Nestled between the Knik and Turnagam Arm’s of the Cook Inlet, it’s hard to beat the scenery and natural beauty of Anchorage, AK. But as the largest city in Alaska, Anchorage is also the 49th state’s most vibrant and dynamic economic hub, meaning money is on the move in Anchorage. However, for most of us, to take advantage of this, we’ll need some help.
For us, a financial advisor is more than just someone who helps you manage your money. They should be a person who understands your individual goals and challenges and who is able to help you devise a strategy to get you where you want to be. But perhaps just as importantly, a financial advisor should be a friend, someone with whom you can maintain a relationship for the rest of your life.
In Anchorage, you have tons of choices when it comes to financial advisors. To help you make the right decision, we’ve done some research and found the five best.
Bright Road Wealth Management
There’s something to be said about the entrepreneurial spirit of the folks in Anchorage. Perhaps it’s that long history of frontier living, but even today small businesses possess a large share of the Alaskan private sector.
Bright Road Wealth Management (BRWM) is a great option if you are one of the thousands of small business owners living in Anchorage. This is because not only will BRWM offer you guidance in developing a personal investment plan, but they will also help you plan your business.
If need be, they will walk you through the valuation and sale of your business, something that is often a big part of any entrepreneur’s retirement plan.
BRWM also offers a wide range of financial planning services, and their specialized “Advanced Planning” program is designed to help wealthier individuals create a strategy that minimizes their tax expenses while maximizing portfolio returns.
In addition to this, BRWM also offers:
- Dimensional Fund Advisors (DFA) and other high-tech research tools that help keep fees low and returns high.
- Financial modeling that helps you understand the market and where you need to invest to make the most.
- Fully personalized financial planning that’s based around your risk tolerance and investment goals.
Shilanski & Associates
Founder Floyd Shilanski started Shilanski & Associates after having spent a good deal of time learning the keys to financial success on his own. In his words, he went to the “school of hard knocks.” Now, he and around ten other planners help clients with all different needs meet their financial goals.
The way they do this is by dedicating lots of time to the relationship between you and your planner. Before you even go into the office for a meeting, you will be contacted by a Relationship Manager, and they will ask you to explain your goals and expectations.
Then, once you become a client, you will meet with your planner once every three to four months, which is significantly more often than what most firms do. But this is because the folks at Shilanski & Associates recognize how quickly thing change, both in the market in your life, and they’re most interested in making sure you’re prepared to deal with these changes as they emerge.
Other things to expect when working with Shilanski & Associates include:
- A family atmosphere—there are several Shilanski’s working at the firm
- A holistic approach to financial planning that is designed to help you better understand personal finance and how to manage your money
- Resources, such as seminars, classes, and reading material, that you can use to learn more about the best way to approach personal finance.
Alaska Permanent Capital Management
Alaska Permanent Capital Management (APCM) is our choice for those with larger portfolios to manage. This is because not only does APCM require a $500,000 account balance, but it also works closely with large institutions such as corporations, non-profits, and governments. This gives them access to tools and technology that can have a powerful impact on how well your portfolio performs.
In total, APCM manages more than $2 billion in assets between the individual and institutional parts of its business. Services provided by APCM include:
- General financial planning plus investment management and retirement planning
- Financial assistance to deal with the death of a loved one or divorce
- Predictable costs thanks to a structured fee schedule that’s based on the size of your account
Foundations Asset Management
Foundations Asset Management is a good choice for wealthy individuals and organizations in Anchorage. They require a $250,000 minimum investment to open an account and they specialize working with trusts, estates, and corporations, as well as pension and profit-sharing plans.
Foundations Asset Management has several staff members that sell insurance and other financial products, but as a fiduciary, they are required to always work in your best interest, and they will never try to sell you a product that does not fit into your overall plan.
When working with the folks at Foundations Asset Management, you can expect:
- A global view of your financial plan that takes into account other investments you have
- A long-term approach that is designed to help you grow the size of your portfolio in a safe and effective way
- To work with multiple advisors, each with his or her own specialty, to make sure you’re getting the best possible advice for every decision you make with your money.
North Harbor Wealth Management—Ameriprise
When choosing how and where to invest your money, it’s important to have as much information at your disposal as possible. This allows you to properly weigh all of your options and do the right thing. Of course, your advisor should be doing most of this, but it helps to have access to lots of information.
North Harbor Wealth Management is part of the Ameriprise family, which is a national network of financial advisors. This means you will be able to enjoy the benefits of working with a smaller, family-oriented firm that also has access to the resources, tools, and information of a national agency.
The advisors at North Harbor Wealth Management take a bottom-up approach to building your portfolio by helping you construct a base that provides comfort and security while also freeing up some money to take advantage of higher return opportunities that by nature carry more risk. This is a great strategy for those looking for help with their long-term investment goals.
Services North Harbor Wealth management provides include:
- Retirement planning, retirement income, and retirement distribution strategies
- Investment management
- Wealth preservation
Whether you’re looking to save and invest for your retirement, manage a trust fund, or plan for the future of your business, there’s a financial advisor in Anchorage for you. The five we’ve reviewed are all slightly different, but they are the best at what they do. We’ll update this list as things change, but for now, give one a call today and get your financial journey heading in the right direction.