When it’s time to start getting your financial situation ready for retirement, you may realize that you want a financial advisor’s help. But with so many options available these days, including the relatively new offerings from various robo-advisors, it can be difficult to know where to turn.
There are plenty of financial advisor firms to consider, ranging from small one-person shops to big firms with billions upon billions of assets under management. Each firm has different offerings, cost structures and specializations that might make one better for your situation than another.
To help you gain a better understanding of the financial advisor landscape, we’ve compiled data from the biggest registered investment advisers (RIAs) in the United States and organized them by total regulatory assets under management.
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Methodology
Our list of best financial advisor firms was derived from the Securities and Exchange Commission’s database of registered investment adviser Form ADV filings.
Investment advisers use Form ADV to register with the SEC and state securities authorities. They are required to report information about their business practices, the services they offer and the costs associated with those services, as well as their ownership, clients, affiliations and disciplinary events.
We first screened for RIAs that have their main office in the United States, total assets under management of at least $1 billion and made their latest Form ADV filing as of March 31, 2023 or later. This resulted in a list of more than 700 RIAs.
Below, view our complete methodology that explains how we arrived at our list of best financial advisors.
Show summary
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Cambridge Associates
: $276 billion
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Fisher Investments
: $192.4 billion
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Hall Capital Partners
: $46.7 billion
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Jasper Ridge Partners
: $33.1 billion
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Moneta Group Investment Advisors
: $30.7 billion
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Silvercrest Asset Management Group
: $28.9 billion
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Pathstone
: $24.8 billion
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BBR Partners
: $24.1 billion
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Savant Wealth Management
: $18.7 billion
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IEQ Capital
: $18.5 billion
Cambridge Associates
$276 billion
Total accounts
586
Main office
Boston, Massachusetts
Other offices
4
Why we picked it
Cambridge Associates is first on our list with $276 billion in total regulatory assets under management per its most recent Form ADV filing. The firm is compensated in several ways, including by a percentage of AUM, hourly charges, subscription fees, fixed fees, performance-based fees and percentage of assets invested. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles), pension consulting services, selection of other advisers (including private fund managers), publication of periodicals or newsletters and educational seminars/workshops.
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- Tailored services for a wide range of clients.
- The firm’s size means it has varied expertise in-house.
Cons
- Some investors may prefer working with a smaller firm.
Who should use it
Cambridge Associates clients include private clients, family offices and trustees, including those with backgrounds in industries such as “consumer goods, entertainment, finance and investment management, manufacturing, real estate, technology,” according to the company’s website. The firm also works with endowments and foundations, pensions and health care systems.
Fisher Investments
$192.4 billion
Total accounts
269,289
Main office
Plano, Texas
Other offices
14
Why we picked it
Fisher Investments is second on our list with total regulatory assets under management of $192.4 billion. The firm is compensated by a percentage of AUM and performance-based fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for investment companies (and business development companies), portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles) and portfolio assessment.
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- With several offices, the company serves clients in various regions.
- Offers services for enterprise and institutional clients, in addition to individuals.
Cons
- Some investors may prefer working with a smaller firm.
Who should use it
Fisher Investments offers financial planning services for individuals and families, 401(k) solutions for small businesses and asset management for institutional investors, including “corporations, pensions, endowments, sovereign wealth funds and many others,” according to its website.
Hall Capital Partners
$46.7 billion
Total accounts
187
Main office
San Francisco, California
Other offices
1
Why we picked it
Hall Capital Partners comes in at third on our list with total regulatory assets under management of $46.7 billion. The firm is compensated by a percentage of AUM, fixed fees and performance-based fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles) and selection of other advisers (including private fund managers).
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- The company’s selective approach to investing indicates a well-established investment philosophy.
Cons
- With just two offices in San Francisco and New York, investors in other regions may prefer a geographically closer firm.
Who should use it
Hall Capital Partners clients include families, endowments and foundations. The firm’s investment principals include taking a long-term approach to investing, investing globally while being “highly selective about where to invest,” targeting “flexible and opportunistic” investment managers and incorporating diversification while also concentrating portfolios in “high conviction investments,” according to its website.
