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The achievement of your financial goals greatly depends on the effectiveness of the financial advisory firm that you choose to work with. Entrusting an asset management company or wealth advisory service with the responsibility of growing and safeguarding your wealth for retirement or overall financial growth is a significant decision.
Choosing the right financial advisor or firm can be a challenging task. For California's largest city residents, this blog highlights the top financial advisors Los Angeles has to offer.
Key Takeaways
- In addition to financial services like banking, investing, and insurance, comprehensive key financial planning tools include investment, insurance, tax, retirement, and estate planning.
- Top 10 financial advisors in LA include Bay Street Capital Holdings, Churchill Management Group, EP Wealth Advisors, Evoke Wealth, JSF Financial, Lido Advisors, Oakmont Corporation, SEIA, SFE Investment Counsel, and Westmount Asset Management.
- Each firm offers tailored financial planning services to suit your income and risk preferences.
- Working with a fiduciary financial advisor is an optimal pathway for financial planning success. Fiduciaries ensure that your best interests are prioritized, regardless of your financial goals.
Disclaimer
The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning and financial management here.
Top Los Angeles Financial Advisors
To set yourself up for financial success, you should definitely consider working with one of these financial advisory firms and their team of advisors.
Bay Street Capital Holdings
Bay Street Capital Holdings is a well-established wealth management firm that provides comprehensive wealth management services to citizens of LA. They have a team of fiduciary advisors, certified financial planners, and Realtors who offer comprehensive financial services to their clients.
The firm was founded and is led by William Huston, a fiduciary financial advisor who has received Investopedia's Top 100 Financial Advisors recognition three times consecutively. Notably, Bay Street is one of only two Black-owned firms among the nineteen distinguished firms recognized in California.
The firm provides tax planning, retirement planning, and investment advisory services. The team uses various investment vehicles, such as private equities and venture capitals, and they are careful to manage risks and adapt to market changes. In the real estate sector, Bay Street's collaboration with Resthaven Properties earned them recognition as finalists in the prestigious Asset Managers: Diversity, Equity, and Inclusion category at the 2023 WealthManagement.com Industry Awards.
Furthermore, competing among 900+ firms, the firm's dedication to positive social change and commitment to diversity were acknowledged when they were named finalists in the Corporate Social Responsibility (CSR) category for Asset Manager in 2021.
Bay Street's services cater to a wide range of clients, and regardless of your financial goals, their advisors provide comprehensive financial planning and wealth management services for your financial needs.
To make the most of their services, you can schedule an appointment with Ekenna Anya-Gafu , a Certified Financial Planner who serves as the firm's President of Wealth Management.
Churchill Management Group
Churchill Management Group primarily offers investment management and financial planning services to individual investors, particularly those with significant assets. They also extend their services to trusts, pension plans, investment funds, and various entities.
The firm employs an active trading approach, which means they adjust their investment strategies based on the market's cyclic behavior. Their investment team considers broader market trends and takes a "top-down" approach to decide on asset allocations. Simultaneously, they use a "bottom-up" approach to select specific investments within these asset classes by examining individual company fundamentals.
Churchill Management Group tailors portfolios to meet each client's specific needs, employing strategies like tactical equity strategies, fully invested equity strategies, risk blended strategies, and fixed income.
EP Wealth Advisors
EP Wealth Advisors is a financial planning and investment management company located near Los Angeles. The firm specializes in developing financial plans that cover tax preparation, insurance, real estate investment, Social Security, and employee benefits.
Their portfolio managers assist in making decisions about bonds or mutual fund allocations while prioritizing the reduction of portfolio risks. Additionally, they provide support for tax planning, retirement planning, estate planning, business planning, and managing life transitions. EP Wealth Advisors has garnered recognition from various media outlets, including CNBC, Yahoo! Finance, Forbes, and Financial Times.
Evoke Wealth
Evoke Advisors primarily provides financial planning and investment management services to high net worth individuals, although they also serve pooled investment vehicles and businesses. The firm is headquartered exclusively in Los Angeles.
Evoke Advisors tailors its investment advice to each client's unique needs and objectives, employing customized models and portfolio strategies. They consider factors like portfolio size, tax considerations, preference for simplicity, long-term wealth transfer goals, time horizon, and choice of custodian when formulating investment recommendations.
Typically, Evoke Advisors advises clients to pursue long-term ownership of securities with a focus on broad diversification within and across asset classes. Portfolios may consist of traditional investments like stocks, bonds, mutual funds, and ETFs, as well as other financial instruments such as warrants, commercial paper, certificates of deposit (CDs), options contracts, or private funds.
Evoke Advisors is officially registered with the SEC as Evoke Wealth, LLC. The firm is wholly owned by Evoke Holdings, which recently acquired ARIS, another wealth management firm. These two firms share office space, employees, and a website.
