Finding a Top Financial Advisor Firm in Southfield, Michigan
Southfield, Michigan is home to a surprising number of financial advisor firms, so making a final decision on one can be tough. We researched company records and filings with the U.S. Securities and Exchange Commission (SEC) to find the best contenders in the city. Want a more personalized recommendation? SmartAsset’s financial advisor matching tool matches you with local advisors based on your answers to a short questionnaire.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Plante Moran Financial Advisors, LLC Find an Advisor||$14,337,303,133||$500,000|| || |
|2||Telemus Capital, LLC Find an Advisor||$2,590,057,589||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Advance Capital Management, Inc. Find an Advisor||$2,512,170,637||$150,000|| || |
|4||Center For Financial Planning, Inc. Find an Advisor||$966,700,000||None|| || |
|5||Starfire Investment Advisers, Inc. Find an Advisor||$483,642,000||$100,000|| || |
|6||CIG Asset Management, Inc. Find an Advisor||$153,517,327||$100,000|| || |
|7||Lumin Financial, LLC Find an Advisor||$152,905,266||$250,000|| || |
|8||SGH Wealth Management Find an Advisor||$141,900,158||$100,000|| || |
How We Found the Top Financial Advisor Firms in Southfield, Michigan
Only firms that are registered with the SEC and located in Southfield, Michigan were considered for placement on this list. We only considered SEC-registered firms because those firms have a fiduciary duty to act in their clients’ best interests. To further condense our list, we removed any firms that had disclosures, as well as those that did not manage individual accounts or did not offer financial planning services. The final list is ordered by assets under management (AUM), which indicates the amount of money the firm is managing for clients.
Plante Moran Financial Advisors, LLC
Plante Moran Financial Advisors is a wealth advisory firm that was established in 1993. Over the years, it’s accrued around 2,800 clients who hold more than $14 billion in assets under management (AUM). The firm’s client base is home to individuals, high-net-worth individuals, pension plans, charitable organizations, government entities, corporations, family limited partnerships (LPs) and family/private foundations.
The firm provides investment management, general financial planning, wealth management, estate planning, auditing, tax preparation and consulting services. Plante Moran generally imposes an account minimum of $500,000, but it reserves the right to waive this requirement.
Plante Moran is a fee-based firm, meaning its advisors may earn commissions on top of standard advisory fees - either through certain securities transactions or the sale of insurance products. While this may create a potential conflict of interest, the firm has a fiduciary duty to always act in your best interest.
Plante Moran Financial Advisors Background
Plante Moran Financial Advisors was established in 1993. In addition to Southfield, the firm has offices in Colorado, Illinois, Ohio, China, India, Japan and Mexico. Across these branches, the firm has 140 advisors, the majority of whom work out of the Southfield office. This group includes certified financial planners (CFPs) and chartered financial analysts (CFAs).
For portfolio management services, the firm will typically charge a percentage of your AUM that ranges from 0.25% to 0.90%, depending on the market value of your assets. Financial planning fees are typically charged at an hourly rate between $110 and $450.
Plante Moran Financial Advisors Investment Philosophy
Plante Moran typically invests in many different types of securities when constructing client portfolios. These include open-end mutual funds, exchange-traded funds (ETFs), collective trusts, certificates of deposit (CDs), limited partnership interests, interests in limited liability companies, options contracts on securities, hedge funds and other alternative investments.
Plante Moran uses proprietary models to analyze investment options and attempt to find undervalued securities. The model will factor in statistics like P/E ratio, dividend yield, price-to-book ratio and others to formulate a market valuation that can be compared to historical averages. From time to time, the firm may recommend allocating a portion or all of a client’s portfolio to the advisement of an independent investment manager.
Telemus Capital, LLC
Telemus Capital, LLC is a 25-advisor firm that’s been around since 2013. The firm currently manages roughly $2.6 billion in assets from more than 1,400 clients. The firm’s clients are a mix of individuals and high-net-worth individuals, pooled investment vehicles, pension plans, charitable organizations, government entities and corporations.