Jasper Ridge Partners
$33.1 billion
Total accounts
51
Main office
Fort Worth, Texas
Other offices
3
Why we picked it
Jasper Ridge Partners, with $33.1 billion in total regulatory assets under management, is fourth on our list. The firm is compensated by a percentage of AUM, fixed fees, performance-based fees and reimbursem*nt for certain costs and expenses. Services offered include financial planning services, portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles), selection of other advisers (including private fund managers) and portfolio management for private investment vehicles.
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- The company’s targeted approach to investments gives it niche expertise for high-net-worth clients.
Cons
- With a focus on prominent families, foundations and global institutions, this firm may not be the best fit for mass-affluent investors.
Who should use it
Jasper Ridge Partners offers investment solutions as well as financial and philanthropic planning services for prominent families. It also works with institutional investors, including foundations and global institutions, “to enhance their returns and complement their in-house expertise,” according to its website.
Moneta Group Investment Advisors
$30.7 billion
Total accounts
37,339
Main office
St. Louis, Missouri
Other offices
4
Why we picked it
Moneta Group Investment Advisors is fifth on our lists with $30.7 billion in total regulatory assets under management. The firm is compensated by a percentage of AUM, hourly charges and fixed fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles), pension consulting services, selection of other advisers (including private fund managers) and educational seminars/workshops.
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- The company’s targeted approach to investments gives it niche expertise for younger clients and high-net-worth clients.
Cons
- A focus on family office services, trusts, foundations and endowments means it may not be the right fit for mass-affluent investors.
Who should use it
Moneta Group Investment Advisors provides wealth management and financial planning for families, family office services and trust services, as well as consulting services for group retirement plans, foundations and endowments. The firm advertises that it focuses on building wealth for younger clients, refining investments for wealthy families and preserving the legacies of ultra-high-net-worth families.
Silvercrest Asset Management Group
$28.9 billion
Total accounts
1,289
Main office
New York, New York
Other offices
6
Why we picked it
With $28.9 billion in total regulatory assets under management, Silvercrest Asset Management Group is sixth on our list. The firm is compensated by a percentage of AUM, fixed fees and performance-based fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles) and selection of other advisers (including private fund managers).
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- The firm has offices throughout the U.S., which may appeal to investors seeking more in-person interaction.
Cons
- Potential clients with a small amount of money to invest may not find this firm a good fit.
Who should use it
Silvercrest Asset Management Group provides customized portfolio management services for individuals and families, “proprietary long-only equity management capabilities” for institutional investors and “outsourced chief investment office” services for foundations and endowments.
Pathstone
$24.8 billion
Total accounts
18,943
Main office
Englewood, New Jersey
Other offices
15
Why we picked it
Pathstone is seventh on our list, with $24.8 billion in total regulatory assets under management. The firm is compensated by a percentage of AUM, hourly charges, fixed fees and performance-based fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for investment companies (and business development companies), portfolio management for pooled investment vehicles (other than investment companies), portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles), selection of other advisers (including private fund managers), educational seminars/workshops and family office services – expense management, bill pay, insurance advisory, concierge service, philanthropic advisory
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- A wide range of family office services are available for high-net-worth individuals and families.
Cons
- Its focus on family office services, enterprise and institutional clients means it may not be the right fit for mass-affluent investors.
Who should use it
Pathstone offers customized services, including investment management and tax, insurance and estate planning, for family offices and individuals, as well as planning, educational, administrative and operational services for foundations and endowments.
BBR Partners
$24.1 billion
Total accounts
4,300
Main office
New York, New York
Other offices
5
Why we picked it
At eighth on our list is BBR Partners, with $24.1 billion in total regulatory assets under management. The firm is compensated by a percentage of AUM, fixed fees and performance-based fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for investment companies (and business development companies), portfolio management for pooled investment vehicles (other than investment companies) and selection of other advisers (including private fund managers).
