Choosing a financial advisor can be challenging, given the large number of advisors in this sunny South Florida metropolis. To find the right match, you must understand your financial needs and goals, as well as how much you’re willing to spend.
Comparing firms and data points can be difficult, so we compiled the most pertinent information to help guide your decision. To determine the best advisors in this city of palm trees and beaches, 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 a firm’s size. Although not formally part of our ranking, we encourage readers to take note of each firm’s client-to-advisor ratio, as this indicates how much attention you may get as a client. All data used in our methodology is taken from each firm’s most recent Form ADV filing with the SEC so as to ensure the accuracy and reliability of our rankings.
Our ranking is not indicative of which firm may be best for you, but it can help take the heat out of the shopping experience. Take a look at our list below for the top firms in Miami and their key highlights:
How much would you like to invest?
|Firm name||Minimum Assets Required||Fee Structure|
|WE Family Offices||None specified but minimum annual fee of $150,000|| |
|Finaccess Advisors||No minimum|| |
|Ingham Retirement Group||$100,000, though exceptions exist|| |
|GenTrust||$10 million, though exceptions exist|| |
|MMBG Investment Advisors Co.||$500,000|| |
|Bulltick Wealth Management||Generally $500,000|| |
|FitzRoy Investment Advisors||Minimum liquid net worth of $15 million|| |
|Element Pointe Advisors||Generally $3 million|| |
|RM Private Wealth Management||Typically $1 million|| |
|AZ Apice Capital Management||Typically $100,000|| |
For our search, we looked at firms across the city of Miami. 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. Information used for our methodology criteria is taken directly from each firm’s most recent Form ADV filing and brochure, found on the IAPD database.
To localize our results for this list, we exclusively looked at firms that met the above criteria and had their headquarters in Miami, as per the address provided in the Form ADV. Of those firms, we only considered those that offer financial planning services and portfolio management to individual investors. To be considered for this list, firms also could have no more than one disciplinary disclosure in the past 10 years. From there, the remaining firms that met all of the above stipulations were ranked in order of highest to lowest AUM, as this is an indication of a firm’s size and how many assets it has been entrusted to manage.
In our reviews, we have also listed several other key features that will help you determine which financial advisor may be most fitting for your investing style and financial needs. While our ranking system and methodology is designed to help you compare firms, it does not indicate which firm may be best for you. All information here is accurate as of February 12, 2021, but we urge you to also evaluate these firms on https://adviserinfo.sec.gov/.
WE Family Offices caters to rich individuals and families. All of the firm’s clients are classified as high net worth individuals by the SEC, meaning they have at least $750,000 to invest or a net worth of $1.5 million. The firm charges a hefty $150,000 minimum annual fee, but does not specify a required minimum investment, The team has offices in Miami and New York, but many of their clients live abroad.
These wealthy clients turn to WE for help planning and managing all aspects of their financial lives. Advisors provide advice on everything from investments, insurance and estates to cash flow and succession planning. They also help evaluate and vet third-party providers and their fees. A more limited service dubbed a wealth diagnostic allows families to trial the team, or get financial planning help on a specific topic or project.
WE is an abbreviation for Wealth Enterprise, signaling the firm’s philosophy that families should manage their wealth like a business. With roots dating back to 2000, the firm has changed ownership a few times. In 2013, the firm was taken independent again by its executive management team and branded WE Family Offices. Today, the firm is owned by WE Family Office Holdings, in which the firm’s principals and other partners hold interest.
WE Family Offices works with families only through non-discretionary relationships, meaning the team provides advice and then families hold the ultimate decision-making on individual investments and trades (although the team can handle most of the administrative tasks).
Advisors create asset allocation and investment strategy recommendations unique to each client. To execute that allocation, they recommend only unaffiliated investment managers and funds, such as mutual funds, exchange-traded funds (ETFs), limited partnerships, such as hedge funds or private equity, or managed accounts. Clients interested in environment, social and governance issues can also find investment recommendations that align with those values.
WE Family Offices has a clean disciplinary record. The firm discloses no legal or disciplinary actions against the firm or its employees over the prior 10 years that would be material to a client’s evaluation of the firm or integrity of the management team. To learn more, view the firm’s disclosures on its IAPD page.
Finaccess Advisors serves a mix of clients, including individuals, high net worth investors, corporations, trusts and investment funds and managers. Nearly all the firm’s clients are non-U.S.-based individuals. The firm offers these clients a range of services to manage their overall wealth, including ongoing investment advice as well as financial planning for key topics such as retirement, insurance, inheritance structures, real estate management, bookkeeping and access to private banking.
