.

Verus Financial Partners Background

Verus Financial Partners was founded in 1992 as Kuehl Shepherd Kozlowski & Associates, Inc. In 2012, the firm changed its name to Verus Financial Partners. The firm is principally owned by James Shepherd, the firm's senior vice president and chairman.

The lynchpin of Verus Financial Partners' services is financial planning. Personalized financial plans drive the firm's diversified investment strategy and its tax advisory services. The firm strives to incorporate tax implications into its overall financial approach. Notably, it says its primary advisors are also CPAs or EAs who have an in-depth understanding of the tax code.

Verus Financial Partners Investing

At Verus Financial Partners, portfolios are built for the long term and backed by a financial plan. Based off of your financial plan, Verus Financial Partners will determine a risk level that's appropriate for your goals and objectives.

Verus Financial Partners emphasizes a low-cost approach to investing. It primarily invests its clients in various mutual funds and exchange-traded funds to strategically diversify asset allocation.

The firm will monitor and periodically rebalance your portfolio to ensure your target asset allocation is maintained. Rebalancing is done with an awareness of tax implications.

Assets Under Management

$605,366,800

Number of Advisors

13

Time in Business

Founded in 1992

Disclosures

0

Fee Structure

Fee-only

Office Location

9030 Stony Point Pkwy 

Suite 160

Richmond, VA 23235

Phone Number

(804) 592-3465

Website

With 13 advisors on staff, Verus Financial Partners has the biggest advisory team of any firm on this list. The firm’s team is notable for more than just its size though. Verus Financial Partners has eight certified financial planners (CFP) on staff, the most of any firm. In addition, it has six certified public accountants (CPAs), six accredited investment fiduciaries (AIFs), four personal financial specialists (PFS) and four enrolled agents (EAs).

To be a client of this fee-only firm you'll need at least $500,000. Notably, the firm's client base does not include any high-net-worth individuals. Instead, Verus Financial Partners focuses exclusively on serving non-high-net-worth individuals.

Verus Financial Partners Background

Verus Financial Partners was founded in 1992 as Kuehl Shepherd Kozlowski & Associates, Inc. In 2012, the firm changed its name to Verus Financial Partners. The firm is principally owned by James Shepherd, the firm's senior vice president and chairman.

The lynchpin of Verus Financial Partners' services is financial planning. Personalized financial plans drive the firm's diversified investment strategy and its tax advisory services. The firm strives to incorporate tax implications into its overall financial approach. Notably, it says its primary advisors are also CPAs or EAs who have an in-depth understanding of the tax code.

Verus Financial Partners Investing

At Verus Financial Partners, portfolios are built for the long term and backed by a financial plan. Based off of your financial plan, Verus Financial Partners will determine a risk level that's appropriate for your goals and objectives.

Verus Financial Partners emphasizes a low-cost approach to investing. It primarily invests its clients in various mutual funds and exchange-traded funds to strategically diversify asset allocation.

The firm will monitor and periodically rebalance your portfolio to ensure your target asset allocation is maintained. Rebalancing is done with an awareness of tax implications.

SBK Financial, Inc.

SBK Financial Inc. is one of two firms, alongside JoycePayne Partners, P.C., that requires a $1 million account minimum. This is the highest account minimum on this list. The fee-only firm says that it caters to high-net-worth individuals and families.

SBK Financial, whose employees have worked at Ernst & Young and other leading accounting firms, considers strategic tax planning one of its core offerings. The firm also offers tax preparation under a separate agreement with the four certified public accountants (CPAs) on staff. In addition to the four CPAs on its team, SBK has three certified financial planners (CFPs).

SBK Financial, Inc. Background

SBK Financial, Inc. was founded in 2005. The firm is principally owned by J. Kevin King, founder and president, and Andrea Broughton, founder, vice president and managing partner.

The firm's core services are financial planning, investment management and tax strategies, all of which SBK Financial incorporates into its integrated approach to wealth management. The firm has three core beliefs that inform its wealth management approach: you need to have a financial plan in hand before you make investment decisions; your portfolio recommendations should be based on your goals; and potential future tax implications should inform your current financial course.

SBK Financial, Inc. Investing

SBK Financial's first step in the investing process is a meeting, in which it determines a client's goals, risk tolerance and time horizon. All of these factors shape a client's investment plan and diversified asset allocation across numerous complementary asset classes. SBK Financial says that it generally recommends equities, mutual funds, ETFs, municipal bonds and, on occasion, private investment funds.

