Best Financial Advisers in Utah

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Contributor, Benzinga
November 22, 2023

Utah is known for the Salt Lakes, gorgeous national parks and the annual Sundance Film Festival. It’s not a place you might associate with quality financial advisers – and yet, the Beehive State boasts a thriving financial scene. With so many top-rated financial advisers in Utah to choose from, your next step is whittling down your options to find the perfect fit. Benzinga’s here to get you started.

Quick Look: Best Financial Advisers in Utah Near You

  • Best for Personalized Investment Plans: Albion Financial Group
  • Best Robo-Adviser: M1 Finance
  • Best for Portfolio Management: Paragon Wealth Management
  • Best Financial Planner for Physicians: Physician Wealth Advisers
  • Best Portfolio Analysis: Empower Advisory Group
  • Best for High Net Worth Individuals: TrueNorth Wealth
  • Best for Diverse Investment Advisory Services: Ashworth Wealth, LLC

Best Financial Advisers in Utah

1. Best for Personalized Investment Plans: Albion Financial Group

ALBION FINANCIAL GROUP

ALBION FINANCIAL GROUP

$978,577,639
  • A percentage of assets under your management
  • Hourly charges
  • Fixed fees (other than subscription fees)
  • Performance-based fees
N/A
13
508
Yes
77
8
  • Financial planning services
Address

812 EAST 2100 SOUTH SALT LAKE CITY UT, 84106

Phone number

801-487-3700

Founded in 1982, Albion Financial Group is a privately held, fee-based firm with $1.4 billion in assets under management (AUM). This Salt Lake City-based firm ranked #3 on CNBC’s list of Top 100 Financial Advisory Firms in 2022 for the third year running. 

Albion’s founders envisioned a firm where clients truly come first. To uphold this legacy, the firm offers specialized services fitted to individual’s needs. 

Clients with at least $500,000 in investable assets can access Albion Wealth Builder and receive the same services as higher net worth clients. The Women of Albion program helps women investors better understand and manage their finances in a collaborative environment. Albion offers guidance in setting up and investing in IRAs, 401(k)s and pensions. 

Albion Financial Services

  • Financial planning
  • Retirement planning
  • Individual asset and investment management
  • Business portfolio management

Albion Financial Investment Strategy

Albion’s financial advisers pair every client with a personalized investment plan designed with long-term success in mind. Every portfolio is backed by company-specific research, macroeconomic analysis and global trend identification. To meet your goals, your adviser may use assets like stocks, bonds, ETFs, mutual funds and U.S. government securities.

2. Best Robo-Adviser: M1 Finance

  • M1 Finance
    Best For:
    Customizable Auto Investing
    securely through M1 Finance's website

    Brokerage products and services are offered by M1 Finance, LLC, Member FINRA/SIPC, and a wholly-owned subsidiary of M1 Holdings, Inc. ✝Your free trial (a $30 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon the expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $10 unless you elect annual billing of $95 or cancel your subscription under your Membership details in the M1 Platform

M1 Finance’s unique take on finance encourages investors to take their portfolios into their own hands – responsibly. By blending automation and customization, the online investment platform’s pie strategy makes visualizing and managing assets quick and easy, although you’ll still have to do your due diligence.

M1 investors can pick between two accounts. M1’s Basic account comes with full trading access and no management fees or commissions. For $95 a year, you can upgrade to M1 Plus and get extra perks like better loan rates and preferred trading windows. 

M1 Finance Services

  • Self-direct trading
  • Established Expert Portfolios
  • High-yield savings accounts
  • Margin loans
  • Cashback rewards programs
  • Retirement investing

M1 Finance Investment Strategy

M1 investors can choose between building their own portfolio, selecting from 80+ Expert Portfolios or mixing and matching according to their needs. Accounts come with the ability to schedule regular deposits, buy fractional stock and ETF shares and take out margin loans to support your goals. 

After signing up, M1 will identify your risk profile and help you select or design your ideal portfolio. Then, you get to decide how passive or active you’d like to be.