Formed in 2009, the firm works out of a single office in Miami. Finaccess Advisors is primarily owned by Grupo Finaccess, S.A.P.I. de C.V., a company formed by a group of private investors.
Finaccess Advisors provides its advice only through non-discretionary relationships, meaning clients must approve all investments and trading decisions. Advisors create a custom investment strategy for each client, unique to their goals. The strategy may be buying stocks for the long term, or buying and selling investments fairly rapidly.
To come up with its investment recommendations, the team uses three key types of analysis:
Finaccess Advisors discloses no legal or disciplinary events against the firm or its employees that would materially impact a client’s opinion of the firm or the integrity of its personnel. Visit the firm’s IAPD page to learn more.
Most of the money under management at Ingham Retirement Group comes from pension and profit-sharing plans. The firm also serves individual clients, however, including middle-income and high net worth investors and families. Its main offerings to individual investors are investment management and advice, and financial planning, addressing topics such as retirement, education, estate, tax insurance and budget planning. The team also offers executive planning, exit planning and business succession planning.
Legally known as Ingham/Russell Investment Advisors, the firm opened its doors in 1991 and works out of a single office in Miami. Kenneth Ingham and Linda Ingham both control 25% or more of the company.
Clients choose whether they want an advisor to manage their money based on their individual needs, or if they want to invest in a model portfolio. In a custom portfolio, the typical investments include public securities, corporate debt securities, municipal securities, U.S. government securities, certificates of deposit, variable life insurance, variable annuities, mutual funds and various partnerships.
If they instead decide to go with a model portfolio that is closely aligned to their goals, clients can choose among five portfolios ranging from the most aggressive to conservative strategy. The typical investments in this program are more limited and include mutual funds, public securities and securities traded over the counter. Clients can also have the team create an asset allocation strategy, and then recommend unaffiliated third-party managers to execute the strategy.
Ingham Retirement Group discloses no legal or disciplinary marks. All registered investment advisors are required to disclose any legal or disciplinary events in the previous 10 years against the firm or an employee that would be material to a client’s evaluation of the firm or the integrity of its leadership. To learn more, view the firm’s disclosures on its IAPD page.
Founded in 2011, GenTrust has a reputation for serving many young professional athletes and entertainers. But its current client list is broadening further than those stars, and includes middle-income and high net worth investors, as well as institutions like charitable organizations, corporations, bank or thrift institutions, other businesses and even other registered investment advisors. Individual investor clients are typically looking for investment management as well as overall wealth planning and consulting, including income and cash-flow planning, bill paying and extras such as travel planning.
GenTrust is based in Miami with an additional office in New York. The firm is principally owned by five of its leadership team members.
GenTrust tailors each portfolio specifically to the needs of the client, based on factors such as the client’s risk tolerance and time horizon. Client money is allocated to mutual funds, ETFs, individual stocks and bonds, and options. Advisors may also recommend clients invest some or all of their money with unaffiliated third-party managers and in certain private investments such as hedge funds or affiliated investments.
Together, the client and advisor choose an appropriate benchmark to judge how GenTrust’s performance stacks up, as well as whether it is achieving its goals.
The team does not rely on a single type of analysis or strategy to make its investment recommendations, but rather uses a mix of many strategies. For example, for risk management, the team uses what’s called scenario analysis, which looks into the future to evaluate risks, rather than looking back at history.
GenTrust has a clean disciplinary record. The firm discloses no legal or disciplinary events over the past 10 years against the firm or an employee that would be material to a potential client evaluating the firm or the integrity of its management team. Visit the firm’s IAPD page to learn more.
MMBG Investment Advisors serves a select number of high net worth individuals, small and large businesses and personal investment companies. Most clients are non-U.S.-based. For individual investors, the team primarily provides investment management services and, in certain cases, limited financial planning.
Founded in 2016, MMBG Investment Advisors is principally owned by Controladora MG Internacional S.A.P.I de C.V., which is owned by Mauricio Morales and Bernardo Guerra. The firm is based out of a single office in Miami.
MMBG Investment Advisors tailors its recommendations to the client’s situation, factoring in the client’s objectives, risk tolerance, time horizon, liquidity needs and other considerations. In general the team favors high-quality companies with strong track records that have these additional characteristics: high returns on capital; manageable leverage; shareholder yield, and strong and transparent management teams, corporate governance and investor relations. Beyond individual stock recommendations, the team uses ETFs and mutual funds to get broad exposure to specific investment themes.