SBK Financial says that it understands that investors can get caught up emotionally in market volatility, so it helps its clients maintain a disciplined investing approach that focuses on maximizing after-tax returns. The firm strives to minimize portfolio turnover and trading costs, and these concerns influence the firm's decisions to periodically rebalance portfolios.

Assets Under Management

$545,462,200

Number of Advisors

6

Time in Business

Founded in 2005

Disclosures

0

Fee Structure

Fee-only

Office Location

1001 Haxall Point

Suite 705 

Richmond, VA 23219

Phone Number

(804) 237-1700

Website

SBK Financial Inc. is one of two firms, alongside JoycePayne Partners, P.C., that requires a $1 million account minimum. This is the highest account minimum on this list. The fee-only firm says that it caters to high-net-worth individuals and families.

SBK Financial, whose employees have worked at Ernst & Young and other leading accounting firms, considers strategic tax planning one of its core offerings. The firm also offers tax preparation under a separate agreement with the four certified public accountants (CPAs) on staff. In addition to the four CPAs on its team, SBK has three certified financial planners (CFPs).

SBK Financial, Inc. Background

SBK Financial, Inc. was founded in 2005. The firm is principally owned by J. Kevin King, founder and president, and Andrea Broughton, founder, vice president and managing partner.

The firm's core services are financial planning, investment management and tax strategies, all of which SBK Financial incorporates into its integrated approach to wealth management. The firm has three core beliefs that inform its wealth management approach: you need to have a financial plan in hand before you make investment decisions; your portfolio recommendations should be based on your goals; and potential future tax implications should inform your current financial course.

SBK Financial, Inc. Investing

SBK Financial's first step in the investing process is a meeting, in which it determines a client's goals, risk tolerance and time horizon. All of these factors shape a client's investment plan and diversified asset allocation across numerous complementary asset classes. SBK Financial says that it generally recommends equities, mutual funds, ETFs, municipal bonds and, on occasion, private investment funds.

SBK Financial says that it understands that investors can get caught up emotionally in market volatility, so it helps its clients maintain a disciplined investing approach that focuses on maximizing after-tax returns. The firm strives to minimize portfolio turnover and trading costs, and these concerns influence the firm's decisions to periodically rebalance portfolios.

Alpha Omega Investment Advisors

Alpha Omega Investment Advisors does not require a set account minimum. The fee-only firm serves equal parts non-high-net-worth and high-net-worth investors. Its clients include families and institutions, and it has a small team dedicated to providing advisory services for corporate retirement plans.

Alpha Omega’s team includes two certified financial planners (CFPs), one chartered financial analyst (CFA), one chartered retirement planning counselor (CRPC) and one certified investment management analyst (CIMA).

Alpha Omega Investment Advisors Background

Alpha Omega Investment Advisors was founded in 2009. However, the firm's founding partners, Craig Forbes and Art Washburn, began working together in 1995, long before forming Alpha Omega with their long-time associate LeAnn Mitchell, the firm's current chief compliance officer and director of client services. Forbes, currently a principal at firm, is Alpha Omega’s sole owner.

Alpha Omega's services include asset management for families, family offices and institutional clients, as well as advisory services for corporate retirement plans. Notably, Alpha Omega says that it does all of its own research in-house to create client portfolios. 

Alpha Omega Investment Advisors Investing Philosophy

Alpha Omega Investment Advisors' investment strategies are designed around clients' varying risk tolerances and investment objectives. The firm offers five different "risk-based blends," which range from the all fixed income portfolio to the all-cap dividend value portfolio. In between, there is the 70% fixed income / 30% equity portfolio, the 50/50 fixed income and equity portfolio and the 30% fixed income / 70% income portfolio.

Alpha Omega says that it generally uses its equity positions to provide capital appreciation, while it's fixed income investments are intended to preserve capital and generate income. The equity portion of each model is invested in the Alpha Omega all-cap dividend value portfolio. The firm invests in investment-grade corporate bonds and U.S. Treasury securities for the fixed-income portion.

Alpha Omega's in-house research team relies on a fundamental, bottom-up approach to select investments. In general,  Alpha Omega says it looks for stocks that have "lower volatility and outperformance in down markets." Its goal is to outperform the Russell 3000 Value Index over a full market cycle.

