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Best Financial Advisors in Milwaukee, WI

Oct. 15, 2019, 7:02 p.m.

Long-term asset management and financial planning are daunting tasks. However, a financial advisor has the experience and knowledge to help organize, plan and protect your finances, so you’re prepared for the future. Our partners at ConsumerAffairs researched the best financial advisors in Milwaukee to find the right fiduciary advisor to help you set and achieve your goals.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. TMJ4 may receive compensation from our partners. Learn more.

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#1
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Facet Wealth

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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
Baird Private Wealth Management
Baird Private Wealth Management
Features
  • $132.4 billion in assets under management
  • Over 1,800 advisors available
  • Financial planning services require no minimum investment
  • Fixed fee of $1,000 - $10,000 for financial planning services
Location
777 E. Wisconsin Ave.
Milwaukee, WI 53202
(800) 792-2473
#3
Northwestern Mutual
Northwestern Mutual
Features
  • $128 billion in assets under management
  • $25,000 minimum investment required
  • Collects fixed fees and referral fees
  • No. 111 on the 2019 Fortune 500 list
Location
633 E. Mason St.
Milwaukee, WI 53202
(414) 271-1444
Kowal Investment Group
Kowal Investment Group
Features
  • Over $300 million in assets under management
  • Requires at least $750,000 in retirement assets
  • Specializes in retirement planning
  • One of Forbes' Best-in-State Wealth Advisors for 2019
Location
W238N1660 Busse Rd., Ste. 100
Waukesha, WI 53188
(262) 522-4040
Wipfli
Wipfli
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • wipfli.com
Location
10000 W. Innovation Dr., Ste. 250
Milwaukee, WI 53226
(414) 431-9300
Kyle Financial Services
Kyle Financial Services
Features
  • Hours not available
  • kylefinancial.com
Location
10850 W. Park Pl., Ste. 500
Milwaukee, WI 53224
(414) 359-2020
Freedom Wealth Alliance
Freedom Wealth Alliance
Features
  • M-F: 8am - 4:30pm
  • Closed Sat and Sun
  • freedomwealthalliance.com
Location
675 N. Barker Rd., Ste. 220
Brookfield, WI 53045
(262) 798-7979
Sadoff Investment Management LLC
Sadoff Investment Management LLC
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • sadoffinvestments.com
Location
250 W. Coventry Ct., Ste. 109
Milwaukee, WI 53217
(414) 352-8460
Diversified Management
Diversified Management
Features
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • diversifiedmanagement.com
Location
222 E. Erie St., Ste. 401
Milwaukee, WI 53202
(414) 292-1900
Hogan Financial
Hogan Financial
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • hoganfinancial.com
Location
250 W. Coventry Ct., Ste. 202
Milwaukee, WI 53217
(414) 352-9111
Oarsman Capital
Oarsman Capital
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • oarsman.net
Location
759 N. Milwaukee St., Ste. 605
Milwaukee, WI 53202
(414) 221-0081

Choosing a financial advisor in Milwaukee

skyline

Financial advisors in Milwaukee do more than offer advice and investment tips. Financial planners create detailed, custom financial strategies, including budgets and realistic goals to help clients secure their financial futures.

There are a number of reasons Milwaukee residents seek out financial advisory services:

  • New employment
  • Recent inheritance
  • Change in marital status
  • Retirement planning
  • Educational planning
  • Wanting to buy a new home
  • Having a large amount of wealth

People of all income and savings levels benefit from professional financial planning and asset management. Some investment advisors require a minimum starting balance of around $100,000, but many financial advisors in Milwaukee accept clients with any level of wealth.

Types of financial advisors

There are many different types of financial advisors in Milwaukee. The first step to finding the right one is deciding whether to work with a human advisor or a robo-advisor.

Robo-advisors, also known as online advisors, are software programs that use algorithms to make asset management decisions. Clients answer questions about how much risk they’re willing to take and what their goals are, and the robo-advisor uses this information to make recommendations. Robo-advisors are also cheaper and more accessible than traditional advisors.

However, human financial advisors are much more capable of providing nuanced financial advice. While robo-advisors are great for clients looking for a little bit of guidance, human advisors have the education and experience to handle more complex, personalized financial advisory services.

Increasingly, some companies are offering a hybrid option that is a combination of robo-advisors and human financial planners. These hybrid firms aim to provide the best of both worlds by making human advisors more affordable and robo-advisors more detailed.

No matter what kind of advisor you choose, make that your advisor is a fiduciary. Fiduciary status means that the advisor must act in your best interest over their own. This eliminates conflicts of interest and ensures that your advisor is recommending optimal choices.

Advisors don’t have to be a fiduciary, so check before you hire a money advisor in Milwaukee. Non-fiduciary advisors aren’t necessarily working with bad intent, but their compensation structure and lack of oversight make them vulnerable to conflicts of interest that cost you money.

What is the cost of a financial advisor in Milwaukee?

The cost of asset management in Milwaukee depends on the services you need and how your advisor charges. An hourly rate of $150 - $300 is typical if you’re just looking for simple advice to implement on your own. Consumers also pay flat fees between $1,000 and $3,000 for services like creating a retirement plan.

For ongoing asset management, clients usually pay a percentage of their assets under management, ranging from 0.25 to 2 percent. This AUM percentage gets smaller for larger accounts.

Other advisors charge a commission between 3 - 6 percent of any investments or financial products they sell you. Advisors that charge both fees and a commission refer to themselves as fee-based, while advisors that exclusively make money by charging their clients fees are fee-only.

Choose a fiduciary advisor who works on a fee-only compensation structure, especially if you don’t have a large amount of wealth. Anyone working for commission may act in their own self-interest or give advice that is more beneficial to them than you. No matter what option you go with, always ask your financial advisor for a clear explanation of how they make a profit.

What qualifications should a financial advisor have?

At a minimum, financial advisors in Milwaukee should have a bachelor’s degree from an accredited college or university and experience in the field.

Most reputable financial planners also have licenses such as a:

  • Series 7 license
  • Series 63 license
  • Series 65 license

Look for letter designations after an advisor’s name to determine what additional credentials they may have, such as being a:

  • Certified Financial Planner
  • Personal Financial Specialist
  • Chartered Financial Analyst
  • Chartered Financial Consultant
  • Chartered Investment Management Consultant

The Financial Industry Regulatory Authority’s BrokerCheck is a free tool that allows you to research the background and qualifications of financial advisors, brokers and firms. The Wisconsin Department of Financial Institutions and the Financial Planning Association of Wisconsin are also available to help you search for a reputable financial advisor in Milwaukee.

Once you’ve checked your potential advisor’s credentials, set up a consultation and ask any other questions you have, such as:

  • Are you a fiduciary?
  • How do you make money?
  • What is your investment philosophy?
  • Have you ever been disciplined by the government or a professional organization?
  • Do you have experience with cases like mine?

Use their answers to make an educated choice and select the right fiduciary financial advisor in Milwaukee for you.

Facet Wealth

Facet Wealth VISIT FACET WEALTH

This national company with $43.7 million in assets under management charges flat fees of $480 to $5,000 a year for its various services on a “pay for what you use” model. Facet’s fiduciary CFPs work virtually with clients, all of whom have less than $1 million in assets. The company offers retirement, education, income tax, insurance, estate and legacy planning as well as asset management.

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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.