Finding a Top Financial Advisor Firm in Utah
Utah is one of the largest states in the U.S., with cities like Salt Lake City and Provo that have many financial advisor firms to choose from. This list of the top Utah financial advisor firms, created through hours of detailed research, is meant to simplify your search for the right financial advisor. In this review, we cover the firms' investing strategies, fees and account minimums. SmartAsset's financial advisor matching tool is another easy way to find an advisor in your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Soltis Investment Advisors, LLC Find an Advisor||$3,322,688,921||$750,000|| || |
|2||Albion Financial Group Find an Advisor||$1,427,276,329||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||UMA Financial Services, Inc. Find an Advisor||$1,310,285,466||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||Foresight Wealth Management, LLC Find an Advisor||$906,462,096||$100,000|| || |
|5||Olympus Wealth Management, LLC Find an Advisor||$683,040,792||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Capita Financial Network, LLC Find an Advisor||$822,182,373||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Drive Wealth Advisers Find an Advisor||$843,140,412||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Crewe Advisors Find an Advisor||$719,026,818||$2,000,000|| || |
|9||Net Worth Advisory Group, LLC Find an Advisor||$498,877,113||$100,000|| || |
|10||TrueNorth Wealth Find an Advisor||$493,363,966||$300,000|| |
What We Use in Our Methodology
To find the top financial advisors in Utah, we first identified all firms registered with the SEC in the state. 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.
Soltis Investment Advisors
The top-ranking firm on our list is Soltis Investment Advisors, a firm located in St. George, Utah. Its staff includes such advisory certifications as certified financial planner (CFP), certified investment management analyst (CIMA), chartered financial analyst (CFA) and accredited investment fiduciary (AIF).
Soltis generally requires clients to maintain an account size of at least $750,000. The majority of the firm’s clients are individuals and high-net-worth individuals, but it also serves institutions, corporations, endowments, charitable organizations, foundations, pension plans and 401(k) plans. Soltis is a fee-only firm.
Soltis Investment Advisors Background
Soltis Investment Advisors’ roots date back to 1993, when its predecessor, Smith Henderson and Associates, was formed. The firm is currently owned by Soltis, Inc.
Soltis refers to the bundle of advisory services it provides to clients as The Investment Management Discipline. This includes a review of a client's investment goals and objectives, the recommendation of an appropriate asset allocation and investment selection, financial planning and consulting services and pension/401(k) consulting advisory services.
As a firm, Soltis has earned a certification from the independent, globally recognized Centre for Fiduciary Excellence (CEFEX), which demonstrates a firm's adherence to strict fiduciary standards. In addition to this certification, Soltis has earned a number of awards. In 2017, Soltis ranked on Barron's and Financial Times' lists of the top financial advisors in the country.
Soltis Investment Advisors Investment Philosophy
Soltis Investment Advisors applies both quantitative and qualitative methods of analysis when selecting a manager or stock. Quantitative evaluation uses computer databases and securities pricing services to analyze performance, while qualitative evaluation involves looking at the education, experience and performance of money managers.
Soltis aims to identify investment opportunities that most closely align with clients' objectives and risk tolerance. These are both outlined in a client's investment policy statement, the creation of which is the first step in a client's investment management process.
Albion Financial Group
Albion Financial Group has a number of advisory certifications on staff, such as certified financial planner (CFP), chartered financial analyst (CFA) and chartered life underwriter (CLU) on its advisory team. This firm is also on SmartAsset's list of the top financial advisor firms in Salt Lake City.
The fee-only firm does not require a minimum account size. Its typical clients are individuals, families, corporations and businesses. Albion tends to serve more non-high-net-worth clients than high-net-worth clients.
The firm may charge performance-based fees when an account performs better than projected.
Albion Financial Group Background
Albion Financial Group is the oldest firm on this list, as it was established in 1982. Albion is independently owned by CEO William Levitt, President John Bird and partner Doug Wells, among a few other of the firm's employees.
Regardless of the type of financial services you need, this firm likely has something to offer you. Its wide range of services includes:
- Education fund planning
- Divorce planning
- Retirement planning
- Net worth and cash flow analysis
- IRA, 401(k) and pension guidance
- Albion Wealth Builder robo-advisor
- Philanthropic investing
- Non-profit consulting
- Corporate trust services
- Small business consulting
Albion Financial Group Investing Strategy
At Albion Financial Group, your personal financial goals, risk tolerance and time horizon will shape your final investment plan. To iron out these details, your advisor will meet with you face-to-face so you can discuss your current financial life and determine your financial goals.
This firm believes in using many different types of investments in client portfolios. Your assets may be invested in equity and debt securities, exchange-traded funds (ETFs), no-load and closed-end mutual funds, corporate and municipal bonds, convertible securities and U.S. government securities.
UMA Financial Services
UMA Financial Services is a Salt Lake City-based firm focused specifically on helping physicians manage their wealth. The firm caters to members of the Utah Medical Association (UMA) and their families. In limited instances, it may provide services to non-members. It also works with entities in connection to UMA, including corporations, foundations, endowments, pension and profit-sharing plans, trusts, estates and charitable organizations. The firm does not have a minimum investment requirement. Though it serves a number of high-net-worth individuals, the majority of the firm's current client base are individuals without a high net worth.
