Top Financial Advisor Firms in Utah

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The first firm on our list is located in Roy, Utah. The Karras Company, Inc. has $1.33 billion in assets under management (AUM). Its team is small, however, with just two financial advisors on staff. Both advisors are certified financial planners (CFPs). 

The Karras Company works with individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations and business entities. The majority of its clients are individual investors who do not have a high net worth. More specifically, the firm's base of individual investors includes business owners, corporate executives, retirees and both families and individuals. The firm generally requires new clients to have at least $250,000 in AUM.

This is a fee-based firm, as it is compensated through commissions for its investment advisory services. The Karras Company may also earn additional compensation through other arrangements, including in its role as a registered representative for its broker-dealer  Raymond James Financial Services, Inc. Raymond James & Associates, Inc. facilitates the firm's advisory programs. The firm is a fiduciary though, requiring it to put its clients' best interests before its own.

The Karras Company Background

The Karras Company was founded in 1997 by Nolan Karras, who is now the firm's chairman. He and Brett Karras, who joined the firm in 2000 and is now president, jointly own the firm.

The firm offers the following services:

• Financial planning
  • Cash management
  • Risk management
  • Insurance
  • Education funding
  • Goal setting
  • Retirement planning
  • Estate and charitable giving planning
  • Tax planning
  • Capital needs planning
• Institutional consulting services
• Investment advice
• Wrap fee program

The Karras Company Investing Strategy

The Karras Company's investment approach is centered on the beliefs that the markets are usually efficient and that asset allocation is the primary determinant of gross returns. Once a client's objectives, risk tolerance and time horizon are determined, the firm will follow one of its models with varying weight between equities and fixed income investments.

Typically, the portfolios that The Karras Company creates for its clients consist primarily of stocks and no-load stock and bond mutual funds. In certain cases, it will also use fixed income investments and/or bond funds.

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UMA Financial Services, Inc. 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.

The firm, which has $1.2 billion in assets under management, has a total of six financial advisors on staff. This team as a whole includes six certified financial planners (CFPs), one chartered retirement plans specialist (CRPS), one chartered retirement planning counselor (CRPC), one accredited investment fiduciary (AIF) and one certified investment management analyst (CIMA). 

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, the firm is bound by fiduciary duty.

UMA Financial Services Background

UMA Financial Services, Inc. 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.

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Albion Financial Group manages more than $1.1 billion in client assets, which is almost double the amount of assets managed by the third firm on this list, The Insight Group, Inc. This Salt Lake City-based firm has six certified financial planners (CFPs), two chartered financial analysts (CFAs) and one chartered life underwriter (CLU) on its advisory team. This firm ranked first on SmartAsset's list of the top financial advisor firms in Salt Lake City.

Albion offers a unique financial service called “Women of Albion,” which focuses on the distinct factors that affect how women manage their money. This service can encompass estate planning, tax planning, insurance planning, retirement counseling, multi-generational wealth transfer and more.

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.

Of all the firms on this list, only Albion and Soltis Investment Advisors, LLC may charge performance-based fees when your account performs better than projected.

Albion Financial Group Background

Albion Financial Group is tied with First Western Advisors for the oldest firm on this list, as both firms were established in 1982. Albion is independently owned by CEO William Levitt, President John Bird and partner Doug Wells.

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 has received several awards recently. It was named one of Financial Advisor Magazine’s top registered investment advisors (RIAs) in 2017, and one of Utah’s top 10 RIAs by Utah Business Magazine in 2016.

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.

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The top-ranking firm on our list is Soltis Investment Advisors, LLC, a firm located in St. George, Utah, that has $1.06 billion in assets under management (AUM). The firm has 14 advisors on staff, including four certified financial planners (CFPs), two certified investment management analysts (CIMAs), one chartered financial analyst (CFA) and one 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 can also serve institutions, corporations, endowments, charitable organizations, foundations, pension plans and 401(k) plans.

