Finding a Top Financial Advisor Firm in Virginia Beach, Virginia
You want to carefully consider all your options before choosing a financial advisor. After all, it’s your retirement and investment future that’s at stake. To make it easier, we gathered the top advisors in Virginia Beach, Virginia and researched each business. Below we give you details on the final five firms. If you’re interested in receiving a more tailored recommendation, try our financial advisor matching tool, which will pair you with an advisor in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Financial Security Advisory Find an Advisor||$619,847,700||No set account minimum; $1,200 minimum annual fee|| || |
Minimum AssetsNo set account minimum; $1,200 minimum annual fee
|2||Compton Wealth Advisory Group, LLC Find an Advisor||$564,227,328||No set account minimum; $2,500 minimum annual fee|| || |
Minimum AssetsNo set account minimum; $2,500 minimum annual fee
|3||Waypoint Advisors Find an Advisor||$171,664,48||$1,000,000|| || |
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|4||Toner Asset Management Group Find an Advisor||$133,613,311|| |
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How We Found the Top Financial Advisor Firms in Virginia Beach, Virginia
SmartAsset only considered firms registered with the U.S. Securities and Exchange Commision (SEC) for this list. SEC-registered financial advisors have a fiduciary duty to act in your best interest. They’re also subject to stricter government rules and regulations. Any firm with disciplinary issues or disclosures was excluded, as were firms that don’t manage individual accounts. The remaining advisors are ranked from most assets under management to least.
Financial Security Advisory
Financial Security Advisory ranks first on our list of the top financial advisor firms in Virginia Beach. The fee-based firm has 17 advisors on staff and nearly $771.02 million in assets under management (AUM). It has two offices in Virginia Beach and two in Newport News, Virginia. Outside of Virginia, the firm has offices in West Mystic, Connecticut, and Jacksonville, North Carolina. Of the employees located in Virginia Beach, there are nine certified financial planners (CFPs), one chartered financial analyst (CFA), one chartered financial consultant (ChFC), one chartered life underwriter (CLU), one certified fund specialist (CFS), one certified estate advisor (CEA) and one registered financial consultant (RFC).
While there isn’t an asset minimum requirement, clients are subject to a $1,200 minimum annual fee. The firm's clients are primarily individuals who don't have a high net worth. It also serves high-net-worth individuals, trusts, estates, corporate pension and profit-sharing plans and corporations or business entities.
Financial Security Advisory Background
Financial Security Advisory was established in 1997. It has seven owners, all of whom are employees at the firm.
Clients can choose from financial planning and investment strategies.
Financial Security Advisory Investment Strategy
Similar to many financial advisor firms, Financial Security Advisory believes in asset allocation as a bedrock of its investment strategy. Advisors try to find the right mix of securities, fixed income and cash to suit a client's investment objectives, risk tolerance, time horizon and cash flow needs.
This firm provides advice and portfolios consisting of mutual funds, stocks, bonds, exchange-traded funds (ETFs) and other securities. To choose these investments, the firm uses fundamental analysis and technical analysis and third-party research.
Compton Wealth Advisory Group, LLC
Compton Wealth Advisory Group, LLC lands in second in our ranking of the top Virginia Beach financial advisor firms. The firm has a small team of just two advisors overseeing $564.23 million in assets under management (AUM). The team includes one chartered retirement planning counselor (CRPC) and one certified public accountant (CPA).
Compton is primarily focused on providing customized investment management services to high-net-worth individuals, specifically owners and executives of private and public corporations. It also works with those individuals' associated trusts, estates and other legal entities. While the firm does not impose a minimum account size requirement, third-party investment managers may impose their own requirements. The firm charges a minimum annual fee of $2,500. Fees for investment management are typically based on a percentage of assets under management, while financial planning services fees are charged on an hourly basis at a rate of $250 an hour.
In addition to the fees it charges clients, certain employees of the firm may also earn commissions in their roles as licensed insurance agents. While this presents a potential conflict of interest, clients are allowed to purchase recommended insurance products elsewhere. Moreover, the firm is bound by fiduciary duty to put clients' best interests before its own.
