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Best financial advisors, top firms for 2025

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11 months ago

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Amid economic uncertainty, the best financial advisors can provide a steady hand to investors in any stage of life or with any level of wealth.

Whether you’re early in your career or nearing your golden years, financial advisors can help you meet key milestones and address planning needs such as saving for retirement, investing a windfall, funding college education, managing portfolio income or shaping your legacy.  

But finding a good financial advisor isn’t easy. 

To identify financial advisors who may best meet your needs, you can ask people you know for referrals and use resources such as CNBC’s Financial Advisor 100. Verify advisors’ credentials and check for complaints via the Financial Industry Regulatory Authority’s BrokerCheck or the U.S. Securities and Exchange Commission‘s Investment Adviser Public Disclosure, then interview those on your short list.

We created CNBC’s Financial Advisor 100 in 2019 to recognize the country’s best financial advisors and top financial advisory firms. CNBC accepts no payment for placement. 

Our team uses data analysis, with data partner AccuPoint Solutions, and editorial review to compile CNBC’s Financial Advisor 100 list. For 2025, the process began with 40,563 registered investment advisor firms, or RIAs, and that list was reduced to 1,015 that met CNBC’s requirements. CNBC surveyed the finalists for more details about their practice and verified responses against publicly available resources. Then AccuPoint used CNBC’s weighted criteria to rank the firms. (Read more about the methodology below.)

For 2025, CNBC’s top advisors collectively manage $223 billion. The firms have an average of 32 years in business.

