Best Financial Advisors in Texas 2020: Fees and Services

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Updated on Monday, October 12, 2020

Finding a financial advisor can be challenging given the number of financial advisors in Texas. Choosing the right advisor is a lot about figuring out the right fit, which means understanding your financial needs and goals, and how much you’re willing to spend.

That being said, we understand comparing firms and data points isn’t always easy difficult, so we compiled the most relevant information to help your decision-making process. To determine the best advisors in Texas, we only considered firms that manage individual accounts and offer financial planning services. We then ranked these firms based on assets under management (AUM), which serves as a general metric for the firm’s size, and client-to-advisor ratio, which indicates how much attention you may get as a client.

Our ranking is not indicative of which firm may be best for you, but it can help make the shopping experience easier. Take a look at our list below for the top firms in Texas and their key highlights:

10 best financial advisors in Texas

Methodology and criteria

For our search, we looked at firms across the state of Texas. All of the firms considered are bound by fiduciary duty, registered with the U.S. Securities and Exchange Commission (SEC) and offer individual account management and financial planning services.

The firms that met this criteria were ranked based on their AUM and client-to-advisor ratio. These criteria are weighted equally in our scoring metrics. Firms with a higher AUM and lower client-to-advisor ratios garner higher scores. Our ranking system is designed to help compare firms but does not indicate which firm may be best for you.

In our reviews, we’ve listed several other key features that will help you determine which financial advisor is most fitting for your investing style and financial needs. It is important to note that we did not include disciplinary disclosures as a metric for our ranking. We have listed any disciplinary disclosures current as of October 12, 2020, but urge you to evaluate these firms on https://adviserinfo.sec.gov/.

1. Avalon Investment & Advisory

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  • Minimum assets required: $5 million
  • AUM: $8,440,689,324
  • Individual investor to advisor ratio: 36:1
  • Fee structure: 
    • A percentage of AUM
    • Performance-based fees
    • Other (solicitation and client serving arrangement; model portfolios)
  • Firm phone number: (713) 238-2050
  • Headquarters address:
    2929 Allen Parkway Suite 3000
    Houston, TX 77019-7124

About Avalon Investment & Advisory

Avalon Investment & Advisory, which is officially registered with the SEC under the name Avalon Advisors, LLC, was founded in 2001. It is owned by firm employees, clients and entities that are part of The Cynosure Group, LLC, which is a Salt Lake City-based family office firm.

Avalon Investment & Advisory provides investment advice, asset allocation and related services to high net worth clients and institutional investors. The firm also acts as investment manager to five privately placed pooled investment funds.

Though clients generally need to invest at least $5 million for the firm to act as their investment advisor, it does serve some individual clients who do not qualify as high net worth individuals, defined by the SEC as those with at least $750,000 under management or a net worth of a least $1.5 million. This may be due in part to the fact that certain funds have lower account minimums.

Avalon is headquartered in Houston, with an additional office in San Antonio.

Avalon Investment & Advisory investing strategy

Avalon Investment & Advisory employs a combination of investment strategies, including long-term and short-term purchases, trading, short sales, margin transactions and option writing. The firm takes a long-term view of investing in an effort to provide higher after-tax returns, and seeks to maintain low volatility.

Avalon may suggest that clients invest in private funds, some of which are managed by unaffiliated managers and some of which are overseen by Avalon. During times of perceived higher market risk, Avalon may hold a significant part of an account’s assets in cash or cash equivalents. The firm generally doesn’t use hedging, options or derivatives and leverage.

Avalon Investment & Advisory disciplinary disclosures

Neither Avalon Investment & Advisory nor any of its supervised persons have been involved in any legal or disciplinary events, which would include criminal or civil action in court, and administrative proceedings before the SEC or any other regulatory agency. You can find more information on the firm’s IAPD page.

2. Tolleson Private Wealth Management

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  • Minimum assets required: $10 million
  • AUM: $6,630,904,897
  • Individual investor to advisor ratio: 3:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
  • Firm phone number: (214) 252-3250
  • Headquarters address:
    5500 Preston Road, Suite 250
    Dallas, TX 75205

About Tolleson Private Wealth Management

Tolleson Private Wealth Management was founded in 2000 and is owned by Tolleson Wealth Management, which is majority owned and controlled by John Tolleson, who serves as the firm’s executive chairman. The firm started as a single-family office to serve the Tolleson family, and it now offers multifamily office services to high net worth individuals. It generally requires a minimum account size of $10 million.

