Best Financial Advisors in San Francisco, California

Chelsi Walker

Contributor, Benzinga

April 28, 2020

Living in the Bay Area and need some financial advice? San Francisco’s proximity to Silicon Valley makes it one of the wealthiest — and most expensive — cities in America. We did the hard work for you and compiled this list of the best financial advisors in San Francisco. 

Best Financial Advisors in San Francisco Near You:

• Best for Investment Management: Schwab Private Client
• Best Robo-Advisor: M1 Finance
• Best for Integrated Financial Planning and Wealth Management: Bingham Osborn & Scarborough Wealth Management
• Best Mobile App: Betterment
• Best for Career Coaching: Bell Investment Advisors
• Best Portfolio Analysis: Personal Capital
• Best for Nontraditional Families: Financial Connections Group

Best for Investment Management: Schwab Private Client

A subsidiary of Charles Schwab, a large bank and brokerage service, Schwab Private Client has been providing investment management since 1999. Schwab counts individuals, high-net-worth individuals, small businesses, estates, trusts, and corporations among its client base.

Schwab offers non-discretionary management to its clients, which means the client must give final approval to act on financial advice. Diversification is key with both income-focused and growth goals in mind.

Schwab’s services are fee-based, beginning at 0.80% of assets under management (AUM). While Schwab’s brokerage relationship with its parent company may present an opportunity for conflicts of interest, the firm is bound by fiduciary agreement to act in its client’s best interests.

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Commissions

FREE automated investing

Account Minimum

$100 for regular accounts $500 for retirement accounts

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Best Robo-Advisor: M1 Finance

M1 Finance is an awesome robo-advisor for experienced, self-starting investors. It hits the sweet spot between robo-management and traditional online brokerage. You only need a $100 account balance to start.

M1 Finance focuses more on portfolio automation than helping clients identify financial goals and strategies. Clients can choose between over 80 expertly-designed portfolio models or build their own. Low-cost exchange-traded funds (ETFs) and/or individual stocks compose portfolios. M1 Finance will rebalance your portfolio using algorithms though client-adjustment is available. M1 Finance uses fractional shares and doesn’t charge any management fees, every cent you invest using M1 Finance gets put to work.

M1 Finance is easy to sign up for and easy to use, but users should expect to do their due diligence when picking the right portfolio models for their goals.

Best for Integrated Financial Planning and Wealth Management: Bingham Osborn & Scarborough Wealth Management

Though the account minimum to use Bingham Osborn & Scarborough Wealth Management is a bit steep compared to others on our list, BOS Wealth Management is a mainstay on most best-of San Francisco lists, with over 30 years of service. A fee-only fiduciary, the firm streamlines your financial planning and wealth management into 1 comprehensive plan. This gives clients a birds-eye view of finances. The holistic approach allows a clear vision of how your wealth is growing and how it’s protected.

Bingham Osborn & Scarborough Wealth Management prides itself on objective wealth management with no bias or conflicts of interest.

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Pricing

0.25% annual fee

Account Minimum

$0

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Best Mobile App: Betterment

Betterment is a robo-advisor that offers an impressive mobile app and an attractive fee structure for its users. Betterment Digital charges a 0.25% account under management (AUM) fee and no account minimum. Betterment Premium is for wealthier individuals, but their rates are still competitive — $100,000 account minimum and 0.40% AUM fee. Betterment Premium and Betterment Digital include comprehensive financial advising tailored to client needs.

Premium level membership includes access to a certified financial planner (CFP). Professional advice is available with Betterment Digital but is not included in the package. Separate advising modules are purchasable for one-off fees. 

Betterment offers planning and management for individuals. Other clients include shared accounts, trusts, traditional, Roth, SEP, and rollover IRAs. Users can link outside accounts like a 401(k). Betterment can make recommendations but direct external account management is unavailable. 

There are 3 distinct portfolio management strategies, including a socially responsible investment (SRI) package, a low risk, income targeted model and a risk-embracing portfolio designed to generate higher returns.

