We evaluated a selection of the top financial advisory firms in the US, what they offer, and their pros and cons.
1. Fidelity Investments
One of the most well-rounded financial firms available, Fidelity Investments is widely recognized as a good beginner’s option for anyone who wants to develop a comprehensive, reliable investment strategy.
Fidelity Investments provides a wide range of specialized financial services for clients who need help navigating different financial circ*mstances, goals, investments, or challenges. Some of the services that the firm financial advisors provide include banking set-up, ETF trading, retirement planning, and investment planning.
The firm has no minimum balance requirement and does not charge any account, activity or transfer-out fees. Fidelity Investment users pay $0 for stock or ETF trades.
Fidelity Investment has a reputation for excellent customer service, offering comprehensive in-person and phone tree customer support so that clients can access the help they need or get information about Fidelity services at all times.
Fidelity Investments
top choice for beginners seeking a reliable investment strategy
Assets Under Management:
$4.5 trillion
Fee Structure:
Fee-only & fee-based
Fee:
0.05%-1.50%
Minimum Account Sizes:
$50,000
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2. Fisher Investments
Fisher Investments is one of the best financial advisory firms for customized portfolio strategies. It was created for experienced investors who want a professional to take the reins.
Fisher Investments offers portfolio management and financial planning. It does not offer brokerage services, meaning you will hand over the operation of your portfolio to a professional.
The firm matches each client with an investment advisor who designs a personalized portfolio to meet your desired goals.
Fisher Investments' fee structure is different from that of many other financial advisory firms. It charges an assets under management (AUM) fee to design and manage your portfolio.
The AUM fee is a percentage of the total amount you invest with the firm, and it depends on your portfolio size, for example:
1.25% per year for the first $1 million.
1.125% per year for the next $4 million.
1% per year for assets over $5 million.
This fee includes everything, so there are no additional charges.
Fisher Investments
One of the best financial advisory firms for customized portfolio strategies
Assets Under Management:
$236 billion
Fee:
1.0%-1.50%
Fee Structure:
Fee-only
Minimum Account Sizes:
$200,000
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3. Facet
Powered by technology, Facet is a multi-disciplinary financial planning firm that focuses on providing personalized and affordable advice for all types of big monetary decisions.
Facet covers a broad range of areas relating to money, life, and work, including, but not limited to, financial wellness, financial planning, family planning, estate planning, and equity compensation.
Initially launched in 2016, Facet connects its members to a CFP®professional to work with them one-on-one, supported by a team of experts.
The costs associated with Facet are low. Facet charges a flat annual fee for its members based on the complexity of their situation. As of March 2024, this fee ranged from $2,400 to $8,000 annually. Facet also has no minimum balance requirement; however, if you wish to open a managed portfolio, you must deposit a minimum of $500.
Facet’s mission is to provide affordable and accessible financial services, offering a human approach to financial planning.
Facet
Tech-driven financial planning firm offering personalized, affordable advice for major financial decisions
Assets Under Management:
$1 billion
Fee:
$2,400-$8,000
Fee Structure:
Fee-only
Minimum Account Sizes:
No minimum
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4. Vanguard
Vanguard is the world’s second-largest investment company or brokerage firm, offering a range of active and passive options, as well as a competitive fee structure and other attractive selling points.
An established stockbroker firm,Vanguardoffers its users access to personalized financial advice, high-quality investments, retirement tools, and relevant market insights.
Vanguard is renowned for its commitment to passive investing and is a popular choice for those seeking low-cost, long-term investment strategies. The firm offers passive and active options and lets you research, build, and maintain your portfolio using data and research.
Vanguard also offers different options for those at various stages of their investment journey. Its Vanguard Digital Advisor is a robo-advisor with lower-than-average fees that is a good fit for younger investors who want a basic investment account.
On the other hand, its Vanguard Personal Advisor Services option is for investors with a larger portfolio. This type of account requires a minimum enrollment balance of $50,000.
Vanguard
The world's second-largest investment firm, offers both active and passive options with a competitive fee structure and other benefits
Assets Under Management:
$7.7 trillion
Fee:
0.03%-0.40%:
Fee Structure:
Fee-based
Minimum Account Sizes:
$50,000
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5. Mercer
One of the best private wealth management firms, Mercer is renowned for its thorough and professional approach to providing personal financial advice.
Mercer is a fee-only advisor firm with over 400 financial advisors throughout the US and is responsible for tens of billions in client assets under management.
The firm provides services, including financial planning, portfolio management, retirement planning, and tax preparation.
Mercer is also well-suited to users who want to do good with their investments. For clients who express a desire for an ESG-specific portfolio, Mercer can invest in companies with high environmental, social, and governance ratings.
Mercer charges their fees based on each individual's unique circ*mstances. Investment management fees are charged based on the strategies used and the total AUM of the client's account.
Mercer
Top private wealth management firm known for its thorough and professional financial advice
Assets Under Management:
$35 billion
Fee:
1.10%-5.0%
Fee Structure:
Fee-only
Minimum Account Sizes:
$250,000
Learn more about Mercer
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6. Edward Jones
Edward Jones is a longstanding financial services firm in the US with a safe and reliable history. They are known best for their independent investment advice.
According to the firm, they have nearly 19,000 financial advisors serving over 8 million clients throughout the US and through its affiliates in Canada. The firm has a total of $1.7 trillion in client assets under care.
