Newsweek America’s Top Financial Advisory Firms 2025
METHODOLOGY
Plant-A Insights Group and Newsweek have partnered to identify America’s Top Financial Advisory Firms 2025. We analyzed over 15,000 Financial advisories registered with the SEC, and then applied the following methodology to identify the best of the best.
We began by shortlisting firms with more than $20 million assets under management (AUM), a minimum of 3 wealth advisors, at least 5 individual clients, and at least two years of SEC registration. Firms were also screened for clean disciplinary records and availability of portfolio management services to individual investors. These shortlisted firms were then analyzed and scored based on the following factors:
• Asset Performance: Growth in assets under management indicates both financial performance and the health of a firm’s client base, the cornerstones of advisory excellence. We include both short-term (Sept 2024 vs Sept 2023) and long-term (CAGR Sept 2019 to Sept 2024) measures of asset growth in our scoring model.
• Client Performance: Great advisories retain their clients and attract new ones. We again include both short and long-term measures of client base growth/shrinkage for short term (Sept 2024 vs Sept 2023) and long term (CAGR Sept 2019 to Sept 2024).
• Adviser Expertise and Client Ratio: We include measures that capture the credentialed expertise of each firm as well as their client-to-adviser ratio.
• Breadth of service offerings: Great firms offer a bundle of related services for their investors. We considered the number of other wealth advisory services in our scoring model, such as financial planning services and pension consulting services.
• Conflicts of interests: The best advisories work to prevent conflicts of interest; firms with conflicts of interests are penalized in the scoring model.
We calculate a score for each firm. The top 750 Financial Advisory Firms have been recognized as America’s Top Financial Advisory Firms 2025. The performance of firms not included in the ranking is not disputed.
DISCLAIMER
Rankings Placement
Placement in the Rankings (defined below) is a positive recognition based on research of publicly available data sources from the time period in question. Newsweek and Plant-A Insights make no claim to the completeness of the firms examined.
Intellectual Property Rights
All content within the rankings (“Rankings”) is the exclusive property of Plant-A Insights Group LLC (“Plant-A”). This work, including all data, analyses, and derived rankings, is copyrighted under United States and international copyright laws. Unauthorized use, including but not limited to the publication, reproduction, modification, distribution, transmission, or display of any material without the prior written consent of Plant-A, is strictly prohibited.
Nature of the Rankings
The Rankings are prepared by Plant-A and reflect an editorial content piece, based on secondary market research. This includes publicly available data and specific data provided directly to Plant-A. These Rankings are published in conjunction with Newsweek and should be viewed as an editorial work, not as definitive financial or business guidance. The ranking only includes firms that qualify according to the criteria described in this document.
Data Accuracy and Periodicity
The Rankings are generated from Investment Adviser Information Reports data sourced from SEC for the month of September 2024. They are inherently a reflection of historical data and may not include subsequent developments, unforeseen events, or additional data not covered during the research period. The results of this ranking should not be used as sole source of information for future deliberation. The information provides through this list should rather be considered in conjunction with other available information about the financial advisory firm. The quality of financial advisory firms that are not included in the ranking is not disputed.
No Endorsement or Quality Assurance
Plant-A does not endorse nor validate the business practices or the standing of the ranked companies. The inclusion or exclusion of any company in the Rankings should not be used as a basis for Financial, business, or other decisions. All decisions based on any information presented in the Rankings should be made in conjunction with other available information and independent advice.
Disclaimer of Liability
Plant-A, its subsidiaries, and their respective officers, directors, employees, and agents (collectively, the “Plant-A Parties”) disclaim all liability and responsibility for any errors or omissions in the Rankings or for any actions taken based on the contents of this publication. Neither Plant-A nor Newsweek guarantees the completeness or accuracy of the information contained in the Rankings.
By accessing, using, or relying upon the Rankings, you waive all claims and have no recourse against Plant-A Parties for any alleged or actual infringements of any rights of any party, including privacy rights, proprietary rights, intellectual property rights, rights of publicity, rights of credit for material or ideas, or any other rights, including the right to approval of uses such as copy that may be deemed to be distorted, derogatory, or offensive.
This disclaimer is intended to be as broad and inclusive as permitted under the law. If any portion hereof is held invalid or unenforceable, the remainder of the disclaimer shall nonetheless remain in full force and effect. This disclaimer constitutes the entire agreement between you and Plant-A regarding the use of the Rankings.
Copyright © 2024 Plant-A Insights Group LLC. All rights reserved.
Forbes Top RIA Firms 2024
Research Summary (as of October 2024)
We don’t want 300,000 nominations so we set thresholds to minimize the quantity we receive:
46,212 nominations received, based on thresholds
25,103 invited to complete online survey
21,417 telephone interviews
5,246 in-person interviews at advisors’ location
1,545 virtual interviews
*Approximately 20% represent independent advisors.
