Best Financial Advisors in Michigan 2023 - MagnifyMoney
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Best Financial Advisors in Michigan 2022

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No matter where you live in the Great Lakes State, you deserve a trusted financial advisor close to home. But sifting through all of the financial professionals in Michigan can feel like a task on par with rowing across Lake Superior.

That’s why MagnifyMoney is here to help you find the advisor you deserve.

We’ve hand-crafted our list of the best financial advisors in Michigan using a vast array of data from the Securities and Exchange Commission (SEC) and other public sources. If you’d like, you can read more about how we chose our picks. But for now, relax — and get ready to jumpstart your long-term goals with Michigan’s best advisors.

10 best financial advisors in Michigan

Firm nameCityMinimum assets requiredFee structure
Plante Moran Financial AdvisorsSouthfield$500,000
  • Percentage of AUM
  • Hourly charges
  • Fixed fees
Schwartz & Co.Bloomfield HillsNone
  • Percentage of AUM
  • Fixed fees
  • Commissions
Zhang FinancialPortage$1 million
  • Percentage of AUM
  • Hourly charges
  • Fixed fees
  • Wrap fee program
R.H. Bluestein & Co.BirminghamVaries
  • Percentage of AUM
  • Performance-based fees
  • Wrap fee program
Advance Capital Management Inc.SouthfieldNone specified
  • Percentage of AUM
  • Fixed fees
Mainstay Capital Management, LLCGrand BlancVaries
  • Percentage of AUM
  • Fixed fees
Telemus Capital, LLCSouthfieldNone
  • Percentage of AUM
  • Hourly charges
  • Fixed fees
CG Advisory ServicesHaslettVaries
  • Percentage of AUM
  • Hourly charges
  • Fixed fees
  • Commissions
Rehmann FinancialLansingNone
  • Percentage of AUM
  • Hourly charges
  • Fixed fees
  • Servicing fees
Schechter Investment Advisors, LLCBloomfield HillsVaries
  • Percentage of AUM
  • Fixed fees

1. Plante Moran Financial Advisors

  • Minimum assets required: $500,000
  • AUM: $19,826,270,617
  • Individual investor to advisor ratio: 24:1
  • Fee structure:
    • Percentage of AUM
    • Hourly
    • Fixed fees

About Plante Moran Financial Advisors

Our list of the best financial advisors in Michigan begins with the wealth management arm of Plante Moran, a financial services company with over 3,300 employees worldwide.

The firm works primarily with wealthy and ultra-affluent families, employing highly customized strategies commensurate with the demands of more complex portfolios. Among those are family office services tuned to bring harmony to the breadth of your family’s holdings and obligations, all centered around your family’s mission.

Like most advisors, the firm charges an annual fee based on a percentage of your assets under management (AUM). The firm uses a tiered system to calculate your fee, with rates starting at 0.90% on your first $2 million in AUM and decreasing to 0.25% for all assets above $25 million. It’s worth noting that the firm charges a minimum annual fee of $4,500 and requires you to keep at least $500,000 under management, although it may waive the account minimum.

Trading fees and other charges associated with your account typically aren’t covered by the management fee you pay a financial advisor, Plante Moran included.

Headquartered in Southfield, Plante Moran Financial Advisors has 12 offices throughout Michigan, Ohio, Colorado and Illinois.

Services offered

  • Investment advisory
  • Planning services (financial, retirement, tax, trust)
  • Family office services
  • Business succession planning
  • Insurance consulting

Plante Moran Financial Advisors investing strategy

With no banking or investment products to sell you, the firm acts more as a personal chief financial officer (CFO). This relationship is the foundation for how the firm will eventually invest your assets, considering your priorities, assets, liabilities and tax situation.

While some firms take a static, long-term approach to investing your assets, Plante Moran Financial Advisors isn’t afraid to implement diverse strategies when managing your investments. The firm, which relies on managers who use both long- and short-term strategies, may recommend third-party managers, derivatives, leverage or alternative investments. Suppose you’re an affluent client who wants a portfolio built with more than just mutual funds and exchange-traded funds (ETFs). In that case, we suggest you inquire further about some of the firm’s sophisticated investment strategies.

Finally, you can choose discretionary or non-discretionary account management for your relationship with Plante Moran.