JSF Financial
JSF Financial is a fee-based advisory firm that serves individuals of various wealth levels, including those without high net worth as well as high-net-worth individuals. They also work with institutional clients, including retirement plans, charities, and businesses.
The firm is headquartered in Los Angeles and operates as an investment advisor registered with the U.S. Securities and Exchange Commission.
To utilize JSF Financial's investment supervisory services, clients typically need a minimum account balance of $250,000. For these services, the firm generally applies an annual advisory fee based on 1% of the client's assets under management.
Being a fee-based firm means that some advisors at JSF Financial may sell financial products and earn commissions. Despite this, the firm's fiduciary duty mandates that they always prioritize the best interests of their clients.
JSF Financial's investment strategy typically includes advice on various securities, such as exchange listed securities, over-the-counter traded securities, corporate debt securities (excluding commercial paper), certificates of deposit, municipal securities, variable life insurance, and variable annuities.
The firm offers a range of services to clients, including financial planning, investment management, and private wealth management.
Lido Advisors
Lido Advisors offers a range of financial services, including investment management, financial planning (including retirement and estate planning), and family office services. The firm primarily serves individual investors, and while it typically requires a minimum account size of $1 million, it also works with individuals who may not be classified as high net worth. Additionally, Lido Advisors provides its services to corporations and other businesses.
When crafting investment strategies for clients, Lido Advisors focuses on creating custom asset allocation plans that aim to reduce the correlation between different types of assets. Beyond traditional assets like stocks, bonds, and cash, the firm may include other asset classes in a client's portfolio, such as real estate, foreign securities, or alternative assets.
Lido Advisors adopts a long-term approach to investment. The firm utilizes six main strategies within client portfolios, which encompass the core equity strategy, SectorStrat, cap and cushion equity collar strategy, fixed income, alternative investments, and weighted sector strategy.
Oakmont Corporation
Oakmont Corporation is an investment advisory firm based in Los Angeles. The firm serves a select group of clients, including individuals (both high net worth and others), pooled investment vehicles, charitable organizations, and businesses. Oakmont offers a range of services, including investment advice, financial planning, and administrative support.
Oakmont Corporation's typical clients have a long-term investment outlook, and the firm's primary goal is to achieve long-term capital appreciation while avoiding permanent capital loss. Due to this focus on the long term, the firm is less concerned about short-term market volatility.
Clients generally maintain concentrated portfolios with an emphasis on equities. However, Oakmont may also provide recommendations for clients to consider investments in funds and other assets managed by external parties that align with the client's objectives. In selecting investments, Oakmont relies on bottom-up, fundamental research, seeking out companies with strong valuations and solid fundamentals.
SEIA
SEIA is a wealth management firm that specializes in providing financial planning, consulting, and investment management services to a wide range of clients. These include individuals (including high net worth individuals), pension and profit-sharing plans, corporations, businesses, and charitable organizations.
SEIA adheres to a comprehensive investment management process which include: understanding client's objectives, determining their risk tolerance, reviewing their asset allocation, rebalancing their portfolio, monitoring results, and iterating the entire process.
The firm's portfolios are typically constructed following Modern Portfolio Theory, which places emphasis on diversifying across various asset classes. SEIA employs both strategic macro allocation, which includes diverse investment styles and alternative investments, and tactical micro allocation, allowing reallocation of assets based on favorable sector outlooks or prospects.
Overseeing client portfolios is the responsibility of the firm's investment committee, consisting of the Chief Investment Officer, senior partners, financial advisors, and members of the research team.
SFE Investment Counsel
SFE Investment Counsel is an independent and employee-owned financial advisory firm that serves Los Angeles and its neighboring cities. With over 40 years of experience, the company has been dedicated to assisting businesses, families, and individuals in managing their finances and realizing their long-term objectives.
The firm provides comprehensive wealth management solutions including investment and risk management. Notably, it offers socially responsible investing strategies for businesses and nonprofits. SFE Investment Counsel is led by co-chief investment officers who hold the Chartered Financial Analysts (CFA) designation.
Westmount Asset Management
Westmount Asset Management primarily caters to individual investors, both high net worth and otherwise, although the firm typically requires a minimum investment of $2 million. Additionally, it serves charitable organizations, businesses, pension and profit-sharing plans, as well as pooled investment vehicles.
The firm focuses on long-term investment strategies, but it remains open to short-term tactics when opportunities arise due to market inefficiencies or risk management needs. Westmount maintains customized portfolios which primarily feature no-load mutual funds, yet it actively explores avenues to integrate alternative investments alongside traditional stocks and bonds in client portfolios.
Furthermore, Westmount Asset Management offers an Environmental, Social, Governance (ESG) portfolio to clients who seek to invest in companies fostering positive social impact. The firm's ESG managers factor in the United Nations Sustainable Development Goals into their investment decisions.
