Hiring a firm, or trusting an individual within a firm, Financial Advisors in Salt Lake City, 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 Salt Lake City 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 Salt Lake City
Albion Financial Group
In the summer of 1982, Toby Levitt and John Bird were discussing flaws prevalent among financial firms nationwide. “There was lip service to the idea of putting the client first,” recalls Bird, “but at the end of the day, advisors got paid for selling a product.”
The two envisioned a firm where clients truly came first. This vision became a reality later that year when Levitt and Bird founded Albion Financial Group: a fee-only Registered Investment Advisor (RIA) legally and culturally committed to each client’s best interest. A fee-only pioneer, Albion has become a nationally recognized, award-winning investment manager and wealth advisor.
No surprise. The client still comes first.
Albion Financial Group’s fee-based firm has billions in assets under management. Services offered include investment management, wealth management and retirement plan services. The fee-only firm does not have an account minimum that potential clients have to meet to open an account.
Albion has a total of 26 employees, including advisors and support staff. In addition to typical financial advisor services, Albion offers two specialized products: Albion Wealth Builder, aimed at those who have lower levels of investable assets and Women of Albion.
The firm mainly uses fundamental, technical and cyclical analysis and believes multi-year investments, tax planning, retirement savings, college education, Social Security and estate planning strategies can help protect income and grow wealth. It is individualized fee-only investing. The securities Albion Financial Group manages in their ‘ESG portfolio’ are screened for a range of social criteria and are selected in a conscientious way. They carry out in-house research on environmental, social, and governance issues (ESG), as well as use various third-party research and reporting services.
Albion Financial Group
812 East 2100 South
Salt Lake City, UT 84106
Wealth management does not just mean managing investments. A good and beautiful financial plan encompasses every aspect of financial life or it just collects dust. At Everspire, wealth management means both planning and follow-through: Plan. Implement. Measure. Adapt. Encourage. Accomplish. Achieve.
Very few save money by learning financial planning and wealth management and practicing on themselves. Most have other full-time professions. At Everspire, full-time professionals have decades of professional experience in these areas and work continually to improve research, technology, and the firm’s personnel. Even the most intelligent, educated, and disciplined person would struggle to replicate Everspire services for themselves. Everspire keeps a laser focus on their clients’ financial lives and objectives.
Most Americans who accumulate wealth find that managing finances is both too complex and too time consuming or have a list of guilt-inducing to-dos that never get done. Interpreting IRS codes on Required Minimum Distributions is a morning missed with a grandchild. Everspire believes that their process will inspire confidence and clarity and save their client’s time and stress.
Everspire has mastered Unified managed accounts (UMA), 1031 exchanges, Private placements, Selection of a retirement plan, Estate planning, Investment consulting, Advanced portfolio analytics, Tax-sensitive investing, Single-stock risk management, Executive compensation, business exit planning, Financial windfall planning, Insurance planning
Foundation and endowment guidance so their client’s don’t have to master them.
6900 S 900th E., Ste 200
Midvale, UT 84047
After 10 years working with businesses in other financial areas, Mike Clark made the decision to start his own family office. IHP Advisors was born. Mike is an experienced and knowledgeable financial professional, ready to work with you to ensure you and your family’s financial future. He has helped dozens of clients’ structure financial strategies for what lies ahead. As a financial professional, Mr. Clark‘s main goal is to guide a team of specialized professionals who will help clients make well-informed decisions about which investments are right today, tomorrow, and beyond. He also emphasizes with the need to adjust investment plans as goals and family needs change.
The team at IHP Advisors listens to concerns, shares all information about potential investments, including benefits, risks, and tax issues, and treats your financial goals with the same care and interest they devote to their own. They look forward to being their clients trusted professional and expert resource as you build a secure portfolio of investments.
IHP Advisors is a full-service financial firm committed to helping people pursue their financial goals with a wide range of financial products and services for individuals and business owners.
IHP Advisors helps clients prepare for life’s expected and unexpected financial events with business planning, protection, wealth accumulation, retirement planning and estate conservation.
6440 So Wasatch Blvd, Ste 150
Salt Lake City, UT 84121
UMA Financial Services, Inc.
UMA Financial Services, Inc. is owned by the Utah Medical Association and has provided investment advisory services to the association’s members since 1993. The firm strives to make financial planning less confusing and complicated for its clients so they can protect and grow their wealth. The firm provides client investment management and a range of financial planning services, including retirement planning, income planning, risk management, debt management and college funding planning.
UMA Financial Services, Inc measures success by how well clients achieve their personal financial and life goals. Many physicians regard financial planning as complex and confusing and few have time to gain the expertise required to manage their own. They often miss out on potentially rewarding opportunities, take unnecessary risks and fail to adequately protect their assets. UMAFS provides guidance and assistance and takes the mystery out of investing, managing risk, preparing for retirement, and preserving wealth. Clients don’t have to meet a minimum investment requirement to work with the firm.
