Finding a Top Financial Advisor Firm in Spokane, Washington
When your retirement and investment future is 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.
How We Found the Top Financial Advisor Firms in Spokane, Washington
The initial criteria for selecting firms was U.S. Securities and Exchange Commision registration. 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 $235 million in assets under management. Six advisors work for the firm.
You don’t need a certain amount of money to become a client, as there aren’t any asset minimums. 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
Quantum Financial Planning Services has three owners: John Nord, C. Eric Christiansen and Jonathan Springstead. Nord has been a certified financial planner (CFP) since 1987 and has worked in the investment management industry since 1982. Christiansen has been with the firm since 1995 and is also a CFP. Springstead was a client service manager at the firm from 2002 until recently.
The firm has 13 total employees, including advisors and support staff. There are three additional CFPs, one certified divorce financial analyst (CDFA) 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.
Ten Capital Investment Advisors
Founded in 2011, Ten Capital Investment Advisors is the newest firm on the list. It’s also the first fee-only financial advisor on the list. This type of compensation model is the most fair to clients, with the firm receiving compensation through management fees rather than from product commissions from insurance or mutual funds.
With 11 advisors, Ten Capital has the most advisors out of all the firms on the list. 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 over 15 years’ experience from working at Richards, Merrill and Peterson. Previous to that, he worked as a lawyer. Kurt Orton co-owns the firm and is the senior investment advisor. He joined Ten Capital in 2013 after four decades spent in the financial services industry at firms such as Dean Witter & Co, Old National Bank of Washington and Richards, Merrill and Peterson.
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 advisors and $208 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, services as the chief investment officer and chief compliance officer. He’s also a CPA and worked with Vickerman at Job Line Construction.
The firm has three additional employees, including one certified financial planner (CFP).
Vickerman & Driscoll Financial Advisors Investment Strategy
If you have less than $250,000, your portfolio will consist of 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’ll 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 & Management
Founded in 1997, Asset Planning & Management is the second-oldest firm on the list after our No. 1 firm, Quantum Financial Planning Services, and is the first firm that’s owned by a woman. This firm has $104 million in assets under management and caters mostly to high-net-worth individuals. This means those with at least $750,000 in investable assets or a $1.5 million net worth.
The compensation model at this financial advisor is fee-only, like our No. 2 firm Ten Capital Investment Advisors. Asset Planning & Management has two advisors, the fewest out of our Spokane list. Services offered include investment management and financial planning.
Asset Planning & Management Background
Greer Bacon is the founder and sole owner of Asset Planning. She started her career in 1979 at a major New York Stock Exchange member firm. She is Series 7, 52, 53, 63 and 65 certified. Bacon is a certified financial planner (CFP).
Asset Planning & Management Investment Strategy
According to the firm’s SEC brochure, its “philosophy is simple. If you buy quality investments and implement a disciplined long-term strategy, performance will take care of itself.” That means a long-term approach to investments.
Asset Planning generally relies on fundamental analysis when evaluating companies. The firm uses independent research firms only, rather than using research from large brokerage firms.
The firm has six portfolio strategies: liquidity portfolio, income portfolio, income with growth portfolio, balanced growth and income portfolio, growth with income portfolio and growth portfolio. Each portfolio on the list increases its expected gross return, with growth portfolio having the highest expected gross return. Your portfolio’s strategy will be determined by your financial objectives and personal financial factors, such as cash flow needs, risk tolerance and timeline.