Finding a Top Financial Advisor Firm in Spokane, Washington
When your retirement and investment future are at stake, choosing a financial advisor is a daunting task. We made it easier by researching, compiling and discussing your top four choices in Spokane, Washington in the reviews below. Read on to find what makes each firm stand out from the rest.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Quantum Financial Planning Services Find an Advisor||$316,915,616||$2,400 flat annual fee if account size dips below $300,000|| || |
Minimum Assets$2,400 flat annual fee if account size dips below $300,000
|2||Northern Capital Management Find an Advisor||$298,661,316||No minimum account size for new clients|| || |
Minimum AssetsNo minimum account size for new clients
|3||Ten Capital Investment Advisors Find an Advisor||$291,190,721||Minimum annual fee of $5,000|| || |
Minimum AssetsMinimum annual fee of $5,000
|4||Vickerman & Driscoll Financial Advisors Find an Advisor||$246,858,000||$5,000 to open an account; $2,000 minimum annual fee|| || |
Minimum Assets$5,000 to open an account; $2,000 minimum annual fee
|5||Asset Planning and Management, Inc. Find an Advisor||$112,677,808||None|| || |
How We Found the Top Financial Advisor Firms in Spokane, Washington
For this list, we only considered firms in Spokane registered with the U.S. Securities and Exchange Commision. Financial advisors that fall under SEC jurisdiction follow regulations and have a fiduciary duty to act in their clients’ best interest. We eliminated firms with disciplinary issues or disclosures and any firm that didn’t manage individual accounts. This left us with four firms. The list below is arranged from the most assets under management to the least.
Quantum Financial Planning Services
Quantum Financial Planning Services, a fee-based firm, is No. 1 on this list. Founded in 1979, the firm is also the oldest on the list and has more than $300 million in assets under management. Six main advisors work for the firm, and each is a certified financial planner (CFP).
The firm doesn't explicitly require a minimum investment to open an account. However, it charges a minimum annual fee of $2,400 to clients with less than $300,000 in their accounts.
Services include wealth management (which includes asset allocation, portfolio review and more), cash flow analysis, retirement planning, risk assessment, estate planning and specialized planning.
Quantum Financial Planning’s main location is a few blocks from the Spokane Arena, north of the Spokane River. The firm’s second office is in Kirkland, Washington, northeast of Seattle.
Quantum Financial Planning Services Background
Eric Christiansen, CFP, is the sole owner of Quantum Financial Planning Services. He has been with the firm since 1995. He also serves as trustee on the Financial Education Public-Private Partnership (FEPPP) board. In addition, Christiansen is a current member of the Financial Planning Association (FPA).
The firm has 13 total employees, including advisors and support staff. The firm employs in total three CFPs and a chartered retirement planning counselor (CRPC).
Quantum Financial Planning Services Investment Strategy
This firm, like many financial advisors, uses strategic asset allocation as its primary investment strategy. This strategy is derived from modern portfolio theory, which stresses the importance of broad diversification across asset classes to protect against risk while seeking gains.
Each client will have a portfolio specific to his or her situation. For example, if you have high cash flow needs, low risk tolerance and an investment horizon of 10 years, your portfolio will be completely different than someone with high risk tolerance and low cash flow needs. Your first few meetings with your advisor will draw out your financial objectives and investment factors needed to construct your portfolio. Quantum Financial Planning primarily invests in mutual funds, but will also provide advice on stocks, bonds and other securities.
Northern Capital Management
Northern Capital Management
Northern Capital Management can trace its roots back to 1992. Today, it offers a comprehensive range of wealth and investment advisory services to individuals, families, corporations and foundations. However, most of its clientele is composed of high-net-worth individuals. This means that the average client of Northern Capital Management has a net worth of more than $1 million.
The financial planning services offered by the firm can touch on a wealth of topics, including developing cash flow plans, retirement planning and preparing for your children’s college expenses. It also helps clients build investment portfolios on a discretionary and non-discretionary basis.
Northern Capital Management Background
Although the firm has been in business since the early '90s, Northern Capital Management adopted its current name back in 2003. James K. Wilson, who founded the company, remains a principal shareholder. He currently serves as CEO and president. In addition, he’s also a certified financial planner (CFP). In total, the firm employs three advisors with CFP designations. It also has a support staff of eight additional individuals.
Northern Capital Management Investment Philosophy
Northern Capital Management primarily invests client assets in no-load/non-commissioned investment vehicles, including mutual funds and exchange-traded funds (ETFs). This means sales charges and commissions won't reduce your account when you sell shares of funds.