The firm offers investment advisory and financial planning services to its clients, as well as consulting services for pensions and other qualified retirement plans. The firm doesn’t have an account minimum, but it does impose a minimum annual fee of $3,750. Note that this minimum may cause Telemus’ services to be cost prohibitive for you.
Telemus Capital is fee-based, as some advisors are separately licensed to sell insurance products such as life insurance or annuities. While this creates the potential for conflicts of interest, the firm is bound by fiduciary duty to always act in its clients’ best interest.
Telemus Capital Background
Telemus Capital is wholly owned by Focus Operating, LLC, which itself is a wholly-owned subsidiary of Focus Financial Partners, LLC, a financial services holding company. Among the firm’s 25 advisors are three certified financial planners (CFPs), one certified public accountant (CPA) and one chartered financial analyst (CFA).
For investment management services, the firm will typically charge you 0.55% to 1.25% of your invested assets. Financial planning fees are generally included in this rate. However, the firm may decide to charge a stand-alone fee for especially complex situations.
Telemus Capital Investment Philosophy
A key aspect of the Telemus Capital investment process is fitting its strategy to individualized factors like your time horizon, need for liquidity, risk tolerance and investment goals. For most clients, the firm uses one of six model strategies: “Capital Preservation,” “Conservative,” “Moderate,” “Balanced,” “Capital Accumulation” and “Aggressive.”
Allocations of multiple asset classes (equities, fixed-income securities, alternative investments, cash) will be present in differing percentages in each model strategy, depending on the risk profile it adheres to. Every model will include some combination of individual equities, individual bonds, mutual funds, exchange-traded funds (ETFs), alternative investments and potentially other investments too.
Advance Capital Management, Inc.
Fee-only Advance Capital Management, Inc. employs 26 financial advisors. This team serves roughly 4,675 clients and manages just over $2.5 billion in assets. Founded in 1986, the firm works with individuals, high-net-worth individuals, pension plans, charitable organizations, other investment advisors and corporations.
The firm offers financial planning and investment consulting services for individuals and retirement plans. Typically, the firm expects new clients to have at least $150,000 in investable assets.
Advance Capital Management Background
Advance Capital Management was established in 1986. The firm is owned by holding company Advanced Capital Group, Inc., which itself has four owners. The principal owner is the ACG Employee Stock Ownership Plan, while minority owners include John Shoemaker, Raymond Rathka and Robert Cappelli.
The firm has 26 advisors in total, though only nine work in Southfield. Eight of those nine advisors are certified financial planners (CFPs), and one of those eight is also a certified public accountant (CPA).
For investment management and financial planning services, the firm charges a percentage of your assets under management (AUM) from 0.65% to 1.00%. The firm may decide to negotiate a different fee agreement based on additional factors as well.
Advance Capital Management Investment Philosophy
Advance Capital Management usually invests in mutual funds and exchange-traded funds (ETFs), provided that these securities fit in with a client’s risk tolerance and overall investment goals. The firm may also use alternative investments as a way to further diversify a portfolio.
When deciding on what funds to invest in, the firm considers factors like its risk-adjusted performance, size, manager tenure, Morningstar rating and availability to new investors. From there, the firm’s investment committee will further analyze and narrow down the options to a list of approved funds. To determine the proper asset allocation, advisors will consider the client’s risk tolerance, investment objectives, time horizon, income needs and tax circumstances.
Center For Financial Planning, Inc.
The Center for Financial Planning, Inc. is a 12-person advisory firm that was founded in 1985. It has over 1,000 clients, split between individuals and high-net-worth individuals.
The firm provides comprehensive financial planning services, along with investment management, to its clients. There is no minimum portfolio size required to work with the Center for Financial Planning.
As a fee-based firm, some advisors may earn commissions from certain transactions, thereby creating the potential for conflicts of interests. Despite this, the firm will always act in the best interests of its clients due to its fiduciary duty.
Center for Financial Planning Background
The Center for Financial Planning was created in 1985. The firm has two principal owners in Matthew Chope and Timothy Wyman. It ownership group is rounded out by three other individuals: Sandra Adams, Angela Palacios and Laurie Renchik.
