Hiring a firm, or trusting an individual within a firm, Financial Advisors in Los Angeles, to invest and protect your money for retirement or wealth accumulation is a big decision. Knowing what asset management company or wealth advisory service to hire can be a tough decision to make. How do you know your money is in the right hands? How do you know about their fees and how it affects your retirement or savings long term? In the financial planning business, reputation is one thing. But the philosophy and how they go about managing your portfolio is much more important.
Many seek the advice of a financial planner to navigate sudden changes in life such as marriage, divorce, death or switching a career. Selling a business can often result in needing a new approach, with a good business broker and a financial planner needed to take the seller to the next level of success.
Every stage of life calls for a different approach to saving and planning. If one started investing at age 21, the needs of that person are drastically different than one who starts at 65 years of age. The approach, how aggressive the investment portfolio is and the current income of the different individuals, are all things to consider. Many options are available for those who wish to invest and plan for a final destination—whether it’s freedom from the work force or for a very comfortable eventual retirement. The success or failure to reach the ultimate destination largely depends on the firm chosen and the performance of their services. Let’s not forget that the political climate, the state of the economy and how dedicated the investor is at staying with the market ups and downs are factors that can impact the lifetime results of your long-term financial strength.
Financial planning can be accomplished in several ways. Signing up with an online do-it-yourself investment company is one way. Another is to hire an actual advisor. Both strategies come with their pros and cons.
An online do-it-yourself firm lets you do it without human advice and usually comes with a lower price or cost to invest. After all, another human is not paid for doing research or making transactions in the investment. The option of hiring a wealth manager or financial planner comes with higher costs, but proven to have more lucrative results. Analysts say you can anticipate 2% to 4% higher results when you have direct involvement of an active financial planner versus going it alone.
What Will That 2% or 4% Cost?
Hiring a financial planner comes with greater returns but at higher costs? At which point is it beneficial? To know that, it’s crucial to understand how your advisor makes money. It will determine how they work to make you money. Which means it is important to understand the various options and payment structures. Here are the most common choices:
Hourly: The investor is charged for time use on his behalf, regardless of assets.
Retainer: A scheduled (usually monthly or annual) fee makes the Financial Advisor available, on-call for the advisory services the retainer covers.
Flat fees: A set price for financial planning and asset management services. The fees have nothing to do with the amount of the investor’s account, big or small. It’s like ordering off a menu of services.
Commission: The financial advisor receives a percentage of the money spent buying high-performing investments, usually charged per transaction.
Asset management: The investor is charged a fee based on how much money is invested and fees usually are paid directly from the investor’s account.
If a financial advisor is less motivated to make you more money—for example, an hourly fee—that advisor is more likely to spend time on another account. They make more money the more investments and assets grow in an Asset Management account. But also be aware that conflicts of interest can arise, depending on the fee structure. For example, advisors in Los Angeles area might move money around needlessly if they get a flat fee per transaction. Taking a portion of the growth of the investment (commissions) may encourage more thoughtful transactions.
How do you know an advisor isn’t pushing you into investments that benefit someone else’s interests more than your own? Be sure to ask a financial planner you plan to work with, “Do you have a fiduciary responsibility to my investments?” The question will tell you if he is licensed* or not. If he is, that means the financial planner must invest in your best interest first, even if it doesn’t benefit the financial planner. They are bound by ethics and regulations to do so. If the planner is not operating with a strict sense of fiduciary responsibility, he could lead you down a path that has more risk. But that riskier path can also offer a higher pay off for you, as well as him. Who can say which choice is better? It would be hard to determine. Safer? Or bigger and better results? Like anything else, depending on your unique situation, you may be wise to try it both ways to find which approach is better. The wisest course? Get to know your financial planner and make sure you feel comfortable with the road he or she has planned for you, tailored to the results you desire.
The following are the best financial planners in Los Angeles area
Aspiriant, LLC was founded in 2008 and is owned by a holding company. More than 30% of Aspiriant’s employees, including 91 advisors, have an ownership stake in the firm. The firm is fee-only, and technically doesn’t have an account minimum. But the firm prefers to work with clients who have $1.5 million in investable assets.