2025 Financial Advisor 100 List

2025 Rank Firm HQ Total AUM Years in the business Accounts under management
1 Parsons Capital Management Providence, Rhode Island $2B 31 1,864
2 Heritage Investment Group Pompano Beach, Florida $1.9B 32 2,358
3 Beaird Harris Wealth Management Dallas, Texas $1.9B 29 3,188
4 The Burney Company Reston, Virginia $3.4B 51 4,494
5 Pittenger & Anderson Lincoln, Nebraska $3.1B 30 2,201
6 Dana Investment Advisors Waukesha, Wisconsin $9.5B 45 1,611
7 Howland Capital Management Boston, Massachusetts $3.3B 58 477
8 Verus Financial Partners Richmond, Virginia $1B 32 1,907
9 RTD Financial Advisors Philadelphia, Pennsylvania $2.3B 42 741
10 TFC Financial Management Boston, Massachusetts $1.7B 45 1,900
11 SJS Investment Services Sylvania, Ohio $2.5B 30 2,873
12 Ferguson Wellman Capital Management Portland, Oregon $10B 50 1,067
13 Obermeyer Wealth Partners Aspen, Colorado $2.9B 27 660
14 Henry H. Armstrong Associates Pittsburgh, Pennsylvania $1.1B 41 525
15 Cadinha & Co. Honolulu, Hawaii $1B 46 1,420
16 FMP Wealth Advisers Austin, Texas $1.1B 37 2,749
17 Edgemoor Investment Advisors Bethesda, Maryland $1.4B 26 783
18 Destination Wealth Management Walnut Creek, California $4.1B 28 5,732
19 Austin Asset Austin, Texas $1.7B 37 2,138
20 Trumbower Financial Advisors Bethesda, Maryland $1.8B 29 951
21 California Financial Advisors San Ramon, California $2.2B 27 3,538
22 Eubel Brady & Suttman Investment & Wealth Management Miamisburg, Ohio $1.8B 32 1,822
23 Woodley Farra Manion Portfolio Management Indianapolis, Indiana $2.2B 30 1,380
24 Steele Capital Management Dubuque, Iowa $3B 29 4,184
25 Sage Financial Group Conshohocken, Pennsylvania $3.6B 36 660
26 Salem Investment Counselors Winston-Salem, North Carolina $4.2B 46 3,000
27 Roffman Miller Wealth Management Philadelphia, Pennsylvania $3.2B 35 1,610
28 Albion Financial Group Salt Lake City, Utah $2B 43 2,260
29 Wingate Wealth Advisors Lexington, Massachusetts $1.4B 39 2,891
30 North Star Asset Management Neenah, Wisconsin $3B 28 3,290
31 Foster & Motley Wealth Management Cincinnati, Ohio $2.7B 28 857
32 Conrad Siegel Investment Advisors Harrisburg, Pennsylvania $10.1B 23 1,011
33 Lee Financial Company Dallas, Texas $1.4B 50 1,677
34 Chilton Capital Management Houston, Texas $3.2B 29 2,100
35 Sheets Smith Wealth Management Winston-Salem, North Carolina $1.2B 43 1,052
36 Cornerstone Capital Palo Alto, California $1.3B 47 275
37 JMG Financial Group Downers Grove, Illinois $6.3B 40 5,763
38 Petersen Hastings Wealth Advisors Kennewick, Washington $1.5B 63 3,331
39 Bristlecone Advisors Bellevue, Washington $2.1B 26 1,263
40 Signet Financial Management Parsippany, New Jersey $1B 37 1,907
41 KEB Wealth Advisers Springfield, Illinois $1B 21 2,168
42 Birch Hill Investment Advisors Boston, Massachusetts $2.6B 18 190
43 Van Hulzen Asset Management El Dorado Hills, California $2B 26 2,842
44 Smith Salley Wealth Management Greensboro, North Carolina $2.3B 22 2,791
45 Telos Capital Management San Diego, California $1.4B 16 2,322
46 Henssler Financial Kennesaw, Georgia $3.5B 38 1,695
47 Rather & Kittrell Knoxville, Tennessee $1.8B 25 3,129
48 Nicholas Hoffman & Company Atlanta, Georgia $7.1B 17 2,215
49 Pinnacle Advisors Mansfield, Ohio $1.9B 28 3,513
50 Meritage Portfolio Management Overland Park, Kansas $2.4B 34 2,806
51 BLBB Advisors Montgomeryville, Pennsylvania $3B 61 1,587
52 Index Fund Advisors Irvine, California $5.2B 26 2,159
53 Sheaff Brock Investment Advisors Indianapolis, Indiana $1.8B 24 1,114
54 Certified Financial Group Altamonte Springs, Florida $2.9B 36 2,437
55 Howard Financial Services Dallas, Texas $1.4B 30 1,485
56 Acropolis Investment Management St. Louis, Missouri $2.7B 23 1,100
57 Guyasuta Investment Advisors Pittsburgh, Pennsylvania $2.3B 42 1,370
58 Tanglewood Total Wealth Management Houston, Texas $1.5B 46 1,287
59 WealthCrossing Richmond, Virginia $1.2B 20 1,289
60 Sather Financial Group Victoria, Texas $2.1B 26 448
61 Northeast Investment Management Boston, Massachusetts $2.9B 40 1,597
62 Phillips Financial Fort Wayne, Indiana $2.2B 21 3,084
63 WBH Advisory Baltimore, Maryland $1.6B 39 2,149
64 Brownson, Rehmus & Foxworth Chicago, Illinois $4.2B 10 3,359
65 SFMG Wealth Advisors Plano, Texas $2.4B 23 900
66 Patriot Investment Management Group Knoxville, Tennessee $1.7B 32 4,136
67 Heritage Financial Services Westwood, Massachusetts $3.1B 30 1,287
68 Bedel Financial Consulting Indianapolis, Indiana $2.7B 37 5,000
69 Moisand Fitzgerald Tamayo Orlando, Florida $1.3B 27 4,800
70 Wealthquest Corporation Cincinnati, Ohio $2.1B 19 1,582
71 Allegheny Financial Group Pittsburgh, Pennsylvania $4.9B 48 12,950
72 Advance Capital Management Southfield, Michigan $4.5B 39 15,661
73 Waters, Parkerson & Co. New Orleans, Louisiana $2.6B 52 1,898
74 Windward Capital Management Los Angeles, California $1.3B 29 207
75 Avity Investment Management Greenwich, Connecticut $2B 55 828
76 Investment Consulting Group Davenport, Iowa $2.7B 35 492
77 Conservest Capital Advisors Wynnewood, Pennsylvania $1.8B 32 300
78 Prudent Management Associates Philadelphia, Pennsylvania $1.1B 41 616
79 Zemenick & Walker St. Louis, Missouri $2.4B 26 256
80 Cabot Wealth Management Beverly, Massachusetts $1B 41 1,748
81 Garde Capital Seattle, Washington $2.2B 15 490
82 Silvercrest Asset Management Group New York, New York $36.4B 23 1,234
83 Anderson Hoagland & Co. St. Louis, Missouri $1.2B 45 383
84 Octagon Financial Services McLean, Virginia $1.3B 41 461
85 Charter Oak Capital Management Portsmouth, New Hampshire $1.4B 19 1,359
86 Retirement Income Solutions Ann Arbor, Michigan $2.6B 16 1,268
87 Halbert Hargrove Global Advisors Long Beach, California $3.5B 36 4,671
88 CRA Financial Services Northfield, New Jersey $1.4B 21 1,366
89 Evergreen Capital Management Bellevue, Washington $5.2B 41 3,147
90 Wescott Financial Advisory Philadelphia, Pennsylvania $4B 38 500
91 Chevy Chase Trust Company Bethesda, Maryland $12.7B 26 5,218
92 Captrust Wealth Advisors Holland, Michigan $1.8B 10 2,912
93 YHB Investment Advisors West Hartford, Connecticut $2.1B 35 1,165
94 Plancorp St. Louis, Missouri $8B 42 1,600
95 Mainstay Capital Management Grand Blanc, Michigan $4.5B 25 3,463
96 Constellation Wealth Advisors Cincinnati, Ohio $4.6B 16 2,454
97 Trek Financial Scottsdale, Arizona $2.4B 27 11,057
98 Palisade Capital Management Fort Lee, New Jersey $4.2B 35 2,412
99 RubinBrown Advisors St. Louis, Missouri $3.2B 22 3,918
100 Apriem Advisors Irvine, California $1.4B 27 2,914