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- The company offers a wide range of tailored family office services for high-net-worth investors.
Cons
- Mass-affluent investors seeking less complex retirement planning may not find this firm to be the right fit.
Who should use it
BBR Partners specializes in customized investment management, with an emphasis on maximizing long-term growth, holistic wealth management through tax planning, administrative services and wealth transfer strategies, and portfolio administration and reporting.
Savant Wealth Management
$18.7 billion
Total accounts
12,951
Main office
Rockford, Illinois
Other offices
31
Why we picked it
Savant Wealth Management is ninth on our list with total regulatory assets under management of $18.7 billion. The firm is compensated by a percentage of AUM, hourly charges and fixed fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles), pension consulting services, selection of other advisers (including private fund managers), publication of periodicals or newsletters and educational seminars/workshops.
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- The firm has a multi-disciplinary team in offices throughout the country.
Cons
- Potential clients with a small amount of money to invest may not find this firm a good fit.
Who should use it
Savant Wealth Management works with individuals and families to build wealth, transition to retirement or leave behind a financial legacy. The firm also offers financial planning, tax planning and other services for executives, university employees and businesses.
IEQ Capital
$18.5 billion
Total accounts
1,124
Main office
Foster City, California
Other offices
7
Why we picked it
And in 10th place, with $18.5 billion in total regulatory assets under management, is IEQ Capital. The firm is compensated by a percentage of AUM and fixed fees. Services offered include financial planning services, portfolio management for individuals and/or small businesses, portfolio management for business (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles), pension consulting services and selection of other advisers (including private fund managers).
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The firm’s latest Form ADV is available on the SEC’s Investment Adviser Public Disclosure website.
Pros
- A wide range of family office services are available for high-net-worth individuals and families.
Cons
- Its focus on family office services, enterprise and institutional clients means it may not be the right fit for mass-affluent investors.
Who should use it
IEQ Capital offers access to both public and “exclusive private investments” for individual investors, which it says helps to “generate predictable cash flow, minimize downside market volatility, maximize the power of compounding returns and more.” The firm also works with family offices, providing asset allocation optimization, cash flow analysis, tax and estate planning as well as other services like charitable giving strategies.
Best RIAs at a glance
| Firm | Assets under management (billions) | Numbers of accounts |
|---|---|---|
Cambridge Associates | $276 | 586 |
Fisher Investments | $192.4 | 269,289 |
Hall Capital Partners | $46.7 | 187 |
Jasper Ridge Partners | $33.1 | 51 |
Moneta Group Investment Advisors | $30.7 | 37,339 |
Silvercrest Asset Management Group | $28.9 | 1,289 |
Pathstone | $24.8 | 18,943 |
BBR Partners | $24.1 | 4,300 |
Savant Wealth Management | $18.7 | 12,951 |
IEQ Capital | $18.5 | 1,124 |
Why consider a financial advisor?
Define your financial goals: Whether it’s budgeting, investing or saving, a financial advisor can help you set and achieve your financial goals.
Make investment decisions: If you’re not comfortable making decisions about how to invest your money, a financial advisor can help guide you or select investments for you.
Plan for retirement: A financial advisor can help you maximize the value of your retirement savings plans and manage expenses in retirement.
Manage financial events: A financial advisor can provide guidance during financial events, such as if you receive a large inheritance, get a divorce or incur an unexpected expense.
What do financial advisors do?
The best financial advisors provide customized solutions tailored to their clients’ individual needs.
One of an advisor’s primary responsibilities is to assess a client’s current financial situation, including income, expenses, assets and liabilities. Lifestyle factors also enter into the process. The best advisors don’t use cookie-cutter approaches but, instead, develop an investment and financial plan uniquely suited to each client.
In past generations, people had stock brokers who would simply buy and sell securities for client portfolios. Those days are long gone. While today’s advisors still allocate portfolios, they tend to take a holistic approach, using pooled investment products like exchange-traded funds or mutual funds, and focus on comprehensive planning. The full planning process for clients can include not just investments but, also, tax strategy, estate planning, insurance evaluation, charitable giving, help with buying and selling real estate, and more.