In addition to providing advisory services, certain firm employees are licensed to sell insurance products. The firm, not the individual, directly earns all commissions from sales. Though this may present a potential conflict of interest, the firm is bound by its fiduciary duty.
UMA Financial Services Background
UMA Financial Services was incorporated in 1993. The firm is owned by the Utah Medical Association, which markets the firm’s services to its members.
The firm's services, targeted specifically at physicians, include:
- Investment management
- Retirement planning
- Income planning
- Risk management
- Debt management
- College funding
UMA Financial Services Investing Strategy
UMA Financial Services' investment approach is grounded in the belief that the prices of securities are reflective of all information that is publicly available. It does acknowledge, however, that misinformation can result in pricing inefficiencies.
To maximize returns and minimize risk, the firm diversifies client assets across both countries and asset classes. In certain instances, the firm does acknowledge the potential of market timing or security selection. Beyond portfolio construction, UMA Financial Services believes that rebalancing is integral, and it has tools available to maintain portfolios asset weightings.
Foresight Wealth Management
Foresight Wealth Management is a fee-based firm in Draper that works with individuals, high-net-worth individuals, pooled investment vehicles, pension and profit sharing plans and corporations. The team at Foresight includes such certifications as chartered financial advisor (CFA), chartered alternative investment advisor (CAIA), retirement income certified professional (RICP), chartered life underwriter (CLU) and chartered financial counselor (ChFC).
The minimum investment at Foresight is $100,000. Some advisors earn commissions from the sale of financial products This is a potential conflict of interest, but advisors must always act in the best interest of the client.
Foresight Wealth Management Background
Foresight was founded by CEO Adam Nugent in 2010. Services include investment supervision, pension consulting, selection of other advisors and financial planning. It only became an SEC-registered investment advisor in 2015.
Foresight Wealth Management Investing Strategy
The most commonly used investments for clients of Foresight are stocks, bonds, ETFs, mutual funds and options. For some sophisticated clients, it may recommend using hedge funds and private equity funds. The firm looks to tailor its investment advisory services and strategies to the needs of its clients.
Olympus Wealth Management
Olympus Wealth Managementis, LLC is based in Cottonwood Heights. It works with a mix of high-net-worth and non-high-net-worth individuals, plus institutional clients including pooled investment vehicles, charitable organizations and corporations.
The team at Olympus includes one certified financial planner. This is a fee-only firm, so advisors at Olympus don't earn commissions or transaction-based fees. Instead, their only compensation is the fees they charge clients.
There is no set account minimum at Olympus, but there is a minimum annual fee of $14,000, so it won't make sense for some smaller accounts to use this firm.
Olympus Wealth Management Background
Olympus Wealth Management was founded in 2013 and is owned by The Bird Family Trust, Matthew T. Bloom-Krull and the Poelman Family Trust, with each owner having exactly one-third of the firm.
Services include financial planning and investment management.
Olympus Wealth Investment Strategy
Mutual funds, index funds and ETFs are the most popular investments made by advisors at Olympus Wealth Management. Individual equities and bonds may also be used. Advisors work with clients on an individual basis to determine their investment goals and financial situations. This way, they can create individualized portfolios instead of taking a single, broad-brush approach.
Capita Financial Network
Capita Financial Network is a fee-based firm in Sandy. It works only with individuals, most of whom are not high-net-worth. There is no minimum account size.
The firm does not provide a list of advisor certifications. Some advisors at the firm earn commissions for selling financial products. This is a potential conflict of interest, but advisors must always act in the client's best interest.
Capita Financial Network Background
Capita Financial Network was founded in 2018 by Michael Littledike. The firm is owned by MBL Financial, LLC, which is owned by Michael and Britney Littledike.
Services at Capita include wealth management, investment management and financial planning.
Capita Financial Network Invesment Strategy
Capita Financial Network use seperately managed accounts to create strategies for each client. Investments include mutual funds, exchange-traded funds, annuities, stocks and bonds. Like most advisory firms, Capita works with clients on an individual basis to determine their financial situation. That way they can easily craft tailored advisory services.
Drive Wealth Advisers
Drive Wealth Advisors is a fee-based firm located in Lehi. The staff here includes such certifications as certified financial planner (CFP), chartered financial analyst (CFA) and certified public accountant (CPA).
This is a fee-based firm, so some advisors earn commissions in addition to advisory fees. This is a potential conflict of interest, but advisors still must act in the client's best interest. Clients at Drive include individuals (some of whom are high-net-worth), pension and profit-sharing plans, charitable organizations and corporations. There is no set account minimum.
Drive Wealth Advisers Background
Drive Wealth Advisers was founded in 2015 and is owned by Crabb Financial, LLC. That firm is solely owned by Lowell C. Crabb, who is also the chief compliance officer at Drive.