Soltis is a fee-only firm. The firm may charge performance-based fees to certain "qualified clients" (defined by the Investment Advisers Act of 1940 as a client with a $2.1 million net worth or at least $1 million in assets with the advisor right after investing).

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 utilizes both quantitative and qualitative evaluations when analyzing a manager or stock selection. Quantitative evaluation uses computer databases and securities pricing services to analyze performance, while qualitative evaluation examines recommendation managers to verify education, experience and performance.

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 development of which is the first step in a client's investment management process.

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The Insight Group, Inc. works with a many different types of clients, including individuals and high-net-worth individuals, estates, trusts, pension and profit-sharing plans, businesses and charitable organizations. The firm has a unique approach to portfolio management, as it doesn’t select a single advisor to manage your account but rather uses the strengths of individuals across its team.

You will need at least $1 million to open an account at this firm that came in third on SmartAsset’s list of the top financial advisor firms in Salt Lake City. As far as advisory certifications go, Insight currently has three chartered life underwriters (CLUs), three chartered financial consultants (ChFCs), three certified financial planners (CFPs) and one certified fund specialist (CFS) on staff.

The Insight Group is a fee-based firm. Advisors at this firm may offer you insurance policies to supplement your account. However, the firm is fiduciary, and it is therefore required to always act in your best interest.

The Insight Group Background

The Insight Group, Inc. has been in business since 1993. It’s principally owned by Paul Salisbury and Mark Matley, the firm’s co-founders. Every one of this firm’s advisors has spent at least 20 years in the financial management field, affording it ample experience.

The firm’s financial planning services encompass retirement planning, investment planning, financial independence preparations, estate planning, life/disability/long-term care risk analysis, tax management, cash flow review and debt management review.

The Insight Group, Inc. was ranked by Financial Times as one of America’s top 300 financial advisor firms in 2017. It also placed 19th on Financial Advisors’ list of the top 50 fastest-growing firms in the U.S.

The Insight Group Investing Strategy

The Insight Group, Inc. focuses on incorporating tax efficiency into every financial plan it creates. To do this, it utilizes targeted tax management early on each year to try to maximize clients’ tax returns come tax season.

In addition, The Insight Group, Inc. says it strives to allocate your assets across as many different classes as possible while still adhering to your risk tolerance and time horizon requirements. More specifically, your assets will likely be invested in some combination of stocks, cash equivalents, fixed-income investments, real estate, municipal bonds and corporate bonds.

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No firm on this list has a higher account minimum than Crewe Advisors, which requires a $2 million minimum account size. It is the fourth-ranked firm in Salt Lake City according to SmartAsset, and principally serves individual investors, businesses, charitable organizations and insurance companies. More specifically, the firm’s individual client base is nearly split down the middle between high-net-worth individuals and those without a high net worth.

Compared to the rest of the firms on this list, Crewe Advisors’ staff has significantly fewer certifications. There is only one chartered financial analyst (CFA) on staff.

Crewe Advisors is a fee-based firm. Advisors may earn commissions from trading certain investments in your account or from selling insurance policies. However, fiduciary duty binds this firm to act in your best interest 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 four 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 facts, the firm will invest your assets across exchange-traded funds (ETFs), 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.

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TrueNorth Wealth, legally registered with the SEC as Association Financial Services, has three office locations in Utah, including in Salt Lake City, St. George and Logan. As the fifth-ranking firm on our list, it has $459 million in assets under management. It is a fee-only firm.

The vast majority of TrueNorth Wealth's clients are high-net-worth individuals, who it specializes in serving. 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 $500,000 in investable assets is typically required to begin an advisory relationship with the firm.

TrueNorth Wealth has a relatively small team of five advisors. Its advisory team includes a certified financial planner (CFP) and a chartered retirement planning counselor (CRPC). One of its advisors, C. Richard Hopkins, is a physician who teaches medical school anatomy in addition to providing financial and retirement planning services.

