Best Financial Advisors in Detroit, MI

Best Financial Advisors in Detroit, MI

As the center of the automobile revolution and the home of some of the world’s most famous musicians, Detroit has become a city known and recognized around the world. And although times have been tough over the past few years, a revival is underway, and the arrow is most definitely pointing up.

For those who call Detroit home, this shift is exactly what the city needed. Yet it’s not wise to base your personal financial security on the economic windfalls of a growing city. Instead, you need to take control of your own finances, and there’s no better way to do that than to hire a qualified and experienced financial advisor.

You have plenty of choices in the Detroit area. Yet this abundance of options can make it difficult to know which one is really going to help you. We’ve researched the many firms in the area to craft a list of the best five. Read on to find out who made the cut and why.

1) Plante Moran

With just under $15 billion in managed assets, Plante Moran is one of the largest and most successful financial planning firms in the entire Detroit area. However, this is a firm very much focused on high-net-worth individuals. The minimum account balance is currently $500,000. Yet with over 250 highly-qualified professionals, Plante Morgan has the tools you need to successfully grow your portfolio and achieve your goals.

Plante Morgan’s investment strategy is grounded in taking a long-term approach. Since the firm has been in business for over 90 years, they have a tremendous amount of information on how the market cycles, meaning they will be able to construct a plan that can withstand downturns and grow over time. The exact investments the firm recommends will depend on your personal plan, but it tends to favor exchange-traded funds (EFTs), mutual funds, and hedge funds.

Other things you can expect from Plante Morgan include:

  • Assistance planning your trust funds and estates
  • Guidance creating a retirement plan based on your personal goals and objectives
  • Business planning and guidance as well as office services to help you manage all aspect of your financial life

2) Telemus Capital, LLC.

Telemus Capital, LLC. provides a nice combination of the benefits of a large firm and a small one. It currently manages more than $2 billion in assets, but it has less than 1,000 clients, meaning you will have no problem getting all the personal attention you deserve when making your financial plan. Currently, the firm requires no minimum balance to open an account, but their minimum annual fee hovers around $4,000.

Defining the exact nature of Telemus’ investment strategy is difficult because it works hard to provide personalized solutions to each client. Your advisor will put together a plan designed specifically for your situation. This could mean devising an elaborate approach to tax mitigation that includes charitable donations, or it could mean dabbling in exchange-traded funds and mutual funds.

Telemus is also a fee-only fiduciary. Other things you can expect from Telemus include:

  • Full-service business planning to complement your individual financial plan
  • Advice on how to best build your retirement fund and set up your estate/trust funds
  • Insurance solutions designed to protect you and your wealth

3) Advance Capital Management

For those who find themselves in between the “high-net-worth” and “early investor” categories, Advance Capital Management is a great choice for you. Currently, they require a $150,000 minimum investment to open an institutional account and $300,000 to become an individual investor.

If you are indeed in this category, know that Advance Capital Management employs highly-qualified individuals, including 13 Certified Financial Planners (CFPs) in addition to Certified Public Accountants (CPAs) and Chartered Mutual Fund Advisors (CMFAs).

While Advance Capital Management will tailor your investment plan according to your personal needs, the firm leans towards exchange-traded funds (EFTs) and mutual funds largely because of lower risk level and high amount of diversification. Other things you can expect from Advance Capital Management include:

  • Unbiased financial advice given entirely in your best interest; Advance Capital Management is a fee-only fiduciary
  • Assistance before, during, and after retirement so that you can continue modifying your plan as your life changes
  • Access to educational resources designed to help make you a smarter investor and personal money manager

4) Edelman Financial Engines

A national firm with offices in nearly all 50 states, Edelman Financial Advisors has a strong presence in the Detroit area and more than deserves to be on this list. Across the country, the firm manages more than $200 billion, and because of its size, it has access to state of the art research tools that allow it to identify investment opportunities smaller firms simply cannot use.

However, despite being such a large firm, Edelman still operates like a small company. Your local advisor will work with you to understand your needs and help you develop a plan.

Another thing we like about Edelman Financial Advisors is their commitment to client education. Because of the size of the firm, you can expect access to tons of resources that will allow you to become a much more involved investor. Additionally, you can expect:

  • Assistance planning your path to home ownership, including help selecting the right mortgage and understanding the best way to pay back your debt
  • Help to put together a plan so that you can retire when and how you want
  • Holistic financial planning designed around your goals that is also adaptable to the twists and turns of life

5) Schecter Wealth

Schecter Wealth, founded in 1975, has its roots in the insurance world – its two founders both got their start at New York Life. However, since then, Schecter Wealth has grown and is now a full-service investment and financial management firm. Services include wealth planning, investment advisory services, tax planning, private capital investment, and life insurance planning.

However, despite branching out into other areas of the financial services sector, Schecter’s specialty is still life insurance. Your advisor will help design a specific policy for you that allows you to use life insurance in non-standard ways. This provides a nice layer of risk protection, and the firm uses this to pursue other investment opportunities that will help your portfolio grow.

Despite Schecter’s tendency towards insurance products, the firm is still a fiduciary. Furthermore, their financial services are offered on a fee-only basis. You can also expect:

  • Assistance in creating and executing a retirement plan
  • Information and resources to help you understand the market
  • Personalized service designed to create the most customized financial plan possible

Conclusion

The Detroit area clearly has plenty of options when it comes to financial advisory firms. Obviously, they are not all the same, and not all of them can be trusted to best handle your financial future. However, this carefully-crafted list represents the best of the best, so if you’re ready to take the next step towards wealth and security, get in touch with one of these firms and schedule an appointment today.

The post Best Financial Advisors in Detroit, MI appeared first on Careful Cents.


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