Finding someone to help you manage your finances is a tall task. On the one hand, you want someone who understands your goals and is going to put you in the best position to reach them. Yet, on the other hand, you don’t want to work with someone who is just going to tell you what you want to hear. You need a combination of both so that you can achieve peace of mind while also moving forward.
In Ft. Lauderdale, one of the largest cities in all of Florida, you have so many choices when it comes to finding a financial advisor that it can be overwhelming.
We care about both your personal and financial health, so we’ve taken some of the guesswork out of finding an advisor by combing through all the different options in the Ft. Lauderdale area and choosing the best five. Read on to see who made the list and why.
1) Genesis Wealth Management
Genesis Wealth Management offers you the chance to do something truly different with your money. Specifically, by partnering with Dimensional Fund Advisors, Genesis Wealth Management gives you access to institutional investment opportunities that until very recently were not available to the general public.
Traditionally, you needed at least $2 million to participate in these investments, but Genesis Wealth Management works to pool assets so that you can invest more and achieve bigger returns without having to extend past your risk threshold.
Genesis Wealth Management also takes a passive approach to investment, meaning they will work with you to diversify your assets across thousands of different securities and in many different markets, allowing your portfolio to grow over time.
This approach requires advisors to have both a broad and deep understanding of the market, and it’s in contrast to active management, which requires constant tinkering with your portfolio. This is something that in theory might work but in practice becomes quite difficult because of the ever-changing state of the market.
While other firms cling onto this approach, Genesis Wealth Management has turned to the future and had considerable success doing so. The firm offers services in the following areas:
- Investment management
- Financial planning (college, estate, trust, retirement, etc.)
2) Palisades Hudson Asset Management
Founded in 1992 and holding just under $1.5 billion in assets, Palisades Hudson Asset Management is one of the largest and oldest financial advisor firms in Ft. Lauderdale. This alone helps it stand out, as one does not make it this long and grow this large without consistently outperforming the competition. Yet we aren’t going to make our recommendation based solely on size and longevity.
Instead, we like Palisades Hudson Asset Management because of their approach. The firm prefers to work with clients who are looking for long-term financial advice. This means the first part of the investing process will be determining your goals. Then, your advisor will develop a plan, implement it, and meet with you frequently to monitor your accounts and adjust where necessary. Shortly after opening an account, you will begin to feel like part of the Palisades Hudson family.
Currently, there is no set account minimum, but there is a minimum annual fee of $4,750. However, most clients have a net worth of at least $2 million. Palisades Hudson tends to prefer investments in large and small-cap equities, international equities, real estate equities, natural resource equities, and fixed income securities. Services include:
- Personal financial planning (estate planning, insurance consulting, trust design, charitable planning, business valuation and appraisal, family office and business management, executive financial planning, and cross border planning)
- Wealth management
- Financial management services (investment management, bookkeeping, bill pay, and cash management, and retirement planning)
- Tax services
3) Kovak Advisors
The reason we like Kovak Advisors is because of the many different investment options they offer, each with its own fee structure, giving you the opportunity to fully customize your investment strategy. However, before choosing one, Kovak will take time to make sure they fully understand your needs. Since they operate on a fee-only basis, you will never need to worry that their recommendations are based on commissions they might receive.
Kovak Advisor’s signature investment program is called CHOICE, of which there are several variations. Each one has a different account minimum, a different fee, and offers you a different set of investment options. For example, CHOICE FUND is focused on mutual funds, whereas CHOICE EFT is a professionally-managed electronic funds transfer (EFT) program.
For those looking for a more comprehensive approach, CHOICE UMA (Unified Managed Account) gives your advisor more freedom to combine your accounts and make more strategic choices. However, which program is best for you will be discussed during your first meeting. Kovak Advisors also makes use of state-of-the-art analytics technology that provides you and your advisor with plenty of information to make the right choices. Services include:
- Investment and wealth management
- General financial planning (college, retirement, estate, trust, etc.)
4) Las Olas Capital Advisors
In terms of investment strategy, they make use of fundamental analysis, which is a research strategy that focuses on understanding as well as possible the businesses in which they are going to recommend their clients to invest. This has them go beyond the numbers to look at management structures, personnel, business plans and models, etc., and they use this information to make informed choices that will produce great returns.
This approach is then combined with thematic investing, which Las Olas defines as an investment framework based exclusively around your needs. When you first meet with an advisor, you will spend some time explaining what you want to achieve, and then Las Olas will point you to specific investment opportunities where you stand the best chance of reaching these goals.
In addition, Las Olas will help you plan your philanthropic activity so that your money can go in part to something much bigger. The firm itself has become an active member in the Ft. Lauderdale community by partnering with several local non-profits. Las Olas is a fee-based firm, meaning they only make money based on how your portfolio performs. Most of their clients are high-net-worth individuals, but there is no set account minimum. They provide services in the following areas:
- Portfolio management
- Non-transactional consulting services
- Investment banking advice
- Private fund advising
5) 1650 Wealth Management
At 1650 Wealth Management, your customized investment strategy is developed by combining smart, proactive management, quantitative models, and personal objectives. Due to this close attention to personal detail, you won’t know what approach you’ll be taking until you meet with an advisor. There are, however, some commonalities across all the investment plans created by 1650 Wealth Management.
For example, 1650 Wealth Management puts heavy emphasis on diversification and tax mitigation. In addition, 1650 Wealth Management has several institutional partners, and this allows them to pool resources and invest your money in larger mutual funds you might not be able to work with on your own. This is a tremendous benefit, and almost any investment plan they design will include this strategy.
Another thing we like about 1650 Wealth Management is that it makes it easy for clients to understand their account. An online platform will give you real-time updates about your account. You’ll also have frequent meetings with your advisor to be able to learn about the status of your account and make changes where necessary. Services provided include:
- Investment management
- Retirement planning
- College saving
- Estate planning, life insurance, and mortgage financing services
As a bustling city in the heart of South Florida, there are tons of options to choose from when you’re seeking a financial advisor in Ft. Lauderdale. However, not everyone can deliver on the promises they make. To help save you time and get your financial journey started right, we’ve selected the five best in the region. They are all slightly different, but they will all help you put your money to work and get to where you want to be. Give one a call and set up an appointment today so that you can start worrying less about your financial life.