A wonderful city in southwestern Missouri that houses a bit less than half a mission people in its metropolitan area, Springfield, Missouri has excellent hospitals, universities, and more, making it a generally great area to raise a family and settle down on the merits of one’s success. Yet if you’ve found wealth, you certainly don’t want it to go to waste or make poor decisions with it, especially if your life in Springfield could be affected. To help you, we recommend the services of a financial advisor who can help you with investments and staying on track.
And while there are quite a few to choose from, we wanted to make sure you worked with the best available. This means that in some cases we chose other Missouri firms that might be a while away, as maintaining our recommendation standards is incredibly important to us. Here are our top five choices for financial advisory firms for Springfield, Missouri:
1) BKD Wealth Advisors
One of the largest firms operating in Springfield as well as the entire state of Missouri, BKD Wealth Advisors has about $3.09 billion in assets under management and has a few dozen advisors under their employ. Founded in 1998, they have their hands in many different pots and have insights between industries that you might not find otherwise.
The firm has a global mindset when it comes to investing clients’ assets and will also attempt to diversify as much of possible. This firm heavily uses mutual funds.
BKD Wealth Advisors is a fee-based firm that does not have a minimum account requirement, but it does have a minimum annual fee of $7,500. We do not recommend this firm to anyone with less than $750,000 to invest.
You can expect the following working with BKD Wealth Advisors:
- Retirement planning services to groups and businesses if you are in a position of responsibility.
- Main services offered include estate planning, tax services, financial planning, retirement planning, and investment management services. Other types of consulting services are offered as well.
- A goals-focused approach to financial planning.
2) LaTour Asset Management, LLC
Our second choice, LaTour Asset Management, LLC, is a firm based in Springfield that is happy to help clients of many backgrounds primarily prepare for a relaxing and fulfilling retirement. You can also trust them to be adaptive to not only the changing market but changing needs on your end and are happy to work with you to create a more personalized plan.
They work with outside money managers to help handle your assets, and you can generally expect a strategy focused on smart diversification.
LaTour Asset Management, LLC does not have any stated account minimums to work with them, but we do recommend that you check as to their fee structure to see if they are a reasonable fit for you and your family.
You can expect the following working with LaTour Asset Management, LLC:
- A second office in Ava, Missouri, if you are closer to that area or might move in the future.
- Main services offered include investment management, retirement planning, income planning, and social security maximization.
- The use of online tools and portals to help you more easily keep track of progress towards your goals and your general financial situation.
3) Jim MacKay Financial Planning
Jim MacKay Financial Planning is a focused and smaller firm (by design, they say) that likes to work closely with clients. With only one main advisor, they often limit their clientele, but the experience provided will be worth it to many potential clients.
A firm that holds itself to high standards, you can trust that you will hear nothing but objective advice and understandable recommendations.
Jim MacKay Financial Planning does not charge a percentage of your assets and instead charges flat fees, which may vary depending on what services you want. We recommend you review their structure to see if they are a good fit for you. They are a fee-only firm.
You can expect the following working with Jim MacKay Financial Planning:
- Main services include but are not limited to investment management, portfolio analysis, goal planning, investment advice, and social security planning.
- They are happy to work with tax, insurance, and estate advisors under your employ.
- They can work remotely with clients, and have experience doing so.
4) Buckingham Strategic Wealth
While it is out all the way in St. Louis, Buckingham Strategic Wealth is our top choice for the city, and we think it could be a great choice for Springfield residents. With over $14.9 billion in assets under management, they are a towering industry group, and you can trust that with their experience working with multiple types of clients (and dozens of advisors and staff members), they will be able to provide you with whatever help you need.
They are a firm that focuses on the importance of portfolio diversification, and you can expect a portfolio with them to be mostly filled with long-term investments (mutual funds and some bonds).
Buckingham Strategic Wealth is a fee-only firm that has different requirements to work with them based on the type of account and services you would like.
You can expect the following working with Buckingham Strategic Wealth:
- A staff with a diverse set of professional backgrounds and specializations.
- Services offered include everything you might expect from a firm of their size.
- Online tools and apps to help you easily stay on top of your financial situation.
5) Acropolis Investment Management
Another excellent St. Louis firm that we think might be a good choice for Springfield residents, Acropolis Investment Management often works with non-high net worth individuals and has $1.28 billion in assets under their management. With a strong reputation in the area and a large, highly qualified staff, they are an excellent choice for people hoping to build their wealth after finding some success. They have been in operation since 2002.
Something of note about them is that their advisors themselves invest in the options they recommend, so they have more skin in the game than your average advisors. They are careful about their selections and take a more academic approach.
Acropolis Investment Management is a fee-only firm that usually requires that you have $1 million in investable assets to work with them. However, if you’re working through the Schwab advisor network that total drops to half a million.
You can expect the following working with Acropolis Investment Management:
- A team-focused approach to providing services and advice to clients.
- Private service options that will give your portfolio and personal finance situation any attention it might need.
- Business transition services should you find yourself in need of them.
While it can be somewhat difficult to find the best firms strictly within the city limits of Springfield, there are still some strong options in the state that you should consider, especially given the ease of communication that the digital age has brought us. That all being noted, we’re still certain you can find an excellent partner if you make note of your favorite firms so far, take notes on your own goals, situation, and priorities, then you will find a great choice for you and your family. We hope that your search goes well and quickly, and wish you the best of luck.