What is a fiduciary financial advisor?

A fiduciary financial advisor acts in the best interest of the client, regardless of how that affects their business or bottom line.

Some financial advisors, such as RIAs, are bound by the fiduciary standard. However, investment brokers must follow a suitability standard, which means that recommendations may be appropriate but not necessarily the best option.

What steps should someone take when choosing a financial advisor?

Finding the right financial advisor may require some homework, but you can start with referrals from trusted colleagues, friends or family members.

Depending on your needs, you can check for advisors’ active credentials, such as certified financial planner, or CFP; certified public accountant, or CPA; or chartered financial analyst, or CFA.

You can also check for regulatory violations and customer complaints, also called disclosures, via BrokerCheck from FINRA, and the Investment Adviser Public Disclosure website from the SEC. State regulators may provide more information for smaller firms.

Before choosing a financial advisor, you should meet and interview prospective candidates. These 10 questions from the CFP Board could help narrow down your list:

1. What are your qualifications and credentials?
2. What services do you offer?
3. Will you have a fiduciary duty to me?
4. What is your approach to financial planning?
5. What types of clients do you typically work with?
6. Will you be the only advisor working with me?
7. How will I pay for your services?
8. How much do you typically charge?
9. Do others stand to gain from the financial advice you give me?
10. Have you ever been publicly disciplined for unethical or unlawful actions in your career?

What’s the difference between a fee-only financial advisor and a commission-based advisor?

Before hiring a financial advisor, it’s important to understand their compensation structure and how it could influence their recommendations.  

Typically, financial advisors are paid via commission, fees or a hybrid of the two. Fee-only means the advisor does not receive a commission from products. Some fee-only examples may include flat amounts for one-time projects, hourly fees, monthly retainers or assets under management, or AUM.

Commission-based advice may be the lowest-cost option for advice about a specific financial product. However, commission-based advice can present a conflict of interest in some cases. 

By comparison, AUM is generally a set percentage each year, but the amount paid varies based on the size of your portfolio. Some advisors paid via AUM have minimum asset requirements, which can be less inclusive to investors with a smaller portfolio.  

What are the pros and cons of using a robo-advisor vs. a human financial advisor?

Robo-advisors are algorithms developed by companies to automatically invest your money based on your risk tolerance. Some robo-advisors offer additional features, such as access to a human advisor and tax-loss harvesting, which uses losses to offset other portfolio gains.  

By contrast, a human financial advisor can offer tailored, comprehensive financial planning to meet specific goals. This may include guidance on investing, taxes, insurance, retirement planning, estate planning and other areas.

More from CNBC’s Financial Advisor 100:

Here’s a look at more coverage of CNBC’s Financial Advisor 100 list of top financial advisory firms for 2025:

In 2024, the median robo-advisor fee was around 0.25% of assets per year, based on 16 U.S.-based platforms, according to Morningstar’s 2025 Robo-Advisor Report. However, fees can be significantly higher, depending on the platform. To compare, financial advisors typically charge around 1% of assets under management, or 100 basis points, depending on the size of your portfolio.   

