Top Financial Advisors in Utica, NY

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With billions in assets under management, Strategic Financial Services is far and away the largest firm on our Utica list. The firm employs a large team of financial advisors who work with individual clients both with and without a high net worth, retirement plans, charities and businesses. This firm does not have a set account minimum for new clients.

Strategic Financial Services offers several different asset allocation programs and strategies. It's also a fee-only firm, which means all of its compensation comes from client-paid fees. While some advisors hold insurance licenses, the firm does not allow them to sell new policies.

Strategic Financial Services Background

Strategic Financial Services has been in business since 1979. Alan Leist III is the firm's principal owner along with Judith Vicks Sweet. Leist is the CEO of the firm and holds a chartered financial analyst (CFA) certification, and Sweet serves as president and is also a CFA. In addition to Sweet and Leist, the firm employs four other CFPs and three other CFAs.

This firm offers three types of financial services: wealth counseling, investment management and employer retirement plan services. Wealth counseling is often bundled together with other investment management services; the firm provides the Strategic Core Program for traditional investment management and financial planning, while the Strategic SKY Program is for clients with fewer assets to invest. The firm manages the majority of its assets on a discretionary basis.

Strategic Financial Services Investment Strategy

Strategic Financial Services' investment committee utilizes asset allocation models to best fit the financial objectives of each client. The firm also tailors its investment management services to address the needs of each client, including their risk tolerance, time horizon, income needs and investment preferences.

The advisory uses forecasting, budgeting, data analysis and other investment models to inform its investment decisions. Its portfolios usually consist of several investment securities, including stocks, bonds, mutual funds and exchange-traded funds (ETFs). The Strategic Core Program typically utilizes a wider range of investments than are included in the Strategic SKY Program.

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With hundreds of millions of dollars in assets under management, Adirondack Financial Services Corp. is up next on our list. The firm has four divisions: investment advisory services, qualified retirement plans, employee benefits and client-directed investments.

Non-high-net-worth clients outnumber more affluent clients at Adirondack. The team of advisors here also works with businesses, not-for-profit corporations, government entities and insurance companies. The firm does not have a set account minimum.

Certain advisors here can sell insurance products on a commission basis. While this represents a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests at all times.

Adirondack Financial Services Corp.

Harold T. Clark, Jr., who owns several local companies, including Adirondack Bank, is the majority shareholder of Adirondack Financial Services Corp. He is listed in the firm's SEC filings as board chairman. William Locke serves as CEO of the firm and as Adirondack Bank's board director. He is a chartered financial analyst (CFA).  

The firm offers investment management on a discretionary or non-discretionary basis. It also provides financial planning, pension consulting, 401(k) investment advice and trust management. Some advisors may be brokers and/or insurance agents. This can be confusing, since in their non-advisor roles, they are not required to act as fiduciaries. When receiving a recommendation, be sure you know what it is based on, and whether and how the advisor may benefit from it.

Adirondack Financial Services Corp.

All investment advice and decisions at Adirondack Financial Services Corp. is based on clients' specific needs. This includes their personal risk tolerance, time horizon, liqudity needs and long-term financial goals. All of this information is put together into an investment policy statement (IPS), which will guide the management of your portfolio over time.

Should your goals or market conditions change, your investment portfolio's asset allocation may be altered. Rebalances may also be necessary if your asset allocation falls out of its intended settings.

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Coming in third on our list of the top firms in Utica is Caruso McLean & Co. The firm manages assets for high-net-worth individuals, though non-high-net-worth individuals actually make up a larger percentage of its client base. Its on-staff financial advisors also work with retirement plans, charities and businesses.

For the most part, you'll need at least $50,000 in investable assets to open an account with Caruso McLean & Co. The firm may decide to waive this minimum at its discretion, though.

The advisors here are also broker-dealer representatives and insurance agents. In these roles, they collect transaction-based commissions, which can potentially pose conflicts of interest. This is different from a fee-only firm, where advisors' only compensation is from client fees. As an SEC-registered firm, however, the practice has a fiduciary duty to act in its clients' best interests.

Caruso McLean & Co. Background

Gregory McLean and Ernest Caruso co-founded Caruso McLean & Co. in 1988 after spending many years working in the financial services industry. McLean currently serves as the firm's president, founding partner and principal owner, as Caruso passed away in 2010. Stephen Caruso, his son, serves as the firm's chief investment officer (CIO) and is a chartered financial analyst (CFA).

Caruso McLean offers investment management services through both wrap fee and non-wrap fee programs. The firm also provides asset allocation consulting, financial planning, retirement planning and college planning services.

Caruso McLean & Co. Investment Strategy

Caruso McLean & Co. tailors its investment strategies based on the goals of each individual client. Client relationships begin with a session to determine these goals and objectives so that the firm and its advisors can plan accordingly. Advisors take into account retirement goals, investment objectives, risk tolerance, cost of living needs, cash flow needs and more.

The firm employs portfolio strategies that range from conservative to moderate to aggressive. The methods of analysis that it utilizes include economic analysis, fundamental analysis and technical analysis, each of which allow the firm to assign an intrinsic value to a security. Portfolios are typically comprised of mutual funds and exchange-traded funds.

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Last on our list is Advanced Group Financial Services (AGFS). Its advisors work mostly with clients who do not have a high net worth. They also serve a handful of clients above the high-net-worth threshold, though. The firm has no minimum balance requirements for opening a new account.

AGFS is a fee-based firm, which means advisors can receive transaction-based commissions on top of client fees. These roles can present potential conflicts of interest, but the firm has a fiduciary duty to act in clients' best interests.

Advanced Group Financial Services Background

Advanced Group Financial Services was established in 2009. Robert Watkins is the principal owner of the firm and currently serves as managing executive and president. He has around 30 years of experience as a financial advisor, and is a certified fund specialist (CFS). The firm also employs one certified financial planner (CFP), one enrolled agent (EA) and one chartered life underwriter (CLU).

This firm offers asset management services and financial planning and consulting services. Financial planning services can cover such topics as retirement, estate planning and other specific financial goals.

Advanced Group Financial Services Investment Strategy

AGFS tailors its investment strategies to the needs and situation of each client and allows clients to place some restrictions on their portfolios. In evaluating securities, the firm's advisors use both fundamental and technical methods of analysis. Most of the research materials used by the firm are publicly available.

The firm does not invest in a wide array of securities, instead choosing to invest client assets mostly in mutual funds and exchange-traded funds. Managed accounts are usually considered long-term investments, as long-term growth and success tend to be the main goals of each account.