The UMAFS team has numerous certifications, including six certified financial planners (CFPs), one chartered retirement plans specialist (CRPS), one chartered retirement planning counselor (CRPC), one accredited investment fiduciary (AIF) and one certified investment management analyst (CIMA).
UMA Financial Services is a fee-based firm and earns money from avenues other than the fees clients pay. The firm directly earns the commissions from the sale of insurance products but as a fiduciary, is required to act in clients’ best interests.
When constructing client portfolios, the firm diversifies assets across countries and throughout asset classes and strives to build portfolios in accordance with each client’s risk tolerance and time horizon. It regularly dynamically rebalances portfolios whenever pre-determined asset weightings fall out of line.
UMA Financial Services, Inc.
310 East 4500 South, Suite 550
Salt Lake City, UT 84107
EP Wealth Advisors
EP Wealth’s beginnings were at a frozen yogurt shop in San Diego when Derek Holman and Brian Parker served behind the counter together. The two best friends since 6th grade, majored in economics and business administration and landed jobs in the financial industry—different companies–after college. They shared a mutual dissatisfaction with the industry, which put profits before people and eroded the quality of financial advice people received.
In 1999, Brian and Derek started Premier Financial Management, a precursor to EP Wealth Advisors, introducing an Accountable Approach to Personal Financial Advice. As Derek explained in an October, 2016 interview with Financial Advisor Magazine, “…the Wall Street model…didn’t seem to work. We wanted to offer advice that was conflict-free.”
With the advantages of their independent, fiduciary model, Brian and Derek started to attract clients, one by one, with their transparent structure and personalized approach.
EP Wealth has provided financial advice for retirees, executives, entertainment professionals, professional athletes, engineers, doctors, lawyers, divorcees, widows/widowers, LGBTQ community, real estate investment owners, foundations, and small business owners.
The warm and welcoming wealth management team provides access to a comprehensive range of financial advisor capabilities, including Investment Management, Financial Planning, Retirement Planning, Social Security Planning, Tax Planning, Life Transition Planning, Real Estate Analysis and Planning, Estate Planning, Stock Options Analysis, Insurance Analysis and Investing in Women because women typically live longer than men, earn less and invest at a lower rate. They can get a “motherhood penalty” of 10% pay reduction for raising kids. At EP Wealth, they don’t just talk about these challenges. They partner with women to understand the challenges and make positive change, no matter the client’s gender.
EP Wealth’s fundamental principles for financial advice are Simplicity, Transparency and Purpose. It’s the ‘why’ of wealth that ultimately matters and that is EP Wealth’s focus.
3115 E Lion Lane #100,
Salt Lake City, UT 84121
TrueNorth Wealth was founded in 2006 and has grown to manage more than $530,000,000 in client assets. The firm’s financial advisors have more than thirty-five years of combined experience.
TrueNorth provides financial planning, investment advice, and tax counseling services to individuals, corporations, small businesses, estates, trusts, 401(k) pensions and profit sharing plans, and institutional clients. Helping clients achieve extraordinary financial goals is the undeviating focus at TrueNorth Wealth and is continually driven, sharpened, and inspired by the remarkable ways clients pay the price their goals demand, although every client’s journey is unique. Each path is deeply marked by tremendous dedication and overwhelming sacrifice.
The touchstone for every aspect of the service the firm renders is a profound respect for the achievements clients already represent and what their dreams will require.
TrueNorth specializes in high net worth clients and is a fee-only wealth management firm. That means no commissions, no affinity kickbacks, and no ulterior motives. Clients get customized advice built around them and never have to wonder about what incentives motivate the firm’s advice. TrueNorth earns fees by leveraging professional investment knowledge and tax expertise.
Each advisor is a true fiduciary and what’s best for the client is best for the firm’s own success and depends entirely on the satisfaction of the clients serves. That bedrock principle provides the foundation on client relationships as they blossom into true long-term partnerships. At TrueNorth, the client’s financial well-being and peace of mind is paramount.
1935 East Vine Street #120
Salt Lake City, UT 84121
Financial Advisor Salt Lake City
Financial Advisor Salt Lake City has been helping those in the Salt Lake area for years and one thing that never changes. That is the desire to be financially secure. From the beginning, the firm’s mission has been to help clients obtain the financial freedom by providing solutions and recommendations for common financial struggles and concerns.
The team of certified financial planners and financial advisors has been in the industry for years, and help create a customized financial plan to help clients reach their financial goals and are financially prepared for the future.
Financial Advisor Salt Lake City advisors do things a little differently. They build a relationship with clients, laying a foundation of trust so clients know the team truly has their best interests at heart.
While the financial planning process is different for everyone, the basics are pretty much the same. A financial advisor goes over everything with each new client, assets, liabilities, income, retirement goals, etc. The goal is to help the client understand a general idea of where they are financially right now.
Once an advisor goes through the client’s current plan, it is easier for to make recommendations that can help plan for the future and meet the client’s personal goals–saving for retirement, putting enough away for a child’s future education, whatever the dream.