If you’re new to investing, most experts recommend starting with your workplace 401(k), rather than a robo-advisor, and contributing at least up to your employer’s matching contribution. Without a workplace plan, you could consider a Roth individual retirement account, which provides tax-free growth, among other benefits.

Fidelity recommends aiming for at least 15% of pretax income for retirement, including your employer match. The most popular 401(k) investment, target-date funds, also offer automated asset allocation, depending on your planned retirement date.  

Morsa Images | E+ | Getty Images

Financial advisor FAQs

What are the requirements for a certified financial planner?

Certified financial planners, or CFPs, meet four requirements: education, exam, experience and ethics. They must complete a CFP Board-registered program and hold a bachelor’s degree. Professionals also must prove knowledge and competency by passing an exam, completing experience hours and meeting ongoing ethics and continuing education standards.

What are the red flags or warning signs of a bad financial advisor?

  • There are hundreds of thousands of financial advisors in the U.S., and picking the right one can feel overwhelming. However, there are ways to check for red flags and narrow down your prospect list.
  • One red flag is a lack of transparency about advisor compensation, which is required in Form ADV Part 2A for RIAs.
  • Another red flag could be an advisor who pushes products without a firm understanding of your goals, risk tolerance and timeline.
  • You can verify credentials via issuing organizations, such as the CFP Board. You can also find regulatory violations and customer complaints via FINRA’s BrokerCheck and the SEC’s Investment Adviser Public Disclosure website.  

How do you choose a financial advisor for retirement planning?

  • Advisors who specialize in retirement planning typically have expertise in investment management, portfolio distribution, taxes, Social Security, Medicare, long-term care, legacy planning and other key issues. 
  • Credentials such as CFP or RICP — retirement income certified professional — may signal expertise, but you should also weigh years of experience and other specialized training.
  • While interviewing prospects, you should ask about their philosophy for retirement income and lifetime tax planning.
  • The right candidate will discuss their holistic approach to meeting your financial goals, rather than immediately pushing products.   

What are common financial strategies recommended by financial advisors?

  • If you’re struggling with cash flow or debt issues, your financial advisor may start by reviewing your monthly income and spending to create a realistic budget.
  • With a clearer picture of cash flow, an advisor can make investing recommendations based on your goals, risk tolerance and timeline.
  • Your advisor may also recommend tax strategies, based on your financial goals, to help minimize your yearly and lifetime tax liability.
  • Long-term investing goals may include funding education for your children or saving for retirement.
  • It’s also important to address legacy goals by creating an estate plan.

How do I find the best financial advisor near me for young professionals?

  • Young professionals may seek a financial advisor to help juggle competing financial priorities while building their career.
  • Key planning issues may include starting to invest, paying off student loans, navigating employee benefits, buying a first home and saving for a wedding or having children.
  • Some financial advisors work with younger investors and don’t have minimum asset requirements. These planners may charge one-time, hourly or monthly fees rather than a percentage for assets under management.
  • You can use directories from the CFP Board, XY Planning Network or the National Association of Personal Financial Advisors to find a fiduciary financial advisor. 

Methodology: How we picked the best financial advisors for 2025 

CNBC used data analysis and editorial review to compile its seventh annual Financial Advisor 100 list.

For 2025, we started with 40,563 RIAs from the SEC’s regulatory database. That list was filtered to 1,015 firms, and the finalists completed surveys to verify key details. CNBC conducted an editorial review of entries, before data partner AccuPoint Solutions applied our proprietary weighted criteria to narrow down the list and rank the firms.

Among other criteria, we considered:

  • Assets under management
  • Firm location and states registered
  • Regulatory and compliance records
  • Firm size and years in business
  • Number of certified financial planners
  • Number of investment advisors registered with the firm

You can learn more by reading our full methodology for determining the best financial advisors.

CNBC personal finance reporters Jessica Dickler, Gregory Iacurci, Lorie Konish, Annie Nova and Ana Teresa Solá contributed to this story. 

CNBC receives no compensation from placing financial advisory firms on our Financial Advisor 100 list. Additionally, a firm’s or advisor’s appearance in our ranking does not constitute an individual endorsement by CNBC of any firm or advisor.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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