Offerings include strategic wealth and investment management, tax planning and bookkeeping, private banking, trust and estate help and assistance with philanthropy and family learning. The firm is located in Dallas.

Tolleson Private Wealth Management investing strategy

Tolleson Private Wealth Management works with each client to create a plan for their investments. The firm then researches and evaluates investments using quantitative data, qualitative information and/or interviews with investment managers. If a client needs discretionary bond management services, the firm evaluates fixed income securities based on issuer ratings, liquidity of securities and sector and geographic diversification.

Tolleson Private Wealth Management doesn’t engage in classic security analysis, meaning it doesn’t assess the expected performance of investments. Instead, the firm views itself as an overall portfolio manager, with advisors focused on helping clients set investment goals and determine an asset allocation strategy, which the firm then implements.

Tolleson Private Wealth Management disciplinary disclosures

Tolleson Private Wealth Management has no disciplinary disclosures reported on its Form ADV. For reference, the SEC requires all registered investment advisors to disclose any civil, criminal or regulatory actions against the firm, its employees or its affiliates within the last 10 years. For more information on the firm, visit its IAPD page.

3. Retirement Planners of America

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  • Minimum assets required: None
  • AUM: $4,431,534,007
  • Individual investor to advisor ratio: 267:1
  • Fee Structure:
    • A percentage of AUM
  • Firm phone number: (469) 246-3627
  • Headquarters address:
    2820 Dallas Parkway Suite 300
    Plano, TX 75093

About Retirement Planners of America

Retirement Planners of America was established in 2011. The firm is principally owned by the four senior advisors on its team.

Retirement Planners of America offers financial planning, retirement planning, investment management, family legacy planning and income tax planning to individuals. It predominantly serves individual investors who do not meet the SEC’s definition of high net worth, though a sizable portion of its clients are considered high net worth individuals. The firm also works with pension and profit-sharing plans.

Headquartered in Plano, the firm has several locations in Texas, as well as offices in California, Arizona, Oklahoma and Utah.

Retirement Planners of America investing strategy

Retirement Planners of America primarily recommends mutual funds, variable annuities and fixed annuities for its clients. It may also use equities and ETFs. Clients are either assigned to one of the firm’s mutual fund asset allocation models or their assets may be invested in separately purchased mutual funds and/or ETFs, depending on their investment objectives.

The firm employs several methods of analysis to determine its investment advice. This may include charting price and volume information, analyzing individual companies and their industry groups, studying past price patterns and trends, evaluating recurring price patterns and trends and purchasing securities for long-term holds.  Potential clients should note that tax efficiency is generally not the firm’s primary consideration in the management of assets, and thus the firm recommends consulting with a tax professional on these matters.

Retirement Planners of America disciplinary disclosures

There are no disciplinary disclosures reported on Retirement Planners of America’s Form ADV paperwork, which includes any legal or disciplinary events that are material to a client’s evaluation of the business or the integrity of its management. You can find more information about the firm on its IAPD page.

4. RGT Wealth Advisors

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  • Minimum assets required: $3 million
  • AUM: $4,335,439,040
  • Individual investor to advisor ratio: 16:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
    • Performance-based fees
  • Firm phone number: (214) 360-7000
  • Headquarters address:
    5950 Sherry Lane, Suite 600
    Dallas, TX 75225

About RGT Wealth Advisors

RGT Wealth Advisors went into business in 1985, and is owned by current and former managing directors at the firm. The company has one office in Dallas.

RGT Wealth Advisors provides investment management, financial planning and family office services. High net worth individuals make up the majority of its client base, though it also works with individual investors who do not meet this definition as well as trusts, estates, charitable organizations and private funds.

Working with RGT Wealth Advisors generally requires a minimum investment of $3 million, though the firm may waive this requirement at its discretion.

RGT Wealth Advisors investing strategy

RGT Wealth Advisors takes a long-term approach to portfolio management, focusing on creating a diversified portfolio of mutual funds, ETFs and individual securities. Portfolios may also include investments in hedge funds, private equity investments or other partnerships when appropriate.

The firm manages each client’s portfolio in accordance with their investment policy statement, created at the start of the relationship based on the client’s long-term goals, risk tolerance and liquidity needs. This policy statement is what will ultimately determine a client’s precise asset allocation.