Markets and financial regulations are always changing, so it’s important for financial advisors to stay current on these topics to help clients make wise financial decisions.
What to look for in a financial advisor
To make an informed choice, there are several key factors to consider when evaluating potential advisors.
First, determine whether an advisor is completely independent or is affiliated with either a national broker-dealer, which is a firm that trades securities for both clients and itself, or a larger registered investment advisory (RIA) firm, which has a fiduciary obligation to its clients. It’s typically best to go with an advisor who has a fiduciary duty, which means they are legally required to act in your best interest.
Check the advisor’s licensing and credentials using FINRA’s free BrokerCheck tool. It will tell you whether the advisor or firm you’re evaluating is current on licensing or has one or more disclosure events. These are mandatory reports of any material information that could affect client interests.
Talk to your advisor about how they approach investing. Passive investing is the practice of attempting to track the performance of a market index or a set of market sectors chosen by an investment manager. In an active management strategy, investment managers attempt to earn returns higher than a market index by actively buying and selling securities.
Any of those can be appropriate in client accounts, depending on the situation. Understanding the advisor’s investment philosophy can help ensure a harmonious working relationship.
Types of financial advisors
Financial advisors’ businesses are structured in several different ways. While any of these structures can benefit clients, the fiduciary structure has become more popular in recent years and is increasingly the choice of new clients as well as advisors entering the business.
Registered investment advisor (RIA)
A registered investment advisor sounds like a person, but it’s actually a firm structure. An RIA firm is structured as a fiduciary that provides personalized investment advice and, usually, financial planning.
An RIA firm is typically fee-only, which means it charges a direct fee for its services and does not receive commission or compensation for selling certain products, and can offer clients several options for paying for its services. Those include a subscription service, or simply by withdrawing their payment from client accounts on a regular basis, such as monthly or quarterly.
An advisor who works at an RIA is called an investment advisor representative (IAR).
Registered representatives
A registered representative is a person who works for a firm that’s allowed, by law, to sell commission-based products, like mutual funds or insurance contracts that compensate the advisor who sells them. Many of these registered reps work for big-name, national firms.
Like IARs, these registered reps frequently hold the certified financial planner (CFP) credential and offer financial planning as one of their services, in addition to asset management.
Financial planners
Financial planners make up a small group of advisors who only do financial planning and have no asset management services. This isn’t a very common model, as it’s difficult for a planner to run a viable business with financial planning as their only service for various reasons.
These planners are generally fee-only, although some receive commissions for selling investment products. They can offer anything from a one-time plan to a subscription service that’s billed on a recurring basis for plan updates and consultations. These planners typically hold the CFP credential.
How to find the best financial advisor
Think of hiring a financial advisor as a step-by-step process. Interview at least three advisors to get a feel for the business. Also, pay attention to chemistry and communication.
Here are some other tips for finding the best financial advisor:
- Set financial goals: The advisor you end up working with should be familiar with your goals and provide a strategy that can help you achieve them.
- Think about fees: Fees vary in amount and frequency depending on the financial advisor. Choose an advisor with a fee structure that’s aligned with your preferences.
- Go with a fiduciary: You want an advisor who is legally required to act in your best interest.
- Ask for references: Any good financial advisor should be able to provide references from old or current clients, so don’t be afraid to ask.
- Check with regulators: Use FINRA’s BrokerCheck database to search for advisors you are considering, and check for a history of disciplinary action against them.
- Consider special expertise: Some financial advisors specialize in planning for retirement, while others specialize in taxes. Choose a specialist that’s right for your situation.
- Communicate: A financial advisor should be able to explain complex concepts in understandable terms and maintain open, transparent communication. If you interview an advisor as a couple and find the advisor speaks primarily to one of you and not the other, that’s a red flag. Also, be sure the advisor is open to answering any questions you have for him or her.
- Trust your instincts: Ultimately, trust your gut feeling. You should feel confident in your financial advisor’s abilities and ethical conduct and that he or she is someone you would be comfortable reaching out to with questions or concerns.
