Need help managing your finances in Detroit? Benzinga readers often choose SmartAsset and Plante Moran as the best financial advisors in Detroit.
Grow your wealth, plan for your financial future, create an estate plan and prepare financially when you work with financial advisors in Detroit. The area has many outstanding professionals and firms. Find leading recommendations on this list and begin preparing for your financial future.
Quick Look: Best Financial Advisors in Detroit
- Best for Personalized Financial Advisor Pairing: SmartAsset Advisors
- Best for Automotive Professional Experience: Plante Moran
- Best for Retirement Plan Transitions: Mainstay Capital Management
- Best for Legacy Planning: Antonelli Financial Advisors
- Best for Multiasset Portfolio Solutions: Planning Alternatives
- Best for Institutional Services: Schwartz & Co. Inc.
- Best for High-Net-Worth Individuals: Schechter Wealth
- Best for Estate Planning: Caesar Capital Management
- Best for Tax Planning: Deseranno Wealth Planning
- Best for Reasonable Fees: Diversified Portfolios
Top 10 Financial Advisors in Detroit
Find a listing of the best financial advisors in Detroit based on what they specialize in. Read up on the pros and cons of each to find the best fit based on your needs.
1. Best for Personalized Financial Advisor Pairing: SmartAsset
- Best For:Comparing AdvisorsVIEW PROS & CONS:securely through SmartAsset Financial Advisors's website
Give 10 minutes of your time to get paired with financial advisors in your area based on your specific financial needs. The proprietary algorithm looks at your investable assets and the information you provide it with to help find ideal Detroit financial advisors.
Pros
- In just 10 minutes, find financial advisor pairings perfect for your needs
- Only platform with customized results
- Leaves you in charge of choosing the best advisor and interviewing those in your results
- Free tools and guides available
Cons
- Might lead to an influx of calls from financial advisors interested in serving you
- You must use the service through your browser because there is no mobile app or downloadable desktop application
2. Best for Automotive Professional Expertise: Plante Moran
Detroit is known as the auto capital of the world. If you’re an automotive professional looking for specialized advice on how to manage your assets, Plante Moran is a good financial firm for you. The firm serves many industries, but automotive is one of its specialties. Find resources for wealth management, tax advice, audit support and more.
Pros
- Specialized automotive industry experience
- Trusted by many clients with nearly $15 billion in assets under management
- 10 Michigan locations and offices in many other cities nationwide
Cons
- Must have $500,000 portfolio
- Some advisors sell insurance policies for which they receive a commission
3. Best for Retirement Plan Transitions: Mainstay Capital Management
Mainstay Capital Management has many office locations just outside of Detroit. When you change employers, you face a challenging decision of what to do with your retirement assets. Mainstay Capital Management can aid you in evaluating your options and selecting the best one for you based on several factors.
Pros
- Fee-only advisor
- Specialized retirement transition plan advice
- Recipient of many awards and recognitions for excellence
Cons
- Must have $200,000 in investable assets to work with the firm
- Somewhat limited service offerings compared to other firms on the list
4. Best for Legacy Planning: Antonelli Financial Advisors
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Selection of other advisers (including private fund managers)
Address
16824 KERCHEVAL PLACE SUITE 202GROSSE POINTE MI, 48230
Phone number
313-290-2602
A nice perk of working with Antonelli Financial Advisors is that it is open and clear about its fees by listing them on its website. Financial advisor fees are based on a percentage of assets under management. If you’re looking for holistic financial advice that ranges from college funding and legacy planning to Social Security and Medicare, you’ll find it with this financial partner.
Pros
- Host of services available to assess your full needs
- Experienced firm for retirees, families and women
- Transparent fees on the website to inform whether to schedule a meeting
Cons
- Only three advisors on staff
- No emphasis on business owners
5. Best for Multiasset Portfolio Solutions: Planning Alternatives
Whether you’re an executive or an entrepreneur, Planning Alternatives can build a plan that meets your unique needs. The firm has a diverse set of advisors and support team members to aid in timely responses and flexibility to achieve your goals. The team is focused on attention to detail and its friendly office helps put you at ease that your finances are in good hands.
Pros
- Emphasis on listening to your objectives and goals before building a plan
- Ability to manage especially complex financial situations
- Support for executives, entrepreneurs, business leaders and those who are newly single
Cons
- Team spread across three offices in Michigan, Florida and Wyoming
- A multiasset portfolio might be more complex for clients to understand the value of
6. Best for Institutional Services: Schwartz & Co. Inc.
If you own a business and need assistance with managing your retirement plans or institutional assets, Schwartz & Co. Inc. can help. You can build a relationship with the firm to manage your assets as well as to ensure your wealth extends beyond the here and now. Its investment strategy includes many forms of investments, including equities, certificates of deposit (CDs), government securities, municipal securities, real estate partnerships, life insurance, annuities and more.