Assets Under Management

$353,618,700

Number of Advisors

8

Time in Business

Founded in 2009

Disclosures

0

Fee Structure

Fee-only

Office Location

7202 Glen Forest Drive

Suite 300

Richmond, VA 23226

Phone Number

(804) 955-1600

Website

Alpha Omega Investment Advisors does not require a set account minimum. The fee-only firm serves equal parts non-high-net-worth and high-net-worth investors. Its clients include families and institutions, and it has a small team dedicated to providing advisory services for corporate retirement plans.

Alpha Omega’s team includes two certified financial planners (CFPs), one chartered financial analyst (CFA), one chartered retirement planning counselor (CRPC) and one certified investment management analyst (CIMA).

Alpha Omega Investment Advisors Background

Alpha Omega Investment Advisors was founded in 2009. However, the firm's founding partners, Craig Forbes and Art Washburn, began working together in 1995, long before forming Alpha Omega with their long-time associate LeAnn Mitchell, the firm's current chief compliance officer and director of client services. Forbes, currently a principal at firm, is Alpha Omega’s sole owner.

Alpha Omega's services include asset management for families, family offices and institutional clients, as well as advisory services for corporate retirement plans. Notably, Alpha Omega says that it does all of its own research in-house to create client portfolios. 

Alpha Omega Investment Advisors Investing Philosophy

Alpha Omega Investment Advisors' investment strategies are designed around clients' varying risk tolerances and investment objectives. The firm offers five different "risk-based blends," which range from the all fixed income portfolio to the all-cap dividend value portfolio. In between, there is the 70% fixed income / 30% equity portfolio, the 50/50 fixed income and equity portfolio and the 30% fixed income / 70% income portfolio.

Alpha Omega says that it generally uses its equity positions to provide capital appreciation, while it's fixed income investments are intended to preserve capital and generate income. The equity portion of each model is invested in the Alpha Omega all-cap dividend value portfolio. The firm invests in investment-grade corporate bonds and U.S. Treasury securities for the fixed-income portion.

Alpha Omega's in-house research team relies on a fundamental, bottom-up approach to select investments. In general,  Alpha Omega says it looks for stocks that have "lower volatility and outperformance in down markets." Its goal is to outperform the Russell 3000 Value Index over a full market cycle.

Canal Capital Management, LLC

Founded in 2012, Canal Capital Management, LLC is the newest firm on this list. It also bears the distinction of being one of two firms on this list, alongside JoycePayne Partners, P.C., that charges performance-based fees.

The firm’s team includes three certified financial planners (CFPs) and one certified public accountant (CPA). It does not have a set account minimum. The firm's clients include executives, entrepreneurs, families, business owners, professionals and institutions.

Canal Capital Management is a fee-based firm. Certain staff members are also licensed as insurance agents, and they earn commission-based compensation for selling insurance products. However, because the firm is a fiduciary, its advisors are required by fiduciary duty to always act in their clients' best interests.

Canal Capital Management, LLC Background

Canal Capital Management, LLC has been providing investment advisory services since 2012. The firm is independent and 100% employee-owned. CEO Neil Gilliss is the firm's majority owner. Additionally, there are three minority owners.

Canal Capital Management's services include investment management, tax services, financial planning, real estate, business consulting and family office services. Its financial planning services, which are customized to fit clients' needs, encompass insurance, retirement, business transition, estate planning and education planning. 

Canal Capital Management, LLC Investing Process

Canal Capital Management's investment process is driven by clients' individual objectives, which are determined in the financial planning process.

The firm's foundational investment strategy is asset allocation. Canal Capital believes that diversification is crucial and must go beyond just stocks and bonds to also include international stocks and alternatives, which speaks to the firm's commitment to innovation and creativity. Typically, the firm uses a combination of stocks, bonds, mutual funds, exchange-traded funds, real estate, hedge funds, real estate investment trusts (REITs) and private placements.

Aside from diversification, Canal Capital Management emphasizes tax efficiency, fee minimization, risk management and capital preservation.

Assets Under Management

$342,152,700

Number of Advisors

5

Time in Business

Founded in 2012

Disclosures

0

Fee Structure

Fee-based

Office Location

1401 E. Cary Street

Suite 401

Richmond, Virginia 23219

Phone Number

(804) 325-1450

Website

Founded in 2012, Canal Capital Management, LLC is the newest firm on this list. It also bears the distinction of being one of two firms on this list, alongside JoycePayne Partners, P.C., that charges performance-based fees.

The firm’s team includes three certified financial planners (CFPs) and one certified public accountant (CPA). It does not have a set account minimum. The firm's clients include executives, entrepreneurs, families, business owners, professionals and institutions.