Compton Wealth Advisory Group, LLC Background
Compton Wealth Advisory Group was founded in 2009. Mark Compton, the principal and private wealth advisor at Compton, wholly owns the firm.
Services offered by the firm include financial planning and investment advisory and management services. Financial planning services cover topics including retirement, education funding, insurance and estate planning.
Compton Wealth Advisory Group, LLC Investment Process
Compton Wealth Advisory Group starts the process by holding an initial meeting with each prospective client. During this meeting, the firm explains its services and both its own responsibilities and those of client. If both parties decide to proceed, the firm will then learn more about the client's financial situation and help the client to define his or her goals, objectives and risk tolerance. This will include retirement goals, income needs, education funding, family legacy or estate planning, charitable gifting, tax considerations and risk tolerance.
Compton will then determine appropriate investment strategies based on the above information. Once it has the client's approval, it will implement its plan. The firm meets regularly with clients to discuss progress and also provides quarterly account statements through Schwab.
With an account minimum of $1 million, Waypoint Advisors has the second-highest asset requirement on this list after the No. 4 firm Toner Asset Management. This firm of five advisors has nearly $171.67 million in assets under management (AUM) and is fee-only.
Waypoint is the only firm on our list founded and majority-owned by a woman. In fact, of its seven total employees, six are women. The firm primarily works with high-net-worth families and individuals, foundations, trusts and estates.
Waypoint Advisors Background
Elizabeth Patterson founded Waypoint in 2001 “to help families fit all the pieces of their financial puzzle together in a way that reflects their unique goals and values.” Patterson serves as the firm’s president and is the majority owner of the firm. She has an MBA from Old Dominion University and is a certified financial planner (CFP).
Jane Short, CFP, serves as the executive vice president. She has more than 20 years of experience as a wealth advisor and previously held positions at U.S. Trust and UBS Financial Services.
Waypoint Advisors Investment Strategy
One of Waypoint’s investment strategy tenets is to follow the “manager of managers” approach explained by modern portfolio theory. This is the idea of having multiple managers for portfolio management. Waypoint has a 24-point evaluation and selection criteria for each money manager. This means the firm looks for those with deep experience and proven skills.
Your portfolio will be designed with your goals, investment objectives, risk tolerance, time horizon, cash flow needs, tax situation and personal preferences in mind. Like most modern financial advisors, Waypoint believes in broad diversification across asset classes for risk mitigation and wealth building. Overall, the firm generally recommends mutual funds, separately managed accounts, pooled accounts and limited partnerships The firm generally does not give advice on specific stock selection.
Toner Asset Management Group
Just one advisor works at Toner Asset Management Group, making this the firm with the fewest advisors. While the firm might be small - so small it doesn’t have a website - it still has $133.61 million in assets under management (AUM). It is a fee-only firm.
With a $2 million account minimum requirement, Toner Asset Management has the highest barrier to entry for new clients out of the four Virginia Beach firms we profiled. The firm serves individuals, high-net-worth individuals and corporations and other business entities.
Toner Asset Management Group Background
Troy Toner is the founder, sole owner and advisor at the firm. Before founding the business in 2002, he was a financial advisor at Prudential Securities and an accounting analyst at Airlines Reporting Corporation. He has an undergraduate degree from the University of Central Florida and an MBA in Finance from American University.
Toner Asset Management Group offers a large variety of services, including investment management, tax services, financial planning, educational training, trust services and more.
Toner Asset Management Group Investment Strategy
While this firm doesn’t offer much information on its portfolios, Toner uses charting analysis fundamental analysis, technical analysis and cyclical analysis to evaluate securities. Most firms use fundamental and technical only. Charting and cyclical analysis involves evaluating patterns in performance and finding favorable conditions within business cycles for buying a security.
If you become a client, Toner can give investment advice and money management for “mutual funds, equities, bonds, fixed income, debt securities, ETFs, real estate, hedge funds, REITs, private placements and government securities."