RGT Wealth Advisors disciplinary disclosures

RGT Wealth Advisors reports no disciplinary disclosures, which can include any civil, criminal or regulatory events from the past decade involving the firm or its affiliates or employees. The SEC requires that all registered investment advisors report such incidents in their Form ADV paperwork. For more information on RGT Wealth Advisors, visit the firm’s IAPD page.

5. Linscomb & Williams

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  • Minimum assets required: $1 million
  • AUM: $3,844,536,498
  • Individual investor to advisor ratio: 215:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
  • Firm phone number: (713) 840-1000
  • Headquarters address:
    1400 Post Oak Blvd., Suite 1000
    Houston, TX 77056

About Linscomb & Williams

Established in 1971, Linscomb & Williams is a wholly owned subsidiary of Cadence Bank, which is headquartered in Birmingham, Ala. The firm offers financial planning, portfolio management, general financial consulting and retirement plan services. Though it generally requires an account of at least $1 million, the firm serves individual investors who do and do not meet the SEC’s definition of high net worth, as well as trusts, estates, charitable organizations, retirement plans and businesses.

Linscomb & Williams’ main office is located in Houston, but it also has offices in the Lonestar State in Austin, The Woodlands and Fredericksburg. It also has a location in Birmingham, Ala. Additionally, the firm has a branch in Atlanta that operates as Wealth & Pension Services Group, a registered investment advisory firm that Linscomb & Williams purchased in 2019.

Linscomb & Williams investing strategy

Linscomb & Williams develops an investment plan for each client based on their risk tolerance, return goals, liquidity needs and any special factors that may apply to their situation. The firm uses a variety of investments to implement the plan, including individual stocks, mutual funds, ETFs, various kinds of bonds and cash and equivalents.

Linscomb & Williams relies on internal and external research to choose investments for clients, carried out by its 13-member investment committee helmed by its chief investment officer and the committee’s chairman. Its recommendations generally emphasize long-term purchases rather than short-term trading.

Linscomb & Williams disciplinary disclosures

Linscomb & Williams has no disciplinary events to report. This includes any civil, regulatory or criminal actions from the last 10 years related to the firm, its employees or its affiliates. For more information or to view the firm’s Form ADV paperwork filed with the SEC, visit its IAPD page.

6. TCG Advisors, LP

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  • Minimum assets required: Not specified
  • AUM: $3,602,908,16
  • Individual investor to advisor ratio: 15:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
    • Performance-based fees
  • Firm phone number: (512) 600-5221
  • Headquarters address:
    900 South Capital of Texas Highway, Suite 350
    Austin, TX 78746

About TCG Advisors, LP

TCG (which stands for Trusted Capital Group) Advisors was founded in 2000 by its current CEO John Pesce, and its chairman, Mike Cochran. It began operating in 2001. The firm is a privately held partnership owned by TCG Group Holdings, LLP, of which Pesce is the largest partner, as well as Total Compensation Group Investment Advisory Services Management, LLC.

The firm provides investment advisory services, financial and retirement plans and access to robo-advisory services. It serves a wide array of clients, from individuals to pension and profit-sharing plans, trusts, businesses, individual retirement accounts and company retirement plans.

Headquartered in Austin, the firm also has an office in Fort Worth.

TCG Advisors, LP investing strategy

TCG Advisors has designed and manages eight discretionary investment portfolios for its individual clients. These portfolios use a mix of growth equities (usually ETFs and some mutual funds) and fixed income investments (bonds, fixed income ETFs, bond funds and other cash equivalent funds), and range from a speculative portfolio invested 100% in growth equities to a conservative preservation portfolio invested 100% in fixed income investments.

The firm aims to achieve higher returns through a well-diversified asset mix while managing risk, and thus discusses each client’s tolerance for risk when assisting them in deciding which portfolio is right for them. In addition to risk tolerance, TCG takes into account clients’ financial situation, investment objectives, time horizon and other needs when designing their portfolios.

TCG Advisors, LP disciplinary disclosures

There is no disciplinary information to disclose about TCG Advisors, its employees or its advisory affiliates. The SEC requires that all registered investment advisors report any such actions from the last decade in their Form ADV paperwork. To view the firm’s Form ADV or get more information, visit its IAPD page.