Potential conflicts of interest

Your advisor may recommend purchasing insurance products through the firm’s sister company, Plante Moran Insurance Agency Services, LLC. This poses a potential conflict of interest since these transactions generate sales commissions for the affiliated company.

Plante Moran Financial Advisors disciplinary disclosures

None reported in the past 10 years.

You can review any of the above information, including the firm’s disclosure record, by viewing Plante Moran Financial Advisor’s Investment Adviser Public Disclosure (IAPD) page.

2. Schwartz & Co.

  • Minimum assets required: None
  • AUM: $5,798,984,434
  • Individual investor to advisor ratio: 45:1
  • Fee structure:
    • Percentage of AUM
    • Fixed fees
    • Commissions
  • Phone number: 248-644-2701
  • Headquarters address: 3707 West Maple Road, Bloomfield Hills, MI 48301
  • Schwartz & Co. website

Schwartz & Co.

Founded in 1976, Schwartz & Co. offers financial planning and wealth management services to affluent clients and those below the high net worth threshold. Unlike other firms, you won’t need millions or even hundreds of thousands of dollars to work with this fee-based advisor. Schwartz & Co. doesn’t have a minimum investment requirement, making it potentially a good fit if you’re an emerging investor.

When receiving wealth management, you’ll pay an annual fee as a percentage of your AUM — standard practice in the advisory realm. But unlike many other firms, Schwartz & Co. doesn’t publish its fee schedule. Instead, it states in its Form ADV firm brochure that fees won’t exceed 1.5% annually but may vary based on your financial situation. We suggest you ask about the firm’s fee schedule before signing on as a client.

Schwartz & Co. can also help you plan for retirement, manage risk, create a succession plan and give to charity. However, you’ll have to pay extra for these services on an hourly or fixed fee basis.

Founder Gregory J. Schwartz remains chairman of the board of Schwartz & Co.’s parent company, Schwartz Holdings LLC. His five sons serve as officers and principal owners of the company. In addition to its headquarters in Bloomfield Hills, Schwartz & Co. has an office in Naples, Fla.

Services offered by Schwartz & Co.

  • Wealth management
  • Planning services (estate, retirement, succession, charitable, education)
  • Consulting

Schwartz & Co. investing strategy

In our review of publicly available information, the firm uses standard practices for building your portfolio by considering your financial goals and objectives. From there, the firm will craft a long-term plan for your portfolio.

Unfortunately, the firm doesn’t provide much detail on its investment philosophy beyond the types of securities that you can expect to hold. Your portfolio might include equities,

corporate debt and municipal securities, U.S. government securities, ETFs, certificates of deposit (CDs), interests in real estate partnerships, mutual fund shares, variable annuities and variable life insurance.

It’s worth noting that Schwartz & Co. manages most client accounts on a non-discretionary basis but also offers discretionary management for those who want the firm to handle all portfolio decisions.

Potential conflicts of interest

Schwartz & Co. is also a registered broker-dealer that can sell you investment products that generate sales commissions. It’s essential to ask your advisor how they’re compensated and whether the firm stands to benefit from specific recommendations.

Schwartz & Co. disciplinary disclosures

None reported in the past 10 years.

You can verify the firm’s disclosure history and any of the details above by checking out Schwartz & Co.’s IAPD page.

3. Zhang Financial

  • Minimum assets required: $1 million
  • AUM: $4,784,376,786
  • Individual investor to advisor ratio: 107:1
  • Fee structure:
    • Percentage of AUM
    • Hourly charges
    • Fixed fees
    • Wrap fee program

About Zhang Financial

Shanghai native Charles Zhang launched Zhang Financial in 1991, registering the fee-only firm with the SEC in 2012. Zhang, who remains the firm’s managing partner and principal owner, has some serious credentials in the financial advisory industry: He was named the No. 1 independent advisor in the country by Barron’s in 2021 and No. 2 in 2022.

We spotted some inconsistent language about investment minimums in the firm’s marketing materials, which you’ll want to clarify in your initial discussions with the firm. While the Form ADV Part 2 brochure lists a $1 million account minimum, the Zhang Financial website states that it only applies to Michigan residents. According to the firm’s website, out-of-state and international clients will need $2 million and $5 million to invest, respectively.

Unlike many advisory firms that use tiered fees — different rates for different asset levels within your account — Zhang Financial charges a flat fee based solely on your total AUM. Remember that when you sign up for discretionary management, you’ll enroll in the firm’s wrap fee program, which bundles your advisory fees and transaction costs into one consolidated charge. Over 95% of accounts at the firm pay wrap fees.