Financial services industry
In a bustling city such as Los Angeles, essential services like banking, investing, and insurance offered by financial institutions play pivotal roles in maintaining financial health. However, to truly thrive in the vibrant LA environment, it's crucial to embrace comprehensive financial planning services. These include elements such as investment planning, insurance planning, tax planning, retirement planning, and estate planning.
When you include these financial planning services in your money plan, you're not only setting yourself up for financial success but also ensuring a better financial future in Los Angeles.
General financial planning services for LA residents
Many individuals turn to financial advisors and planners for guidance when navigating major life changes like marriage, divorce, the loss of a loved one, or career transitions.
However, there are basic financial planning tools that should form the backbone of the financial health of any individual, home or organization, especially for those in an expensive city such as Los Angeles, CA.
Tax Planning
With various state and federal tax obligations for LA residents, reducing your tax burden is a crucial task that requires professional attention.
Debt Management
In cities like LA, it's very easy to get trapped in debt. Debt management encompasses strategies to reduce debt burden, enhance your credit score, avoid debt traps, and systematically pay off debts.
Cash Flow Analysis
A fundamental aspect of financial planning involves analyzing your cash flow, tracking earnings, savings, and expenses. Properly analyzing cash flow can help increase available funds to meet the daily living costs associated with life in LA.
Short- and Long-term Budgets
A well-crafted personal financial plan should not require you to sacrifice your standard of living. Instead, effective cash flow analysis coupled with budgeting, can enable you to lead a comfortable life while working toward your financial objectives.
Insurance and Financial Security
Insurance is also a key financial planning and wealth-building tool. A comprehensive financial plan considers your income and identifies the appropriate insurance coverage for your needs.
The right life insurance coverage ensures your family can manage outstanding debts and maintain a suitable standard of living in unforeseen circumstances.
Addressing these financial planning needs is essential for LA residents to achieve financial stability and secure their long-term financial goals.
Types of independent financial consultants
To your advantage, you have the opportunity to select from a diverse range of financial professionals, tailored to your unique income and risk preferences.
Personal financial advisors
Personal financial advisors provide customized financial guidance to individuals, helping them manage their money and achieve their financial goals.
Fee-only financial advisors
Fee-only financial advisors charge clients solely for their services, avoiding commissions or product-based compensation, which can create a more transparent and unbiased relationship.
Registered investment advisors
Registered investment advisors (RIAs) are financial professionals or firms registered with the Securities and Exchange Commission (SEC) or state securities regulators, offering investment advice and portfolio management services.
Certified investment management analysts
Certified investment management analysts (CIMAs) are financial experts with specialized training in investment management, asset allocation, and portfolio construction, often working with high-net-worth clients or institutions to optimize investment strategies.
Questions to ask a financial advisor in LA before hiring them?
Consider asking a potential advisor the following questions:
Fiduciary Responsibility
Are you a fiduciary, meaning will you always act in my best interest? This ensures that they are legally obligated to act in your best interest, providing you with financial advice that prioritizes your needs and goals.
Transparent Compensation
How do you earn your compensation, and do you receive commissions or fees? This clarifies whether they receive commissions or fees, ensuring transparency in their financial dealings with you.
Full Cost Disclosure
What are the total costs associated with your services, including any hidden fees? This guarantees transparency in understanding the financial commitment involved in working with the advisor.
Qualifications and Expertise
What qualifications and certifications do you hold in the financial industry? This verifies their expertise and competence in the financial industry, and assures you that they have the necessary knowledge and skills.
Professional & Working Relationship
Can you explain how our working relationship will function, including communication and updates? This establishes clear expectations for your interactions with the advisor.
Do you belong to any financial planning association? This should point out the network they can leverage on to better serve you.
Investment Philosophy
What is your investment philosophy and approach to managing my assets? This ensures that their strategies align with your financial goals and risk tolerance.
Asset Allocation
How will you determine the allocation of my investments among various asset classes? This allows you to assess their investment strategy's suitability for your needs.
Investment Benchmark
Do you use specific benchmarks to measure the performance of my investments, and if so, what are they? This provides a basis for evaluating the success of your financial plan and investments.
Find a fiduciary financial advisor
One final piece of advice. When it comes to securing your financial future in the vibrant and bustling city of Los Angeles, you can do no better than working with a fiduciary financial advisor.
By choosing a professional who is committed to acting in your best interests at all times, you can navigate the complex world of finance with confidence and peace of mind.
Whether you're planning for retirement, managing your investments, or simply seeking expert guidance on your financial journey, a fiduciary advisor is your trusted partner in achieving your goals.
So, take the first step towards financial success by partnering with a fiduciary advisor in LA, and let them guide you towards a secure future. Speak with William Huston , a top-rated fiduciary financial advisor who is willing to guide you on your journey to financial well-being.
Sources
https://www.expertise.com/ca/los-angeles/financial-advisors
https://www.canarahsbclife.com/blog/financial-planning/10-reasons-you-need-a-financial-plan.html
