Finding a Top Financial Advisor in Springfield, Illinois
It’s not easy finding the right financial advisor in Illinois, where there are hundreds of firms registered with the Securities and Exchange Commission (SEC). But don’t worry, we did all the research for you to find you the top financial advisor firms in in Springfield, Illinois. These practices are the largest in the capital city, have clean records and provide financial planning and portfolio management services to individuals. You can also use our interactive advisor matching tool to find up to three advisors in your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||KEB Wealth Advisors Find an Advisor||$721,956,296||$3,000 minimum annual fee|| || |
Minimum Assets$3,000 minimum annual fee
|2||Sikich Financial Find an Advisor||$440,430,915||$250,000|| || |
|3||Robert Gordon & Associates, Inc. Find an Advisor||$238,005,453||$50,000|| || |
|4||Skinner, Copper & Ehmen Wealth Management, LLC Find an Advisor||$410,260,589||No set account minimum|| || |
Minimum AssetsNo set account minimum
|5||Troxell Financial Find an Advisor||$263,858,688||$100,000|| || |
|6||BOS Asset Management, LLC Find an Advisor||$109,557,109||No set account minimum|| || |
Minimum AssetsNo set account minimum
What We Use in Our Methodology
To find the top financial advisors in Springfield, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
KEB Wealth Advisors
At the top is KEB Wealth Advisors, which is the largest firm in terms of assets under management on this list. Its advisory team features around a dozen advisors, who work with individuals with and without a high net worth, trusts, partnerships, businesses, not-for-profit organizations and retirement plans. There is no set account minimum here, but there is a minimum annual fee of $3,000.
KEB Wealth Advisors is a fee-only firm. This means that its compensation only comes from clients. This is in contrast to fee-based firms, which also feature a commission-based arrangement in addition to client fees.
KEB Wealth Advisors Background
Originally, Kerber, Eck and Braekel CPAs and Management Consultants was an accounting firm. In 1999, J. Marc Carter and other partners reorganized the firm, shortening its name to KEB Wealth Advisors.
The firm provides investment management services mostly on a discretionary basis. In addition, the firm offers financial planning services addressing such areas as:
- Personal budgeting and savings
- Tax planning
- Death and disability analysis
- Retirement planning
KEB Wealth Advisors Investing Strategy
KEB Wealth Advisors utilizes portfolio asset allocation software to design and construct a portfolio that adheres to a client’s specific risk tolerance and investment goals. The firm’s advisors generally build these portfolios with passively managed index mutual funds from Dimensional Fund Advisors (DFA).
Sikich Financial is up next on our list. Wealth management is just one service that Sikich offers, as it also provides accounting, insurance, investment banking and more. The team's financial advisor certifications include certificed public accountant (CPA), certified financial planner (CFP), accredited investment fiduciary (AIF), chartered financial analyst (CFA) and more.
To open an account with this firm, you'd generally need a minimum of $250,000, though the firm may waive this requirement at its discretion. Sikich Financial is a fee-based firm, so it may earn compensation from third-party sources in addition to fees it collects from clients. This arrangement potentially poses a conflict of interest, though the firm still has a fiduciary duty to always provide advice in the best interest of the client.
Sikich Financial Background
Sikich Financial first opened its doors in 2007. It is wholly owned by Sikich LLP, which in turn is owned by its employees. The firm's main office is in Springfield, but it has more branches in Illinois (Chicago, Decatur, Naperville and Peoria). The practice also has offices in Ohio, Virginia, Massachusetts, California, Indiana, Maryland, Wisconsin, Minnesota, Missouri and New Jersey.
The firm specializes in investment management services via wrap-fee programs sponsored by Triad Advisors and another by Pinnacle. The practice also advises on financial planning topics like goal setting, investment planning, estate planning, stock option planning, insurance planning, cash flow planning, real estate planning, education planning, retirement planning and long-term care planning.
Sikich Financial Investing Strategies
Sikich Financial generally makes investment decisions based on modern portfolio theory, which posits that diversified portfolios can maximize returns and reduce risk by offering exposure to different asset classes and types of securities. Sikich Financial uses asset allocation software to determine the investment mix for a client appropriate to his or her risk tolerance and time horizon.
Robert Gordon & Associates
Robert Gordon & Associates provides financial planning and investment management services to hundreds of clients in Springfield. All of the firm's advisors are certified financial planners (CFPs). Clients of the firm include high-net-worth individuals, non-high-net-worth individuals and a single pooled investment vehicle, or fund. The firm imposes a minimum account balance of $50,000 for investment management services.
Advisors with Robert Gordon & Associates work on a fee-only basis. This means their compensation comes solely from client-paid fees. In turn, the firm doesn’t earn commissions from third-party companies, such as insurance or mutual fund firms, for investing client assets in their products.
Robert Gordon & Associates Background
Robert Gordon & Associates has been active in Springfield since 1983. Robert A. Gordon is the sole owner of the firm, and he has more than three decades of experience in the financial services industry. He’s also the founder of the central Illinois chapter of the International Association for Financial Planning.
He leads a team that offers portfolio management and financial planning services. They can advise on, wealth management, taxes, investments, insurance, pensions, retirement and estate planning.
