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||Heritage Wealth Advisors, LLC Find an Advisor||$1,373,953,890||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Wealthcare Capital Management, LLC Find an Advisor||$1,339,176,914||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Kanawha Capital Management, LLC Find an Advisor||$938,288,903|| |
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|4||Godsey & Gibb Wealth Management Find an Advisor||$774,394,077|| |
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|5||Verus Financial Partners Find an Advisor||$706,011,383|| |
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|6||Agili, P.C. Find an Advisor||$702,625,713|| |
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|7||SBK Financial, Inc. Find an Advisor||$558,843,029|| |
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|8||Cherry Bekaert Wealth Management LLC Find an Advisor||$439,440,066||$500,000|| || |
|9||Alpha Omega Investment Advisors Find an Advisor||$415,355,582|| |
No set account minimum
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No set account minimum
|10||Canal Capital Management, LLC Find an Advisor||$377,568,262|| |
No set account minimum
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No set account minimum
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 a fee-only firm that has 15 financial advisors on staff. Its team includes three certified financial planners (CFPs), three chartered financial analysts (CFAs), two certified public accountants (CPAs) and one personal financial specialist (PFS).
Heritage Wealth Advisors is one of four firms on this list that does not have a set account minimum. The firm primarily works with individuals, high-net-worth individuals and families. It also serves trusts, estates, business entities, non-profit organizations and retirement plans.
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.
Wealthcare Capital Management, LLC
With nearly $1.34 billion in assets under management (AUM), Wealthcare Capital Management is ranks second on this list of Richmond's top financial advisor firms. The firm's large 36-person team of advisors has plenty of advisor certifications. These include six certified financial planners (CFPs), two certified public accountants (CPAs), one certified public accountant/personal financial specialist (CPA/PFS), one enrolled agent (EA), one chartered financial analyst (CFA), one qualified plan financial consultant (QPFC), one certified divorce financial analyst (CDFA), one accredited investment fiduciary analyst (AIFA) and one retirement plans associate (RPA).
The client base of this fee-only firm consists mostly of individual clients without a high net worth. However, Wealthcare also has the ability to work with high-net-worth individuals, estates, trusts, businesses, charitable institutions, foundations, endowments, retirement plans and other investment advisors.
Wealthcare Capital Management, LLC Background
Wealthcare Capital Management, LLC has been in business since 2001. It is not run independently, as parent company Financeware Holdings LLC wholly owns it. In fact, Wealthcare used to share the Financeware name, until it was split off into its own entity.
Because this firm has working relationships with typical clients, businesses and other groups, as well as outside investment advisors, its service offerings vary wildly. But perhaps its most commonly utilized service is GDX360®, which is as customizable a financial service as you’ll come across. This program can be optimized for just about any goal or tier of client, giving Wealthcare ample flexibility.
Wealthcare Capital Management, LLC Investing Strategy
Although risk tolerance is the main driver of many financial advisor firms, Wealthcare particularly takes pride in finding exactly how much risk should be present without your portfolio’s construction. However, the firm is a massive believer in exchange-traded funds (ETFs), especially those that include equity and securities and government treasury securities.
If your unique situation calls for it, your advisor may also recommend investing in mutual funds, corporate debt securities, variable annuities and other similar vehicles. In general, though, you can count on Wealthcare to take a long-term approach to handling your money, as market-timing and stock-picking are not strategies it employs.
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’ abilities 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 two certified financial planners (CFPs), two certified public accountants/personal financial specialists (CPA/PFS) and one chartered financial analyst (CFA). 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.
Verus Financial Partners
Verus Financial Partners has 10 financial advisors on staff. The firm’s team includes seven certified financial planners (CFPs), the most of any firm on this list. In addition, it has five certified public accountants (CPAs), five accredited investment fiduciaries (AIFs), three personal financial specialists (PFS), three enrolled agents (EAs) and one chartered financial consultant (ChFC).
To be a client of this fee-only firm, you'll need at least $500,000. The majority of Verus Financial Partners' clients are individuals, though it also serves a large group of high-net-worth individuals. Additionally, the firm works with pension and profit-sharing plans and charitable organizations.
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.
Agili, 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 majority of the firm's clients are individual investors, though it also provides advice to pension and profit-sharing plans, 401(k) plans, trusts, estates, corporations and other business entities.