The SHOOK Process
SHOOK scours the financial services industry for nominations. SHOOK accepts advisors who meet pre-determined minimum thresholds and acceptable compliance records. As of this date, SHOOK has received nearly 46,212 nominations—advisors who meet SHOOK’s thresholds. 25,103 of these nominees have taken an online survey.
Unlike other advisor rankings, SHOOK is not a “robo-ranker”—numbers such as production and assets don’t tell the whole story, especially when much of the data is self-reported. SHOOK Research creates rankings of role models—firms that are leading the way in offering best practices and providing a high-quality experience for clients. A focus on both quantitative and qualitative factors, including telephone and in-person meetings, is imperative.
SHOOK Research is the only ranking firm that interviews firms and advisors via telephone and in person at the firm’s location.
Basic Requirements
A minimum of 7 years as an advisor for 1 partner/principal
Fully operational as a practice for a minimum of 1 year
Must incorporate a fiduciary model
Completion of online survey and interview with SHOOK
Evaluations focused on wealth management
Acceptable compliance record
Quantitative Metrics
Revenues
Assets under management—and quality of those assets
Client-related data, such as retention rates
Portfolio performance is not a factor; audited returns among advisors are rare, and differing client objectives provide varying returns
Qualitative Metrics
Telephone, virtual and in-person meetings with firms (if an in-person meeting cannot be accomplished, exceptions are considered in which the interview will occur after a ranking has been published).
Compliance records. Some “dings” can be overlooked (e.g., firm or product failure beyond the scope of an advisor’s due diligence; the older a ding, the less we look). Since there are many gray areas, the SHOOK team is willing to listen to a firm that is willing to stand behind the advisor with written support.
Firms that provide a full client experience: Service model; investing process; fee structure; breadth of services (e.g., liabilities and other wealth management services)
Credentials (years of service can serve as proxy)
Use of team and team dynamics
Community involvement
Discussions with management, peers, competing peers
Compliance Issues
The following conditions will be considered in order to lessen weightings infractions:
Infractions that are denied or closed with no action
Complaint arose from a product, service or advice initiated by a previous advisor or another member or former member of team
Length of time since complaint
Complaints related to product failure not related to investment advice (some limited partnerships, adjusted-rate securities, etc.)
Complaints that have been settled (must be proven) to appease a client who remained with the advisor for at least one year following settlement date
Complaints that are proven to be meritless
Actions taken as a result of administrative error or failure by firm
Once an advisor’s compliance rating falls into a tenable category, the following conditions must be met:
An advisor’s rating must be among SHOOK’s highest qualitative measures including in-person interview
Letters of recommendation
Ranking Algorithm
The algorithm is designed to fairly compare the business practices of a large group of firms based on quantitative and qualitative elements. Data are weighted to ensure priorities are given to dynamics such as preferred “best practices,” business models, recent business activity, etc. Each variable is graded and represents a certain value for each measured component. These data are fed into an algorithm that measures thousands of firms against each other.
SHOOK Disclosures
SHOOK is completely independent and objective and does not receive compensation from the advisors, Firms, the media, or any other source in exchange for placement on a ranking. SHOOK is funded through various sources, such as conferences and research partners. Since every investor has unique needs, investors must carefully choose the right advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions for how to choose the right financial advisor and not indicative of future performance or representative of any one client’s experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Remember, past performance is not an indication of future results.
USA TODAY Best Financial Advisory Firms 2024
In cooperation with Statista
Project Details: For the second time, USA TODAY and Statista have compiled the “Best Financial Advisory Firms” ranking, recognizing excellence in the financial advisory industry across the United States. The ranking is built on a robust evaluation framework centered around two key dimensions: recommendations by financial advisors, clients, and industry experts and a firm’s development of assets under management.
For the second time, USA TODAY and Statista are awarding the “Best Financial Advisory Firms” in the US.
The ranking of the best registered investment advisory firms (“RIA Firms”) is based on two dimensions: recommendationsby financial advisors,clientsas well asindustry experts and a firm’s development of Assets under Management(AUM).
Research and evaluation process:oRecommendationswere collected via an independent survey among over 25,000 individuals. Clients, industry expertsand financial advisors working for an RIA firm could recommend the RIA firms they find commendable. Self-recommendations were prohibited and were therefore not included in the evaluation.
AUM development was analyzed bothin the short-and long-term using publicly available data. Short-term AUM development was calculated over a twelve-month period from January 2023 to January 2024, while long-term development spanned a five-year period from 2019 to 2024.
The final score was calculated by weighting recommendations at 20% and AUM development at 80%. Within the AUM growth metric, short-term and long-term growth were each weighted 30/70.