Biggest drawback. The firm is really reluctant to share info about their history or location. Potential clients have to call to get that info. The only way to contact them is via their website or by phone.
Financial Advisor Salt Lake City
Davidson Wealth Management/ The Thornton Financial Group
Founded in 1935, D.A. Davidson Companies is an employee-owned financial services holding company. The Wealth Management division offers wealth planning that includes a wide range of financial solutions and services. With a focus on personalized service, the team works as clients’ trusted advisors to develop strategies for building and preserving long-term, multigenerational wealth.
There is only one way to navigate through the wealth of financial service options: straight forward. Clear strategies with smart solutions match goals and help clients every step of the way.
The Thornton Financial Group is rooted in the values, stability, and discipline of our 80-year-old, employee-owned company. With over 90 years of combined experience in the financial industry, the team has encountered nearly every financial planning scenario imaginable. Rex Thornton, with 46 years of experience, is a CERTIFIED FINANCIAL PLANNERTM and a CPA. Greg has a total of 14 years experience and is a CERTIFIED FINANCIAL PLANNERTM. Jill has been with the company since 1997 and has a total of 35 years in the industry. Jill manages client relationships and works in the day-to-day operations of the Thornton Financial Group.
The firm specializes in helping clients build a plan with a big picture perspective of near- and long-term goals, the comfort with investment risk and an appropriate mix of managed investments, paying special attention to the appropriate allocation of invested assets.
All clients receive a Financial Planning Guide, Risk Assessment, Asset Allocation Recommendations, Annual Reviews, Market Commentary, Savings Plans, Distribution Plans, Quarterly Newsletter, Portfolio Rebalancing, Portfolio Updates, Insurance and 401(k) Review, Online Access, Direct Deposit and Consolidated Statements. Clients that invest over $1.5 million with The Thornton Financial Group, also receive a discovery agreement, a roadmap, detailed portfolio updates, semi-annual or quarterly meetings, estate planning, insurance reviews, detailed forecasts of asset balances, individual stock research and opinion, year-end reviews and coordination with CPA, attorney and other professional advisors.
These services are also available to investors with under $1.5 million but may carry additional costs.
The highest service model assists high net worth clients, non-profit foundations, endowments and retirement plans A menu of services are available for all clients that allow the firm to tailor an experience that meets each specific client’s needs.
Davidson Wealth Management
110 S Regent St., Ste 100
Salt Lake City, UT 84111
Vantage Capital Alliance
Quality and commitment are at the root of everything Vantage Capital Alliance does.
Superior financial tools are available to assist individuals and families to make more money, save more money and to protect their assets, have a better lifestyle and retirement, leave a legacy for their children and enjoy life to the fullest. Vantage Capital Alliance offers a step by step process of financial savings, recovery, protection and growth – without risk!
The wealthy know where their money is and what it is doing…on a daily basis. The masses guess, rely on others, hope and wish their money will grow so they can become wealthy. Hope is not a financial strategy, it is foolish to hope for a better lifestyle and do nothing to obtain it. Vantage Capital Alliance teaches common sense, financial strategies that work and utilize financial tools. Their team advises clients to treat finances like a business and you will see wealth flourish.
Vantage Capital Alliance was created for the purpose of giving the Right Answers to the Hard Questions of financial planning and managing money.
Vantage Capital Promises to serve clients to the best ability possible. They promise to find the best solutions, the best financial tools and the best protection client, regardless of what is trending or the latest craze. What we offer is not conventional, not main stream because the mainstream is NOT WORKING! Vantage Capital promises to show what works, how it works and why it works so clients are secure knowing IT WILL WORK!
Vantage Capital Alliance
West Jordan, UT 84084
Harrington Wealth Services
Robert Harrington didn’t landing in the Financial Advisor field by accident. Watching his parents work hard but not have the guidance to secure a comfortable retirement made him realize that retirement would be different than what he expected for them. That realization solidified his decision to become a Wealth Advisor.
He wants to help others on their journey to retirement to help them avoid the challenges his parents faced.
Harrington Wealth Services is committed to helping individuals and families understand the importance of financial opportunities and navigate the current, ever-changing economic environment.
Knowledge is power, the foundation for intelligent, well-considered decisions. Sound decisions are vital in pursuing retirement goals and avoiding costly mistakes that can affect the future.
Harrington Wealth Services helps people understand their risk tolerance, time horizon and goals; they work diligently to develop a program that carefully balances investment strategies with preserving principal.
Economic challenges bring opportunities and potential rewards. Harrington Wealth Services works closely with clients to evaluate those opportunities and get in position to potentially reap those rewards.
While developing a customized financial program, the firm will walk clients through a step-by-step process that will make them feel confident about their decisions. They create appropriate strategies to suit each client’s vision and objectives.
Harrington Wealth Services
8899 S 700th E., Ste 225
Sandy, UT 84070
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 Salt Lake City 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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