Best for Career Coaching: Bell Investment Advisors

Bell Investment Advisors is a fee-only fiduciary and financial planner. It offers traditional financial planning and investment management services. Investment management focuses on four portfolio models: indexed, factor-based, stable growth and social impact. Financial services are comprehensive and provide detailed timelines for goal-based action. 

Bell Investment stands out in that it offers the unique option of life coaching and career coaching. The firm also pays special attention to female clients, offering several female-led and female-focused roundtable discussions focused on financial planning. Clients include individuals, trusts and estates, pension and profit-sharing plans, mutual funds, businesses and philanthropic entities.

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Commissions

0.49% – 0.89% Fees range based on deposit amount and services used

Account Minimum

$25,000

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Best Portfolio Analysis: Personal Capital

Personal Capital is a comprehensive financial planner and robo-advisor for high-net-worth clients. Personal Capital has a $100,000 account minimum. Access to a team of human advisors is a big draw for Personal Capital users. Clients who have a balance greater than $200,000 get the benefit of 2 dedicated advisors. Estate planning is available for those with at least a $1,000,000 balance. Fees range from 0.89% to 0.49% of AUM. 

Comprehensive financial planning services are available to any client of Personal Capital. Portfolio design focuses on tax optimization strategies and aligning with client financial goals.

Personal Capital is for investors who want a clear view of their financial goals, portfolio management, and portfolio performance but prefer the hands-off benefit of using a robo-advisor.

Best for Nontraditional Families: Financial Connections Group

San Francisco is a city that celebrates its diverse citizens and accepting attitude. Financial Connections Group Inc. is a fee-only fiduciary that prides itself on servicing nontraditional investors. These types of clients include LGBTQ couples, unmarried clients, and families with unique financial situations, such as adoption, divorce, or combining wealth when remarrying.

Financial Connections offers comprehensive planning and investment planning. Portfolio management pays special attention to 2 types of investing strategies. Sustainable and responsible investing (SRI) and environmental and social governance (ESG) strategies both focus on opportunities that meet certain criteria. This can include but isn’t limited to companies that are LGBTQ-friendly, environmentally-conscious or promote positive employee-centric workplaces. 

Financial Connections do have a higher account minimum than some firms for traditional portfolio management, but they also offer a digital robo-advisor option, FC Digital. FC Digital has a $10,000 account minimum. Management fees for the traditional custom portfolio are 0.75% of AUM and 0.50% of AUM for FC Digital.

Frequently Asked Questions

Q: What’s the difference between financial planning and retirement planning?

A: Financial planning typically includes retirement planning, but there are differences. Financial planning hones in on the accumulation stage and how to best grow your wealth. Retirement planning aims to make the most of accumulated income. Retirement planners use strategic methods to ensure that wealth lasts throughout your retirement.

Q: Which certifications should my financial planner have?

A: A planner should be a certified financial planner (CFP), certified public accountant (CPA), or chartered financial analyst (CFA). A CFP is the most comprehensive certification. CPAs specialize in accounting and tax planning. A CFA’s area of expertise lies in investment and financial analysis. 

Q: Can financial advisors help mitigate debt?

A: Yes. Financial advisors will advise you on debt management if this is part of your overall financial goals. You must follow through on an advisor’s recommendations to tackle debt on your own.

Financial Planning in The Golden City

Managing your money can be hard work. To make things easier, look for a financial advisor to help you set goals and meet them. A good advisor will show you the best investment strategies, minimize your tax obligations, prepare you for your retirement or show you how to manage debt to your benefit. If you have general goals or have a major life event to fund, using a financial advisor can be the best route.

Methodology

To determine the top financial advisors in San Francisco, California, we pored through all SEC-registered advisory firms who have an office in San Francisco, California. We winnowed the list by only including advisors who are registered fiduciaries, have 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 offices in multiple states, have a wrap fee program and over $50 million in assets under management.