Finding a Top Financial Advisor Firm in Wilmington, North Carolina
Despite only having around 12,000 people living within its borders, Wilmington, North Carolina has a fairly large selection of financial advisor firms to choose from. To help you sift through these options, SmartAsset has compiled this list highlighting the top firms in the city of Wilmington. We highlight a number of important factors for each firm, including their minimums, investment strategies, available services and more. SmartAsset’s financial advisor matching tool connects you with up to three advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Live Oak Private Wealth, LLC Find an Advisor||$836,456,769||$250,000|| || |
|2||Old North State Wealth Management, LLC Find an Advisor||$287,511,917||$500,000|| || |
|3||Omnistar Financial Group, Inc. Find an Advisor||$164,381,000||$100,000|| || |
|4||Transitus Wealth Partners, LLC Find an Advisor||$232,864,246||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|5||Lumina Wealth Management, LLC Find an Advisor||$163,470,342||$150,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Wilmington, we first identified all firms registered with the SEC in the city. 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.
Live Oak Private Wealth
At the top of our list is Live Oak Private Wealth. This is a fee-only shop with hundreds of millions in assets under management. Clients of the firm include a nearly even mix of individuals above and below the high-net-worth threshold, plus a small number of institutional clients, including pension plans, charitable organizations and corporations.
The firm's team includes three certified financial planners (CFPs), two chartered financial analysts (CFAs) and one certified trust and financial advisor (CTFA). There is a $250,000 minimum account size at Live Oak, as well as a minimum quarterly fee of $1,875. At its own discretion, the firm may be willing to accept clients who don't meet these requirements.
Live Oak Private Wealth Background
Live Oak Private Wealth was founded in 2018 and is owned by Live Oak Banking Company, which is owned by Live Oak Bancshares, Inc. Live Oak Bank is a large online bank that offers accounts and lending solutions for individuals and small businesses.
Services offered at LOPW include financial planning, wealth management, business planning, cash flow planning, estate planning, financial reporting, investment consulting, insurance planning, retirement planning, risk management, charitable giving, distribution planning and tax planning.
Live Oak Private Wealth Investment Strategy
Live Oak Private Wealth’s Form ADV notes that its investment strategy focuses on knowing the importance of capital preservation and the power of compounding. To that end, a convservative, value-oriented approach is at the center of its portfolio management strategy. When it comes time to invest, the firm typically looks toward exchange-traded funds (ETFs), mutual funds, alternative investments, individual stocks and bonds, options and independent managers.
Old North State Wealth Management
Second on our ranking is Old North State Wealth Management. Old North has a small number of advisors on staff, including three certified public accountants (CPAs), three personal financial specialists (PFS), one certified financial planner (CFP), one chartered global management accountant (CGMA), one chartered life underwriter (CLU) and one chartered financial consultant (ChFC).
The fee-based firm has millions in assets under management (AUM) from its clients, most of whom are non-high-net-worth individuals. However, it also advises high-net-worth individuals and institutional clients like pension plans and corporations. The minimum account size is $500,000, though this may be waivable.
Some advisors at the firm may also earn commissions for insurance and securities sales. Though this is a potential conflict of interest, fiduciary duty binds each advisor to act in the best interest of the client.
Old North State Wealth Management Background
Old North State Wealth Management was founded in 2008. Paul Daniel Knott, the firm's founder and managing partner, is its sole owner. Knott is a CFP, CPA and PFS.
Services include portfolio management, financial planning services, retirement planning, estate planning and selection of third party advisors.
Old North State Wealth Management Investment Strategy
Old North State Wealth Management uses a number of different investment research tools when choosing where clients' assets will end up in the market. These include charting, fundamental analysis, technical analysis and cyclical analysis. Each of these look at the market in a slightly different way, with the idea that combing all of them provides a more complete picture.
Short-term and long-term purchases are used, as well as covered options. Just under half of the firm’s investments are in mutual funds, and nearly a quarter are in individual stocks.
Omnistar Financial Group, Inc.