The firm primarily relies on fundamental analysis to make its investment recommendations. Initially, team members screen companies based on growth, quality, value, profitability and cash flow. Then they apply fundamental research to those prescreened companies, looking at factors such as industry trends, competitive advantages and sales product mix.
Clients must feel comfortable giving their advisors permission to make investments and trades without client approval since the team manages client money only through discretionary relationships.
MMBG Investment Advisors discloses no legal or disciplinary actions against the firm or its employees that a potential client would find material when assessing the firm or the integrity of its leadership personnel. Visit the firm’s IAPD page to view the disclosures and learn more.
Bulltick Wealth Management caters to international high net worth individuals, trusts and corporations. These wealthy families turn to the firm primarily for portfolio management. From time to time, additional services may be provided, such as family office services or financial planning around topics including retirement, real estate and estates, though these planning services may be provided by a third party.
The firm was founded in 2006 and is owned by Bulltick Capital Markets Holdings LLC, a holding company that also owns broker-dealer Bulltick LLC as well as Bulltick Insurance Agency. Based in Miami, the team has a second location in Shenandoah, Texas.
Advisors create custom portfolios tailored to the individual client. The investments used run the gamut from the traditional stocks, corporate and government debt, ETFs and mutual funds to sophisticated tools like hedge funds and structured products. Some portfolios use leverage.
To come up with their investment recommendations, clients use fundamental and technical analysis, among other tools. How long advisors hold on to investments varies: long term, less than a year or less than 30 days. Advisors also use options.
On its Form ADV, Bulltick Wealth Management discloses one regulatory event it resolved in 2012 without admitting or denying the SEC’s findings. The SEC alleged that Bulltick Capital Markets Holdings LLC aided, abetted and caused certain rule violations by its former subsidiary, Quantek Asset Management, in connection with related party transactions. In the settlement, the firm was censured, ordered to cease and desist from committing or causing the alleged violations, and ordered to pay a $300,000 penalty.
Visit the firm’s IAPD page to learn more from the disclosures.
FitzRoy Investment Advisors services nearly 40 ultrawealthy individuals and families as well as trusts. Their clients live in the United States as well as abroad, and turn to the firm for advice on managing their investments and selecting the appropriate external managers.
Based in a single office in Miami, the private firm is owned and managed by its founder Jose A. Fernandez. After more than 15 years at UBS, Fernandez left in 2011 to set up FitzRoy Investment Advisors.
FitzRoy Investment Advisors manages client money only through non-discretionary relationships, meaning advisors provide recommendations but clients retain ultimate authority over their accounts and trading decisions.
Advisors recommend an asset allocation tailored to the specific client’s risk tolerance, goals and needs. Then they suggest specific investment vehicles and managers to implement that allocation, including separately managed account managers, mutual funds and ETFs. Their recommendations typically, though not always, include diversification across strategies as well as outside managers. The firm generally does not provide advice on specific individual securities, though its investment suggestions do typically include them. The other typical investments include fixed income and alternatives including hedge funds, private equity and real estate funds.
To take advantage of what team members view as mispriced investments or those with strong opportunities, advisors may recommend tactical asset allocation moves.
FitzRoy Investment Advisors has a clean record. The firm discloses no legal or disciplinary events against the firm or its employees over the past 10 years that would be material to a potential client’s view of the firm or the integrity of its personnel. For more information, view the firm’s IAPD page.
Element Pointe Advisors caters to a few dozen primarily high net worth individuals and families who enlist the firm for investment management, financial planning and consulting. Family office services are also provided to families with a liquid net worth of more than $100 million. Those services can include managing cash flow and liquidity, aggregating accounts and consolidating reporting, as well as coordinating activities between tax and legal advisors, banks and trustees. The firm may also provide advice on products held outside of their accounts, such as variable life insurance, annuities, education savings plans and retirement accounts.
Founded in 2016 and owned by its CEO David Savir and President and Chief Investment Officer Carlos Dominguez, the independent firm works out of its single office in Miami. The firm can also serve charitable organizations, corporations, business entities and others.
Advisors create an asset allocation tailored to the specific client’s situation. They then recommend specific investments and managers for each of those asset classes. In general, the firm prefers a “core and satellite approach” in which low-cost index funds are used in large and efficient markets, while active management is applied in areas where the team believes it can add value. Advisors may buy individual stocks they deem undervalued. Advisors will also recommend tactical adjustments when they see short-term opportunities.