The firm’s wrap fee program follows this flat fee schedule:

  • $1 million to $2.5 million: 1% of AUM
  • $2.5 million to $5 million: 0.90% of AUM
  • $5 million to $10 million: 0.80% of AUM
  • $10 million and above: Negotiable

Based in Portage, the firm has additional offices throughout Michigan in Ann Arbor, Grand Rapids, Troy and Battle Creek. The firm also operates an office in Naples, Fla.

Services offered by Zhang Financial

  • Asset management
  • Planning services (financial, retirement, estate, income tax, education, employee stock option)
  • Consulting

Zhang Financial investing strategy

Your Zhang Financial advisor will build a portfolio using industry-standard practices like fundamental, technical and cyclical analyses. We wish the firm provided more detail on its investment philosophy and what sets its approach apart from other advisors. However, we know that Zhang Financial relies on various investments, including stocks, bonds, ETFs, no-load mutual funds, options and other public securities.

The firm also doesn’t use third-party advisors, so your Zhang Financial advisor will be responsible for your portfolio, not an outside manager.

Your advisor will also create a written financial plan that may include estate, education and insurance planning steps.

While the firm’s discretionary clients enroll in a wrap fee program, Zhang Financial also offers non-discretionary asset management if you’d prefer to retain the final say on transactions. If you opt for discretionary management, note that Zhang Financial typically doesn’t permit clients to impose restrictions on investing in specific securities. That means you won’t be able to tell the firm to avoid companies or industries you ethically oppose.

Potential conflicts of interest

None to report.

Zhang Financial disciplinary disclosures

None reported in the past 10 years.

If you’d like to learn more about the firm, its fees and more, visit Zhang Financial’s IAPD page with the SEC.

4. R.H. Bluestein & Co.

  • Minimum assets required: Varies
  • AUM: $4,449,016,828
  • Individual investor to advisor ratio: 94:1
  • Fee structure:
    • Percentage of AUM
    • Performance-based fees
    • Wrap fee program

About R.H Bluestein & Co.

Founded in 1990 by former Goldman Sachs executive Robert H. Bluestein, this fee-only firm primarily serves its clients through separately managed accounts and private investment funds. If you’re an affluent investor considering an asset manager with a conservative approach and a focus on wealth preservation, this firm may be a strong consideration.

With headquarters in Birmingham, R.H. Bluestein & Co. also has an office in New York City. CI Private Wealth, a national wealth management firm, purchased the company in 2021.

While other firms market themselves as holistic wealth planners providing comprehensive services, R.H. Bluestein & Co. focuses primarily on investment management. However, the firm can still help you with other advisory areas like estate and retirement planning.

While the firm has no stated investment minimum, 90% of the firm’s clients qualify as high net worth. As a client, you can expect a $25,000 minimum annual fee as well, which further accentuates the firm’s unstated focus on affluent investors.

As far as fees go, the firm follows a tiered fee schedule based on your AUM. Rates begin at 1% for your first $5 million in AUM and eventually decrease to 0.20% on assets above $65 million.

Common services offered by R. H. Bluestein & Co.

  • Investment management
  • Retirement planning
  • Financial planning
  • Estate planning and wealth transfer

R.H. Bluestein & Co. investing strategy

R.H. Bluestein takes a conservative, long-term approach when managing your assets, focusing on resilient portfolios capable of weathering economic shocks when they arise. If you choose to become a client, the firm can manage your assets on a discretionary or non-discretionary basis. However, the majority of client accounts fall in the discretionary management category.

As for investments, your portfolio may include a wide range of common equities, fixed-income investments and alternatives like private funds to round out your investment strategy. Your advisor might also use short-term strategies like hedging, margin transactions and short selling if they’re advantageous for your investment goals.

Potential conflicts of interest

The firm charges performance-based fees for two of its private funds: Atlantic Fund I, L.P., and Bluestein Capital Opportunities Fund, L.P. Performance-based fees may incentivize your advisor to encourage you to take on additional risk or invest in more speculative assets in their pursuit of higher returns and fees. Also, the firm may be invested in these assets and have a financial incentive to encourage further participation.

And while the firm is a fiduciary and must act in your best interests, we always encourage conversations about how your advisor earns money and from what sources.