3. Best for Portfolio Management: Paragon Wealth Management

PARAGON WEALTH MANAGEMENT

PARAGON WEALTH MANAGEMENT

$100,716,073
  • A percentage of assets under your management
  • Hourly charges
  • Performance-based fees
$200,000
3
128
Yes
74
4
  • Financial planning services
  • Selection of other advisers (including private fund managers)
Address

3651 NORTH 100 EAST SUITE 275PROVO UT, 84604-4557

Phone number

801-375-2500

Paragon Wealth Management is an 11-time winner of Utah’s Best of State award dedicated to individual and institutional portfolio management. The firm possesses 60 years of combined experience, nearly $137 million AUM and reasonable fees.  

Paragon’s comprehensive portfolio management strategy starts with designing a portfolio around your unique situation. Then, the firm monitors your portfolio on the back end, tweaking and rebalancing as needed. Be advised that this top financial adviser in Utah generally requires a minimum balance of $200,000 to get started. 

Paragon Services

  • Financial planning
  • Portfolio management 
  • Investment Advisory 

Paragon Investment Strategy

Paragon’s wealth advisers work with new clients to identify their goals and risk profile based on income, age, cash flow and goals. Each portfolio’s risk-adjusted approach may incorporate assets like stocks, bonds and ETFs. 

Paragon notes in its SEC disclosures that it may engage in market timing in an attempt to control the risks by timing its trades. Additionally, some strategies may take a non-diversified approach if the firm thinks more concentrated positions could be appropriate.

4. Best Financial Planner for Physicians: Physician Wealth Advisors (Formerly UMA Financial Services)

UMA FINANCIAL SERVICES INC

UMA FINANCIAL SERVICES INC

$997,784,080
  • A percentage of assets under your management
No minimum
5
912
Yes
52
6
  • Financial planning services
  • Pension consulting services
  • Educational seminars/workshops
Address

310 EAST 4500 SOUTH SUITE 550SALT LAKE CITY UT, 84107

Phone number

801-747-0800

Physician Wealth Advisors, which rebranded from UMA in 2022, serves members of the Utah Medical Association (UMA) and their families. Nonmembers may be accepted under limited circumstances. Currently, it manages $1.3 billion in AUM, overseen by a physician-led board of directors. 

The firm helps physicians build a solid financial foundation by organizing and growing their resources over their lives. Its ongoing monitoring of portfolios and individualized, physician-focused approach make it one of the best financial planners in UT. The firm’s fees range from 0.40% to 0.80% with no minimum investment requirement. 

Physician Wealth Advisers Services

  • Investment management
  • Retirement income planning
  • Insurance planning
  • Estate preservation
  • College funding
  • Cash management

Physician Wealth Advisors Investment Strategy

Physician Wealth Advisors crafts investment advice around each person’s goals, risk tolerance and tax situation, as well as ongoing market events. Rather than focusing on individual stock selection, it attempts to identify appropriate diversification among multiple asset classes. 

Advisers typically steer clients toward long-term holdings for their tax treatment, though shorter-term strategies are available. Your adviser can also help you decide how to save for college, pay down debt and manage your cash.

5. Best Portfolio Analysis: Empower Advisory Group

Empower Advisory Group, formerly Personal Capital, is an automated wealth investment manager that customizes portfolios to users’ needs. 

The app offers free money management tools to help you budget, save and spend smarter. You can examine your cash flow, portfolio performance and retirement readiness anywhere you have a smartphone and internet. 

Investors with larger portfolios ($100,000+) also qualify for Empower Wealth Management services, including expert portfolio analysis. Enjoy access to a human adviser to craft and tweak your strategy, plus ongoing investment management. 

Empower Services

  • Free financial planning 
  • Portfolio analysis
  • Financial management tools
  • Retirement planning
  • Investment management

Empower Investment Strategy

Empower’s investment strategy focuses on a combination of personalization and smarter asset allocations. It uses data and human insights to construct portfolios fitted to investors’ needs, goals and risk tolerances. Your own portfolio may contain assets like stocks, bonds, REITs, commodities and private equity.

6. Best for High-Net-Worth Individuals: TrueNorth Wealth

TRUENORTH WEALTH

TRUENORTH WEALTH

$401,794,521
  • A percentage of assets under your management
  • Hourly charges
  • Other
$300,000
6
20
Yes
77
4
  • Financial planning services
  • Pension consulting services
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
Address

1935 VINE STREET, SUITE 120 SALT LAKE CITY UT, 84121

Phone number

801-274-1820

TrueNorth Wealth is one of the best financial advisers in Utah for high-net-worth individuals. The firm serves corporate and business pension plans, government agencies, charitable organizations, 401(k) plans and wealthy investors. 