Questions to ask potential financial advisors
When you’re interviewing financial advisors, don’t hesitate to ask a lot of questions, especially those that apply to your unique situation. The advisory business can seem stuffy and buttoned up and, for that reason, intimidating. However, if your prospective advisor isn’t down-to-earth enough to answer your questions, you might consider moving on to another candidate.
Understanding fee structures and compensation
When learning about a financial advisor’s fee structure, start by asking for a clear breakdown of how he or she is compensated, whether through fees, commissions or a combination.
Be aware of any potential conflicts of interest, particularly if the advisor’s firm allows commissions. You’ll want to ask for a fee schedule as well as other potential charges like trading costs that may be passed along to you. Consider how an advisor earns their compensation and whether the structure works for your situation.
Financial advisors versus robo-advisors
Investors can find robo-advisors at most firms these days. These are online services that are able to automate the process of building an investment portfolio based on certain inputs from the user.
While cost-effective and efficient, robo-advisors lack the personal touch and may not address complex financial situations as comprehensively as human financial advisors. A robo-advisor can work in many situations, but most investors would benefit from a truly personalized financial plan.
The role of certification and credentials
Every advisor must have some kind of licensing or credential to operate legally. Ask your advisor directly, or check his or her credentials using FINRA’s BrokerCheck.
In addition to a securities license, which indicates the advisor has passed an exam allowing him or her to manage money or trade client accounts, many advisors have other credentials including certified financial planner (CFP) or chartered financial analyst (CFA). Other specialized credentials include certified divorce financial analyst (CDFA), chartered financial consultant (ChFC) and chartered life underwriter (CLU).
These qualifications can help advisors provide specific services to meet unique client needs.
Methodology
Our list of best financial advisor firms was derived from the Securities and Exchange Commission’s database of registered investment adviser Form ADV filings.
We first screened for RIAs that have their main office in the United States, total assets under management of at least $1 billion and latest Form ADV filing date of March 31, 2023 or later.
From the resulting list of more than 700 RIAs, we screened for firms that:
- Do not have employees who are registered representatives of a broker-dealer
- Do provide financial planning services
- Are not actively engaged in business as a broker-dealer (registered or unregistered)
- Are not actively engaged in business as a registered representative of a broker-dealer
- Do not receive commissions
- Do not have a related person who is a broker-dealer/municipal securities dealer/government securities broker or dealer (registered or unregistered)
- Do not have a related person who is an insurance company or agency
- Have no more than 50% of amount of regulatory assets under management attributable to pooled investment vehicles (other than investment companies)
- Have no more than 25% of amount of regulatory assets under management attributable to pension and profit-sharing plans (but not the plan participants)
- Have no more than 25% of amount of regulatory assets under management attributable to corporations or other businesses
Finally, we searched the SEC’s Investment Adviser Public Disclosure website for compliance records to determine if there were any disclosures against a firm that would exclude them.
We receive compensation from our partners for Featured Offer placements, which impacts how and where their offer is displayed.
Featured Offer
Datalign Advisory
Match with a pre-screened financial advisor that is right for you.
Answer 20 questions and get matched today. Connect with your match for a free, no-obligation call.
Frequently asked questions (FAQs)
The difference between financial advisors and robo-advisors is that financial advisors are professionals who can provide you with personalized guidance, while robo-advisors are automated platforms that use algorithms for investment management.
The certifications and credentials you should look for when evaluating the qualifications of a financial advisor or financial planner are basic credentials such as Series 6 or 7 licenses, as well as additional certifications, such as certified financial planner (CFP) or chartered financial analyst (CFA). These designations demonstrate expertise and commitment to ethical standards.
If you’re not satisfied with the advice or service provided by your financial advisor, you can always switch advisors. If you begin working with an advisor and realize he or she is not the best financial advisor for you, start shopping around to find another. It’s easy to roll your money from one advisor’s custodian — the firm that actually holds and safeguards clients’ assets — to a new one.
