|Articles|November 3, 2006
The 150 best financial advisers for doctors: Our exclusive list
Author(s)Dennis Murray
Don't trust your nest egg to just anyone. These advisers have the expertise you deserve.
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Congratulations! The fact that you've turned to this article probably means you've amassed enough of a nest egg to want to put it in capable hands. And not just with any financial adviser, but with someone who has experience working with doctors and the issues particular to them.
This article is designed to help you find just such a person. We've done the hard work of searching the country for the best financial advisers for doctors. Our editors have spent the better part of six months gathering names of potential candidates. In addition to mailing questionnaires to the advisers who made our previous list (which was published in 2004), we contacted advisers recommended to us by financial planning professional societies, as well as those who received praise from readers like you, whom we solicited with an open call for nominations earlier this year.
Over the summer, our mailboxes were filled with hundreds of completed questionnaires, detailing advisers' credentials, education, areas of expertise, total amount of assets under management, percentage of physician clients, noteworthy professional achievements, and affiliations with medical organizations. Some advisers, we found, serve on hospital boards; others have a spouse or child who's a doctor. A few of them are physicians, who left the day-to-day practice of medicine to maintain their clients' financial health.
As was the case when we published our list two years ago, we received multiple nominations from the same firm or brokerage. However, to give us the broadest geographic reach-we wanted at least one adviser in each state-we made the tough decision to limit our selections to one adviser per firm, even though many firms nominated several qualified partners. By the way, don't hesitate to call an adviser just because his place of business isn't near you; most advisers are willing to travel considerable distances to meet with their clients.
Last, but not least, we ran each adviser's name though the NASD and SEC databases, to be sure he or she hadn't been found guilty of any wrongdoing. That's comforting to you, of course, but it doesn't preclude the possibility that a state securities office may have a beef with an adviser; we didn't drill down that far.
Almost every adviser we chose has some sort of specialized financial planning credentials in addition to an undergraduate degree and, in some cases, an advanced degree (MBAs, for instance, are common to our list). Three credentials that you'll see often on the list are related to investing and comprehensive planning: Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), and Chartered Financial Analyst (CFA). A couple of others-Certified Public Accountant (CPA) and Chartered Life Underwriter (CLU)-indicate people who can take care of your tax and insurance needs as well as your investment portfolio. One other credential you'll see is CPA/PFS, which is an accountant who specializes in personal financial planning.
To maintain these credentials and keep their knowledge current, these professionals may be required to take continuing education. There's comfort in that, too.
The majority of the advisers on our exclusive list will manage your money for you; others will create an investment plan and make recommendations, but leave the execution to you. As you'll see, most of the folks on our list require a minimum amount of investment assets before they'll accept you as a client. Those minimums can run as high as $1 million, but many advisers are open to smaller amounts if you're serious about investing and committed to saving regularly. We gave preference, however, to advisers with small minimums or none at all. In any case, you should always ask what fees are involved to manage your assets; even advisers that require no minimums may charge annual retainers of many thousands of dollars a year.
Finally, always meet the adviser in person before you agree to invest. It's important for both parties to determine if your personalities mesh and whether you'll be able to communicate well with one another. Does the adviser listen closely to your questions, and to your spouse's? Does he or she have other physician-clients with situations similar to yours? You can find basic information about the adviser, his team, his investment philosophy, and his services from his website-even most advisers in small firms have a website. For instance, you may want only a detailed financial plan, for which you pay a flat rate or an hourly fee, before agreeing to entrust the adviser with a portion or all of your assets.
Kathleen McKee, a former senior editor of this magazine, contributed to this article.
