Hiring a firm, or trusting an individual within a firm, 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 financial advisors in St. Louis go about managing your portfolio is much more important.
Many seek the advice of financial advisors in St. Louis 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 financial advisors in St. Louis 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 financial advisors in St. Louis 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. This 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 Financial Advisors in St. Louis are 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 St. Louis 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 in St. Louis 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 St. Louis.
Modern Dollar Planning, LLC
Andrew Mohrmann, launched Modern Dollar in 2015 after spending several years with two of St. Louis’ largest independent wealth advisory firms. He’s a third generation entrepreneur and knew early in his working career that he would eventually try his hand as a business owner. Modern Dollar is a fee only financial planning firm. As life gets complex, Modern Dollar is a second set of eyes to ensure clients are making the right financial moves. The firm helps executives, medical professionals and business owners grow and protect wealth through one-on-one financial planning and investment management. Clients who want to set retire early, leave the corporate world to start a business, send kids to college and everything in between find the right financial trajectory to make it happen.
Modern Dollar believes clients should know exactly what they are getting and how much they pay. Clients get a dedicated Certified Financial Planner™ that works in their best interest. As a documented fiduciary, they are required to put clients’ interests first.
Though most clients are local to St. Louis, the firm has clients throughout the United States and can maintain a seamless relationship via technology. The firm used a team approach and clients are clients of the firm rather than a single advisor. That gives clients access to the expertise of the whole team of CFP®/CFA/CPA/MBA credentialed professionals. Modern Dollar’s investment philosophy is grounded in academic evidence rather than the whims of Wall Street.
MODERN DOLLAR PLANNING, LLC,
in St. Louis’ Historic Downtown Lafayette Square
1807 Park Avenue
St. Louis, MO 63104
Krilogy Financial provides financial planning, insurance, portfolio management services and includes disability, long-term care, life insurance plans and retirement planning. President and CEO, Kent S. Skornia, has been named St. Louis Magazine’s Five Star Wealth Manager four times.
Krilogy Financial let values guide their work with clients and believe they are the building blocks of a trusting, uplifting relationship. Intelligent people seek informed insights and clients explore options to feel confident about the financial decisions they are making with Krilogy advisor help. The firm helps clients gain clarity about their future and building wealth plans that reflect who their clients are and what makes them happy. The advisors are guides, educators, and advocates for a client’s entire financial life.
Values, in action, build strong relationships based on honesty and trust and lead to more informed planning and direct a sense of readiness as clients face life’s changes and challenges. Trust allows Advisors to ask thought-provoking questions and they know what to do with the answers to those questions. The team’s knowledge and extensive use of technology provide data-driven advice and addresses the unique needs of each client’s plan.
With a Krilogy Financial team, their clients are ready for all the moments clients will encounter on their financial journey. Krilogy Financial’s Investment Committee is comprised of sub-committees, including equities, fixed income, and alternative investments that focus on the creation of investment models and portfolios that the advisors can utilize in the management of their client’s assets. The members of these committees search for investments that have a desirable risk/return profile and that can add value to client portfolios. Each member of the team lends his or her years of experience and knowledge to the process, performing research and investigation of potential opportunities.
600 Emerson Road, Suite 110
St. Louis, MO 63141
JBL Financial Services, Inc.
Jeff Lapidus is the President of JBL Financial Services, Inc. and he has over 29 years of experience. He hosts KTRS’ Straight Talk on Retirement. JBL Financial Services, Inc. is accredited by the Better Business Bureau and has an A+ rating.
The firms realistic, approachable, and optimistic team provides the highest level of advice to clients who invite JBL Financial Services, Inc. into their lives as coaches and advisers. The teamwork approach adds a broader perspective to services and provides increased benefits to clients.
Without a game plan, the path toward and into retirement can be difficult. Having a comprehensive and up-to-date retirement game plan, with a knowledgeable coach offering support, helps make the road less strenuous. Working with individuals and families in all stages of retirement planning, JBL Financial Services, Inc. offers a wide array of services, including Income Planning, Tax Planning, Social Security Planning, Investment Management and Estate Planning.
Many clients don’t just want to make their assets last for their lifetimes; they want to leave a legacy for their heirs. However, the financial side of estate planning is often overlooked and can have a significant impact on one’s family. JBL Financial Services, Inc. can assist clients in articulating their estate planning needs and coordinate the work of other professionals who may be needed, including attorneys and CPAs.
JBL Financial Services also strives to deliver high-impact service to organizations.
Straight Talk on Retirement is live every Saturday from 10:00-11:00 A.M (CST) on the local Big 550 KTRS with a no-nonsense approach to educating listeners about retirement. Jeff and daughter Erin combine their years of experience in the financial and medical fields with a humorous father/daughter relationship that keeps listeners entertained and informed.
JBL Financial Services, Inc.