In addition, the firm provides independent investment advisors with access to Institutional Intelligent Portfolios, an automated investment platform sponsored by Schwab Wealth Investment Advisory, Inc. These automated portfolios are generally built with exchange-traded funds (ETFs) and a cash allocation.
Robert Gordon & Associates Investing Strategy
Robert Gordon & Associates manages client assets as it deems suitable to help them meet their investment goals. So it considers their risk tolerance, time horizon and other factors when making investment decisions.
When evaluating securities, the firm steers away from technical analysis and charting, instead primarily focusing on fundamental analysis. This involves measuring the intrinsic value of a stock by exploring economic variables such as the stock-issuing company's financial health, the industry and the overall state of the global economy. It also turns to market data published by financial media, third-party research publications and more.
Skinner, Copper & Ehmen Wealth Management
Skinner, Copper & Ehmen Wealth Management offers portfolio management services through wrap fee accounts only. This means that all charges are combined into a single rate, as opposed to advisory, transactional and custodial fees all being separate. The team of advisors here features two certified financial planners (CFPs), one chartered life underwriter (CLU), one personal financial specialist (PFS) and one certified public accountant (CPA).
The firm no longer requires a minimum account balance for any of its services. It also operates as a fee-based advisor. In turn, some advisors can sell insurance products and securities on a commission basis, which potentially poses a conflict of interest. However, the firm and its advisors must uphold their legal fiduciary duty to work in the best interests of clients.
Skinner, Copper & Ehmen Wealth Management Background
The original partnership between Ryan Ehmen and James Copper began in 2000. Douglas Skinner then joined the firm in 2007. Today, Skinner, Copper & Ehmen Wealth Management offers the following services to its clients:
- Wrap comprehensive portfolio management
- Wrap & non-wrap asset management
- Financial planning & consulting
- Pension consulting
- Referrals to third-party money managers
Skinner, Copper & Ehmen Wealth Management Investing Strategy
When creating investment portfolios, Skinner, Copper & Ehmen Wealth Management considers several factors including the client's financial needs and tolerance for risk. Depending on this and other factors, advisors may build portfolios with individual stocks or bonds, exchange traded funds (ETFs), options, mutual funds and other public and private securities.
The firm reviews portfolios at least quarterly and rebalances them when it deems it necessary to help the client achieve investment goals.
The financial advisor team at Troxell Financial is responsible for hundreds of millions in client assets under management. Collectively, these financial advisors hold several professional designations in the financial services industry. These include certified financial planner (CFP), certified public accountant (CPA), accredited investment fiduciary (AIF), registered financial consultant (RFC) and professional plan consultant (PPC).
To establish an investment advisory relationship with the firm, you typically need a minimum investment of $100,000. However, the firm may waive this requirement at its discretion.
Troxell is a fee-based firm. This means it earns insurance product sales compensation in addition to advisory fees collected from its clients. That said, Troxell has a fiduciary duty to provide advice solely in the best interests of its clients.
Troxell Financial Background
Troxell Financial was established in 2011. Kevin Crumly, president and chief compliance officer (CCO), is the current owner. With more than 25 years of experience in the financial services space, Crumly manages a team that provides portfolio management services to a diverse group of clients.
The firm also offers financial planning services. Depending on your needs, your financial plan may address saving for retirement, investing in education through 529 plans, analyzing life insurance needs, identifying long-term care needs and estate planning. In addition, Troxell serves as a fiduciary investment manager or investment advisor to defined contribution plans such as 401(k)s.
Troxell Financial Investment Strategy
Troxell Financial’s advisors build investment portfolios tailored to the specific needs and risk appetite of the client. It aims for diversification by investing across various asset classes. When evaluating investments, the firm generally relies on fundamental analysis. This method explores factors such as the financial health of a company, industry conditions and the state of the overall economy to measure the intrinsic value of a stock or other similar investment.
BOS Asset Management
BOS Asset Management is the smallest firm on this list in terms of both assets under management and number of on-staff advisors. Its client base consists of mostly individuals above and below the high-net-worth threshold, as well as charitable organizations and businesses. The firm does not have a specific minimum investment requirement.
Certain on-staff advisors at BOS can sell insurance products and securities on a commission basis. Although this is a potential conflict of interest, the firm's fiduciary duty requires it to act in clients' best interests at all times.
BOS Asset Management Background
BOS Asset Management is the youngest firm on our list, as it was founded in just 2020. As you can infer from its name, the firm is owned by the Bank of Springfield.
Financial planning at BOS can cover a wide range of topics. These include retirement planning, insurance planning, college fund planning, tax planning, cash flow analysis, trust and estate planning and business planning. Custom investment management services are also available.
BOS Asset Management Investing Strategy
BOS Asset Management tailors every portfolio to each client's individual situation. Some of the most important factors used in this process include risk tolerance, time horizon, liquidity needs and financial goals. Clients have some control over specific investment they may or may not want included in their portfolio, though the firm has certain securities that it prefers to invest in. These include individual stocks, mutual funds, ETFs and, on occasion, individuals bonds.