In making investment decisions, the firm utilizes a range of resources and methodologies. These include research and analysis products by firms like Morningstar and fi360. The latter provides a fiduciary score on investments selected by the Investment Committee.
Ten Capital Investment Advisors
Founded in 2011, Ten Capital Investment Advisors is one of the newest firm on the list. The firm works as a fee-only financial advisor. This type of compensation model is among the most fair to clients. It means the firm receives compensation through management fees rather than product commissions from insurance or mutual funds.
Ten Capital has $233 million in assets under management and offers investment management and financial planning. New clients should have a minimum of $400,000 in investable assets for the $5,000 minimum annual fee to make sense.
Ten Capital Investment Advisors Background
Timothy Mitrovich is the CEO, chief investment officer, co-founder and primary owner. He’s a financial industry veteran, with more than 15 years’ experience from working at Richards, Merrill and Peterson. Previous to that, he worked as a lawyer.
The firm has 11 additional employees, but not one certification among them. Common certifications at financial advisor firms include chartered financial analyst (CFA), certified financial planner (CFP) and certified public accountant (CPA).
Ten Capital Investment Advisors Investment Strategy
Ten Capital states “a well-built investment portfolio, regardless of its risk profile, should utilize a number of asset classes and styles.” This philosophy follows modern portfolio theory that emphasizes the importance of broad diversification. The firm focuses on designing an optimal asset allocation that takes into account your financial goals and objectives, as well as the market environment. Additionally, the firm attempts to identify the top investment manager or team for each subcomponent. The end result are diversified portfolios with top-notch managers.
Ten Capital creates portfolios that consist of stocks, bonds, exchange-traded funds (ETFs), mutual funds and other public securities.
Vickerman & Driscoll Financial Advisors
At Vickerman & Driscoll Financial Advisors, you only need $5,000 to open an account, but you’re subject to a $2,000 minimum annual fee. The firm has four members and more than $200 million in assets under management. Founded in 2000, the firm is fee-based and offers financial planning, estate planning, tax consulting and preparation.
Vickerman & Driscoll Financial Advisors Background
Mike Vickerman is co-founder and co-owner of his namesake firm. He serves as president and is a certified public accountant (CPA). He worked for Ernst & Young, a global accounting firm, as well as Job Line Construction and Pacific West Securities.
Kevin Driscoll, co-founder and co-owner, serves as the chief investment officer and chief compliance officer. He’s also a CPA and worked with Vickerman at Job Line Construction.
Vickerman & Driscoll Financial Advisors Investment Strategy
If you have less than $250,000, the firm generally invests your assets into portfolios consisting of exchange-traded funds (ETFs) and/or mutual funds. This is common among financial advisors and is the preferred way by many to invest with limited funds (robo-advisors, such as Wealthfront and Betterment follow this model as well). Vickerman & Driscoll have model portfolios developed in-house that determine the overall asset allocation, security holdings and sector weightings. You may be matched with a model portfolio based on your financial situation and objectives. Other factors include time horizon, liquidity needs, retirement date and risk tolerance. Across all portfolios is a common theme of diversification and liquidity to control risk. The firm invests in stocks, bonds, ETFs and no-load mutual funds.
Asset Planning and Wealth Management
Asset Planning and Wealth Management provides a range of financial services to individuals and their families. The fee-only firm currently holds more than $100 million in assets under management. It mainly works with individuals. About half of its clientele consists of high-net-worth individuals.
The firm aims to provide comprehensive financial planning services. So it can help you with various aspects of your financial life from budgeting and debt repayment to retirement and estate planning. The firm doesn’t require a specific minimum investment, but you can face a minimum fee of $5,000 if you have a small balance. Asset-based fees with the firm range from 0.45% to 1.00%.
But unlike several advisor firms, Asset Planning and Wealth Management collects fees for its services only. So it doesn’t sell its own products or earns compensation from recommending one investment over another. This can significantly reduce conflicts of interest.
Asset Planning and Wealth Management Background
Asset Planning and Wealth Management was founded in 1997 by current share holder Greer Gibson Bacon, who holds a certified financial planner (CSP) designation. Asset Planning and Wealth Management is one of the smaller firms on our list with a total of two employees including a client service manager.
According to official documents filed with the SEC, the firm primarily works with high-net-worth individuals.
Asset Planning and Wealth Management Investment Strategy
Asset Planning and Wealth Management begins its investment advisory process with an investment policy statement. This document will detail your investment portfolio’s asset allocation. The firm invests most assets in individual securities and money market mutual funds. Each quarter, the firm will review your portfolio.
Working with Asset Planning and Wealth Management, you’d have access to six types of portfolios driven on specific themes: liquidity, income, balanced, growth with income and growth.