R.H. Bluestein & Co. disciplinary disclosures

None reported in the past 10 years.

View the R.H. Bluestein & Co. IAPD page to learn more about the firm and its disclosure history.

5. Advance Capital Management Inc.

  • Minimum assets required: None specified
  • AUM: $4,069,536,806
  • Individual investor to advisor ratio: 227:1
  • Fee structure:
    • Percentage of AUM
    • Fixed fees

About Advance Capital Management Inc.

Founded in 1986 when three Michigan Bell executives set out to help their former colleagues better manage their pensions, Advance Capital Management now provides more than 6,000 individual clients with fee-only advice.

This employee-owned firm may be a good option if you’re an emerging investor or just starting your wealth-building journey. If you’re especially cost-conscious, the firm prioritizes a low-cost approach focused heavily on mutual funds and ETFs.

For advisory services, which include investment management and financial planning, you can expect to pay an asset-based fee ranging from 0.65% to 1% of your AUM. However, you’ll pay additional service fees ranging from $40 to $100 if you have less than $200,000 invested with the firm. We point this out because it’s not a fee structure we often encounter in our review of advisory firms.

In addition to its headquarters in Southfield, Mich., Advance Capital Management has offices in Grand Rapids, Illinois, Ohio and Texas.

Services offered by Advance Capital Management Inc.

  • Financial planning
  • Retirement planning
  • Asset management
  • Model portfolios

Advance Capital Management investing strategy

Advance Capital Management takes a standard consultative approach to building your investment strategy and manages all accounts on a discretionary basis. To jump-start the collaborative process, the firm has a 10-part questionnaire on its website designed to help you start thinking about your retirement goals and what’s needed to achieve them.

As mentioned above, expect the firm to invest assets primarily in model portfolios built using mutual funds and ETFs from the firm’s pool of more than 28,000 funds. Depending on your goals, your advisor may add alternative assets like commodities and real estate to your portfolio.

Potential conflicts of interest

None to report.

Advance Capital Management Inc. disciplinary disclosures

None reported in the past 10 years.

You can review the above information, including the firm’s disclosure record, by checking out Advance Capital Management’s IAPD page.

6. Mainstay Capital Management

  • Minimum assets required: Varies
  • AUM: $3,858,741,129
  • Individual investor to advisor ratio: 202:1
  • Fee structure:
    • Percentage of AUM
    • Fixed fees

About Mainstay Capital Management

When David Kudla founded Mainstay Capital Management in 2000, he set out to serve clients who didn’t have the time or know-how to manage their retirement accounts and investments. Today, Kudla heads up a staff that includes Chartered Financial Analysts (CFAs), Certified Financial Planners (CFPs), Chartered Retirement Planning Counselors (CRPCs) and other accredited professionals — all committed to your financial success.

This fee-only firm offers a full complement of wealth management and financial planning services. However, it specializes in discretionary management of individual 401(k), 403(b) and 457 retirement accounts for employees of some of Michigan’s largest employers, including Ford and General Motors. If you don’t see your company listed on the firm’s website, we suggest you contact Mainstay Capital Management and ask whether they have an agreement with your employer.

For retirement plan management, you’ll pay a minimum fee of $496 per year on the first $50,000 in your account. From there, you’ll pay an asset-based fee ranging from 0.40% to 0.15% on all AUM above $50,000. For example, a client with $100,000 in AUM would pay $696 per year: $496 on the first $50,000 and $200 on the next $50,000.

The firm also offers traditional wealth management services on a discretionary basis through an individual retirement account (IRA), annuity or non-retirement account. You’ll pay 1.30% on your first $200,000 in AUM — higher than most advisors we encounter. You’ll also be subject to a $780 annual minimum, making wealth management less economical for clients with under $60,000 to invest.

While headquartered in Grand Blanc, Mich., the firm has additional Michigan offices in Ann Arbor, Troy and Novi, plus an office in Naples, Fla.

Services offered by Mainstay Capital Management

  • 401(k) management (includes 403(b) and 457 plan management)
  • Wealth management
  • Retirement and financial planning
  • Debt and mortgage optimization
  • Estate, tax and philanthropic planning
  • Insurance strategy

Mainstay Capital Management investing strategy

You should expect to work with Mainstay Capital Management on a discretionary basis. Whether you hire the firm to manage your retirement savings or non-retirement accounts, your advisor will use an active management style. This means they won’t shy away from changing your asset allocation and reassessing the direction of your portfolio when appropriate.