7. CH Investment Partners, LLC

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  • Minimum assets required: None, although $40 million is generally expected
  • AUM: $3,575,237,572
  • Individual investor to advisor ratio: 4:1
  • Fee structure: 
    • A percentage of AUM
    • Fixed fees
    • Performance-based fees
  • Firm phone number: (214) 661-8207
  • Headquarters address:
    3953 Maple Avenue, Suite 250
    Dallas, TX 75219

About CH Investment Partners, LLC

CH Investment Partners, LLC was established in 2019 and acts as an investment advisor to high net worth individuals and families, among other entities, with the goal being for each client and/or their affiliates to ultimately have at least $40 million in assets under management, advisement or supervision. The firm was originally part of Crow Holdings Capital – Investment Partners, but it is now primarily owned by its co-presidents, Mike Silverman and Kirk Rimer.

Services the firm provides include advisory services, consulting, financial planning, family office services and other non-advisory services. It also provides services to affiliated pooled investment vehicles.

CH Investment Partners is headquartered in Dallas, but it has another office in Tulsa, Okla.

CH Investment Partners, LLC investing strategy

CH Investment Partners offers a variety of actively managed “opportunistic investment strategies,” chosen specifically for the ultrahigh net worth set. These include global equities, hedge funds, private equity and direct investments, master limited partnerships, real estate and fixed income allocations.

The firm generally recommends that clients invest or allocate assets to one or more of the funds that it advises and manages, along with certain underlying funds and/or underlying accounts. It may also invest directly in securities, financial instruments, private investments and other assets. In general, client portfolios are built in accordance with their investment advisory agreements, set out at the beginning of the relationship, as well as the client’s investment guidelines and restrictions, financial situation, objectives and risk tolerance.

CH Investment Partners, LLC disciplinary disclosures

CH Investment Partners has no disciplinary disclosures. This means its record is free of any civil, regulatory or criminal actions involving the firm, its employees or its affiliates. The SEC requires all registered investment advisors to report such actions on their Form ADV paperwork. For more information or to see the firm’s Form ADV, visit its IAPD page.

8. Frontier Investment Management Co

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  • Minimum assets required: $5,000
  • AUM: $3,286,843,011
  • Individual investor to advisor ratio: 50:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
    • Commissions
  • Firm phone number: (972) 934-2590
  • Headquarters address:
    8401 N. Central Expwy., Suite 300
    Dallas, TX 75225

About Frontier Investment Management Co.

Founded in 1994, Frontier Investment Management is primarily owned by Gary Schoen, Richard Sowden and Brian Hattendorf, all of whom are principals at the firm. Schoen also serves as the firm’s president.

Frontier provides services for individuals — with a larger pool of high net worth individuals than otherwise — as well as institutions. The firm offers investment management, retirement plan management and consulting and financial planning services, as well as an automated online investment management platform aimed at emerging investors called FrontierNEXT. Additionally, Frontier offers specific services for medical professionals and women with Frontier Medical and Frontier Women.

The firm is headquartered in Dallas with locations in 19 other cities across the U.S.

Frontier Investment Management Co investing strategy

Frontier Investment Management tailors its advice for clients based on their financial goals, objectives, risk tolerance and constraints. In the management process, the company helps the client to determine an appropriate asset allocation, selects specific investment vehicles through a proprietary screening process and provides ongoing portfolio monitoring, evaluation and rebalancing.

The firm primarily invests client assets in stocks, bonds, mutual funds and/or ETFs. Investment strategies used may include long-term purchases, short-term purchases, trading, option strategies, short sales and margin transactions.

Frontier Investment Management Co. disciplinary disclosures

Frontier Investment Management marks one disciplinary disclosure on its Form ADV related to an advisory affiliate’s suspension by the Indiana State Bar Association for failing to pay annual attorney registration fees. According to the firm’s Form ADV, the individual moved out of state and did not intend to practice law in Indiana.

You can find further information about the event and Frontier Wealth Management by visiting the firm’s IAPD page.

9. Southern Wealth Management LLP

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  • Minimum assets required: $1 million
  • AUM: $3,118,522,059
  • Individual investor to advisor ratio: 65:1
  • Fee structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
    • Commissions
  • Firm phone number: (972) 661-4600
  • Headquarters address:
    5005 LBJ Freeway, Suite 1313
    Dallas, TX 75244

About Southern Wealth Management LLP

Southern Wealth Management LLP started offering investment advisory, financial planning and tax services in 2005. The firm is principally owned by Richard Jones, who is managing partner at the firm, as well as Thomas Gile and Michael Olson, both of whom are partners.