Aspiriant describes its business model as “forward thinking.” Every two years, the firm’s in-house research team looks ahead 10 years into the future to identify upcoming trends and potential opportunities. They then integrate these findings into client portfolios. Clients go to Aspiriant if they want true customization and personalization, drawn from an immense range of services. Clients may go because they are in the midst of a dramatic life change or they may simply feel it’s time to gain greater clarity, establish control and define the trajectory of their financial life. The two major services of the firm supply supreme levels of support for either case.
Aspiriant Total Wealth Management is some of the most meticulous, liberating financial planning anyone can find. The investment strategy is crafted by a team of investment heavyweights to an invigorating level of detailed, day-to-day implementation.
Some people think that all wealth management firms are similar. That would be a mistake. Aspiriant has invested a vast amount of thought and energy into making firm unique – and better. Aspiriant is built to attract the most talented people in the industry, make them owners, so they stay, turn their intellectual ferocity and passion into a phenomenal experience for clients, do everything possible to eliminate conflicts of interest, maximize transparency, intimacy and continuity.
11100 Santa Monica Boulevard, Suite 600
Los Angeles, CA 90025
Miracle Advisors, LLC
Brock Mosely, a former Morgan Stanley investment advisor, founded Miracle Mile Advisors, Inc in 2007. Moseley, who is a partner and serves as managing director at the firm, owns the firm alongside Duncan Rolph, also a managing partner.
A client’s portfolio is just one piece of the puzzle at Miracle Mile Advisors. They understand the value of creating a customized plan that is tailored to each client’s unique financial goals. They help clients make sense of the other important issues so they can design and implement a life plan that will help take the client go where they need to go. For example, over a few years, a client’s initial need for liquidity can be replaced by a need to invest an unexpected windfall or an expansion in the family—or sometimes both. Advisors can assist when a client’s growing or changing needs made adapting a long term investment plan to address a new set of needs. They can help make sense of how each of the puzzle pieces fit together.
The firm specializes in providing sophisticated financial planning using low-cost, custom investment strategies backed by a fiduciary standard. Elegantly simple portfolio construction is the investment approach that is tailored to each client’s specific objectives. The firm emphasizes tax efficiency and risk adjusted returns primarily using low-cost, liquid investment strategies.
Through our multi-year relationship, the Miracle Mile team has shown many clients the value of the firm’s adaptive client-focused investment model that focuses on investment solutions not investment products.
Miracle Mile Advisors believes that asset allocation is the most important factor in investor success and creates customized portfolios for clients using macroeconomic research to determine strategic allocations. The firm takes an active management approach, adjusting holdings as necessary based on market movement. Portfolios typically include traditional investments, but the firm may also recommend alternative investments like hedge funds or structured notes.
The firm requires a minimum of $750,000 to open an account and fees are structured by a percentage of the managed account or fixed fees based on a transaction.
Miracle Advisors, LLC
11300 West Olympic Blvd, Suite 800
Los Angeles, CA 90064
Pathway Financial Services, LLC
Jen Mulder is the founding financial planner of Pathway Financial Services and an active member in the Los Angeles Chapter of the Financial Planning Association. Jen worked as an Investment Advisor Representative for over six years prior and especially enjoyed developing lasting relationships with individuals and businesses, watching their once “far-away” dreams become reality. The desire to share valuable knowledge with those seeking financial independence intensified and planted the seed that became Pathway Financial Services.
As an independent financial management firm, Pathway Financial Services, LLC focuses directly on acting in client’s best interest at all times. The team serves client’s needs with the confidence they and adhere to the fiduciary standard, the highest level of care in the financial services industry.
Pursuit of financial success is provided on each client’s terms because the firm has no financial obligations to investment product vendors and no proprietary products to sell. As a fee-only firm, Pathway Financial Services, LLC are free to use investment products from among all of those available and diligently research offerings to find the solution that best fits each specific client’s needs. Pathway Financial Services, LLC receives compensation only from the client and the client’s best interest always receives top priority.
Financial planning is a very personal process. The initial consultation is free and allows the opportunity to get to know each other and determine what level of service is appropriate for a prospective client’s needs and gives the opportunity to determine if personalities are conducive to building a healthy working relationship.
