As the largest population center in Alabama, Birmingham is easily one of the most dynamic and vibrant cities in both the state and the entire American South. Because of this, you have a wide range of financial advisors to choose from when it comes time to get some help in planning your future.
However, this large selection makes it difficult to know which one is the best. Each has its own specialty, and they all have different requirements in terms of account minimums and fees. So, to help you make the right decisions, we’ve gone through the different options and have chosen our top five.
Below you can see who made the list and also get some information about each one and why we like it.
Bridgeworth Financial, LLC
Bridgeworth Financial, LLC is a good choice because of the range of experience their team of advisors brings to the table. The company was founded in 2008 by six financial planners who had been working together since the late 1980s, but it has since grown and there are now over 50 advisors and ten partners.
Of these 50 advisors, 23 are Certified Financial Planners. The rest are either Certified Public Accounts and Certified Financial Analysts, which means you will be getting advice from a diverse group of individuals each with his or her own unique specialty.
Bridgeworth Financial has low account minimums—either $25,000 or $100,000, depending on the account—but they manage a large fund of over $1 billion, which allows them to offer more choices when it comes time to picking investments. In terms of services provided, Bridgeworth Financial offers:
- Financial planning
- Investment management
- Generational planning to help parents start their children’s financial futures right
Warren Averett Asset Management
Warren Averett Asset Management is the top choice for top-performing individuals looking to dramatically expand their wealth. They require a $1 million account minimum, and this has allowed them to amass some $2.5 billion in assets.
They specialize in managing both individual and institutional accounts, and their team of 50+ highly-qualified financial planners will help you come up with the right mix of investments to achieve your goals. Plus, they have specialized programs to help women and families come up with a specific financial plan.
We like Warren Averett Asset Management because it provides a nice mix between big and small. It’s obviously focused on individuals and institutions who possess considerable wealth, but the small team provides a personal touch that makes it feel as though you are working with a much more close-knit community.
If you find yourself in a position where you can meet the account minimums, then consider getting in touch with Warren Averett Asset Management today.
Money Management Services
For those looking for a small, family-run financial planning firm, Money Management Services is for you. When it first started back in the early 1990s, there were just three financial planners, and two of them were husband and wife. Nowadays, they have eight financial planners.
But don’t let this fool you into thinking they not up to the task. They currently manage over $200 million in assets, and, as we said, they’ve been in business for almost thirty years. However, because they are a small firm, they are able to offer fully-customizable portfolios. There are no predetermined or pre-designed plans. Instead, when you open an account, someone will sit down with you and spend time figuring out where you want to go and what the best way is to get there.
We also like that Money Management Services offers concierge services in tax planning and prep, as well as bill pay services, trusts, bank account monitoring, and estate settlement. Currently, there is no account minimum, but there is a $1,000 fee minimum, which is only tolerable when you invest more than $25,000. On top of these concierge services, their basic offerings are:
- Wealth management
- Investment and portfolio management
- Life event (retirement, education, death in the family, etc.) planning
Southern Financial Group, LLC
Despite having just two Certified Financial Planners on the team, Southern Financial Group, LLC manages over $500 million for over 1,000 clients. Once again, we like this nice mix between big and small. You will get the attention you need from a small firm, but the size of the overall fund means you can get involved in some exciting investment opportunities that will allow you to grow your portfolio and achieve your financial goals.
In addition to the two CFPs, Southern Financial Services also has several CPAs, and together they can provide a wide range of services and financial advice that will help make it easier to develop a specific plan around your needs, expectations, and risk threshold.
The two founders of the firm, who serve as its main CFPs, also have the Personal Finance Specialist (PFS) designation, which is granted to accountants with exceptional expertise in tax accounting. Because of this, Southern Financial Services is a great place for you to go if you’re looking for ways to minimize your tax bill while also growing your portfolio. Main services include:
- Retirement planning
- Educational saving
- Tax mitigation
- Wealth management
- Trusts and estates
Kassouf Wealth Advisors, LLC
Kassouf Wealth Advisors, LLC is a great choice for individuals with very specific goals. The firm is run by its two founders, both of which are CFPs and CPAs, and it has a team of several other financial experts. When you work with Kassouf Wealth Advisors, you will start by meeting one member of the team to discuss your goals, and then they will work to come up with a plan that puts you in the best position to reach their goals.
What’s interesting about Kassouf Wealth Advisors is that they make use of Modern Portfolio Theory, which was the only asset-allocation strategy to ever win the Nobel Prize in Economics. This theory focuses on mitigating risk by strategically combining assets that can complement one another and reduce volatility. This approach allows Kassouf Wealth Advisors to make more ambitious long-term projections because they are able to eliminate some of the extreme volatility that naturally comes with investment.
In terms of fees, Kassouf Wealth Adivisors, LLC charges a percentage fee based on the size of your account, which is typically between 0.5 and 1%. Account minimums vary depending on the type of account you want to open, but typically you will need to invest around $100,000 to get started. Right now, Kassouf Wealth Advisors manages just over $220 million in total assets. The services they provide include:
- Financial planning
- Investment services
- Insurance planning
- Educational planning
- Retirement planning
- Estate planning
Whether you’re looking to grow your portfolio so that you can retire, buy a house, pay for school, or anything in between, any of these five financial advisors in Birmingham will help you get there. Take a look and decide which ones are most tailored to your needs, and then set an appointment. There’s no need to wait another day to push your financial future in the right direction.