A little different from its California counterpart but nonetheless a wonderful place to live near Fort Lauderdale and Miami, Hollywood is a city with 150,000 people, beautiful views and wonderful weather, and more attractions than one can easily count. And we want people who have found success in the city to make the most of it, which is why we recommend many people consider working with a financial advisory firm in the area so that their wealth can better work for them (instead of the other way around).
Yet which firm should you choose? There are many choices, and this can quickly get overwhelming, so here are our top five choices for financial advisory firms for Hollywood, Florida:
1) Palisades Hudson Asset Management
A large Fort Lauderdale-based firm that has $1.4 billion in assets under management, Palisades Hudson Asset Management was founded in 1997 and has a large team of advisors ready to help you. Some of the services they provide include estate planning (including trust planning), family office services, business services, and philanthropic planning-related services.
Their efforts revolve around proper asset allocation, balancing risks with potential returns, and meeting the needs and wishes of their client. They will, however, tend to focus on the long-term client situation.
Palisades Hudson Asset Management is a fee-only firm that doesn’t have a minimum account requirement but does have a minimum annual fee. In general, we recommend only people with $500,000 or more to invest consider working with them.
You can expect the following working with Palisades Hudson Asset Management:
- A diverse range of clients that they know how to cater to and work with.
- Dedication to providing strictly objective and information-driven advice to their clients.
- Tax planning services that are some of the best in the area.
2) Fitzroy Investment Advisors, LLC
A Miami firm that has $392 million in assets under management and some of the best advisors in the area, Fitzroy Investment Advisors, LLC is a much more selective firm, and while we understand only a select few readers would be interested, they might be the perfect choice for people and especially families with a high net worth.
They use several different strategies when investing, whether that can mean shorter-term trading or a set of long-term investments depends on the current market conditions and your preferences as an investor. Your goals will come first, and taxes and fees will also be taken into consideration (and optimized so they have a minimal impact).
FitzRoy Investment Advisors, LLC is a fee-only firm that requires that you have an account minimum of $15 million, making them an extremely selective firm.
You can expect the following working with FitzRoy Investment Advisors, LLC:
- Advisors who know precisely how to work with and best help wealthy families and individuals such as yourself.
- A full range of services that you might expect. You shouldn’t need to go to other firms to get help with certain tasks.
- A firm that is primarily a family office, which differentiates from the norm in the area.
3) Socius Family Office
A firm with $391 million in assets under management that is based primarily in Fort Lauderdale, Socius Family Office is a notable firm in the region for their ability to help a variety of different client types and their dedication to providing excellent service.
In general, they are concerned with managing risk, diversifying your portfolio, and using objective information to not try to beat the market but keep pace with the best options for your wealth. They also will seek to eliminate waste from your current methods and plans in order to maximize your gains each year.
Socius Family Office is a fee-based firm that requires that you have $1 million in investable assets to work with them.
You can expect the following working with Socius Family Office:
- The ability to help clients across the country (which is great if you might move) and a second main location in Pennsylvania.
- Services with professional athletes, recipients of sudden large amounts of wealth, and entrepreneurs in mind, among other groups.
- A team that is used to working with wealthier families or families that are concerned about maintaining generational wealth.
4) Las Olas Capital Advisors
A bit of a more accessible firm that is in Fort Lauderdale, Las Olas Capital Advisors has $162 million in assets under management and its experience as a firm dates back to 2015, which might not be terribly long, but the experience of the individual advisors more than makes up for it. A smaller firm, you can expect a more personal approach and are best suited towards serving high net worth clients.
They use fundamental analysis to sort through the various investment products and opportunities they might consider, but they will put your needs and goals as a client first and foremost when making any decision regarding your portfolio or what advice to give you.
Las Olas Capital Advisors is a fee-based firm that does not have any noted account minimums or asset requirements to work with them, albeit they mostly work with wealthier individuals and families.
You can expect the following working with Las Olas Capital Advisors:
- The standard list of services you’d expect from any worthwhile firm.
- A closer relationship with your advisor than you’d find at most firms.
- Philanthropic planning services and specialized advice on the subject.
5) Global Wealth Management Investment Advisory, Inc.
Our last choice, Global Wealth Management Investment Advisory, Inc., is a much newer firm (having been founded in 2017) that has about $148 million in assets under management and just over half a dozen advisors. They are focused heavily on retirement, and a great choice for people retiring soon or people who have moved or will be moving to Florida who have retirement questions.
They prefer to create a comprehensive strategy for many clients and are open to a wide range of options and strategies based on your goals and needs.
Global Wealth Management Investment Advisory, Inc. is a fee-only firm that requires that you have $100,000 in investable assets.
You can expect the following working with Global Wealth Management Investment Advisory, Inc.:
- Other offices throughout Florida, making it easy to work with them if you move, have a second home or travel frequently within the state.
- Workshops and educational resources to help you better understand your financial situation.
- Services tailored to help entertainers and professional athletes.
There is no shortage of excellent advisory firms near Hollywood, Florida, and we understand that there is no perfect choice for every family or individual in the city. Still, with a bit of time, we are certain that you will be able to make the right choice and start working with a partner that will help you get more from your investments, create great financial stability for you and your family, and help you avoid mistakes in the future. We wish you the best of luck with your search and nothing but more success for you.