The firm’s staff boasts a comparatively impressive array of certifications, with six certified financial planners (CFPs), four certified public accountants (CPAs), two chartered financial analysts (CFAs), two enrolled agents (EAs), two financial paraplanner qualified professionals (FPQPs), one chartered financial consultant (ChFC) and one chartered retirement plans specialist (CRPS).
Notably, Agili is one of two firms on this list, alongside Canal Capital Management, LLC, that charges performance-based fees. This could incentivize advisors to take more risks in order to improve portfolio performance. However, the firm is a fee-only firm that's bound by fiduciary duty.
Agili, P.C Background
Agili, 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.
Agili 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, Agili provides trust services, family office services, institutional retirement plans, concierge services and non-traditional investments.
Agili, P.C Investment Philosophy
Agili's 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.
Agili's 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 Agili says it thinks outside of the box when it comes to investing.
SBK Financial, Inc.
SBK Financial Inc. is one of two firms, alongside Agili, 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 to 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.
Cherry Bekaert Wealth Management LLC
Cherry Bekaert Wealth Management LLC, the eighth firm on our list of the top Richmond financial advisor firms, has a total of nine financial advisors on staff. Though a smaller team than many other firms' on this list, Cherry Bekaert's team holds an diverse spread of certifications for its size. This includes five certified financial planners (CFPs), two certified divorce financial analysts (CDFAs), two certified trust and financial advisors (CTFAs), one chartered financial consultant (ChFC), one accredited investment fiduciary (AIF), one certified investment management analyst (CIMA), one chartered life underwriter (CLU), one certified public accountant (CPA) and one certified public accountant/personal financial specialist (CPA/PFS).
Cherry Bekaert has nine office location in addition to its Richmond headquarters, including three more locations in Virginia (in Tysons Corner, Roanoke and Virginia Beach) and offices in Florida, Georgia, Maryland, North Carolina and South Carolina. The firm's clients are primarily individuals, though it also serves a large group of high-net-worth individuals. Other client types include pension plans, profit sharing-plans, 401(k) plans, trusts, estates, charitable organizations, corporations and other business entities. Like a number of other firms on this list, it requires a minimum account size of $500,000 for investment management services.
The firm is fee-based. Some employees are registered representatives of a broker-dealer. Additionally, the firm is also a licensed insurance agency in certain states and certain employees are licensed as insurance agents. Though employees are eligible to receive commissions in both of these roles, they cannot earn a commission from an advisory client unless they've disclosed the amount of that commission to the client in writing. The firm is also bound by fiduciary duty to act in clients' best interests.
Cherry Bekaert Wealth Management LLC Background
Cherry Bekaert Wealth Management has been in business since 1998. The firm is wholly owned by Cherry Bekaert LLP, an accounting firm.
Cherry Bekaert breaks down its services into two categories: those for private clients and those for retirement plans. For private clients, the firm offers portfolio management and a wide range of financial planning services, including retirement planning, personal risk management, estate planning, insurance needs analysis, investment planning and business succession planning. It also offers investment advisory oversight services specifically for clients with a net worth of more than $5 million. Additionally, the firm provides 1031 like-kind exchange advisory services arising from real estate sales.
For retirement plans, Cherry Bekaert offers plan consulting and portfolio management.
Cherry Bekaert Wealth Management LLC Investing Strategy
Cherry Bekaert Wealth Management's investing strategy incorporates the tenets of modern portfolio theory, which asserts the following:
- Investors are risk-averse.
- The markets are basically efficient.
- When investing, first consider individual securities and then shift towards the overall portfolio.
- Each risk tolerance level has a corresponding target rate of return.
The firm has a number of equity and fixed income allocation strategies, all of which are focused on the long term. Cherry Bekaert will take into consideration whether any client restrictions and modify the allocation strategy accordingly. Generally, the firm recommends a model portfolio of open-end mutual funds, though it may also recommend investment-grade fixed income securities, private placements and third-party investment managers when appropriate.
Alpha Omega Investment Advisors
Alpha Omega Investment Advisors does not require a set account minimum. The fee-only firm primarily serves non-high-net-worth individuals, though it also works with a number of high-net-worth individuals 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 in its Richmond office includes one certified financial planner (CFP), one chartered financial analyst (CFA), one chartered retirement planning counselor (CRPC), one accredited investment fiduciary (AIF) 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 its 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 Agili, 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.