For investments, the firm’s advisors prefer open-end mutual funds, ETFs and other individual securities. If you join as a retirement plan client with a workplace plan, remember that Mainstay’s recommendations will be limited to investments available within your retirement plan.

Potential conflicts of interest

None to report.

Mainstay Capital Management disciplinary disclosures

None reported in the past 10 years.

Review the above information, including the firm’s disclosure record, by viewing Mainstay Capital Management’s IAPD page.

7. Telemus Capital, LLC

  • Minimum assets required: None
  • AUM: $3,361,836,038
  • Individual investor to advisor ratio: 62:1
  • Fee structure:
    • Percentage of AUM
    • Hourly charges
    • Fixed fees

About Telemus Capital, LLC

Telemus Capital, a fee-based advisory firm founded in 2005, takes a holistic approach to financial advice by offering “financial life management.” Rather than solely focus on investments, the firm examines all corners of your finances, including your assets and liabilities, insurance, estate plan and more.

Telemus Capital has an impressive suite of services, some tailored specifically for affluent clients. For example, the virtual family CFO service is the firm’s digital spin on comprehensive family office services, which include trust distribution management, asset tracking and intra-family loan management.

The firm doesn’t have a minimum account balance for potential clients, but it does charge a minimum annual fee of $3,750, which may be a burden if your portfolio is still growing. As for fees, you’ll find a standard AUM-based fee structure with the firm ranging from 0.55% to 1.25% AUM.

In addition to its headquarters, Telemus Capital has offices in Ann Arbor and Chicago.

Services offered by Telemus Capital, LLC

  • Financial advisory services
  • Asset and liability management
  • Investment management
  • Insurance and risk protection
  • Virtual family CFO service

Telemus Capital, LLC investing strategy

Telemus Capital delivers its services using “The Telemus Way,” which begins with discussing your current financial situation and long-term financial goals. You’ll then work with your advisor to create a financial plan and investment strategy, typically using one of its model portfolios.

Each model portfolio uses a mix of investments, including stocks, bonds, mutual funds, ETFs and other investment products. If you need a more customized or cost-effective approach, the firm can build a proprietary investment strategy based on your needs or invest your assets in private funds.

Lastly, you should anticipate giving the firm discretionary control of your account when enrolled as an investment management client unless you’re invested in one of the firm’s affiliated private funds.

Potential conflicts of interest

At least one Telemus Capital investment advisor is compensated for insurance recommendations, which creates a potential conflict of interest. The firm’s insurance affiliate, Telemus Insurance Services, also may recommend specific products to advisory clients and receive compensation for those transactions.

Telemus Capital LLC disciplinary disclosures

None reported in the past 10 years.

To learn more about the firm, visit Telemus Capital LLC’s IAPD page.

8. CG Advisory Services

  • Minimum assets required: Varies
  • AUM: $2,881,322,820
  • Individual investor to advisor ratio: 112:1
  • Fee structure:
    • Percentage of AUM
    • Hourly charges
    • Fixed fees
    • Commissions
    • Wrap fee programs

About CG Advisory Services

In 1999, Anthony “Tony” Mazzali founded the company that would eventually become CG Financial Services. Mazzali, a CFP and chartered financial counselor (ChFC), remains this fee-based firm’s CEO and principal owner.

CG Financial Services offers investment management primarily through wrap fee programs. This means you’ll pay one consolidated fee that includes your advisor fee and other expenses related to your account (commissions, custody fees, etc.). The firm’s wrap fees are capped at 2.25% of AUM, although an additional 0.40% servicing fee applies.

New investors may gravitate to the firm’s basic model portfolio platforms — WealthBuilder and WealthMark — for their low account minimums: $12,500 and $25,000, respectively. However,

model portfolios — especially for long-term investment goals like retirement — generally don’t produce enough trades to warrant enrolling in a wrap fee program. Ask for a fee comparison with their recommended assets in a standard brokerage account.

The firm also offers unified managed accounts (UMAs) for affluent clients with more sophisticated model portfolios. However, you’ll need at least $1 million to qualify for a UMA.

Are you looking for even more customization and personal attention? You can open an APM account (advisor as a portfolio manager) and have your advisor individually manage your investments.

The firm also offers financial planning services at hourly or fixed rates based on your net worth.