There are 12 advisors working at this firm, a group that includes nine certified financial planners (CFPs).
Fees for investment management services tend to fall between 0.30% and 1.20% of your assets under management (AUM). Financial planning fees are frequently determined on a case-by-case basis, but most clients are charged an initial fee that’s between $1,500 and $3,000. From there, the remainder of your fees will be a negotiable fixed or hourly rate.
Center for Financial Planning Investment Philosophy
The Center for Financial Planning uses both actively-managed mutual funds and passively-managed exchange-traded funds (ETFs) as the core of its portfolios. This allows for inherent diversification across industry sectors around the world. The firm may also invest in individual stocks or bonds, closed-end mutual funds, unit investment trusts (UITs), structured notes, hedge funds and other alternative investments.
Starfire Investment Advisers, Inc.
Starfire Investment Advisers, Inc. has $483 million in assets under management (AUM), and it serves roughly 300 clients. Individuals, high-net-worth individuals, pension plans and charitable organizations comprise this client base. Starfire is a fee-only firm.
Starfire provides investment supervisory, investment consulting, financial planning and educational workshops for both individuals and corporations. You’ll need at least $100,000 to become a client of this firm.
Starfire Investment Advisers Background
Starfire Investment Advisers was established in 1992. Its principal owner is Ronald Humenny, who founded the firm and serves as its president and chief compliance officer (CCO). Hummeny is one of the firm’s two advisors along with Diane L. Prenger. Hummeny holds certified financial planner (CFP), certified public accountant (CPA) and accredited investment fiduciary (AIF) designations. Prenger also holds a CFP and an AIF.
Financial planning fees can come in the form of a fixed fee between $2,500 and $7,500 or an hourly fee between $75 and $300, depending on the scope of the services and the complexity of your financial situation. Investment management fees are a percentage of your AUM, usually between 0.30% and 0.90%.
Starfire Investment Advisers Investment Philosophy
Starfire Investment Advisers works to personalize its investment strategy to each client by sitting down with them and establishing their risk tolerance, financial needs, investment objectives, time horizon and other relevant factors. The firm takes this information and uses it to create an asset allocation and strategy that’s best equipped to produce success over the long term.
When analyzing potential investments, Starfire relies on a blend of fundamental, technical and cyclical analysis. Fundamental analysis looks to gauge a company or fund’s value by examining essential financial information. Technical analysis is the practice of analyzing historical price and volume data as a way to forecast future prices. Cyclical analysis involves looking over the relationship between market cycles and prices to forecast future price movement.
CIG Asset Management, Inc.
CIG Asset Management, Inc. has been an investment advisor in Michigan since 1997. Its 240 clients are a mix of individuals, high-net-worth individuals, pooled investment vehicles and pension plans. The firm has about $153 million in assets under management (AUM).
CIG provides fee-based investment management and comprehensive financial planning or consulting to its clients. The firm imposes a minimum account size of $100,000 for its services.
Certain CIG advisors are registered representatives of a broker-dealer, which means they may earn commissions for conducting certain securities transactions. Additionally, some advisors are separately licensed to sell insurance products, which may also generate commissions. These commissions create the potential for conflicts of interests, but the firm is still bound by fiduciary duty to always act in your best interest.
CIG Asset Management Background
CIG Asset Management was formed in 1997 by Osman R. Minkara. It is a wholly-owned subsidiary of CIG Capital Advisors, which is in turn owned by Minkara. The firm can offer seven advisors, with one certified financial planner (CFP) and one chartered financial analyst (CFA) among them.
CIG calculates investment management fees as a percentage of your AUM between 0.80% and 2.50%. Make sure you match the firm’s minimum annual fee of $3,000.
Financial planning and consulting clients will be charged a fixed fee of between $2,500 and $10,000. These rates are negotiable and vary depending on the scope and complexity of the services provided.
CIG Asset Management Investment Philosophy
CIG Asset Management’s investment approach is centered around strategic asset allocation. This practice involves setting long-term allocation targets for various asset classes and periodically rebalancing portfolios when necessary to return to these targets. The firm will work with clients to establish an appropriate level of risk and their required return rate. Only then can it put together these target allocations accordingly.
