Salt Lake City, the capital of Utah, is home to a thriving financial services industry, including numerous wealth management and investment advisory firms. Whether you’re a high-net-worth individual, a physician, or someone just starting to build wealth, finding the right financial advisor is crucial for achieving your long-term financial goals. This guide will explore the top wealth management firms in Salt Lake City, their services, and key factors to consider when choosing a financial advisor.
Top Wealth Management Firms in Salt Lake City
Alta Capital Management LLC
Alta Capital Management tops the list of firms serving Salt Lake City. Founded in 1981, Alta has grown to manage over $1.4 billion in assets. The firm offers investment advisory and portfolio management services to a diverse client base, including individuals, high-net-worth clients, corporations, and foundations.
Key features:
- Fee-only firm
- Minimum account requirements range from $250,000 to $5 million
- Investment approach focused on profitability, growth, and valuation
- Offers large-cap, all-cap, select, quality dividend, and emerging markets strategies
Albion Financial Group
Established in 1982, Albion Financial Group is a fee-only firm with no set account minimum. The firm provides investment management, wealth management, and retirement plan services.
Key features:
- Co-founded by William “Toby” Levitt, John Bird, and Doug Wells
- Offers individualized investment management services
- Uses fundamental, technical, and cyclical analysis for investment decisions
Physician Wealth Advisors, Inc.
Physician Wealth Advisors caters primarily to physicians and their families. The firm, owned by the Utah Medical Association, offers financial planning and investment management services tailored to the unique needs of medical professionals.
Key features:
- No set account minimum
- Fee-based firm (fiduciary duty to clients)
- Specializes in financial planning for physicians
- Offers retirement planning, income planning, and risk management services
Crewe Advisors
Crewe Advisors, founded in 2014, is a fee-based firm with a high asset minimum of $2 million. The firm provides portfolio management, estate planning, retirement services, and tax planning.
Key features:
- Individualized portfolio management
- Uses fundamental, technical, and quantitative analysis
- Offers a range of investment strategies, including long-term trading and options trading
TrueNorth Wealth
TrueNorth Wealth specializes in serving high-net-worth individuals, particularly “elite intellectual specialists” such as physicians, surgeons, and business owners. The firm requires a minimum investment of $300,000.
Key features:
- Fee-only firm
- Offers comprehensive financial planning services
- Non-discretionary investment management
- Incorporates Modern Portfolio Theory in portfolio construction
Smedley Financial Services
Smedley Financial Services, established in 1982, offers financial planning, retirement planning, and women-oriented wealth management. The firm has a relatively low account minimum of $25,000 for most accounts.
Key features:
- Fee-based firm (fiduciary duty to clients)
- Uses model portfolios tailored to client goals
- Offers proactive, phase, and tax-efficient portfolio options
Jacobsen Capital Management
Jacobsen Capital Management, founded in 2001, is a fee-only firm serving individuals, trusts, foundations, and retirement plans. The firm has no set account minimum.
Key features:
- Offers portfolio management, financial planning, and pension consulting
- Believes in a disciplined, long-term approach to investing
- Primarily invests in mutual funds, ETFs, and separate accounts
Tingey Advisors Inc.
Tingey Advisors, established in 1996, is a fee-only firm with no minimum account requirement. The firm serves individuals, small businesses, and institutions.
Key features:
- Founded by Alan B. Tingey and Jon D. Tingey, both Chartered Financial Analysts
- Focuses on “value investing” in undervalued companies
- Considers factors such as dividend growth, profit margins, and management quality
North Capital Inc.
North Capital caters to a diverse range of clients, including individuals, high-net-worth individuals, family offices, and small businesses. The firm has no minimum account balance requirement.
Key features:
- Fee-only firm
- Employs an open architecture approach to investment management
- Offers access to various asset classes, investment styles, and strategies
Slayton Lewis Inc.
Slayton Lewis, founded in 2000, primarily serves high-net-worth individuals and their families. The firm has a high account minimum of $2 million.
Key features:
- Fee-only firm
- Offers asset management, financial planning, and pension consulting services
- Focuses on asset allocation and low-cost index investing
- Utilizes modern portfolio theory and mean-variance optimization
Choosing the Right Wealth Management Firm in Salt Lake City
When selecting a wealth management firm in Salt Lake City, consider the following factors:
- Fiduciary Standard: Look for firms that adhere to the fiduciary standard, which requires them to act in their clients’ best interests. Fee-only firms are typically fiduciaries, while fee-based firms may have potential conflicts of interest due to commission-based products.
- Services Offered: Determine what services you need, such as investment management, financial planning, tax planning, or estate planning. Choose a firm that offers a comprehensive suite of services aligned with your financial goals.
- Investment Philosophy: Understand the firm’s investment approach and ensure it aligns with your risk tolerance and financial objectives. Some firms focus on value investing, while others emphasize passive index strategies or active management.
- Account Minimums: Consider your investable assets and choose a firm with an account minimum that fits your situation. Some firms cater to high-net-worth individuals, while others have lower or no minimums.
