From Pittsburgh to Philadelphia, there’s a plethora of financial advisors across the commonwealth of Pennsylvania. All of these options can make choosing a financial advisor in the Keystone State a challenge. To start your decision-making process, you should first determine your financial needs and goals and decide how much you can spend on an advisory firm’s services.
Next, you’ll need to start comparing Pennsylvania firms and their data points, which is where this list can come in handy. Our list compiles the best financial advisors in Pennsylvania and what you need to know about them. You can even take a look inside how we vetted and chose the firms.
Although our ranking can’t tell you which financial advisor will be best for you, it can make it easier for you to sort through all of the information available out there to make that determination. :
|Firm name||Headquarters location||Minimum assets required||Fee structure|
|Veritable L.P.||Newtown Square||None required, but clients typically have at least $20 million|| |
|MyCIO Wealth Partners, LLC||Philadelphia||$1 million|| |
|Mill Creek Capital Advisors, LLC||Conshohocken||$5 million|| |
|Cornerstone Advisors Asset Management, LLC||Bethlehem||None|| |
|Conrad Siegel Investment Advisors||Harrisburg||$500,000 recommended|| |
|HBKS Wealth Advisors||Erie||None|| |
|Fort Pitt Capital Group, LLC||Pittsburgh||$500,000|| |
|Miller Investment Management, LP||West Conshohocken||Not specified|| |
Investment manager Michael Stolper founded Veritable L.P. — then called Stolper & Co. — in 1986. He remains the CEO of the firm, which has since gone through multiple names and owners. Veritable is now owned by its senior leadership.
Veritable offers investment advisory and ad hoc financial planning, primarily to high net worth families and individuals (who the SEC defines as those with at least $750,000 under management or a net worth of at least $1.5 million). Although Veritable does not technically have a minimum investment requirement, its clients typically have $20 million or more under management. The firm serves its clients, which also include a range of institutional investors, from its sole office in Newtown Square, Pa.
Veritable creates customized portfolios for its clients that aim to maximize after-tax returns using a variety of securities and solutions, including public companies, private investments, funds and active managers. The firm sets off a portion of a portfolio to cover the next 10 to 15 years’ worth of withdrawals and keeps that money in low-risk investments.
Then, Veritable invests the remainder of the portfolio in higher risk areas that have the potential for greater returns. The firm often uses hedged strategies in high-risk markets in order to protect from downside risk, but also allow for participation in market rallies.
Veritable has a clean disciplinary record, meaning it discloses no disciplinary events in the past 10 years against the firm, its employees or its affiliates that would be material to a client evaluating the firm or its management team. The SEC requires all registered investment advisors to report such incidents in their Form ADV paperwork. To learn more, view Veritable’s Investment Adviser Public Disclosure (IAPD) page.
When the accounting and consulting firm Ernst & Young exited the investment and wealth advisory business, its Philadelphia investment advisory practice spun out into MyCIO Partners, LLC in 2005. The public company Affiliated Managers Group has an equity interest in the firm, which is co-owned by its partners.
The firm offers investment advisory services and, to the extent that a client requests it, financial planning and consulting. With a $1 million minimum investment requirement, its clients are mainly high net worth individuals, but it also serves some institutional investors, including charitable organizations and corporations or other businesses. It has one office location in Philadelphia.
MyCIO Wealth Partners works with each of its clients to create an investment plan that’s tailored to their particular financial situation and needs. Once the firm has come up with an appropriate strategy, it continuously monitors the portfolio and its performance, rebalancing or shifting the asset allocation as needed.
The MyCIO team incorporates both long- and short-term purchases into its investment strategy, as well as riskier methods such as short selling and the use of margin or option transactions. The firm primarily invests client assets in mutual funds, exchange-traded funds (ETFs), private funds, real estate investment trusts (REITs) and with sub-advisors and independent managers. On a more limited basis, it may use individual stocks and bonds and other types of fixed-income securities.
MyCIO Wealth Partners has a clean disciplinary record. This means it does not have any civil, criminal or regulatory events from within the past decade involving the company or its employees or affiliates that would be material to the evaluation of the firm or its management team. Learn more about MyCIO Wealth Partners on its IAPD page.