TrueNorth Wealth Background

TrueNorth Wealth was founded in 2004 and it's 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's investment philosophy is embedded in comprehensiveness, as it wants to consider the bigger picture when investing its clients' money. It considers 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.

Tanner Capital Management, LLC has the smallest advisory team of any firm on this list. The firm’s staff also has a limited number advisor certifications, as there is only one chartered financial consultant (ChFC). 

This fee-based firm has the second-highest account minimum at $1 million. Tanner, which is located in Provo, mostly works with individuals. It serves more than double the number of high-net-worth individuals than non-high-net-worth individuals. In addition, the firm works with pensions, profit-sharing plans and charities.

Advisors at this firm may earn commissions when certain securities are traded in client accounts and when they sell insurance policies. However, the firm is a fiduciary and therefore must act in your best interest.

Tanner Capital Management Background

Tanner Capital Management is an independent financial advisor firm owned by managing member and chief compliance officer J. David Tanner. J. David Tanner has spent more than 30 years in the financial management industry.

This firm believes that financial planning can only be done comprehensively. The services it offers include:

• Cash and risk management
• Retirement planning
• Estate planning
• Charitable giving
• Tax mitigation
• Capital needs planning
• Education funding review
• Insurance analysis
• Overall financial review of income, liabilities, business agreements, tax returns and more

Tanner Capital Management Investing Strategy

Tanner Capital Management uses a variety of investment strategies in its client portfolios. These include long-term purchases, short-term purchases, margin transactions and trading. Long-term purchasing is the primary investment strategy used, while the other three strategies are utilized to take advantage of quick market shifts.

Mutual funds, index funds, exchange-traded funds (ETFs), separately managed accounts (SMAs) and alternative investments make up the majority of the investments the firm uses in its client portfolios. The exact distribution depends upon your risk tolerance and any financial goals you may have.

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Though Navigate Private Wealth, LLC does serve a small group of high-net-worth individuals, more than 90% of its individual clients fall beneath the high-net-worth threshold. The fee-based firm located in Draper also serves trusts, estates, corporations, limited liability companies (LLCs), pension and profit-sharing plans and charitable organizations. To open an account with this firm, you will need at least $250,000 in investable assets, though the firm does make exceptions.

Navigate’s staff boasts one of the most extensive lists of certifications. There are four certified financial planners (CFPs), two chartered retirement planning counselors (CRPCs), one certified public accountant (CPA) and one chartered financial consultant (ChFC) on staff.

If you purchase an insurance policy through this firm or have specific securities traded in your portfolio, advisors may earn additional compensation. It’s important to remember that the firm abides by fiduciary duty though, forcing it to act in your best financial interest.

Navigate Private Wealth Background

Navigate Private Wealth, LLC is an employee-owned firm. It was established in 2014. Navigate’s advisors average about 23 years in financial management. The firm’s team includes both younger and older advisors though, offering different points of view.

Navigate offers a variety of financial services. The firm’s offerings include retirement planning, estate planning, corporate and personal tax planning, real estate analysis, insurance analysis, line of credit evaluation, corporate structure planning and charitable giving planning.

Navigate Private Wealth Investing Strategy

To make risk tolerance easier to identify, Navigate Private Wealth has determined six tiers of risk tolerance based off of the five-year standard deviation of the S&P 500:

• Conservative - Less than 40% of the five-year S&P 500 standard deviation
• Moderately conservative - Less than 55% of the five-year S&P 500 standard deviation
• Moderate - Less than 70% of the five-year S&P 500 standard deviation
• Moderately aggressive - Less than 85% of the five-year S&P 500 standard deviation
• Aggressive - Less than 100% of the five-year S&P 500 standard deviation
• Speculative - More than 100% of the five-year S&P 500 standard deviation

Once you’ve chosen one of these risk tolerances, you and your advisor will evaluate how it can be implemented while still taking into account your financial goals for the future. Navigate Private Wealth typically uses mutual funds, exchange-traded funds (ETFs) and individual stocks and bonds in client portfolios.