Aside from the firm’s headquarters in Haslett, CG Advisory Services has additional offices throughout Michigan as well as in North Carolina and Virginia.

Services offered by CG Advisory Services

  • Retirement planning
  • Tax minimization strategies
  • Legacy and estate planning
  • Insurance analysis
  • General consulting

CG Advisory Services investing strategy

Don’t count on the firm presenting you with hot stock tips or other short-term investment opportunities. Instead, the team at CG Advisory Services will manage your investments using a bucketing approach that spreads your money across three general categories of assets: those you’ll need within five years, those you’ll sell in six to 12 years and long-term investments you won’t cash in for more than 12 years.

You’ll own shares of mutual funds and ETFs when enrolled in a WealthBuilder or WealthMark model portfolio. If you’re a UMA client, you’ll likely have a portfolio that includes individual securities and third-party managers. With an APM account, your advisor may invest some of your assets in fee-based annuities and options, in addition to mutual funds and ETFs.

The firm manages most investment accounts on a discretionary basis. APM clients can opt for non-discretionary management, however.

Potential conflicts of interest

It’s important to point out that your financial advisor with CG Advisory may also be an insurance agent or broker-dealer representative. They may receive sales commissions on specific transactions within your account in these separate roles. We suggest you ask your advisor to explain how they earn compensation so you can look out for conflicts of interest between your advisor’s recommendations and how they earn fees.

CG Advisory Services disciplinary disclosures

None reported in the past 10 years.

For more information on the firm, visit CG Advisory Services’ publicly available Form ADV and brochure on file with the SEC.

9. Rehmann Financial

  • Minimum assets required: None
  • AUM: $2,838,581,000
  • Individual investor to advisor ratio: 64:1
  • Fee structure:
    • Percentage of AUM
    • Hourly charges
    • Fixed fees
    • Servicing fees

About Rehmann Financial

Rehmann Financial is the wealth advisory arm of Rehmann, a full-service financial services firm that opened its doors in 1941. In addition to its headquarters in Lansing, Mich., Rehmann Financial has nine offices throughout the Wolverine State, another three in Florida and one in Ohio.

This fee-based advisor specializes in comprehensive wealth management for investors across the wealth spectrum. As a client, you can expect your advisor to team up with Rehmann’s certified public accountants (CPAs) to provide tax-conscious advice on everything from your investment portfolio to your estate plan.

You’ll pay an annual fee based on your AUM. While this is common practice among financial advisors, we wish Rehmann Financial provided a clearer picture of its fee structure. Instead, the firm says in SEC filings that annual fees vary from 0% to 2.50% of AUM, representing a massive range of potential fees.

For stand-alone financial planning, you can expect to pay a fixed fee or an hourly rate of up to $800. However, your advisor may waive or reduce this fee if you pay for asset management.

While the firm doesn’t have an investment minimum, it’s important to point out that some Rehmann Financial advisors may impose their own account minimums. You’ll want to ask about potential account minimums during your initial discussions with the firm.

Services offered

  • Asset management
  • Financial and tax planning
  • Estate planning and analysis
  • Risk management and insurance

Rehmann Financial investing strategy

Rehmann Financial offers an approach grounded in diversification across securities, asset classes, geographic locations and investment strategies.

Some Rehmann Financial advisors will customize and manage your portfolio themselves. In contrast, others may work with the firm’s in-house investment team to select a model portfolio that meets your needs. This dedicated team, known as the Capital Management Group, designs the firm’s model portfolios using mutual funds, ETFs, equities, options and various debt securities. The firm may also allocate your money to a third-party manager.

Finally, you can choose whether to work with the firm on a discretionary or non-discretionary basis.

Potential conflicts of interest

Most of the firm’s advisors are licensed insurance agents or brokers who may have conflicts of interest when they recommend products where they can also receive a commission. We suggest you ask your advisor how they mitigate these potential conflicts.

Rehmann Financial disciplinary disclosures

None reported in the past 10 years.

To learn more about this firm, check out Rehmann Financial’s Form ADV on the SEC’s website.

10. Schechter Investment Advisors

  • Minimum assets required: Varies
  • AUM: $2,598,509,948
  • Individual investor to advisor ratio: 40:1
  • Fee structure:
    • Percentage of AUM
    • Fixed fees

About Schechter Investment Advisors, LLC

Schechter Investment Advisors, the final company on our list of the top financial advisors in Michigan, is a fee-based firm and a third-generation family business. Founded in 1939, CEO Marc R. Schechter currently owns the firm.