The firm derives compensation from AUM and investment advisory fees. It also offers complete financial plans under its investment advisory, with charges ranging from $1,000 to $5,000. Currently, it boasts $880 million in AUM with a minimum client account value of $500,000. 

Investors enjoy access to comprehensive financial reporting to remain in the loop about their ever-evolving financial situation. Reports include quarterly financial reviews, portfolio, retirement and tax analyses, insurance reviews and trust/estate reviews. 

TrueNorth Services

  • Financial planning
  • Retirement planning
  • Investment planning
  • Portfolio management
  • Insurance planning
  • Income tax planning
  • College savings plans
  • 401(k) solutions for businesses

TrueNorth Investment Strategy

TrueNorth’s investment strategies vary widely by each client’s needs, risk tolerances and future goals. Your adviser may recommend stocks, bonds, mutual funds and ETFs that align with your desired personal growth goals. Strategies are also informed by market research and analysis to help your portfolio weather storms on the path to retirement.

7. Best for Diverse Investment Advisory Services: Ashworth Wealth

ASHWORTH WEALTH, LLC

ASHWORTH WEALTH, LLC

$138,415,995
  • A percentage of assets under your management
  • Hourly charges
  • Fixed fees (other than subscription fees)
$500,000
5
164
Yes
68
4
  • Financial planning services
  • Pension consulting services
  • Selection of other advisers (including private fund managers)
Address

257 EAST 200 SOUTH SUITE 750SALT LAKE CITY UT, 84111

Phone number

801-364-4400

Ashworth Wealth provides clients with a broad range of investment advisory services, including investment, retirement and estate planning. The independent registered investment adviser mostly serves individuals, high-net-worth investors and pensions and profit-sharing plans. Unique on the list, Ashworth also sells personal Chief Financial Officer services to businesses in need of professional expertise.  

Ashworth charges a variety of AUM, hourly and flat-rate fees for its services, with a minimum annual advisory fee of $5,000. Investors who desire its Comprehensive Wealth Management services must meet a $500,000 minimum requirement. As of 2023, the firm holds $247 million in AUM. 

Ashworth Wealth Services

  • Financial planning
  • Retirement planning
  • Investment planning
  • Wealth management
  • Risk management
  • Estate planning
  • Insurance services
  • Tax planning
  • Business planning, including entity structuring and asset protection

Ashworth Wealth Investment Strategy

Every new Ashworth client starts with a Discovery Meeting to lay out needs, wants, goals, income, risk tolerance and more. Your adviser will also run through your current financial positions to inform your new strategy or confirm you’re on the right path. 

From there, your adviser will develop a long-term wealth plan that may include stocks, mutual funds and ETFs. Your broader financial team will also address non-investment items to ensure a comprehensive, cohesive wealth plan. Of course, Ashworth also provides ongoing account and performance monitoring to keep you on track.

Plan Your Future with the Right Utah Financial Planner

Finding a financial planner in Utah isn’t as stressful as it sounds, especially once you know what to look for. Before engaging an adviser, conduct a basic background check through the SEC or FINRA websites. Additionally, you’ll want to understand prospective advisers’ fees, strategies and terms of service.

Frequently Asked Questions

Q

Are financial advisers a good investment?

A

Financial advisers provide the insight and support individuals and businesses need to save, earn and manage money properly. For most investors, their financial and investment knowledge is an invaluable contribution to the wealth-building process.

Q

How much does a financial adviser cost?

A

Financial advisers may charge hourly rates, flat fees, a percentage of AUM or commissions. While exact rates vary by state, firm, provided services and even clientele, you can usually expect to spend a few hundred to a few thousand per year.

Q

At what net worth should I get a financial adviser?

A

Everyone can benefit from a financial adviser. Finding an affordable planner within your budget can be a crucial step toward growing your net worth and generally making smarter financial decisions.

Read also: BEST ACCELERATORS IN SALT LAKE CITY, RANKED

About Anna Yen

Anna Yen, CFA is a personal finance writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about personal finance topics ranging from investments, budgeting, debt management, credit, student loans, insurance, and retirement planning to real estate and cryptocurrencies. Her work has been published on sites like Quicken, the crypto exchange Bybit, and Credit.com.