One-time personalized financial plans are provided for a flat fee. The amount of the fee is tailored to the level of services required to meet the client’s needs and will be offered at the end of the initial free consultation. Fees range from $2,000-$4,000. Ongoing investment management and planning services are on an annual basis, starting at $2,000 per year. The total fee depends upon the complexity of each client’s particular situation and the level of assets under management. Personalized financial planning is included with all investment management services. Pathway Financial Services, LLC works with accounts of all sizes.
Hourly consultation and financial coaching sessions are also available for $200/hour.
Pathway Financial Services, LLC
13101 West Washington Boulevard, Suite 241
Los Angeles, CA 90066
Profectus Wealth Management
Principal and Co-Founder Aleksander R. Dyo of Profectus Financial and Wealth Management has been in the financial industry for over 14 years and has studied and developed many creative strategies as he acquired an invaluable wealth of expertise in planning, finance and insurance. Co-Founder Kelly Woo has been in industry since 2006. They founded Profectus Financial in 2013.
Aleksander is in the top 1% of more than 42,000 insurance and financial services professionals worldwide and Woo is a member of the premier association “MDRT,” Top of the Table Million Dollar Round Table and holds a TOP of the Table membership, which is the highest ranking in the association.
Both are serial entrepreneurs and investors in other ventures and bring real life experience to the firm and provide practical rather than theoretical application of strategies.
Profectus Financial constantly strives to find more effective tax-reduction solutions, asset protection methods, max funded retirement plan designs, and graceful exit strategies. They also specialize in financial consulting for high net worth individuals, helping manage their wealth and plan their estate.
Clients are more than just a number at this firm and they take the time to get to know their clients and their financial goals. They learn–in depth–about each investment product and company they recommend, as well as studying market conditions for those investments before they allocate clients’ money. Clients are confident about the investment options presented to them.
The firm believes nothing is more powerful than a diverse portfolio and invest in different asset classes to help reduce overall portfolio risk. This optimizes higher returns while minimizing risk.
Profectus Wealth Management
1055 W 7th St #3260
Los Angeles, CA 90017-2783
SFE Investment Counsel
SFE Investment Counsel Inc. has delivered superior investment management advice to three generations of clients. Since its founding by Chairman Emeritus Earl Fisher in 1977, SFE has built strong, trustworthy relationships with its clients.
SFE, an independent firm, is 100% owned by its employees. Seven investment professionals bring a rich array of backgrounds–business and accounting, music to philosophy, to law and mathematics– and interests to investing. The personal attention each client receives is a distinguishing feature of SFE.
Wealth Management is a long-term process that involves thoughtful communications between advisor and client and disciplined execution of an investment strategy. That strategy must be developed to uniquely align the client’s investment objectives and goals within appropriate risk and tax parameters.
The firm’s team approach encourages client questions and discussions. Many clients are on a first name basis with several professionals from the firm. SFE has learned that integrity and honesty builds confidence for clients and helps them stay on track for the long term.
SFE success is demonstrated by the diverse client base built over forty years mostly by referrals; as well as a number of multi-generational family clients—with up to four generations represented.
The initial consultation is free and allows the opportunity to for client to get to know advisor and determine which level of service is appropriate for each client’s needs. Financial planning is a very personal process and the initial consultation is our opportunity to determine if our personalities are conducive to building a healthy working relationship.
SFE Investment Counsel
801 S. Figueroa Street, Suite 2100
Los Angeles, CA 90017
RPA Wealth Management
RPA Wealth Management was founded to help clients achieve their unique vision for life. It is a financial planning firm whose aim is simple: to provide clients and their families with financial peace and security. Headquartered in Rancho Cucamonga, the wealth advisory firm recommends strategies that pull together all areas of a client’s finances, such as retirement planning, investment management, tax services, and business exits. By comprehensively addressing the client’s financial picture, RPA helps plan for the potential pitfalls, seizes opportunities and keeps their clients progressing toward a secure and satisfying future.
RPA Wealth Management does not offer cookie-cutter anything. They work with clients to craft the personalized financial and investment strategies that will help them you where they want to go.