Typical investment recommendations may include individual stocks and bonds, ETFs, mutual funds, unaffiliated managers, private equity and hedge funds.
Element Pointe Advisors discloses no legal or disciplinary events over the past 10 years against the firm or its employees that a client would find material in the evaluation of the firm or integrity of its management team. To learn more, view the firm’s brochures on its IAPD page.
From its Miami office, RM Private Wealth Management caters to high net worth individuals and families with at least $1 million to invest. These clients turn to the firm primarily for investment advisory services. Some clients also receive financial planning services.
The young firm was incorporated in 2018 and registered with the SEC as an investment advisor in 2020. It’s principal owner is its president, Ramesh Madhusudan. The firm can also serve institutions such as pension and profit-sharing plans, charitable organizations and businesses.
Clients engage the firm on a discretionary basis, meaning they give their advisor control over the investments and daily trading decision in their accounts. Advisors may use a mix of investments including individual stocks and bonds, mutual funds, U.S. government securities and certificates of deposit. The firm believes in tactical allocations, which it hopes will increase returns while limiting risk. To manage risk, advisors use option strategies and derivatives.
To make its investment decisions, the firm uses fundamental, cyclical and technical analysis. This means the firm looks at a mix of factors including industry conditions and company trends, economic cycles, and patterns in market data such as price, volume and interest.
RM Private Wealth Management has a clean record. The firm discloses no legal or disciplinary events against the firm or its employees in the previous 10 years that would be material to a client’s evaluation of the firm or integrity of its leadership. Learn more by viewing the firm’s disclosures on its IAPD page.
AZ Apice Capital Management caters primarily to high net worth individuals and families, most of whom are not based in the U.S. These clients rely on the firm for investment management and advice, consulting and overall wealth management, addressing topics such as cash flow, education, retirement, taxes and estate planning. The firm typically requires $100,000 to open an account, with clients paying at least $1,000 a year for ongoing investment management. The firm also serves institutions such as governmental agencies, corporations and pooled investment companies.
The firm was founded in 2015 and is based out of a single office in Miami. AZ Apice Capital Management is principally owned by Bruno Gorgatti, Walter Alves and AZ US Holdings Inc, the latter being part of the Italian corporation Azimut Holding SpA, a publicly traded firm.
After the advisor creates an initial asset allocation, tailored specifically to the client, the advisor may implement it, or may recommend an independent third-party manager. The firm’s investing strategies can vary greatly between clients. Advisors use both active and passive management. Investments may be made for the long term, or bought and sold in a year or even shorter time frames, such as less than 30 days. Advisors may also use more sophisticated tools such as shot sales, margin transactions and options.
Portfolios may consist of stocks, bonds, options, ETFs, mutual funds and potentially others. Initial public offerings (IPOs) are not available.
AZ Apice Capital Management has no legal or disciplinary disclosures on its form ADV. To learn more, view the firm’s disclosures on its IAPD page.
Florida is among the most tax-friendly states in America. It is one of just a handful of states that has no income tax. The state also levies no estate or inheritance tax.
Advisors at large national firms may have access to resources, such as strong in-house research on industries, companies and the economy, that boutique firms may lack. Large firms may also offer clients additional services, such as banking, mortgages and insurance. That said, potential conflicts of interest may also exist at large firms in Miami and elsewhere if, say, advisors push firm products when more-suitable or less-expensive options exist elsewhere.
No matter the size of the firm for which your advisor works, it’s important you understand the advisor’s potential conflicts, how they are paid and what’s behind specific product recommendations.
No. Some advisors focus more on managing a client’s portfolio, also known as asset management. Other firms provide more comprehensive financial planning, known as wealth management, addressing topics such as retirement, insurance, taxes, estates and college savings. Be sure to ask any potential advisors details about what services specifically come with retirement planning, such as if you’ll receive a written plan or if the advisor will run your potential retirement income given different scenarios. Here are 10 questions to ask a financial advisor.
Some financial advisors are compensated only from their clients, known as fee-only planners. They may charge a percentage of assets under management, an hourly charge, a fixed fee or another transparent fee structure. For an idea of typical charges, click here. Other advisors may receive commissions from investment companies to sell their products, potentially creating a conflict of interest. Be sure to ask potential advisors specifically how much they charge and who else compensates them.
The “Find a Financial Advisor” links contained in this article will direct you to webpages devoted to MagnifyMoney Advisor (“MMA”). After completing a brief questionnaire, you will be matched with certain financial advisers who participate in MMA’s referral program, which may or may not include the investment advisers discussed.