Through various channels, financial advisors working for an RIA firm, as well as their clients and industry experts were invited to participate in the surveys by USA TODAY and Statista.
Based on the results of the surveys a recommendation score was calculated for each firm, contributing 20% to the final score.
Leveraging data from the SEC IAPD regulatory database up to January 2024, short-term (twelve-month period) and long-term (five-year period) Assets under Management (AUM) development were analyzed and weighted at a ratio of 30/70 to calculate an AUM development score, accounting for 80% of the final score.
The final score was calculated as follows:
20% x recommendation score + 80% x AUM development score = final score
To be recognized as one of USA TODAY’s Best Financial Advisory Firms the following requirements had to be met:
The firm is registered as an RIA firm with the SEC or at state level for at least one year
The firm has a principal office in the United States
The firm has a clean disciplinary record
The firm offers financial planning services or portfolio management for individuals and/or small businesses
The firm’s AUM must be greater than $500,000
The firm achieved an overall score among the top 500
Statista is completely independent and objective and does not receive compensation from the advisors, Firms, the media, or any other source in exchange for placement on a ranking.
Forbes Top RIA Firms 2023
Research Summary (as of October 2023):
We don’t want 300,000 nominations so we set thresholds to minimize the quantity we receive:
42,643 nominations received, based on thresholds
23,100 invited to complete online survey
18,417 telephone interviews
4,281 in-person interviews at advisors’ location
1,487 virtual interviews
*Approximately 20% represent independent advisors.
The SHOOK Process
SHOOK scours the financial services industry for nominations. SHOOK accepts advisors who meet pre-determined minimum thresholds and acceptable compliance records. As of this date, SHOOK has received nearly 42,643 nominations—advisors who meet SHOOK’s thresholds. 23,100 of these nominees have taken an online survey.
Unlike other advisor rankings, SHOOK is not a “robo-ranker”—numbers such as production and assets don’t tell the whole story, especially when much of the data is self-reported. SHOOK Research creates rankings of role models—firms that are leading the way in offering best practices and providing a high-quality experience for clients. A focus on both quantitative and qualitative factors, including telephone and in-person meetings, is imperative.
SHOOK Research is the only ranking firm that interviews firms and advisors via telephone and in person at the firm’s location.
Basic Requirements
A minimum of 7 years as an advisor for 1 partner/principal
Fully operational as a practice for a minimum of 1 year
Must incorporate a fiduciary model
Completion of online survey and interview with SHOOK
Evaluations focused on wealth management
Acceptable compliance record
Quantitative Metrics
Revenues
Assets under management—and quality of those assets
Client-related data, such as retention rates
Portfolio performance is not a factor; audited returns among advisors are rare, and differing client objectives provide varying returns
Qualitative Metrics
Telephone, virtual and in-person meetings with firms (if an in-person meeting cannot be accomplished, exceptions are considered in which the interview will occur after a ranking has been published).
Compliance records. Some “dings” can be overlooked (e.g., firm or product failure beyond the scope of an advisor’s due diligence; the older a ding, the less we look). Since there are many gray areas, the SHOOK team is willing to listen to a firm that is willing to stand behind the advisor with written support.
Firms that provide a full client experience: Service model; investing process; fee structure; breadth of services (e.g., liabilities and other wealth management services)
Credentials (years of service can serve as proxy)
Use of team and team dynamics
Community involvement
Discussions with management, peers, competing peers
Compliance Issues
The following conditions will be considered in order to lessen weightings infractions:
Infractions that are denied or closed with no action
Complaint arose from a product, service or advice initiated by a previous advisor or another member or former member of team
Length of time since complaint
Complaints related to product failure not related to investment advice (some limited partnerships, adjusted-rate securities, etc.)
Complaints that have been settled (must be proven) to appease a client who remained with the advisor for at least one year following settlement date
Complaints that are proven to be meritless
Actions taken as a result of administrative error or failure by firm
Once an advisor’s compliance rating falls into a tenable category, the following conditions must be met:
An advisor’s rating must be among SHOOK’s highest qualitative measures including in-person interview
Letters of recommendation
Ranking Algorithm
The algorithm is designed to fairly compare the business practices of a large group of firms based on quantitative and qualitative elements. Data are weighted to ensure priorities are given to dynamics such as preferred “best practices,” business models, recent business activity, etc. Each variable is graded and represents a certain value for each measured component. These data are fed into an algorithm that measures thousands of firms against each other.
SHOOK Disclosures
SHOOK is completely independent and objective and does not receive compensation from the advisors, Firms, the media, or any other source in exchange for placement on a ranking. SHOOK is funded through various sources, such as conferences and research partners. Since every investor has unique needs, investors must carefully choose the right advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions for how to choose the right financial advisor and not indicative of future performance or representative of any one client’s experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Remember, past performance is not an indication of future results.