The firm’s commitment to putting clients first means each client is the boss. RPA doesn’t work for any company and do not get commissions. They are independent, fee-only for one reason: they build relationships with clients based on integrity and sincerity so they always know what they are getting and why.
RPA Wealth Management’s investment philosophy doesn’t waste time with get-rich-quick strategies, market timing or stock picking. Instead, they draw on academically sound principles and construct an individualized retirement plan or recommend a portfolio low in fees and rich in diversification. They keep focused on the long term to give clients the best opportunity to get the returns needed to achieve their clients’ vision for life.
RPA Wealth Management
8885 Haven Ave, Unit 170
Rancho Cucamonga, CA 91730
909 296 7977
Churchill Management Group
Fred Fern founded Churchill Management Group in 1963 and remains the firm’s CEO and chairman. The firm has 48 advisors and is fee-based, so there is plenty of experience guiding clients through both bull and bear markets. Initial investors need at least $750,000 to open an account.
Churchill’s staff includes seven certified financial planners (CFPs) and has more than $6,552,311,084 under management. Barron’s named Fred Fern, the No. 1 independent financial advisor in the nation in 2016.
Churchill Management Group has a Multi-Strategy Investment style or they are pretty proud of their Financial Planning. But what they are really about is clients, their goals and objectives. The advisors build relationships with clients, providing them with a dedicated service team and making certain there is consistent communication. In return, clients trust Churchill with something much more valuable than investable assets. They trust Churchill with their futures. Disciplined investment philosophies focus on investing and the team utilizes a holistic approach to get the big picture. This effective management tends to repay their clients’ trust in them.
The firm provides the appropriate specialized education and advice need for exceptional decision-making. Wealth Management is definitely a team effort at Churchill Management Group.
Churchill Management Group
5900 Wilshire Boulevard, Suite 400
Los Angeles, CA 90036
KLS Professional Advisors Group
KLS Professional Advisors Group, founded in 1989 on the premise that financial advice should not be influenced by the incentive to sell products, is an investment management firm that follows their core mission is to “provide smart, unbiased advice while integrating and executing on all aspects of a person’s financial affairs.”
The firm’s 55 Advisors focuses on their client needs in the areas of Financial Planning, Investment Management, Estate Planning. KLS, is a boutique private wealth manager dedicated to delivering fully-integrated, advanced wealth management and specialty banking solutions to address the complex needs of families with substantial wealth. $1,000,000 minimum is the required investment to open an account.
The firm specializes in managing the affairs of Fortune 500 Executives, Wall Street Executives, Entrepreneurs, Senior Law Firm Partners, and Professional Sports and Entertainment figures and has achieved over 90% average client retention annually since its founding.
KLS Professional Advisors Group
2049 Century Park East
Los Angeles, CA 90067
Evoke Wealth, LLC
Managing partners David Hou and Mark Sear formed Evoke Wealth, LLC in 2019 when they left First Republic Bank in a high-profile split. Wholly owned by Evoke Holdings–which is owned by Hou–Evoke Holdings recently acquired Advance Research Investment Management (ARIS) and the two firms share office space and employees.
The firm has 15 Advisors and is fee only wealth management firm with over $4,000,000,000 under management.
Evoke Wealth offers financial planning and investment management services primarily to high net worth individuals, though the client base also includes pooled investment and corporations or other businesses.
Evoke Wealth, LLC
10635 Santa Monica Blvd, Suite #240
Los Angeles, CA 90025
The team providing this Top Ten list believes smart people make smart decisions because they educate themselves on the choices they are preparing to make. We hope we’ve helped you become smarter about choosing a financial advisor that meets your unique and specific needs. We try to provide readers with up-to-date information that will help make those good decisions. We hope you’ve enjoyed reading the information we’ve provided and learning about some of the choices for Financial Advisors in the Los Angeles area.
No content is intended to constitute professional advice. This content is not responsible or liable for any consequences relating directly or indirectly to any action you take or fail to take based on the information provided. It is very important to do your own analysis, based on your own personal circumstances, before making any investment. Consult with your own investment, financial, tax and legal advisers. Readers agree to indemnify and hold harmless the providers of this information, from and against any and all liability, losses, claims, demands, disputes, damages or costs of any kind.
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