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Best Detroit, Michigan Financial Advisors

When seeking financial guidance, choosing the right advisor is crucial. Detroit, Michigan boasts several top-tier financial advisors renowned for their expertise and personalized services. This article delves into the best financial advisors in Detroit, highlighting their services, client reviews, and essential contact information.

What to Look for in a Financial Advisor

Understanding Your Needs

When choosing a financial advisor, it’s essential to understand your specific financial needs. Are you looking for retirement planning, investment management, or estate planning? Different advisors specialize in different areas. For example, Verity Wealth Partners emphasize comprehensive financial planning, helping you create a full plan that incorporates all areas of your financial life. They offer project-based financial planning for specific issues like saving for college or buying a second home​​.

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Fee Structures and Transparency

Financial advisors charge differently—some may charge a percentage of assets under management (AUM), while others might have hourly rates or fixed fees. For instance, Planning Alternatives LTD charges a percentage of AUM, hourly fees, and fixed fees, allowing flexibility depending on your needs​​. It’s crucial to understand the fee structure and ensure transparency to avoid unexpected costs.

Credentials and Experience

Credentials like Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA) indicate a higher level of expertise and commitment to ethical standards. For example, Schwartz & Co. has a team of advisors with extensive credentials, offering a variety of financial planning services​​. Ensure your advisor has a solid track record and relevant qualifications.

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Client Reviews and Reputation

Client reviews can provide insights into an advisor’s reliability and service quality. Many firms, like Fiduciary Financial Advisors, emphasize personalized service and have garnered positive reviews for their commitment to acting in the best interests of their clients​​. Checking reviews on platforms like Yelp can help gauge an advisor’s reputation.

Availability and Communication

Your financial advisor should be accessible and communicative. Regular updates and the ability to reach your advisor easily are crucial for effective financial planning. Firms like Plante Moran Financial Advisors, with their extensive staff and client-centric approach, ensure that clients receive timely and personalized advice​​.

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Top Financial Advisors in Detroit, Michigan

Plante Moran Financial Advisors LLC

Plante Moran is one of the leading financial advisory firms in Detroit, managing assets worth $14.3 billion. They offer a wide range of services, including tax preparation, business succession, insurance, and retirement and estate planning. Their team of over 3,000 staff members specializes in various financial areas, providing comprehensive support to their clients.

Contact Information:

Schwartz & Co. Inc.

Schwartz & Co. offers personalized financial planning and investment management services. They manage assets worth $3.57 billion and provide fee-based services. Their expertise includes pension consulting and financial planning, making them a top choice for institutional services.

Contact Information:

  • Address: 3707 W. Maple Road, Bloomfield Hills, MI
  • Phone: 248-644-2701
  • Website: Schwartz & Co.

Planning Alternatives LTD

Planning Alternatives focuses on detailed financial planning tailored to each client’s unique needs. With over $1 billion in assets under management, they offer services on a fee-based structure, including hourly and fixed fees. Their team is praised for its attentive service and ability to handle complex financial situations.

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Contact Information:

  • Address: 36800 Woodward Ave. Suite 200, Bloomfield Hills, MI
  • Phone: 248-645-1520
  • Website: Planning Alternatives

Verity Wealth Partners

Verity Wealth Partners provide comprehensive and project-based financial planning. They emphasize a systematic approach to making purposeful financial decisions, aligning strategies with clients’ passions and values. They also offer investment management tailored to individual risk tolerance and goals.

Contact Information:

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Advance Capital Management

Advance Capital Management has been in business for over 30 years, offering a client-centric approach to financial planning. They provide customized plans that cater to each client’s future dreams, goals, and legacy plans. Their services include retirement planning, investment management, and client education.

Contact Information:

Fiduciary Financial Advisors

Fiduciary Financial Advisors are known for their personalized approach and commitment to acting in the best interest of their clients. They offer a wide range of services, including retirement planning, investment management, and tax planning. Their team is dedicated to helping clients achieve financial independence and peace of mind.

Contact Information:

Credentials to Look For

Certified Financial Planner (CFP)

A CFP certification indicates that the advisor has met rigorous education, examination, and experience requirements. It also signifies adherence to high ethical standards. For instance, Todd Perry from Executive Wealth Management holds several credentials, including CFP, CPWA, and RMA, showcasing his extensive expertise​​.

Chartered Financial Analyst (CFA)

The CFA designation is a globally recognized credential for investment management professionals. Advisors with a CFA designation have demonstrated a strong understanding of advanced investment analysis and real-world portfolio management skills.

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Fee-Based vs. Fee-Only Advisors

Understanding the difference between fee-based and fee-only advisors is crucial. Fee-only advisors are compensated solely by the fees their clients pay, ensuring no conflict of interest. In contrast, fee-based advisors might earn commissions from financial products they sell, potentially leading to conflicts of interest. For example, Action Point Financial is an independent, fee-only wealth management firm focusing on conflict-free and low-cost investment advice​​.

Reviews and Testimonials

Reading reviews and testimonials can provide valuable insights into an advisor’s performance and client satisfaction. Platforms like Yelp and ConsumerAffairs often have detailed reviews that highlight both positive and negative experiences, helping you make an informed decision. For instance, Advance Capital Management is praised for its client-centric approach and comprehensive planning services​​​​.

Detroit Financial Advisors Table

Here’s a table summarizing the key details of the top financial advisors in Detroit:

Advisor Assets Managed Services Offered Fee Structure Contact Information
Plante Moran Financial $14.3 Billion Tax prep, business succession, etc. Fee-Based 1098 Woodward Ave., Detroit, MI
Schwartz & Co. Inc. $3.57 Billion Pension consulting, financial plan Fee-Based 3707 W. Maple Road, Bloomfield Hills
Planning Alternatives LTD $1.017 Billion Financial planning, investment mgmt Percentage, hourly, fixed 36800 Woodward Ave., Bloomfield Hills
Verity Wealth Partners Not Specified Comprehensive and project-based plan Fee-Based Detroit, MI
Advance Capital Management $2.5 Billion Retirement, investment mgmt Fee-Based 1 Towne Square, Southfield, MI
Fiduciary Financial Advisors Not Specified Retirement, tax planning, investment Fee-Based 32729 Grand River Ave, Farmington, MI

This table outlines the essential information to help you choose the best advisor for your financial needs.

Conclusion

Choosing the right financial advisor in Detroit requires careful consideration of your specific needs, the advisor’s credentials, fee structure, and client reviews. Advisors like Plante Moran Financial, Schwartz & Co., and Planning Alternatives offer comprehensive services tailored to meet diverse financial goals. By focusing on transparency, expertise, and client satisfaction, you can find a trusted partner to help you achieve financial success.

For further details, explore the advisors’ websites and schedule consultations to discuss your financial goals and how they can assist you in achieving them.

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