Finding a Top Financial Advisor Firm in Topeka, Kansas
Topeka, Kansas is home to several financial advisor firms, so it may be difficult to sort out which one is right for you. To help you make this important decision, SmartAsset put this list together of the top firms in Topeka. For each firm, we looked at a number of factors, such as advisory services, typical client base, account minimums, investment strategies and certifications. As an alternative, SmartAsset's free advisor matching tool can connect you with up to three advisors in your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Clayton Wealth Partners Find an Advisor||$616,989,201||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Carlson Financial Find an Advisor||$271,947,924||$250,000|| || |
|3||Cornerstone Advisors, LLC Find an Advisor||$199,920,986||No set account minimum|| || |
Minimum AssetsNo set account minimum
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What We Use in Our Methodology
To find the top financial advisors in Topeka, 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.
Clayton Wealth Partners
The first firm on this list is Clayton Wealth Partners (CWP). The firm employs a mid-sized team of financial advisors. The firm works primarily with individuals who do and don't have a high net worth, along with a handful of charities and businesses. CWP does not have a specific minimum investment requirement for clients, though some services call for an annual fee.
CWP provides wealth management services, which consist of portfolio management and financial planning. The firm also offers one-off financial consulting. The firm can develop financial plans that relate to wide variety of different situations and goals.
This is a fee-only firm. That means it only receives advisory fees from clients, and does not receive sales commissions for insurance or securities transactions.
Clayton Wealth Partners Background
Originally established in 1984, Clayton Wealth Partners has two founding partners, Debra Clayton and Randy Clayton. Debra Clayton is president of the firm and Randy Clayton acts as secretary and treasurer. They have decades of industry experience between the two of them.
The firm employs several certified financial planners (CFPs), a chartered financial analyst (CFA), a certified investment management analyst (CIMA), a chartered life underwriter (CLU) and a financial paraplanner qualified professional (FPQP). (Advisors may have more than one credential.)
Clayton Wealth Partners Investment Strategy
Clayton Wealth Partners works with clients to determine their financial needs and goals. It does this so that it can tailor its investment strategies accordingly. Advisors account for a range of factors, such as an individual's investment objectives, investment history, time horizon, income needs and risk tolerance. An advisor will then tell the client which model portfolio or mix of model portfolios best suits their profile.
While CWP will occasionally engage in short-term trading, it typically focuses on attaining long-term growth. The firm also prefers to heavily diversify its portfolios. Advisors often invest in mutual funds and exchange-traded funds, though other investments may be used to flesh out certain portfolios. Advisors utilize both cyclical and fundamental methods of analysis to determine which securities are best suited for a particular client.
Carlson Financial is the next firm on our list. The firm's client base is heavily individual-centric, and the vast majority of these individual clients do not have a high net worth. The firm also works with a handful of businesses. The minimum account balance requirement at Carlson is $250,000, though this is negotiable.
Carlson provides a fairly typical suite of financial advisory services. Its financial planning offerings are the cornerstone of the firm's advisory business, as every client-advisor relationship begins with an evaluation of the client's currrent and desired financial states. Other financial planning services include insurance and long-term care planning, retirement planning, tax minimization and estate planning. The firm's investment management services are designed to help clients reach specific investment goals.
Advisors at Carlson Financial are also licensed insurance agents and in their non-advisor capacity collect sales commissions on insurance products. This makes the firm fee-based. Although this creates the potential for a conflict of interest, the firm is a fiduciary, meaning it must act in clients' best interests.
Carlson Financial Background
Carl Carlson, the CEO of Carlson Financial, founded the company in 2012. It wasn't until 2018, though, that the firm registered as an investment advisor with the SEC. Carl Carlson and Dan Moylan, chief investment officer, have over 50 years of wealth management experience between them.
The on-staff team at Carlson includes such advisory certifications as certified public accountant (CPA) and certified financial planner (CFP). The firm operates offices in Topeka, Kansas; Colorado Springs, Colorado; Richmond, Virginia; and Virginia Beach, Virginia.
Carlson Financial Investment Strategy
Carlson Financial tailors its investment strategy to the individual needs of each of its clients. This process involves sitting down with the client on a face-to-face basis and developing an investor profile centered around important factors, such as risk tolerance, time horizon, income needs and financial objectives. Advisors develop a specific financial plan with each client that helps further inform what investments and asset allocations would be best for them.
Since investment strategies are created for each client, Carlson and its advisors don't stick to any one particular group of ideas or set of investments. The firm may utilize equities, bonds, mutual funds, alternative investments and any other securities that naturally fit in a client's profile. Advisors invest on both a long- and short-term basis, with a significant emphasis on effective asset allocation determination.
Cornerstone Advisors is a smaller firm that provides investment management services, as well as financial planning and financial consulting. Most of the firm's individual clients do not have a high net worth. The firm also works with charitable organizations, corporations and other business entities. You won't need to meet any sort of minimum balance requirement to work with this firm.
Cornerstone provides comprehensive wealth management services to clients in order to help them meet their financial goals. Cornerstone offers investment management to clients, helping to develop proper investment strategies for their personal goals and needs. The firm also has financial planning services that encompass tax planning, estate planning, retirement planning and more.
This firm is fee-based, which means its advisors sell insurance products on a commissions basis. This creates a potential conflict of interest, though the firm is bound by its fiduciary duty, legally obligating it to act in clients' best interests.
Cornerstone Advisors Background
Cornerstone Advisors was founded in 2000 by Donald Schwart, who remains the firm's CEO to this day. Schwart is a long-time wealth management professional, having worked in the industry since 1966.
The advisors at Cornerstone don't hold any advisory certifications, such as chartered financial analyst (CFA) or certified financial planner (CFP). That said, Senior Partner Jeff Sorenssen has an MBA, while Chief Compliance Officer Danyse Ford has Series 7 and Series 24 licenses.
Cornerstone Advisors Investment Strategy
Cornerstone Advisors formulates specific investment plans and advice for each client depending on their long- and short-term goals. Through an ongoing series of interviews and meetings with clients, advisors determine their personal investment objectives, risk tolerance, time horizon, investment history and liqudity needs. This information is then used to produce a client profile, develop an associated investment strategy and implement that strategy within the confines of a portfolio.
The firm tends to invest client assets in mutual funds and exchange-traded funds. However, in some cases, the firm may also invest in concentrated stock positions. The firm also tends to focus on long-term returns, avoiding frequent trading in order to minimize the negative effects of trading fees.