Whether you live in Mobile, Birmingham, Huntsville, Montgomery, or anywhere else in between, you have a lot of options when it comes to financial advisors in Alabama, many of whom are considered to be the best in the nation.
However, with so many to choose from, finding the firm that’s best for you and your needs can at times be quite the challenge. So, to help you, we’ve combed through all the different options to find the five best in the whole state of Alabama. Below are our choices as well as a short description of the services offered by each.
Warren Averett Asset Management – Birmingham
For those looking for help managing a large portfolio, Warren Averett Asset Management is an excellent choice. They currently handle a total of $2.5 billion in assets, and they use a team of over 50 highly qualified financial experts to help make sure your portfolio grows and gets you to where you want to be. Headquartered in Birmingham, they also have offices in Montgomery and Huntsville, as well as Atlanta, Ga. and Pensacola, Fla.
Warren Averett Asset Management offers a wide range of services in both the individual and institutional markets. However, they require a $1 million investment to open an account. This is high, but it’s in line with the firm’s commitment to serving high-performing clients and their portfolios.
On top of general investment guiding and planning, Warren Averett Asset Management offers guidance for the following people/organizations:
- Families – Warren Averett Asset Management specializes in working the family estates and trusts
- Women – At times, women face unique challenges when trying to invest their money, and Warren Averett Asset Management has developed a program to help overcome these obstacles and help everyone meet their financial goals
- Institutions – Due to the size of the fund managed by Warren Averett Asset Management, this is a great firm for corporations, universities, and other large institutions looking for help managing retirement plans, endowments, and other pooled funds.
Bridgeworth Financial, LLC – Birmingham
We like Bridgeworth Financial, LLC because of their experience and attention to detail. Founded in 2008 by six financial planners who began working together in 1988, Bridgeworth Financial is now run by ten partners and fifty advisors, at least 23 of which are Certified Financial Planners (CFP).
You’ll also find on the team several Certified Public Accountants and Chartered Financial Analysts (CFAs) who provide the firm with a well-rounded and deep knowledge base, which will be put to work to help you grow your portfolio and achieve your goals.
Another thing we like about Bridgeworth Financial is that they have low account minimums—between $25,000 and $100,000, depending on the type of account. This allows them to serve a wide client base with many different needs. Services offered include:
- General financial planning designed to help you meet your needs, whatever they might be
- Investment management tailored specifically to your goals and your personal risk tolerance
- Generational planning that helps the children of past clients get their financial lives off on the right foot.
Southern Capital Services, Inc – Daphne
Founded in 1982 as a securities brokerage, Southern Capital Services, Inc. has been operating as a financial planning firm since the early 1990s when founder Terry Nagy realized his passion for all things financial was best served helping people manage their investments.
As a result, when you work with Southern Capital Services, there will be heavy emphasis on understanding your goals and developing a plan that puts you in the best possible situation to achieve them. The advisors working for Southern Capital Services pay special attention to retirement planning as well as college saving, for we all know how important and significance this investment is.
Southern Capital Services operates as a fee-only financial planner, meaning they don’t make any money based on the products they sell you. Instead, they charge a flat fee based on the size of your account, and this helps them provide more independent advice that’s not based on the commissions they may receive from a third-party.
In addition to the services mentioned above, Southern Capital Services, Inc. also offers the following services:
- 401(k) plan analysis
- Tax reconciliation reports
- Budget coaching
- Investment education, i.e. what you’re investing in and why?
Leavell Investment Management, Inc. – Mobile
Leavell Investment Management, Inc. has been serving residents of Alabama from their headquarters in Mobile since 1979. This long history has led to then becoming the largest firm in Mobile as measured by the size of their holdings. As of writing, Leavell Investment Management handles more than $1.65 billion in assets.
However, despite this large fund, you don’t need to be a wealthy investor to work with Leavell, as there is technically no-account minimum. But there is a $5,000 fee minimum for all accounts, which might be too much for small portfolios.
Leavell Investment Management offers a wide range of services such as retirement and education planning to personal financial planning and coaching. Leavell Investment Management also handles personal trusts, endowments, and retirement funds, and personal and professional profit-sharing plans.
Furthermore, Leavell Investment Management, Inc. pays special attention to diversification so that you aren’t excessively exposed to risk and can weather the storm as the market shifts and changes. This involves the following types of investments:
- Low, mid, and high cap
- Taxable bonds and tax-free bonds
- Emerging and developed international
Edelman Financial Engine – Huntsville
With more than one million clients across the United States and over $200 billion in assets, Edelman Financial Services is a large investment management and financial planning firm that can help you meet any and all of your financial goals. Yet despite the size of Edelman Financial Services, you will still get the personal, custom advice typically associated with smaller firms.
The size of Edelman Financial Services allows your planners to leverage your portfolio and drive results. But one of the things we really love about Edelman Financial Services is their commitment to financial literacy. It’s one thing to hire someone to manage your money, but it’s quite another to understand where that money is going and how it will grow.
Currently, Edelman Financial Services publishes and distributes a wide range of educational materials on topics ranging from investment management and financial planning to mortgages and real estate, as well as insurance, that will help you get a better understanding on how to manage your financial life.
In terms of specific services, when you work with Edelman Financial Services, you can get help with:
- Retirement and estate planning
- Financial planning and investment management
- Real estate investment
Choosing a financial advisor is a big decision. However, if you live in Alabama, you have lots of great choices. We’ve highlighted the top five, and we feel confident that working with any one of them will help you make your financial ambitions a reality. As things change, we’ll update this list, but for now, you’d be more than safe going with any of the options listed above.