Pros
- Diverse services for individuals and institutions
- No account minimum to get started
- Successful 40-year history
Cons
- Fee-based firm, meaning some advisors can earn commissions on the investments they suggest
- Fees are negotiable, which can be good or bad depending on your situation
7. Best for High-Net-Worth Individuals: Schechter Wealth
Although the firm, founded in 2013, is not very old, it has grown to advise clients in 48 states in those few short years. Its team includes a diverse set of individuals and certified professionals, including lawyers, certified financial planners and more. Its investment strategy includes stocks, mutual funds, bonds and exchange-traded funds (ETFs).
Pros
- $3 billion in assets under management
- Diversified expertise
- Customized technology platform to view investment performance and tax details
Cons
- Requires a $100,000 minimum account balance
- Fee-based advisor, which means they could earn commissions on the securities they place
- Designed specifically for wealthy individuals
8. Best for Estate Planning: Caesar Capital Management
If you need a certified financial planner, Caesar Capital Management is a firm you’ll want to look into. Its lead advisor has been in the industry since 1975 and has seen great change and major events that have impacted finances in a big way. Whether you need estate planning assistance to ensure your legacy transfers the way you hope it will or are looking for wealth enhancement through wise money moves, you’ll find it with this firm.
Pros
- Estate planning to ensure wealth transfer and financial well-being for your family
- Wealth enhancement advice, including tax planning and efficiency
- Building a personal savings plan
Cons
- Small team could limit responsiveness and flexibility
- No focus on business financial advice
9. Best for Tax Planning: Deseranno Wealth Planning
When you need help answering big financial questions for you and your family, turn to the experts at Deseranno Wealth Planning. The team can help you build a budget, ensure strong cash flow, reduce debt and plan for retirement. Or, if you’re a nonprofit or other institution, you can find support for your diverse needs as well. The firm’s founder is a proud member of the community, offering his financial support to local causes to better the area.
Pros
- Fee-only firm
- Support for various people in many life stages
- No major investment required to get started
Cons
- Limited service offering compared to other firms on the list
- Small team can limit flexibility and responsiveness
10. Best for Reasonable Fees: Diversified Portfolios
Find support for financial planning and investments. Diversified Portfolios has a team committed to making strategies clear and understandable for its clients, offering them peace of mind and financial freedom. Know that a team is looking down the road into your future to help you plan for all the unknowns and factors you haven’t considered yet.
Pros
- Reasonable fees based on a percentage of portfolio
- Diverse investment strategy that uses various financial vehicles for short- and long-term gains
- Proven record of results for families
Con
- A $1 million portfolio is generally needed to work with the firm
How to Choose the Best Financial Advisor in Detroit
As you seek the top financial advisors in Detroit, consider these factors that will determine a good fit based on your unique financial situation.
- Review financial needs: Spend some time evaluating what services you need when looking to work with a financial advisor. For example, you might already have an advisor or professional helping oversee and manage your retirement accounts but want to grow your wealth through investments. Or perhaps you need some help structuring your finances more efficiently to put more into savings to prepare for wealth accumulation. If you’re just getting started in your financial journey, look into the Financial Empowerment Center (FEC) through the City of Detroit for assistance.
- Evaluate financial advisor types: Learn more about the various types of financial advisors available. For example, there are fee-only fiduciary financial advisors, meaning the advisor only earns money through the fee that you pay them for their management experience. When an advisor lists themselves as an investment advisor, they must register with the U.S. Securities and Exchange Commission (SEC), which then tracks any complaints against them. The SEC listing makes it simpler to evaluate advisors’ reputations.
- Decide whether a robo-advisor might be right for you: Robo-advisor accounts provide the benefit of lower fees while still getting automated investments. These accounts are especially good for accounts you want to grow until a specific year, such as in the case of retirement accounts or college savings plans. But they are useful in a variety of settings. Some people find them a good low-cost option while others need more specific advice.
- Determine the fees you can afford: Budget for how much in fees you can pay to an advisor. This might dictate which ones from the list could be a fit for you, which can help create a short list to interview.
- Consider the advisor’s experience: Look at how long the advisor has been doing what they do. Many firms have advisors with varying experience levels. So you might start with a less-experienced advisor while your funds are limited but then move to a more experienced advisor as your portfolio grows.
Don’t Delay Improving Your Financial Situation
Every day that you wait to reach out to a financial advisor in Detroit is a day you miss out on potential earnings from your existing wealth or miss out on a chance to pay down debt and improve your financial standing. Get started now to grow your wealth with smart money moves and investments.
About Rebekah Brately
Rebekah Brately is an investment writer passionate about helping people learn more about how to grow their wealth. She has more than 12 years of writing experience, focused on technology, travel, family and finance. Her work has been published in Benzinga, Hearst Bay Area, FreightWaves and Dallas Observer publications.