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.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Soltis Investment Advisors, LLC Find an Advisor||$1,861,441,808||$750,000|| || |
|2||UMA Financial Services, Inc. Find an Advisor||$1,223,895,020||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Albion Financial Group Find an Advisor||$1,196,812,841||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||The Insight Group, Inc. Find an Advisor||$848,190,404||$1,000,000|| || |
|5||Olympus Wealth Management, LLC Find an Advisor||$629,680,228||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Crewe Advisors Find an Advisor||$600,082,026||$2,000,000|| || |
|7||Drive Wealth Advisers Find an Advisor||$592,318,862||No set account minimum|| || |
Minimum AssetsNo set account minimum
|8||Foresight Wealth Management, LLC Find an Advisor||$585,582,057||$100,000|| || |
|9||Capita Financial Network, LLC Find an Advisor||$566,666,086||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||TrueNorth Wealth Find an Advisor||$459,282,352||$300,000|| |
How We Found the Top Financial Advisor Firms in Utah
Only financial advisor firms that are headquartered in Utah and registered with the U.S. Securities and Exchange Commission (SEC) were considered for placement on this list. This is because all SEC-registered firms must abide by a fiduciary duty always to act in clients’ best financial interests. Next, we cut any firms that reported legal or disciplinary issues on their Form ADV. We then removed practices that do not offer financial planning or manage individual accounts. Finally, we took the 10 largest firms based on assets under management (AUM). They're listed below, starting with the biggest firm.
All information is accurate as of the writing of this article.
Soltis Investment Advisors, LLC
The top-ranking firm on our list is Soltis Investment Advisors, LLC, a firm located in St. George, Utah. Its staff includes six 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 also serves institutions, corporations, endowments, charitable organizations, foundations, pension plans and 401(k) plans.
Soltis is a fee-only firm. However, it 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 invested with the advisor).
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.
UMA Financial Services, Inc.
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.
This team as a whole includes five 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 of interest, the firm is bound by its 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.
Albion Financial Group
Albion Financial Group has eight certified financial planners (CFPs), two chartered financial analysts (CFAs) and one 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.
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 may charge performance-based fees when an 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, no-load and closed-end mutual funds, corporate and municipal bonds, convertible securities and U.S. government securities.
The Insight Group, Inc.
The Insight Group, Inc. works with 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), two 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 a fiduciary, which means it's legally required always to act in clients' best interests.
The Insight Group Background
The Insight Group has been in business since 1993. It’s principally owned by Paul Salisbury and Mark Matley, the firm’s co-founders. Each of this firm’s advisors has spent at least 20 years in the financial management field.
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 was ranked by the 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 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 says it seeks 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.
Olympus Wealth Management, LLC
Olympus Wealth Managementis, LLC is based in Cottonwood Heights. It works with a nearly even 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 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—including index funds—and exchange-traded funds are the most popular investments at Olympus. Individual equities and bonds may also be used.
Requiring a $2 million minimum account size, Crewe Advisors has the highest bar for clients. It is the fourth-ranked firm in Salt Lake City according to SmartAsset, and primarily 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, 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 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 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.
Drive Wealth Advisers
Drive Wealth Advisors is a fee-based firm located in Lehi. The staff here includes two certified financial planners (CFPs), one chartered financial advisor (CFA) and one 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 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. Bonds are also used, as are mutual funds, pooled investment vehicles and cash holdings.
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 two chartered financial advisors (CFAs), one chartered alternative investment advisor (CAIA), one retirement income certified professional (RICP), one chartered life underwriter (CLU) and one chartered financial counselor (ChFC).
The minimum investment at Foresight is $100,000. Some advisors earn commissions. 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.
Foresight Wealth Management Investing Strategy
The most commonly used investments for clients of Foresight are stocks, bonds, exchange-traded funds, mutual funds and options. For some sophisticated clients, it may recommend using hedge funds and private equity funds.
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 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
Last but not least, TrueNorth Wealth is legally registered with the SEC as Association Financial Services. 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 $500,000 in investable assets is typically required to begin an advisory relationship with the firm.
The firm's 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 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.