Services include portfolio management, recommendation of subadvisors, financial planning, pension consulting and general consulting.
Drive Wealth Advisers Investment Strategy
Stocks make up about half of the investments at Drive Wealth Advisers. Bonds are also used, as are mutual funds, pooled investment vehicles and cash holdings. Advisors at Drive work directly with clients to determine an overall financial profile for each client. This allows advisors to craft investment strategies to the needs of each client.
Requiring a $2 million minimum account size, Crewe Advisors is next on our list. It primarily serves individual investors, businesses, charitable organizations and insurance companies. More specifically, the firm’s individual client base is split between high-net-worth individuals and those without a high net worth, though it works with slightly more high-net-worth individuals.
Crewe Advisors is a fee-based firm. Advisors may earn commissions from trading certain investments in your account or from selling insurance policies. However, the firm's fiduciary duty binds the firm and its representatives to act in clients' best interests at all times.
Crewe Advisors Background
Crewe Advisors was founded in 2014. Crewe is owned by business services company HH2007, LLC, business management firm Tidus, LLC and holding firms T2, LLC and Crewe Holdings, all of which are owned or controlled by members of the firm.
The firm’s financial planning services encompass investment management, college fund planning, debt and credit planning, retirement planning, tax minimization, executive counseling, business succession planning and life insurance review.
Crewe Advisors Investing Strategy
There are several basic factors that Crewe Advisors takes into account when building your personalized financial plan: your current financial situation including your income and tax status, your level of risk tolerance, your overall time horizon and any financial goals you may want to reach in that time span. Based on these factors, the firm will invest your assets across exchange-traded funds, mutual funds, individual fixed-income and equity securities and private securities.
Like many other firms, Crewe believes in long-term investing. However, because some clients may have a need for liquidity, the firm does engage in some short-term strategies like short-term trading, short sales and margin transactions to ensure it meets those needs.
Net Worth Advisory Group
Coming in next on our list of Utah's top financial advisors is Net Worth Advisory Group. This is a smaller firm that works exclusively with individual clients. Of these individual clients, around 75% of them are non-high-net-worth individuals, with the rest falling into the high-net-worth category.
Net Worth Advisory is a fee-only firm, so it doesn't receive commissions from selling financial products to clients. The firm does have an $100,000 minimum account size requirement for advisory services.
Net Worth Advisory Group Background
Net Worth Advisory Group was founded in 2003, so it's on the older side when it comes to the firms on our Utah list. The firm became an SEC-registered investment advisor in 2006. Ray E. LeVitre is the firm's founder and one of its principal owners. David W. Swapp and Gregory M. Simmons are the firm's two other principal owners, and all three are certified financial planners (CFP).
Net Worth Advisory works with clients to provide financial planning services and investment portfolio management services. A little more than half of the firm's assets are managed on a discretionary basis.
Net Worth Advisory Group Investment Strategy
Net Worth Advisory Group and its small team of advisors aim to tailor their investment management strategies to the needs of each of their clients. This process involves meeting with clients and getting a sense of specific factors like risk tolerance and liquidity needs, but also more general factors like financial situation and long-term investment objectives.
Client accounts will typically consist of mutual funds, exchange-traded funds (ETFs), annuities, bonds and equities. Advisors tend to invest for the long term in client accounts.
Wrapping up our list is TrueNorth Wealth. The fee-only firm has three office locations in Utah, including in Salt Lake City, St. George and Logan.
The vast majority of TrueNorth Wealth's clients are high-net-worth individuals. The firm describes its typical clients as the “elite intellectual specialists of Utah.” They are usually physicians, surgeons, business owners and key employees who want to protect their wealth, minimize their tax burden and plan their estate. A minimum of $300,000 in investable assets is typically required to begin an advisory relationship with the firm.
TrueNorth Wealth Background
TrueNorth Wealth was founded in 2004 and it has offered advisor services since 2007. Marty Watkins, who founded the firm and is the CEO, is the firm's majority owner. Aside from TrueNorth Wealth, the firm may also do business as TrueNorth Retirement Services and Idaho Medical Association Financial Services.
The firm's primary focus is financial planning. It offers financial planning in five areas, including asset protection, estate planning, income tax planning and investment planning. Unlike many investment firms, TrueNorth Wealth does not have discretionary authority over its investing accounts, meaning it can't execute trades for clients without their express consent. It does, however, provide non-discretionary asset management and investment recommendations.
TrueNorth Wealth Investment Philosophy
TrueNorth Wealth considers the big picture when investing its clients' money. It takes into account everything from the current political and economic environments to your family and life situation. The firm places a particular emphasis on tax efficiency in an effort to minimize clients' tax obligations.
The firm adapts its investment recommendations and strategies to clients' unique situations and needs, as it states in its Form ADV that "no one approach works at all times for all clients." It does, however, typically hold securities for over a year and builds its portfolios based on modern portfolio theory. TrueNorth Wealth avoids private placements or other alternative investments, opting to only use registered funds from investment companies with philosophies with which it agrees.