Founded in 2006, Mill Creek Capital Advisors, LLC is an employee-owned firm that offers investment management services. The firm typically requires an investment of at least $5 million. The individuals that Mill Creek Capital Advisors serves are exclusively high net worth, though the firm also works with pooled investment vehicles, pension and profit-sharing plans, 401(k) plans, 403b plans, trusts, estates, charitable organizations, corporations and endowments.
Mill Creek Capital Advisors has its headquarters in Conshohocken, Pa., as well as additional locations in Pittsburgh, New York City and Naples, Fla.
Mill Creek Capital Advisors creates custom portfolios for its clients, with an emphasis on diversity both across and within asset classes. To do so, the firm generally starts with one of its model portfolios built for a specific investment strategy and then tailors it to the client.
Mill Creek Capital Advisors takes a long-term view of the markets and the economy, avoiding excessive trading. Rather than selecting specific securities, the firm typically directs clients to third-party managers that specialize in a specific asset class. The firm does not recommend futures contracts, options or options on futures contracts, although they may be available through other sources.
Mill Creek Advisors has no disciplinary disclosures, which means that its record is free from civil, criminal or regulatory events in the past decade involving the firm, its employees or its affiliates. The SEC requires that registered investment advisors disclose such events. For more information about Mill Creek Capital Advisors, visit its IAPD page.
Founded in 1998, Cornerstone Advisors Asset Management, LLC is an employee-owned firm that offers wealth management, financial planning, estate planning and family office services. It operates out of its office in Bethlehem, Pa.
The firm works with individuals who both are and are not high net worth, as well as a range of institutional investors. More specifically, Cornerstone caters to wealthy and entrepreneurial families and provides them private wealth management on a discretionary basis with fiduciary responsibility, meaning it makes investment decisions on a client’s behalf while upholding the responsibility to put the client’s best interest first.
Cornerstone Advisors Asset Management builds custom portfolios for its clients using macroeconomic information, capital markets forecasting and research from other money managers. In addition to selecting the appropriate asset allocation, the firm focuses on risk management, portfolio monitoring and fee transparency.
The firm manages money with an “open architecture” platform, meaning that it can connect and coordinate with third-party service providers. Clients can place restrictions on their portfolios, such as a preference for socially conscious investing. Cornerstone generally does not recommend specific investment products, instead tailoring its recommendations to each client’s unique situation.
Cornerstone Advisors Asset Management reports no disclosures in its Form ADV paperwork. That indicates that neither the firm nor its employees or affiliates have had any civil, criminal or regulatory issues over the past 10 years. You can learn more about the firm by visiting its IAPD page.
In 1963, actuary Conrad Siegel founded Conrad M. Siegel, Inc., the parent company of Conrad Siegel Investment Advisors. The firm itself was founded in 2002.
Conrad Siegel Investment Advisors offers financial planning, consulting and wealth management services. The firm primarily works with individuals and high net worth individuals, though it also serves a number of pension and profit-sharing plans, government entities, charitable organizations, insurance companies and businesses. Due to its minimum annual fee requirements, Conrad Siegel Investment Advisors generally recommends that individuals invest at least $500,000.
The firm has two Pennsylvania offices in Harrisburg and Lancaster, as well as an additional one in Naples, Fla.
Conrad Siegel Investment Advisors believes in passive investing and creates value-oriented client portfolios with a focus on asset allocation and broad diversification. Investments typically include mutual funds or ETFs used to purchase money market, fixed income, foreign and domestic equity and real estate.
The firm uses a “portfolio optimizer” to determine the best allocation for portfolios and recommends a core of passive investments, with more actively managed funds added if the client wants additional risk. Conrad Siegel Investment Advisors avoids attempting to time the market, opting instead for long-term investments with low turnover.
Conrad Siegel Investment Advisors discloses no disciplinary events involving the firm, its employees or its affiliates in the past 10 years. The SEC requires all registered investment advisors to disclose any events that would be material to a client evaluating the firm or its management.
For more information about Conrad Siegel Investment Advisors, visit the firm’s IAPD page.
When accounting firm Hill, Barth & King merged with financial advisory firm Sorce Financial in 2001, the result was the establishment of HBKS Wealth Advisors. HBKS Wealth Advisors, officially registered as HBK Sorce Advisory LLC, is majority owned by Hill, Barth & King Financial Holdings, LLC, through a subsidiary, HBK Sorce Financial.