7710 Carondelet Avenue, Suite 333
Saint Louis, MO 63105
Office: (314) 863-0008
B.E.S.T. Wealth Management, LLC
B.E.S.T. Wealth Management understands that many people don’t have a plan for their finances and they have specialized in creating customized Financial Plans and Investment Management since 2006. With no upfront costs. Many people face stress and uncertainty when they don’t have a plan for their finances. But some clients don’t have the desire to deal with finances, don’t have the time to give them the proper attention and/or don’t know if they are handling their finances in the best way.
B.E.S.T. Wealth Management can help.
The financial planning industry has let people down. From less-than-honest salespeople to greedy financial advisors, it’s no wonder that some people are skeptical. B.E.S.T. Wealth Management understands that clients don’t want to be “sold” something. They are a non-commission-based office and will not sell any product. The firm does not receive commissions, kickbacks, or referral fees of any kind. Instead, they provide quality financial planning advice and investment management services that are designed to help clients get the most from their finances. B.E.S.T. Wealth Management does not impose any investment minimums and offers a Satisfaction Guarantee so clients can see the value prior to ever paying a dime. Clients have to see an improvement in their financial life, only then do they pay. The reality is that all people need a plan for their finances, no matter how big or small their assets. B.E.S.T. Wealth Management’s mission is to help those who want help and not turn them away because they haven’t built up enough wealth yet. After all, that is precisely why clients look at hiring a financial planner –so that they can build wealth.
B.E.S.T. Wealth Management, LLC.
10880 Baur Blvd, Suite 104
St. Louis, MO 63132
St. Louis Financial Planners, Inc.
For over 35 years, since 1976, people of the Midwest have relied on St. Louis Financial Planners and the principles on which the firm was built. Their principles are to listen closely, provide fundamentally sound financial planning, deliver what they promise and commit to quality.
Those no-nonsense values still guide the firm today. St. Louis Financial Planners knows their continued success depends on how well they serve and respond to the needs and interests of their clients. Services are financial planning, investments, insurance, estate planning, retirement plans, money management, tax plans, college plans, 401(k) planning, profit-sharing plans, 403(b) planning, disability income, life insurance, traditional IRAs, and Roth IRAs.
The best investment, estate planning, or retirement vehicle can only be of value if it accomplishes what clients want in a way that is comfortable to each client. St. Louis Financial Planners recognizes the value of having a clear understanding of what is important. Prior to creating any viable strategies, the firm addresses the specific needs, resources and personality of each client.
In dynamic financial environments, supervision is beyond prudent – it is mandatory. St. Louis Financial Planners knows that constant supervision is the best possible service they can provide and helps identify potential hazards and opportunities at early stages.
Clients are kept informed through meetings, periodic portfolio reports and financial updates.
Over the long term, vigilance is the catalyst that enables a Client’s Strategic Financial Plan to successfully meet the challenges and opportunities that invariably arise.
St. Louis Financial Planners, Inc.
1415 Elbridge Payne Road, Suite 140
Chesterfield, Missouri, 63017
Plaza Advisory Group, Inc.
Plaza Advisory Group, Inc. has served clients for 30 years and the firm’s services include estate and tax planning, wealth management, risk management, legacy building, retirement planning, and executive transitions. Plaza Advisory Group, Inc. serves a wide variety of clients including business owners, entrepreneurs, affluent women, pre-retirees, retirees, affluent families, corporate executives, and CEOs.
Since 1985, the firm’s mission and core principles have never wavered. They seek to enhance clients’ lives by helping them live balanced lives and manage their wealth to last more than a lifetime.
Plaza Advisory Group, Inc’s focus remains on the client and their needs and they help them make sound financial decisions and durable plans that will last them through major life events, as well as growing them over the years. They strive to deliver the ideal balance of customer service and financial knowledge. At Plaza Advisory Group, advisors play a role in all elements of our clients’ financial lives, through their comprehensive approach, which helps clarify goals, saves time and empowers clients feel confident that they are taking the right steps in pursuit of their goals.
Plaza Advisory Group, Inc.
101 South Hanley Road, Suite 1350
St. Louis, MO 63105
Moneta Group Investment Advisors, LLC
Moneta Group Investment Advisors has a 97 percent client retention rate and is currently the 7th-largest independent investment advisory service in the United States. Moneta was founded in 1963 as a financial planning company that primarily served physicians. In 1988, the firm broadened its range of clientele. Clients receive independent investment advice, asset protection strategies, proactive tax planning and help with life transitions. Businesses benefit from the firm’s retirement plan consulting services.
Moneta advisors are fiduciaries and independent registered investment advisors (RIA). They are 100% objective and operate and advise clients without bias. Security and longevity of the large firm don’t detract from the personalized attention clients know and deserve. The firm has the freedom to leverage a large and diverse set of solutions for our clients and is client-first, the client always.