Schechter Investment Advisors offers wealth management and financial planning services to a wide range of individual clients and families from its headquarters in Birmingham, Mich. The firm uses a multi-disciplinary approach that looks beyond your investment portfolio and addresses other areas of your financial life, including your tax strategy and succession planning. Schechter Investment Advisors may be a top consideration if you’re searching for comprehensive advisory services.

As an affluent client, you may be interested in the firm’s multi-family office services to help manage your family’s wealth, taxes, banking needs, homes, charitable donations and more. Aside from investment and wealth management, the firm can also help establish a line of credit through a securities-based lending program offered by its partners at Pershing LLC.

The firm caps its investment and wealth management fees at 1.25% of AUM, but remember that you may be subject to additional fees if the firm invests your assets with independent managers.

Services offered

  • Portfolio design and management
  • Planning services (financial, estate, wealth, insurance and philanthropic)
  • Multi-family office services
  • Private investments
  • Tax strategies

Schechter Investment Advisors, LLC investing strategy

Your Schechter advisor will take a goals-based approach to create a financial plan and investment portfolio for you, focusing on minimizing fees and taxes.

You may see some or all of your assets invested with independent managers. The firm works with Callan Associates, LLC, a registered investment advisor offering unified managed and separately managed accounts to Schechter clients who want more customization.

When investing your money directly, the firm uses mutual funds, ETFs and individual debt and equity securities. We also took note of the firm’s use of interval funds — closed-end mutual funds with exposure to illiquid investments — as well as private equity and hedge funds. The firm even has a private capital division focused on investing in companies like Reddit, Industrious and BankMobile.

As a client, you’ll have the option to give Schechter Investment Advisor complete discretion to make trades and transactions within your account without getting your approval each time. However, a small percentage of accounts are managed on a non-discretionary basis.

Potential conflicts of interest

Some Schechter advisors earn third-party compensation when you purchase specific insurance products or securities. This creates a potential conflict of interest since the advisors could earn a commission from their recommendations, which you’ll want to discuss more with your advisor.

Schechter Investment Advisors, LLC disciplinary disclosures

None reported in the past 10 years.

Check out Schechter Financial Advisors’ IAPD page to learn more about the firm.

What’s next?

MagnifyMoney is here to help you every step of the way in your search for the trusted financial professional you deserve. To keep the momentum going, you could:

  • Learn what to look for in an advisor. Not all financial advisors are the same. Use our expert insights inside our free guide to choosing a financial advisor to further your search.
  • Dive deeper into your shortlist of potential advisors. We’ve created a visual guide to using the SEC’s Form ADV to help you learn about potential advisors, their disciplinary actions and how they get paid.
  • Let MagnifyMoney help you find the ideal advisor. If you’re ready for expert assistance with your investing journey, just fill out the form below. We’ll match you with a financial advisor and save you the searching.

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How we chose the best financial advisors in Michigan

You deserve a financial partner you can trust on your wealth-building journey. That’s why we focused on specific criteria that mean the most to investors like you. Not only did we review each firm’s most recent Form ADV on file with the Securities and Exchange Commission (SEC), but we also only considered firms for this list that:

  • Are fiduciaries. All firms on our list are bound to act in your best interests, not their own.
  • Registered with the SEC. The SEC is the most significant regulator of financial best practices in the U.S. and mandates strict guidelines that all financial advisory firms must follow.
  • Offer both personal account management and financial planning services. A great future begins with a plan. These firms can create plans and help you follow them every step of the way.
  • Had no more than one disciplinary disclosure in the past 10 years. You deserve a firm with a track record of ethical business practices. In some cases, we withdrew firms from consideration if the firm’s single disclosure exhibited a breach of client trust, such as a violation of fiduciary duty.

Of the firms that made the cut, we then ranked firms based on AUM. AUM can be a significant trust factor, as it shows the amount of money others have entrusted the firm to manage.

And we know that you will ultimately be the best judge of which financial advisor is best for you. If you want to verify any of our information first-hand, visit the SEC’s IAPD website. You can search for any firm’s Form ADV — filed annually by March 31 — and explore the firm’s most recent updates. All information in our list of the best financial advisors in Michigan is accurate as of August 8, 2022.

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.