HBKS Wealth Advisors offers financial planning and investment management, primarily to individuals and high net worth individuals. It can also serve pension and profit-sharing plans, trusts, estates, charitable organizations and various types of business entities.
Along with its headquarters in Erie, Pa., the firm has several other Pennsylvania offices, located in Meadville, Philadelphia and Warrendale. It also has locations in New York, Ohio and Florida.
HBKS Wealth Advisors invests most client funds in a broad range of securities, including mutual funds, ETFs, stocks, bonds, investment contracts, insurance, annuities and alternative investments. The firm may use long- or short-term purchases, short sales, margin transactions and options buying and selling.
HBKS Wealth Advisors’ willingness to use so many types of securities in so many ways reflects its belief that portfolios should be diversified across many different asset classes and that both active and passive management represent effective strategies in certain instances. The firm believes that risk can be managed with the help of alternative investments, and also recognizes the importance of long-term strategic allocation.
HBKS Wealth Advisors has a clean disciplinary record. The SEC requires that all registered investment advisors disclose any legal or disciplinary actions against the firm, its employees or its affiliates that would materially impact a client’s evaluation of the business. You can learn more about HBKS Wealth Advisors by visiting its IAPD page.
Michael Blehar, Ted Bovard, Charlie Smith and Arlene Hoebler all worked together at another advisory firm before launching Fort Pitt Capital Group, Inc, in 1995. All four founding members still work at the firm, which in 2015 reorganized as Fort Pitt Capital LLC and became part of Focus Financial Partners, a publicly traded company that owns a stake in more than 70 investment advisory firms.
Fort Pitt Capital Group provides wealth management, financial advisory and portfolio management services, generally requiring an investment of at least $500,000. The firm’s clients are primarily individuals and high net worth individuals, but it also serves an array of institutional investors. In addition to its Pittsburgh headquarters, the firm has an office in Harrisburg, Pa.
At Fort Pitt Capital Group, clients’ portfolios reflect their personal financial situation and goals. The firm generally invests client money in a mix of stocks, bonds, mutual funds and ETFs.
Fort Pitt Capital Group manages most accounts on a discretionary basis, meaning it does not need client permission to make individual trades; for the most part, the firm takes an active approach to investing. When it comes to stocks, the firm typically prefers large-cap securities, though it will recommend other types of equities for diversification purposes.
Fort Pitt Capital Group has no disciplinary disclosures to report, which means it has a record without any regulatory, civil or criminal actions against the company, its employees or its affiliates over the past 10 years. For more information, visit the firm’s IAPD page.
Financial services veteran H. Scott Miller founded Miller Investment Management, LP in 1998 and remains a managing partner and owner of the firm. The firm offers wealth management, serving primarily high net worth individuals from its offices in West Conshohocken, Pa. and New York City. Its client base also includes some individuals who are not considered high net worth.
Miller Investment Management also manages several private equity partnerships and has an affiliate that invests in real estate.
Miller Investment Management determines an asset allocation strategy for a client or group of clients based on their risk profile.The firm uses model portfolios as a guide for investing client accounts, and its investment committee meets biweekly to review the models.
While Miller Investment Management thinks long term about its investments, the firm does not invest in illiquid securities. Instead, it looks for investments that will provide flexibility and liquidity to clients as needed. In addition, the firm often takes a contrarian approach, investing in undervalued and unpopular investments that it believes will prove their value over the long term.
Miller Investment Management has a clean disciplinary record. That means that in the past 10 years, there have been no disciplinary events against the firm, its employees or its affiliates that would materially impact a client evaluating the firm or its management. For more information about Miller Investment Management, visit its IAPD page.
We’re glad you stopped by to check out some of Pennsylvania’s top financial advisory firms. To help you further your search for the best advisor that fits your needs, MagnifyMoney is ready to help you keep the momentum going.
We will use this information to find the right advisor near you
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. We reviewed each firm’s website and most recent Form ADV on file with the SEC and only considered firms for this list that:
We then ranked firms that made the cut based on assets under management (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 Pennsylvania is accurate as of February 17, 2021.
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.