The firm primarily serves high net worth individuals, though it also works with trusts, retirement and pension plans, charitable organizations and other entities. Clients typically must invest at least $1 million to access the firm’s investment advisory services.

Southern Wealth Management is headquartered in Dallas. It has additional offices in San Antonio and New Orleans.

Southern Wealth Management LLP investing strategy

Southern Wealth Management generally creates portfolios using individual equities, bonds, no-load and load-waived mutual funds and other investment products. When appropriate, the firm may recommend the use of option writing, but only when consistent with the client’s stated risk tolerance.

Southern Wealth Management also provides access to investment service programs in which client accounts are managed by independent, third-party investment advisors. The firm will base its recommendations on factors including the client’s account size, risk tolerance and opinion on the programs. as well as the investment philosophy of the third party.

Southern Wealth Management LLP disciplinary disclosures

Southern Wealth Management has not been involved in any disciplinary events, which includes any criminal or civil actions in court, and any administrative proceedings before a regulatory agency. Registered investment advisors are required by the SEC to report such incidents within the last decade involving the firm, its employees or its affiliates on their Form ADV paperwork. To view the firm’s Form ADV or get more information, visit its IAPD page.

10. Level Four Advisory Services

Find an Advisor

  • Minimum assets required: Varies by program, starting at $5,000
  • AUM: $2,812,483,913
  • Individual investor to advisor ratio: 44:1
  • Fee Structure:
    • A percentage of AUM
    • Hourly charges
    • Fixed fees
    • Other (solicitor fees)
  • Firm phone number: (866) 834-1040
  • Headquarters address:
    12400 Coit Road, Suite 700
    Dallas, TX 75251

About Level Four Advisory Services

Level Four Advisory Services, which has provided financial services since 2005, is owned and controlled by the Level Four Group, a holding company that is ultimately owned by the accounting firm Carr, Riggs & Ingram Capital, L.L.C.

The firm offers asset management, financial planning, risk management business services, corporate retirement plans and other services. Its clients are predominantly individual investors who do not meet the SEC’s definition of high net worth (defined as those with at least $750,000 under management or a net worth of at least $1.5 million). However, it does also serve high net worth individuals, pension and profit-sharing plans, businesses and charitable organizations, among other entities. The firm specializes in serving those in the sports and entertainment industries as well as business owners.

Level Four’s headquarters are in Dallas, but it has 70 additional offices across the country.

Level Four Advisory Services investing strategy

Level Four Advisory Services has no unifying investment strategy. Rather, the investment strategy may differ from advisor to advisor, as do the analysis methods used.

Clients have the option of investing in proprietary portfolios designed by Level Four. Generally speaking, portfolios will be designed based on the following objectives:

  • Income with capital preservation
  • Income with moderate growth
  • Growth with income
  • Growth
  • Aggressive growth

Level Four Advisory Services disciplinary disclosures

Level Four Advisory Services has not been involved in any disciplinary events. Disciplinary events include criminal or civil actions in court, and any administrative proceedings before a regulatory agency. For more information, visit the firm’s IAPD page.

Financial advisors in Texas: FAQs

The tax situation in Texas is pretty low-key. It is one of several states that has no income tax, and there’s no state inheritance tax or estate tax either. You are, however, still subject to federal estate and inheritance tax.

A fee-only financial advisor has a few advantages. First, they don’t accept fees or commissions for the products they sell and solely earn money from the fees their clients pay, so there’s less chance of a conflict of interest. Additionally, most fee-only advisors are fiduciaries, meaning they are required to put your best interests first.

There are no specific requirements for financial advisors in the state of Texas, which is why experts recommend finding a financial professional with an industry certification to indicate that they’ve been trained in the field. Certified financial planners (CFP), for instance, are required to complete an educational program, pass an exam and have a certain level of experience to earn the certification.

No, not all financial advisor firms specialize in retirement planning. It’s a good idea to look for a CFP or an advisor with a certification signifying a specialization in retirement planning if you know this is an area where you’ll need help. Some certifications that have a retirement planning focus include a chartered retirement plans specialist (CRPS), a retirement income certified professional (RICP) or a chartered retirement planning counselor (CRPC), for example.

Make sure you check any “senior” or “retirement” related designations with the Financial Industry Regulatory Authority (FINRA), which lists all of them on their website. Some designations can be acquired after no more than a weekend seminar and some are even fabricated.

Do you have a question?