I created this list of financial advisors for small accounts (less than $300,000 in assets) because there are alot of schmucks out there hawking crap products to people with portfolio of this size, and I don’t think it’s fair.
Before we get into it, here are some resources that may help you.
Please subscribe to my newsletter to receive updates that raise awareness of consumer financial issues. It will teach you how to avoid shenanigans, crap products, and other scummy practices that are unfortunately common in financial advice.
I wrote a bunch of consumer advocacy blogs here to protect people from all the BS.
Also, please understand that this is not an endorsement of any particular company or person. Please conduct your own due diligence and come to your own decision. Also, I am under no obligation to update this list and the conditions of service offered by these firms may change over time without being reflected here. I have no formalized business relationship with any of the firms listed on this list at the present time.
Pure fiduciaries
These are advisors who hold no insurance or brokerage licenses and are considered pure fiduciaries. The fiduciary standard is important because it defined parameters for behaviors impacting the way that financial advisors treat their clients. Fiduciary financial advisors provide the highest possible standard of care in the industry to their clients.
Please review this debate about the fiduciary standard and familiarize yourself with this important distinction.
The following advisors are pure fiduciary financial advisors who serve small investors.
Transform Retirement
Avg account size: Approx. $200K
Niche: Workplace retirement solutions
Services: Investment advice/management, financial planning
Fyvie Financial
www.fyviefinancial.com
Avg account size: $42,000
Niche: cross-border individuals UK/US
Services: hourly consults, asset management, financial reports all for no minimum requirement of income or asset levels
Investment Planning Advisors
investplanadvise.com
Avg account size: $107,000
Services: We offer every client the same services: We manage their investments in light of their financial plan that we have developed.
TradeWinds, LLC
www.tradewinds.global
Avg account size: $270k
Services: We offer digital assets for people who are interested and may already hold on their own. Clients are given full access to our entire offering (investments, retirement, college, insurance, tax, estate, etc.)
Elgon Financial Advisors
Avg account size: $30,000. The majority of my clients have very few assets outside of 401k, and home countries. So they are actually starting their investment journeys with me. It will be interesting to see where they are in a couple of years.
Niche: Foreign-born families (US Citizens, Green Card holders, on Work Visas), typically just starting out in the US or with assets overseas.
Services: I offer investment management as an add-on to financial planning. If just doing investment management alone – it would be the usual balancing, tax-loss harvesting (If warranted), asset allocation etc., pretty much everything, that goes into this. Not doing any alternative investing, really keeping it simple
Northshire Consulting
Avg account size: $72,766 (non retirement plan participant); $37,186 (retirement plan participants)
Niche: My particular niche is small business retirement plans, and those individuals/families
overlooked and underserved by the industry.
Services: All account holders have access to the eMoney platform. We offer webinars at least nine
times a year. Assets are managed at Schwab in low-cost funds, without additional TAMP
charges. In the case where individual bonds or CD are a good fit, those are researched and
purchased by us through Schwab. All account holders can book a 15-minute. 1-on1 session
quarterly.
Abundo Wealth
Abundo provides flat fee financial planning. From the company’s website, as of January 5th, 2024:
$499 start up
$189 per month
This includes unlimited financial guidance for all of life’s adventures including all meetings, texts, e-mails, and calls.
Coastal Financial Advisors
www.coastalfa.com
Avg account size: Estimated $100,000 for a small account
Niche: Families and individuals
Services: Tax preparation and financial advice from a fee-only fiduciary
Non-fiduciary financial advisors
The following financial advisors serve small investors, but they are not pure fiduciaries. It’s important to note that the fiduciary standard is the highest standard of care that a financial advisor could be held to. There are numerous reasons why it is more prudent to work with a fiduciary, and anyone looking for a financial advisor should become familiar with them.
Read this blog about what a fiduciary is, and why it’s important.
Preece Financial Planning
https://www.preecefp.com/
Areas of focus: current or aspiring real estate investors, professionals 10+years out from retirement, and entrepreneurs.
Average account size: $115k
Services:
Manages assets and provides full financial planning (tax planning, projections, benefits reviews, college & other goal planning, estate planning, insurance planning, etc.).
Prepares taxes at a discounted rate for planning clients of mine, if they’re looking for someone who can do both.
A fee-only fiduciary and refers insurance out. The state of WI requires him to have an insurance license to advise on insurance even if not selling it, so maintains that license, but doesn’t make any money on commissions.
Hottleman and Associates
www.hottleman.com
Avg account size: $300k
Niche: Single professional women approaching retirement
Services: Financial planning, investment management, college planning, tax services, company retirement plans
Note: Andrea holds insurance and FINRA licenses.
56 Capital Partners
www.56capitalpartners.com
Avg account size: $300k.
Niche: Entrepreneurial couples at the beginning or midway through their business journey. Single parents. Specialties: estate planning, tax saving strategies, debt and credit management.
Services: Investment management, retirement planning, fee-based financial planning
Note: Rodolfo holds insurance and FINRA licenses.
Black Mammoth
Avg account size: $46,000
Niche: Business Owners – Athletes, LGTBQ, Minority, Women
Services: My services aren’t based on AUM or Investment Only, so I have DIY services and a full financial planning retainer model.
Note: Stoy holds an insurance license.
Avg account size: $115,000
Services:
I offer financial strategies. We develop financial statements net worth and cash flow initially and update at least once a year. With that information we look at short term, intermediate term, and long term goals and figure out the best place for the next dollar. I do this for everyone, regardless of account size. I usually have people sign consent and release forms so I can communicate direct with their CPA and Attorney. To be paid, I have to manage money, but I will go through creating the statements and coming up with strategies before we work on investments together to see if we want to work together on investments.
Note: Nate holds insurance and FINRA licenses.
Sara’s upshot on financial advice for small portfolios
Let me leave you with this:
#1
If you have any questions as you search for a financial advisors, send me a note. I am sick of consumers getting a raw deal and would be happy to hear your questions.
#2
I have a newsletter entirely devoted to advocacy for the consumer. The goal is to educate people so they can steer clear of the traps the financial services industry sets for them. Please subscribe to my newsletter to receive these updates so you can avoid being taken advantage of by shenanigans.
These are topics I’ve written about in the past:
Here are some examples of things Ethical Financial Advisors do
Top advisor lists are bullcrap
#3
I can’t say it enough – you have to do your own research. This is not an endorsement of anyone mentioned here, and situations could change and not be reflected here in this blog. Also, there is selection bias inherent in this list. I did not interview all the hundreds of thousands of advisors out there, I conducted research using Google, consulted with my network, and posted on social media. So this is limited to what I had access to given my resources. Again, conduct your own research; this list of low fee advisors is intended to be a starting point but by no means is it exhaustive or conclusive.
Be safe!
-Sara G
Disclosures
Grillo Investment Management, LLC does not guarantee any specific level of performance, the success of any strategy that Grillo Investment Management, LLC may use or mention in any of its content, or the success of any program it may mention in any of its content. Grillo Investment Management, LLC will strive to maintain current information however it may become out of date. Grillo Investment Management, LLC is under no obligation to advise users of subsequent changes to statements or information contained herein. This information is general in nature; for specific advice applicable to your current situation please contact a consultant or advisor. I want to be clear that nothing in this blog or blog can be interpreted as an investment recommendation of any type, or an endorsement of any particular person or their services. The opinions expressed herein do not necessarily represent the views of Sara Grillo or Grillo Investment Management, LLC. Also, nothing in this podcast or blog can be interpreted as legal or compliance advice. For advise on such matters, contact a legal or compliance advisor. Any similarities to persons deceased or alive are entirely coincidental.
