Salt Lake City is the capital and most populous city of Utah. For this reason, finding a financial advisor can be downright overwhelming.
Benzinga’s here to help you. We’ve narrowed down your options based on the area of expertise, account minimums and fee structure. Find out which firms made the cut.
1. Best for Active Portfolio Management: Garrett Capital Inc.
Garrett Capital is a registered financial advisory firm that has been around for over 20 years. The firm specializes in taking an active role in the management of its portfolios. This approach has delivered consistent and favorable returns for its private and institutional clients by staying vigilant and responsive.
Garrett offers alternative and traditional investment strategies. The firm’s main priority is capital preservation. It believes that it’s more important to preserve capital than to make big gains and give those gains back or end up with less capital than you started.
- Customizable Auto Investing
2. Best Robo-Advisor: M1 Finance
M1 Finance is an excellent money management platform with over 14,000 5-star ratings and 150,000 users. It has a robust platform that allows you to seamlessly invest, spend and borrow your money.
You can use M1 to access your cash and spend with its checking account. Borrowing money has never been easier. M1 gives you access to a flexible line of credit with just $10,000 invested. You can also use its intelligent automation to invest in a portfolio of exchange-traded funds (ETFs) and stocks.
Upgrade to the M1 Plus account for $125 to gain more perks. You can borrow at 2%, earn 1% cash back and 1% annual percentage yield (APY) on checking account balance.
3. Best for Individuals and Institutions: Wilson Financial Advisors
Wilson Financial Advisors (WFA) is a fee-only, comprehensive financial planning firm. The firm has been offering objective advice for 25 years, building long-lasting relationships.
WFA offers a variety of financial planning services to individuals and institutions. Some of these services include investment advising and portfolio design, cash flow and retirement planning, insurance planning, tax planning and estate planning.
The firm offers a free half-hour consultation to acquaint you with its services and give you an estimate of the cost. During this consultation, you can find out if the firm is a good fit by assessing its capabilities.
4. Best for Affluent Individuals: Financial Integrity
Financial Integrity is a selective independent planning firm serving high net-worth individuals, highly compensated executives and business owners. The firm offers financial planning in 6 major planning areas: retirement, tax, investment, business, risk management and estate.
Financial Integrity implements a comprehensive 5-step process to design your financial plan and help you select planning strategies. Those 5 steps include:
- Data gathering
- Evaluation and analysis
- Design
- Presentation and recommendation
- Implementation
- High Net Worth Individuals
5. Best Portfolio Analysis: Personal Capital
Personal Capital gives you the chance to view all your accounts (IRAs, checking, credit cards, savings, etc.) at once to help manage your finances and keep track of spending. You can see your net worth and use financial tools on your phone, tablet or your computer.
Personal Capital offers managed services if you have at least $100,000 in investable assets. You can get access to a financial advisor who can provide you with tax optimization strategies and a framework to meet your long- and short-term plans.
6. Best for Tax-Oriented Planning: Veritas Wealth Management, LLC
Veritas Wealth Management is a registered investment advisor that helps individuals, families and businesses achieve long-term financial goals.
Veritas is primarily for those who are concerned about their returns after taxes. The firm’s founder, Troy Knighton, is a certified public accountant (CPA) and specializes in complex tax and estate planning needs.
As part of the tax-oriented planning, the firm deals with primary tax-related issues that include the following: taxes on the sale of a home, tax-efficient withdrawals, tax rules applicable to retirement accounts and tax implications of a divorce.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Pension consulting services
- Selection of other advisers (including private fund managers)
Address
2180 SOUTH 1300 EAST, SUITE 360 SALT LAKE CITY UT, 84106
Phone number
801-596-9999
7. Best for Fiduciary Planning: Five Seasons Financial Planning, LLC
Five Seasons Financial Planning is an investment advisory firm in Salt Lake City. The firm offers discretionary investment management and integrated financial planning services. The firm’s founder, Paul Winter, is highly qualified and holds a chartered financial analyst (CFA) and a certified financial planner™ (CFP®) certification.
The firm is a fiduciary and adopts a fee-only business model. This means that it has an unconditional obligation to offer unbiased financial advice and to avoid conflicts of interest. It is not compensated through the sale of financial products and ensures that every decision is made in your best interest.
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Financial planning services
- Pension consulting services
- Educational seminars/workshops
Address
4505 S. WASATCH BLVD. STE. 370SALT LAKE CITY UT, 84124
Phone number
801-272-0902
Frequently Asked Questions
Q: Do I need a financial advisor for retirement?
A: Hiring a financial advisor for retirement can be helpful if you lack the time and expertise. They can add great value by creating a comprehensive plan and implementing tax-saving strategies to ensure you are financially sound.
Q: Can I talk to a financial advisor for free?
A: Yes, your first consultation with an advisor is usually free.
Q: How can I research the background of my financial advisor?
A: The U.S. Securities and Exchange Commission (SEC) website provides a complete list of registered advisors and firms. Once you find the advisor, you can check if there are any disclosures to see if they have a clean disciplinary record.
Find a Financial Advisor in Salt Lake City
Consulting a good financial advisor can certainly ease your financial burden. They provide the guidance you need to achieve your financial goals and manage your investments. Make sure you consult multiple advisors before you make your final decision.
Methodology
To determine the top financial advisors in Salt Lake City, we pored through all SEC-registered advisory firms who have an office in Salt Lake City. To winnow down the list we only included advisors who were registered fiduciaries, had no past disclosures and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offer both investment management and planning, have no conflicts of interest, have a wrap fee program and have over $50 million in assets under management.
Read also: BEST ACCELERATORS IN SALT LAKE CITY, RANKED