A city most famous for its fountains, jazz heritage and barbecue, Kansas City is also a major Midwestern hub, and it’s also an important part of the national economy. For example, it is the leading producer of transportation equipment, retail trade, and educational services. But Kansas City is also home to countless successful individuals such as yourself who have built up their wealth in a number of different ways.
However, no matter how you go to this point, the way forward is with a plan, and this means hiring a financial advisor. They will help you determine your long-term goals, and then they will steer you in the right direction so that you can sustain your success for the years to come.
Fortunately, because there are so many people in Kansas City who need help creating a financial plan, you have lots of firms to choose from. But this can be overwhelming at times because it’s hard to know which firms are truly going to deliver on the promises they make. So, to help you, we’ve applied our rigorous standards to the firms in the city to identify the best five. Here are our choices as well as short descriptions of each one.
Prairie Capital Management, LLC
Our top pick, Prairie Capital Management, LLC, has more than $3.87 billion in assets under management, making it the largest firm in the city. It also has the largest number of advisors on staff, most of whom have at least 20 years of experience in personal finance.
The majority of the firm’s clients are high-net-worth individuals, and also businesses and charitable organizations, but there are relatively few barriers to working with this firm, so don’t let this stop you if you feel this firm is the best for you.
Prairie Capital Management primarily offers investment consulting and wealth management services. However, you can still get services such as pension and profit-sharing planning, retirement planning, and estate and trust planning.
In terms of an investment philosophy, Prairie Capital Management prefers an open architecture approach. This means your portfolio will be built around your needs. However, special emphasis will be paid to passive equity and fixed income strategies so as to secure your base and minimize risk. Additional recommendations will be made based on the assets you have to invest as well as your risk tolerance.
Prairie Capital Management, LLC is a fee-only firm, and it’s minimum account requirements vary depending on the type of account you open.
You can expect the following working with the Prairie Capital Management.
- A firm with many advisors who each have experience working with different clients in different financial situations, meaning they are prepared to help you deal with your financial issues in a successful way.
- Personalized services designed to meet each client’s specific needs.
- A wide range of investment options that will allow you to build a financial plan that will increase your chances of achieving your goals.
Frontier Wealth Management, LLC
Our second choice, Frontier Wealth Management, LLC, has about $2 billion in assets under management. The firm works with individuals and business and offers financial planning, estate planning, trust planning, retirement funding, and pension and profit-sharing planning services. In addition to their Kansas City office, they also have locations in St. Louis, MO, Wichita, KS, and Denver, CO.
Depending on your timeline, the firm will use either a short-term or long-term approach. However, you will likely be steered towards more long-term strategies since long-term investments produce better returns and are typically less risky. But in the end, the exact approach will be determined by your needs and goals; you’ll never be pushed into something that doesn’t make sense for you.
Frontier Wealth Management, LLC is a fee-based that has a $250,000 minimum account requirement to work with them.
You can expect the following working with Frontier Wealth Management.
- A commitment to transparency. You will be notified of any changes to your account and all fees will be clearly detailed for your review.
- A large and extremely qualified staff that provides superior customer service and unbiased financial and investment advice.
- Access to educational resources that will help you better understand your plan and be more involved with your investment strategy.
Tower Wealth Managers
Tower Wealth Managers has been around since 2007 and has more than $1.62 billion in assets under management. It provides investment management services to both individuals and institutions.
Portfolios are constructed based on client needs, but advisors at Tower Wealth Management will always advocate for a plan that is grounded in risk management. As a result, your portfolio will be managed in-house and made up of individual stocks and bonds the firm has researched and vetted for risk and return. However, once this base is built, there will be opportunities to work with different asset classes that can produce better returns but that inherently carry more risk if this is a path you want to follow.
Tower Wealth Managers is a fee-based firm that has a $200,000 minimum account requirement to work with them.
You can expect the following working with Tower Wealth Managers.
- A globally-diversified portfolio to ensure risk is properly managed.
- A local firm that is going to work hard to build a relationship with you that can last the test of time.
- An advisory team made up of professionals with over 25 years of experience, which they will use to help you build a portfolio that can stand the test of time.
Buttonwood Financial Group, LLC
Founded in 2002, Buttonwood Financial Group, LLC has more than $435 million in assets under its management and primarily works with individuals, as well as some charitable organizations and corporations. They offer their clients with services such as portfolio management, investment consulting, and financial planning.
They assist their clients with simplifying complex financial situations that come with wealth to ensure they achieve their financial goals. They prefer to call themselves the “Family CFO,” as they take a holistic approach to financial planning that is less focused on investing and more focused on helping you identify your goals and the best path to reaching them.
What’s more, Buttonwood is a generous firm that gives back to the community by supporting education, arts, and other charitable causes. So, if you want to protect and grow your money with a firm that has a warm heart and a commitment to the community, then Buttonwood could be a great choice.
Buttonwood Financial Group, LLC is a fee-based firm has no minimum account requirement to work with them.
You can expect the following working with Buttonwood Financial Group.
- Specific financial advice for any and all of your financial goals.
- Access to a team of advisors with diverse experience and that can help you navigate the many different obstacles that can come up as you move forward on your financial path.
- Online portals and educational materials that will help you take a more active role in your financial plan and understand better where you are going.
Sterneck Capital Management, LLC
With more than $380 million in assets under management, Sterneck Capital Management, LLC is our final choice. However, as a firm that has been in business since 1989, don’t think this position means the firm can’t provide the same level of service as some of the larger options we’ve discussed.
In general, the firm offers financial planning, investment education, private equity placement, and 401(k) advisory services.
They primarily work with individuals by first understanding everyone is different, and that’s why they try to get to know you before even looking for current market opportunities. They then go through your financial needs and goals, and then they craft your customized portfolio as well as a personal implementation plan.
Sterneck Capital Management, LLC is a fee-only firm that has no minimum account requirement to work with them.
You can expect the following working with Sterneck Capital Management.
- A small staff that is dedicated to meeting each and every one of their clients’ needs.
- A firm that bases its research on realistic valuations rather than models that don’t always take into account all the relevant factors.
- A wide range of options to choose from when constructing a financial plan based around your short- and long-term goals.
Ideally, the financial advisor you hire now will continue to work with you for the rest of your life, which is why this is such an important decision. We’ve created this list to help make this process easier, but it’s a good idea to do some more research on your own. This includes scheduling a meeting or a phone call with the firms on this list so that you can discuss your situation and make a decision with all the relevant information. But no matter which direction you go, we hope you find someone who can help you achieve the long-term financial security you’ve always dreamed of having.