Omnistar Financial Group is a fee-based firm -- some advisors may earn commissions for selling insurance products. Though this is a conflict of interest, all must make the best choices for clients when serving as an advisor. Asset management fees are charged based on a percentage of assets under management. Financial planning services are charged a fixed or hourly rate.
Omnistar works mostly with individuals, generally but not exclusively those without a high net worth. The only institutional clients are pension/profit sharing plans and charitable organizations. The minimum account size is $100,000.
Certifications earned by team members include certified financial planner (CFP), chartered financial consultant (ChFC), chartered life underwriter (CLU) and certified public accountant (CPA).
Omnistar Financial Group Background
Omnistar was founded in 2006. The principal owner is Philip L. Clark, who also serves as President of the firm.
Services offered at Omnistar include wealth management, financial planning and pension consulting.
Omnistar Financial Group Investment Strategy
Nearly all of the money managed by Omnistar is invested in individual stocks. A small amount is put into derivatives and mutual funds, and around 10% is held in cash.
Transitus Wealth Partners
Transitus Wealth Partners is a fee-based financial advisor firm that works only with individuals. Its client base is comprised of mostly individuals below the high-net-worth threshold, though it also maintains advisory relationships with some high-net-worth individuals too. The firm's account minimums vary by service, but most individuals will adhere to a negotiable $400,000 minimum asset requirement.
Most of the employees at this firm hold at least one advisory certification. In fact, there are three certified financial planners (CFPs), three certified financial transitionists (CeFTs), one chartered retirement planning counselor (CRPC) and two certified 401(k) professionals (C(k)P).
Some of the advisors at Transitus can sell insurance products on a commission basis. Although this represents a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests at all times.
Transitus Wealth Partners Background
Transitus Wealth Partners is a very young firm, as it was founded in 2020. The firm is owned by an outside entity called The Marino Group, Inc.
Investment management services here are available through either custom portfolios or model portfolios. Financial planning services can cover topics like retirement planning, cash flow analysis, tax planning, insurance planning, estate planning and more.
Transitus Wealth Partners Investing Strategy
Regardless of whether your Transitus Wealth Partners-managed investment portfolio is entirely custom or model-based, the firm will make investment decisions based on the same parameters. These include some incredibly important factors, such as your long-term financial goals, risk tolerance, time horizon, income needs and investment preferences. Portfolios can be managed on either a discretionary or non-discretionary basis.
Generally speaking, portfolios at Transitus include some combination of stocks, bonds, mutual funds, ETFs, options and REITs. Portfolios may be rebalanced on a consistent basis in order to keep asset allocations intact.
Lumina Wealth Management
Lumina Wealth Management is a fee-based firm with one of the smallest staffs of advisors on this list. That team includes one certified financial planner (CFP) and one accredited asset management specialist (AAMS).
Lumina manages millions and has a minimum account size of $150,000. The minimum annual fee is $1,500. Both of these requirements may be negotiable under certain circumstances.
Portfolio management fees at the firm are based on a percentage of assets under management. Financial planning and consulting fees are either fixed or hourly. Some advisors at the firm earn commissions for selling insurance products. This is a potential conflict of interest, but the advisors are still bound by fiduciary duty to act in the best interest of the client at all times.
Lumina Wealth Management Background
Lumina Wealth Management was founded in 2017. William G. Anlyan, Ashley Doyle and Meredith Koenig are the principal owners of the firm. Anlyan is the firm's founder.
Services offered at Lumina include portfolio management, wrap programs, consulting and financial planning. Financial planning can cover asset allocation planning, risk management, retirement planning and more.
Lumina Wealth Management Investment Strategy
Before investing any of your assets, Lumina Wealth Management will work with you to determine what kind of investor you are. This involves putting together a financial outline that's specific to you, as it will detail your risk tolerance, time horizon and financial goals. This will be updated consistently to ensure it remains in line with your current desires and needs for the future. Investment choices at Lumina tend to be separate account managers, mutual funds, exchange-traded funds (ETFs), bonds, stocks, options, annuities and life insurance.