Securities used in CIG’s portfolios may include cash, fixed-income, domestic and international equities, options, real estate investment trusts (REITs), commodities and other alternative assets. The firm may invest in mutual funds or exchange-traded funds (ETFs) to provide coverage of asset classes with built-in diversification.
Lumin Financial, LLC
Lumin Financial, LLC has been providing investment advice to clients in the Southfield area since 2000. Its 145 clients include individuals, high-net-worth individuals, pension plans and charitable organizations. The minimum portfolio size to work with the firm is $250,000.
Lumin Financial is a fee-based firm, and some Lumin advisors are separately licensed to sell insurance products like life insurance or annuities. While this creates a potential conflict of interest, it remains that Lumin has a fiduciary duty to act in its clients’ best interest at all times.
The firm provides financial planning and consulting services to its clients on top of discretionary investment advisory services. For certain clients, the firm can also offer consulting for retirement plans and 401(k) plan participants.
Lumin Financial Background
Lumin Financial was founded in 2000. The firm’s sole owner is Victor Hayes Hicks II. Hicks is one of the firm’s two advisors, and he’s a certified financial planner (CFP) and an accredited investment fiduciary (AIF).
Fees for investment advisory services are a percentage of your assets under management (AUM) that can vary from 0.25% to 1.75%. Fees for 401(k) plan participants may be up to 0.80% of their invested assets, but the exact rate will be negotiated through your plan sponsor.
Financial planning services may come with a fixed or an hourly fee. If fixed, the fee will end up being anywhere from $1,000 to $10,000. If hourly, the fee will be somewhere between $150 and $350.
Lumin Financial Investment Philosophy
Lumin Financial primarily employs fundamental analysis when it comes to evaluating securities. Fundamental analysis is the attempt to discern a company’s intrinsic economic value by analyzing its balance sheet and other financial documents rather than focusing only on the movement of its stock price.
The firm creates portfolios that are customized to each client’s goals and risk level. When constructing portfolios, the firm looks for equity securities of companies with high returns and dividends. Additionally, the firm believes that diversification is a crucial element needed to achieve an optimal return for a given level of risk.
SGH Wealth Management
SGH Wealth Management has been an investment advisor in Southfield since 2005. Its roughly 199 clients include individuals, high-net-worth individuals and businesses. The firm has just shy of $142 million in assets under management (AUM).
SGH Wealth Management primarily provides financial planning and investment management to its clients. Typically, a minimum of $100,000 in investable assets is required to work with the firm.
The firm is fee-based, which means advisors may earn commissions for certain transactions in addition to the advisory fees that you pay. This creates a potential conflict of interest, but the firm is bound by fiduciary duty to always act in your best interest.
SGH Wealth Management Background
SGH Wealth Management was formed in 2005, and it’s owned and controlled by Sam Huszczo. Huszczo is one of the firm’s two advisors, along with Steve Catallo. Catallo is a certified financial planner (CFP), and Huszczo is both a CFP and a chartered financial analyst (CFA).
SGH charges its investment management fees as a percentage of your AUM. These can range from 0.60% to 1.00%, depending on the value of your portfolio. For financial planning services, the firm will customarily charge a fixed fee between $300 and $1,000, or an hourly fee of $225. All fees are negotiable at the discretion of the firm.
SGH Wealth Management Investment Philosophy
SGH Wealth Management creates investment strategies on a client to client basis through its asset allocation. The firm will do this according to each client’s goals, risk tolerance, cash flow needs and time horizon. Asset classes included in portfolios will typically include equities, fixed-income instruments, alternative investments and cash.
The firm advises clients on bonds and other corporate debt instruments, exchange-traded funds (ETFs), mutual funds, government debt instruments including treasury bills and municipal securities, stocks, preferred stocks, high-yield debt, domestic fixed-income, options, traded and non-traded real estate investment trusts (REITs), limited partnerships, managed futures, money market funds and cash.