Canal Capital Management is a fee-based firm. Certain staff members are also licensed as insurance agents, and they earn commission-based compensation for selling insurance products. However, because the firm is a fiduciary, its advisors are required by fiduciary duty to always act in their clients' best interests.

Canal Capital Management, LLC Background

Canal Capital Management, LLC has been providing investment advisory services since 2012. The firm is independent and 100% employee-owned. CEO Neil Gilliss is the firm's majority owner. Additionally, there are three minority owners.

Canal Capital Management's services include investment management, tax services, financial planning, real estate, business consulting and family office services. Its financial planning services, which are customized to fit clients' needs, encompass insurance, retirement, business transition, estate planning and education planning. 

Canal Capital Management, LLC Investing Process

Canal Capital Management's investment process is driven by clients' individual objectives, which are determined in the financial planning process.

The firm's foundational investment strategy is asset allocation. Canal Capital believes that diversification is crucial and must go beyond just stocks and bonds to also include international stocks and alternatives, which speaks to the firm's commitment to innovation and creativity. Typically, the firm uses a combination of stocks, bonds, mutual funds, exchange-traded funds, real estate, hedge funds, real estate investment trusts (REITs) and private placements.

Aside from diversification, Canal Capital Management emphasizes tax efficiency, fee minimization, risk management and capital preservation.

Pineno Levin & Ford Asset Management, Inc.

Pineno Levin & Ford Asset Management, Inc. has just four advisors on staff, making it the smallest firm on this list. However, each of those four advisors is a chartered financial analyst (CFA). Pineno Levin & Ford is notably the only firm on the list that does not have any certified financial planners (CFPs) on staff.

To be a client, you'll need at least $500,000. The fee-only firm serves individuals and high-net-worth individuals, families, estates, foundations, endowments and both corporate and individual retirement plans. 

Pineno Levin & Ford Asset Management, Inc. Background

Pineno Levin & Ford Asset Management has been in business since 1994. The firm's principal owners are Francis Pineno, the firm's president, and Jeffrey Levin, the firm's secretary/treasurer and chief compliance officer.

Pineno Levin & Ford's primary focus is investment management. While the firm does subscribe to third-party financial planning software and it will create financial planning forecasts for investment management clients for no additional fee, financial planning is not one of the firm's core services. The firm also does not provide any tax or accounting advice or services. 

Pineno Levin & Ford Asset Management, Inc. Investing

Unlike many of the firms on this list, which develop clients' investment policies through financial planning, Pineno Levin & Ford collects information about clients' investment needs through a questionnaire about their time horizon, objectives and investment preferences. The firm uses equity, fixed income and balanced portfolios to address its clients' specific needs and objectives.

The firm's equity portfolio uses stocks from companies with solid finances and strong competitive positions, while the fixed income securities it uses include investment-grade municipal, corporate or government bonds. The firm includes mutual funds and exchange-traded funds within its asset classes.

On the whole, Pineno Levin & Ford says it aims to help its clients reach their goals while enduring lower-than-average volatility. By minimizing volatility, the firm says that it aims to open up the opportunity for clients to invest more in stocks, which typically produce higher returns than bonds.

Assets Under Management

$297,511,700

Number of Advisors

4

Time in Business

Founded in 1994

Disclosures

0

Fee Structure

Fee-only

Office Location

7275 Glen Forest Drive

Suite 206

Richmond, Virginia 23226

Phone Number

(804) 288-3772

Website

Pineno Levin & Ford Asset Management, Inc. has just four advisors on staff, making it the smallest firm on this list. However, each of those four advisors is a chartered financial analyst (CFA). Pineno Levin & Ford is notably the only firm on the list that does not have any certified financial planners (CFPs) on staff.

To be a client, you'll need at least $500,000. The fee-only firm serves individuals and high-net-worth individuals, families, estates, foundations, endowments and both corporate and individual retirement plans. 

Pineno Levin & Ford Asset Management, Inc. Background

Pineno Levin & Ford Asset Management has been in business since 1994. The firm's principal owners are Francis Pineno, the firm's president, and Jeffrey Levin, the firm's secretary/treasurer and chief compliance officer.

Pineno Levin & Ford's primary focus is investment management. While the firm does subscribe to third-party financial planning software and it will create financial planning forecasts for investment management clients for no additional fee, financial planning is not one of the firm's core services. The firm also does not provide any tax or accounting advice or services. 