Moneta Group Investment Advisors was ranked the nation’s second-largest fee-only Registered Investment Adviser (RIA) in 2019 with more than $20 billion in assets under management (AUM). In the third quarter of 2019, Moneta opened its first expansion office in Cherry Creek, Colorado after 150 years of making St. Louis, Missouri their exclusive home.
No matter what stage clients are at in their wealth journey, the firm goes to extraordinary lengths to build a better, closer relationship with clients. New clients can expect exceptional personal attention, access to in-house expertise, and a proven track record of real-world solutions. The firm is ready to meet clients where they are and engage them in the way that they prefer.
Moneta Group Investment Advisors, LLC
100 South Brentwood Blvd
St. Louis, MO 63105
Paradigm Financial Advisors, LLC
Paradigm Financial Advisors was acquired by CEO James Reding, who had been a part of the financial services industry since 1991, in 2011. Paradigm Financial Advisors is an RIA firm based in Des Peres that provides clients with comprehensive wealth management services. Each client receives a customized analysis and help structuring of their investment portfolio, cash flow, estate plan, and retirement goals. Clients also benefit from income tax planning strategies. The majority of clients are former business owners, executives, professionals, self-made millionaires, and early retirees. Paradigm Financial Advisors was one of the first fee-only fiduciary firms serving business owners, professionals and families in the greater St. Louis area. It has a team of investment professionals, tax specialists, and attorney’s that have decades of experience helping our clients achieve their financial goals. The team includes Investment Specialists, Certified Financial Planner™ professionals, CPAs, Tax Accountants and Attorneys. Instead of working with one professional, clients get a team focused on getting the best results with comprehensive wealth management, while also getting access to sophisticated strategies that can help generate tax savings now…and in the future.
Paradigm Financial Advisors provides objective advice free of conflicts of interest and act in the best interest of clients at all times. They choose not to sell insurance or annuities so there are no commissions or other hidden compensations. This allows our firm to simply provide clients with high quality, conflict-free advice.
Paradigm Financial Advisors, LLC
12818 Daylight Circle
Des Peres, MO 63131
Renaud & Company
Renaud & Company is based in O’Fallon and run by financial advisor Matt Renaud, a credentialed professional who has served clients since 1998. The firm’s overall goal is to help clients manage multiple aspects of their financial health. Clients receive wealth management and financial planning services, including investment planning, retirement planning, and annuity planning. Clients looking for financial advisors that have their best interests at heart should use an advisor who charges fees not commissions. Why? An advisor’s commission is based on how much you contribute and how much you make with your investments. This is a risky way to invest your savings. Renaud & Company is fee-based so always has the client’s best interests at heart. They strive to create financial stability and ensure financial independence as well. Most importantly, they maintain a disciplined approach to investing and always give clients the personal attention they deserve.
The local and family-owned company gives one-on-one guidance and never treats clients like a number. Instead, they are treated like a valued client—or even a family member. The firm pays close attention to the client’s needs to determine the right investments for them. At the same time, they offer straightforward, common-sense advice in layman’s terms. Clients always understand how their money is being invested.
The success of a financial plan hinges on making wise investments. Advisors at Renaud & Company can help clients make prudent decisions for their financial future.
Well known as a financial educator throughout St. Charles County, Matt Renaud provides exceptional financial guidance for his clients and is a fully certified senior advisor and a registered investment advisor with more 24 years of experience in the field. In addition, he is a Five Star Wealth Manager Award Recipient. His practice focuses on helping retirees avoid common investment mistakes. He counsels his clients on how to avoid pitfalls and see positive financial results.
Renaud & Company
793 W Terra Lane
O’Fallon, MO 63366
The Chamberlin Group
The Chamberlin Group was founded in early 2002 at the beginning of the final year of a three-year market downturn to provide more comprehensive planning and protection from economic disasters. The firm is a team of tax and wealth planners who serve clients throughout the St. Louis area. The group provides financial advising services, assisting its clients with tax and income planning to help secure their retirement and fiscal future. It helps clients with tax preparation, offers investment advice, and provides access to its fee-based holistic financial planning services, which take each client’s current status and future goals into account. Seeking new ways to prepare for rising taxes and declining markets, the consulting firm was focused on bringing the elite services of the ultra-wealthy to the everyday American family. Holistic Planning was born, putting the desires and dreams of main-stream Americans first. They believe in thorough research to find individual objectives and goals and customize a Holistic Plan for each client, which encompasses Tax, Estate, Insurance, Finance, Longevity and Income Planning—the way billionaires do it.
The firm is committed to helping clients understand their options and make educated decisions, They believe Americans make enlightened decisions about their finances when their unique options are shared with them. The firm was born out of intolerance for putting profits before people and they do not do the cookie-cutter approach. The firm is driven by the values of integrity, confidence, collaboration, enlightenment and focus and fosters honest communication.
The Chamberlin Group
12444 Powerscourt Drive, Suite 200
Saint Louis, MO 63131
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 learned about some of the choices for Financial Advisors in the St. Louis 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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