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Best Financial Advisors in Cleveland, OH

Aug. 26, 2019, 5:03 p.m.

A fiduciary financial advisor helps you budget, save and invest to achieve your monetary goals, like paying for retirement or your children’s education. Our partners at ConsumerAffairs researched the best financial advisors in Cleveland to aid your search for trusted financial help.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. News 5 may receive compensation from our partners. Learn more.

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#1
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Facet Wealth

Real Financial Planning

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Facet Wealth
Facet Wealth
Features
  • Work with a dedicated CFP
  • Complimentary goal setting & financial analysis session
  • Goal based financial planning
  • Get an individually tailored financial plan
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#2
Purtill Financial
Purtill Financial
Features
  • SEC-registered
  • Asset management fees ranging from 0.8% - 0.5% annually
  • Focuses on minimizing trading fees & expense ratios to keep costs low
  • Globally diversified portfolio allocation across 20 industry segments
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Location
22 Alpha Park
Highland Hts, OH 44143
(440) 484-5340
#3
First Fiduciary Investment Counsel
First Fiduciary Investment Counsel
Features
  • $1,000,000 minimum assets required
  • Fee-only payment structure
  • Uses an independent third-party custodian for customer security
  • Provides Global Investment Performance Standards compliant performance reporting
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Location
6100 Oak Tree Blvd., Ste. 185
Independence, OH 44131
(216) 643-9100
#4
Fairpoint Wealth Management
Fairpoint Wealth Management
Features
  • No hidden fees, commissions or asset minimums
  • Independent financial advisor
  • Fee-only payment structure
  • Comprehensive wealth management or hourly & project consulting available
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Location
19410 Puritas Ave., Ste. 110
Cleveland, OH 44135
(216) 272-0514
Aegis Fiduciary Services
Aegis Fiduciary Services
Features
  • Hours unavailable
  • aegisfiduciary.com
Location
Serves residents in
Cleveland, OH
(844) 471-0049
Cleveland Wealth
Cleveland Wealth
Features
  • M-F: 8:30am - 5pm, Closed Sat and Sun
  • mcapitaladv.com
Location
600 Superior Ave. E., Ste. 2550
Cleveland, OH 44114
(216) 810-5900
Cornerstone Wealth Management
Cornerstone Wealth Management
Features
  • Hours unavailable
  • cornerstonewealthmgmt.com
Location
835 Sharon Dr., Ste. 280
Cleveland, OH 44145
(440) 899-4000
Thompson Hine - Kent L. Mann
Thompson Hine - Kent L. Mann
Features
  • Hours unavailable
  • thompsonhine.com/professionals/mann-kent
Location
127 Public Square, Ste. 3900
Cleveland, OH 44114
(216) 566-5500
Clearstead
Clearstead
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • clearstead.com
Location
1100 Superior Ave. E., Ste. 700
Cleveland, OH 44114
(216) 621-1090
Fairport Asset Management
Fairport Asset Management
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • fairportasset.com
Location
1350 Euclid Ave.
Cleveland, OH 44115
(216) 431-3000
Pension Advisors
Pension Advisors
Features
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • pa401k.com
Location
28601 Chagrin Blvd., Ste. 550
Cleveland, OH 44122
(877) 595-0833

Choosing a financial advisor in Cleveland

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Financial advisors use their education and experience to guide clients to their financial goals. So, if you’ve just experienced a major life change or you’re just looking for an expert opinion, consider hiring a financial advisor in Cleveland.

Many financial advisors require clients to have $50,000 or more in assets. If you can’t meet these minimums, shop around to find financial help that charges a flat fee, hourly rates or a retainer.

Types of financial advisors

There are many types of financial advisors in Cleveland with different qualifications and specialties such as financial planners, retirement planners and investment advisors. There are even automated portfolio and asset management services, often called robo-advisors.

A robo-advisor is a software-based service for asset management that’s often the best option when you begin saving. As you begin to grow your savings, many investors transition to a human advisor for more personalized planning.

Many investment advisors in Cleveland are fiduciaries, which means they adhere to a legal and ethical standard that forces them to act in their clients’ best interests. Non-fiduciaries usually only have to meet the sustainability standard of providing suitable advice. The difference here is that non-fiduciaries are able to recommend options that benefit themselves more than the option that’s strictly best for the client.

What is the cost of a financial advisor in Cleveland?

There are several ways that financial advisors in Cleveland charge their clients, and this determines how much you’ll pay for financial help.

  • Commission-only advisors charge a percentage of the funds invested, normally between three and six percent. Robo advisor fees are generally much lower, sometimes as low as 0.25 to 0.5 percent.
  • Other advisors charge a percentage of your total assets under management and pull this fee directly from your account. These advisors are also the most likely to have minimum investment amounts.
  • Flat fees for specific financial planning or asset management services are often between $1,000 and $3,000.
  • Hourly rates range between $120 and $300.
  • Retainer fees range from $2,000 to $11,000 for a year of service.

It’s crucial that your advisor is transparent about how they make money so that conflicts of interest do not occur, such as an advisor making recommendations for a client based on the commission they will receive rather than acting their best interest like a fiduciary. Be aware of the potential biases inherent in these compensation models and factor that into your advisor’s recommendations.

What qualifications should a financial advisor have?

Financial advisors in Cleveland have a variety of titles and credentials, including Certified Financial Planners, Chartered Financial Consultants or Chartered Investment Counselors, to name a few.

When considering a financial advisor for asset management in Cleveland, ask the following questions:

  • How do you make your profits?
  • What qualifications do you have?
  • Are you a fiduciary?
  • What experience do you have?
  • What types of clients are you seeking?
  • What should my expectations be?
  • How and how often are we able to communicate?
  • Have you ever been convicted of a crime or investigated by a professional organization or regulator?

Use resources like the Financial Industry Regulatory Authority’s Broker Check or the Securities and Exchange Commission’s records to check your advisor’s qualifications and history before trusting them with your savings. The Ohio Department of Commerce also has a Division of Securities that is responsible for licensing and regulating brokers, people that sell securities, investment managers and financial advisors.

Facet Wealth

Facet Wealth VISIT FACET WEALTH

Established in Baltimore in 2016, this company employs fiduciary Certified Financial Planners, has no minimum investment and charges a flat annual planning fee. Online reviews say it provides quality service and may be a good option for those with fewer assets.

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Purtill Financial

Purtill Financial

This company, located in the Cleveland suburb of Highland Heights, is a fee-only fiduciary investment advisory firm with over $110 million in assets under management. Reviews mention that Purtill offers local, personal portfolio and asset management and speak highly of its service and professionalism.

First Fiduciary Investment Counsel

First Fiduciary Investment Counsel

Established in 1975, this organization now boasts over $500 million in assets under management and is most appropriate for clients with investments over $1 million. First Fiduciary voluntarily meets Global Investment Performance Standards.

Fairpoint Wealth Management

Fairpoint Wealth Management

This Cleveland-based fiduciary financial planning firm offers personalized asset management and focuses on early retirement. Fairpoint uses a fee-only compensation model with no commissions, add-on fees or minimum asset requirements. Clients have 24/7 access to their online planning portal.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.