Pineno Levin & Ford Asset Management, Inc. Investing

Unlike many of the firms on this list, which develop clients' investment policies through financial planning, Pineno Levin & Ford collects information about clients' investment needs through a questionnaire about their time horizon, objectives and investment preferences. The firm uses equity, fixed income and balanced portfolios to address its clients' specific needs and objectives.

The firm's equity portfolio uses stocks from companies with solid finances and strong competitive positions, while the fixed income securities it uses include investment-grade municipal, corporate or government bonds. The firm includes mutual funds and exchange-traded funds within its asset classes.

On the whole, Pineno Levin & Ford says it aims to help its clients reach their goals while enduring lower-than-average volatility. By minimizing volatility, the firm says that it aims to open up the opportunity for clients to invest more in stocks, which typically produce higher returns than bonds.

Wills Financial Group

Wills Financial Group, the final firm on our list, has $194.86 million in assets under management (AUM), the lowest AUM on this list. The fee-only firm serves individuals and families, as well as retirement plans, trusts, estates and foundations. It does not require a minimum fee or minimum asset level.

Wills Financial Group has five advisors on its team, which makes it on the smaller side in comparison to some of the other firms on this list. Its team includes one certified financial planner (CFP).

Wills Financial Group Background

Wills Financial Group was founded in 1989 by Janet Wills, the firm's current president and principal owner. Wills formed the firm with the vision of creating a place where individuals and families could get objective advice from professionals who prioritize their goals.

As such, Wills Financial Group's customized portfolio management services feature investment advice that is tailored to clients’ needs and objectives. A notably unique feature of Wills Financial Group's personalized asset management is its knowledge-focused support, which aims to help investors fully understand their investment strategies and asset allocation.

In addition, the firm offers financial planning on an as-needed basis. Wills Financial Group places a particular emphasis on retirement planning to help clients determine how much they'll need to save for retirement.

Wills Financial Group Investing

As previously mentioned, Wills Financial Group’s portfolio management services are all about personalization. The firm tailors its clients' portfolios to reflect their needs, goals and priorities. Wills Financial Group's first step is to gain an understanding of a client's unique financial situation, and from there it determines an appropriate asset allocation. Typically, it invests its clients' assets in individual equities, bonds, exchange-traded funds and mutual funds. It may also occasionally invest in private placement opportunities, when appropriate.

The firm's mission is to help its clients reach their medium- to long-term financial goals. The firm doesn't necessarily espouse a buy-and-hold strategy, but it does try to only sell when there's a convincing reason to do so.

Assets Under Management

$194,864,800

Number of Advisors

5

Time in Business

Founded in 1989

Disclosures

0

Fee Structure

Fee-only

Office Location

704 Libbie Ave

Richmond, VA 23226

Phone Number

(804) 330-3100

Website

Wills Financial Group, the final firm on our list, has $194.86 million in assets under management (AUM), the lowest AUM on this list. The fee-only firm serves individuals and families, as well as retirement plans, trusts, estates and foundations. It does not require a minimum fee or minimum asset level.

Wills Financial Group has five advisors on its team, which makes it on the smaller side in comparison to some of the other firms on this list. Its team includes one certified financial planner (CFP).

Wills Financial Group Background

Wills Financial Group was founded in 1989 by Janet Wills, the firm's current president and principal owner. Wills formed the firm with the vision of creating a place where individuals and families could get objective advice from professionals who prioritize their goals.

As such, Wills Financial Group's customized portfolio management services feature investment advice that is tailored to clients’ needs and objectives. A notably unique feature of Wills Financial Group's personalized asset management is its knowledge-focused support, which aims to help investors fully understand their investment strategies and asset allocation.

In addition, the firm offers financial planning on an as-needed basis. Wills Financial Group places a particular emphasis on retirement planning to help clients determine how much they'll need to save for retirement.

Wills Financial Group Investing

As previously mentioned, Wills Financial Group’s portfolio management services are all about personalization. The firm tailors its clients' portfolios to reflect their needs, goals and priorities. Wills Financial Group's first step is to gain an understanding of a client's unique financial situation, and from there it determines an appropriate asset allocation. Typically, it invests its clients' assets in individual equities, bonds, exchange-traded funds and mutual funds. It may also occasionally invest in private placement opportunities, when appropriate.

The firm's mission is to help its clients reach their medium- to long-term financial goals. The firm doesn't necessarily espouse a buy-and-hold strategy, but it does try to only sell when there's a convincing reason to do so.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about cost of living in retirement there.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research