The company offers a wide range of account options and investment products, including retirement planning, brokerage account options, stocks, bonds, mutual funds, and EFTs.
Edward Jones fees and commission depend on each unique situation, including services obtained, the nature of the client’s circ*mstances, and the availability of the team members at the time. The fees decrease when an account grows in value.
One of the main selling points of Edward Jones financial services is its prioritization of forming strong client relationships. With skilled and diligent professionals available, these team members make sure that each client feels prioritized as an individual as well as a customer.
Here are some of Edward Jones' key details.
Edward Jones
Longstanding US financial firm, known for its reliable history and independent investment advice
Assets Under Management:
$1.8 trillion
Fee:
0.75%-5.75%
Fee Structure:
Fee-based
Minimum Account Sizes:
$5,000
Learn more about Edward Jones
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7. BlackRock
One of the world’s leading financial advisory firms,BlackRockis an internationally acclaimed company providing investment management, risk management, and advisory services for institutional and retail clients worldwide.
Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments.
BlackRock charges an array of fees using different schedules. These schedules and costs depend on the strategy you choose and the type of account you open. Some accounts have standard fee schedules, while others may be subject to negotiation.
Their goal is to help more and more people experience financial well-being. They are fiduciary to their clients.
The company also focuses on sustainable investing and AI-driven strategy development, rolling out new generative artificial intelligence tools to their clients as part of a drive to use the technology to boost productivity.
BlackRock
Leading global firm providing investment, risk management, and advisory services worldwide.
Assets Under Management:
$9.101 trillion
Fee:
0.80%
Fee Structure:
Fee-based
Minimum Account Sizes:
$250,000 to $1 million
Learn more about BlackRock
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8. Charles Schwab
Charles Schwab is one of the largest and best companies for financial advisors in the US. It is a well-established financial services firm with numerous product offerings designed to suit a wide range of needs.
The firm offers a wide range of services relating to money management, financial planning, investment portfolio expansion, taxes, and retirement accounts.
It has over 400 branches in 45 US states, with more than 1,200 financial consultants on hand to help with their clients' every need. As of August 31, 2021, Charles Schwab provided over 100,000+ financial plans.
Charles Schwab’s fees and commissions are set at a competitive rate. While online listed stock and ETF trades are free, all other forms of investment come at a cost. For example, online options trades are $0.65 per contract and service charges apply to automated phone trades ($5) and broker-assisted trades ($25) for stocks, ETFs, and Options.
Charles Schwab’s overarching mission is to champion individuals' goals with passion and integrity.
Charles Schwab
One of the largest and best companies for financial advisors in the US
Assets Under Management:
$7.13 trillion
Fee:
0.80% and decrease at higher asset levels
Fee Structure:
Fee-based
Minimum Account Sizes:
$500,000
Learn more about Charles Schwab
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Biggest financial advisor firms
AUM, or assets under management, increases with client deposits and often indicates the size of a frim.
The table below ranks financial advisory firms by their AUM:
| Company | AUM (Billion) | |
|---|---|---|
| 1 | BlackRock | 9101 |
| 2 | Vanguard | 7700 |
| 3 | Charles Schwab | 7130 |
| 4 | Fidelity Investments | 4500 |
| 5 | Morgan Stanley | 3300 |
| 6 | JP Morgan | 3200 |
| 7 | State Street | 3000 |
| 8 | Goldman Sachs | 2100 |
| 9 | Amundi | 2000 |
| 10 | Edward Jones | 1800 |
| 11 | BNY Mellon | 1500 |
| 12 | Allianz | 1400 |
| 13 | UBS | 1200 |
| 14 | Fisher Investments | 236 |
| 15 | Mercer | 35 |
| 16 | Facet | 1 |
How to choose a financial advisor firm
In 2023, the US financial advisory services market wasworth over $57 trillion. However, with so many renowned firms to choose from,selecting the best financial advisorfor your needs can be a challenge.
The best financial advisor firms are those with plenty of experience, a diverse group of industry experts, and a wide range of financial services to offer clients.
Financial advisory firms offer advice, strategy, and guidance in the fields of investment, savings, financial management, andlong-termwealth building.
Which is the best financial advisory firm for me?
The best financial advisor firm ultimately depends on what yourneedsare as a client.
Any of the above firms will likely meet your needs, but some will be more compatible with you than others. You can use the factors listed below to determine which you should choose.
Budget– Naturally, these firms have their ownpricingsystems to consider. The bigger your budget, the more services and expert guidance you can afford.
Location– Not all financial advisor firms thrive in remote or long-distance arrangements. Choose one that you can easily communicate with.
Service requirement– Some firms specialize in certain services, it's best to pick one with a high level of experience in your field of interest.
Advice delivery– Financial advisor firms have different communication and customer management styles. Pick one that delivers advice in a way you find comfortable and easy to understand.
Experience level– If you need high-level advice and input, you’ll want to opt for a firm with more experience in its field. Smaller, less seasoned companies can easily handle lower-stakes financial management like savings and retirement.
Get matched with a financial advisor
Looking through the best companies for financial advisors in the US is a great method for finding one that meets all your needs and expectations. Not all financial advisors or firms are the same, and knowing what the different specialties are is important for your financial future and long-term security.
If you would like to learn more about financial management and get expert financial advice, let Unbiasedmatch you with a financial advisorthat suits your needs.