- Expertise and Specialization: If you have specific needs (e.g., you’re a physician or business owner), look for firms with expertise in serving clients like you.
- Credentials: Check the qualifications of the firm’s advisors. Look for designations such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Chartered Retirement Planning Counselor (CRPC).
- Fee Structure: Understand how the firm charges for its services. Fee-only firms typically charge a percentage of assets under management or a flat fee, while fee-based firms may also earn commissions from product sales.
- Performance Track Record: While past performance doesn’t guarantee future results, consider the firm’s historical performance and how it has navigated various market conditions.
- Technology and Reporting: Evaluate the firm’s technological capabilities, including online account access, reporting tools, and financial planning software.
- Client Communication: Inquire about the firm’s communication practices, including the frequency of meetings, portfolio reviews, and availability of advisors.
Other Financial Services Companies in Salt Lake City
In addition to wealth management firms, Salt Lake City is home to several prominent financial services companies:
- Goldman Sachs: The global investment banking giant has a significant presence in Salt Lake City, offering various financial services and career opportunities.
- Fidelity Investments: Known for its mutual funds and brokerage services, Fidelity has operations in Salt Lake City, providing investment and retirement solutions.
- Morgan Stanley: This global financial services firm has offices in Salt Lake City, offering wealth management, investment banking, and securities services.
- UBS: The Swiss multinational investment bank and financial services company maintains a presence in Salt Lake City, providing wealth management and investment banking services.
- Northwestern Mutual: This financial services organization offers insurance and investment products, with a strong presence in Salt Lake City.
- Carta: While not a traditional wealth management firm, Carta provides equity management and valuation services, with operations in Salt Lake City.
- America First Credit Union: This credit union offers various financial products and services to members in Utah and surrounding states.
- Merrill: A subsidiary of Bank of America, Merrill provides wealth management and investment services in Salt Lake City.
- Edward Jones: This financial services firm has a presence in Salt Lake City, offering investment and advisory services to individual investors.
- Charles Schwab: The well-known brokerage and banking company has operations in Salt Lake City, providing a range of financial services to individual and institutional clients.
Frequently Asked Questions (FAQs)
Q1: What is the difference between a fee-only and a fee-based financial advisor?
A: A fee-only advisor is compensated solely by fees paid by their clients, typically as a percentage of assets under management or a flat fee. They do not receive commissions from selling financial products. A fee-based advisor may charge fees and earn commissions from product sales, potentially creating conflicts of interest.
Q2: How much money do I need to work with a wealth management firm in Salt Lake City?
A: Account minimums vary widely among firms in Salt Lake City. Some firms, like Albion Financial Group and Jacobsen Capital Management, have no set minimum. Others, like Crewe Advisors and Slayton Lewis, require $2 million or more. Many firms fall in between, with minimums ranging from $25,000 to $300,000.
Q3: What services do wealth management firms typically offer?
A: Wealth management firms generally offer a range of services, including investment management, financial planning, retirement planning, tax planning, estate planning, risk management, and sometimes specialized services like business succession planning or philanthropic advisory.
Q4: How often should I meet with my financial advisor?
A: The frequency of meetings can vary based on your needs and the firm’s practices. Typically, you might have an annual or semi-annual comprehensive review, with additional meetings as needed for specific life events or market changes. Many firms also offer regular check-ins and are available for questions throughout the year.
Q5: Can I work with a wealth management firm if I’m not a high-net-worth individual?
A: Yes, many firms in Salt Lake City cater to a range of clients, including those who are just starting to build wealth. Firms like TrueNorth Wealth and Smedley Financial Services have lower account minimums and may be suitable for individuals who aren’t yet considered high-net-worth.
Q6: How do I know if a wealth management firm is right for me?
A: Consider your financial goals, the complexity of your financial situation, and the level of guidance you need. If you have significant assets, complex tax situations, or need comprehensive financial planning, a wealth management firm may be beneficial. It’s often helpful to schedule initial consultations with several firms to find the best fit.
Q7: What credentials should I look for in a financial advisor?
A: Common credentials include Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Chartered Retirement Planning Counselor (CRPC), and Certified Public Accountant (CPA). The relevance of specific credentials may depend on your individual needs.
Q8: How are wealth management fees typically structured?
A: Fee structures can vary, but common models include:
- A percentage of assets under management (typically 0.5% to 1.5% annually)
- Hourly rates for specific services
- Flat fees for comprehensive financial plans
- Retainer fees for ongoing advice
Q9: Can wealth management firms help with tax planning?
A: Many wealth management firms offer tax planning services or work closely with tax professionals. Firms like Crewe Advisors and Slayton Lewis explicitly mention tax planning as part of their service offerings.
Q10: How do I get started with a wealth management firm in Salt Lake City?
A: Start by researching firms that align with your needs and financial situation. Most firms offer initial consultations where you can discuss your goals and learn more about their services. You can then compare firms and choose the one that best fits your needs and preferences.
In another related article, Exploring the Best Credit Unions in Salt Lake City