150 best financial advisers, by state
ALABAMA
Robert A. Studin, JD, CFP, CPA/PFS, ChFC, CLU
First Financial Group/Lincoln Financial
Advisors
Birmingham
205-803-3333
ARIZONA
John A. Bagley, MBA, CFP, CPA
Strategic Wealth
Advisors
Scottsdale
480-998-1798
Minimum portfolio: $750,000
Patricia F. Raskob, CFP
Raskob Kambourian Financial
Advisors
Tucson
520-690-1999
ARKANSAS
Fredrick E. Adkins III, MBA, CFP, ChFC, CLU
The Arkansas Financial Group
Little Rock
501-376-9051
J. Ralph Broadwater, MD, CFP
Physician Advisory Resources
Little Rock
501-247-4459
CALIFORNIA
James E. Berliner, JD
Westmount Asset Management
Los Angeles
310-556-2502
Minimum portfolio: $500,000
Norman M. Boone, MBA, CFP
Mosaic Financial Partners
San Francisco
415-788-1952
Minimum portfolio: $1 million
James M. Casey
Physicians' Asset Management
Marina del Rey
310-821-3332; 800-852-3284
Minimum portfolio: $1 million
Sherman L. Doll, CPA/PFS
Capital Performance Advisors
Walnut Creek
925-938-5188
Minimum portfolio: $1 million
Jeffrey D. Lancaster, CFP
Bingham, Osborn & Scarborough
San Francisco
415-781-8535
Minimum portfolio: $1 million
Carlo A. Panaccione, CFP
Navigation Group
Redwood Shores
650-595-1700
Minimum investment: $1 million
Stefan Prvanov, CFP
Blankinship & Foster
Solana Beach
858-755-5166
Minimum portfolio: $1 million
Edwin K. S. Ryu, CPA/PFS
Legacy Wealth Advisors
San Jose
408-452-7700
Minimum portfolio: $1 million
Paul R. Temby, MBA, CFP, CFA
Dowling & Yahnke
San Diego
858-509-9500
Minimum portfolio: $1 million
Bob Wacker, CFP
R.E. Wacker Associates
San Luis Obispo
805-541-1308
COLORADO
Craig Evans Carnick, CFP
Carnick & Company
Colorado Springs
719-579-8000; 800-447-8181
Minimum portfolio: $250,000
Dave Forbes, CFP, CFA
Petra Financial Advisors
Colorado Springs
719-636-9000
Minimum portfolio: $1 million
Lawrence E. Howes, MBA, CFP
Sharkey, Howes & Javer
Denver
303-639-5100
CONNECTICUT
John W. Eckel, MBA, CFP, CFA
Pinnacle Investment Management
Simsbury
860-651-1716
Minimum portfolio: $250,000
Kathryn K. Norris, CFP
Asset Strategies
Avon
860-673-5500
Minimum portfolio: $750,000
Bryan M. Place, CFP, ChFC, CLU
Place Financial Advisors
Farmington
888-693-8390
Minimum portfolio: $200,000
Alan P. Weiss, CFP, CPA/PFS
Regent Wealth Management Group
Woodbridge
800-443-3101
Minimum portfolio: $1 million
DELAWARE
Judith W. Lau, CFP
Lau Associates
Wilmington
302-792-5955
Minimum portfolio: $1 million
Michael J. Sicuranza, CFP
Investment Management & Planning
Greenville
302-654-5449
Minimum portfolio: $250,000
FLORIDA
Michael H. Davis, JD, CFP, CPA
Resource Consulting Group
Orlando
407-422-0252
Minimum portfolio: $1 million
Roy T. Diliberto, CFP, ChFC, CLU
RTD Financial Advisors
Bonita Springs
800-893-4725
Austin A. Frye, JD, MBA, CFP
Frye Financial Center
Aventura
305-931-3200
Minimum portfolio: $250,000
Linda S. Lubitz, CFP
The Lubitz Financial Group
Miami
305-670-4440
Minimum portfolio: $1 million
Edward H. Maass, CFP, ChFC, CLU
Physicians Wealth Care
Delray Beach
561-272-0663
Minimum portfolio: $500,000
Timothy J. McIntosh, MBA, CFP
Strategic Investment Partners
Tampa
813-973-1100
Minimum portfolio: $100,000
Margery K. Schiller, CFP
Goar, Endriss & Walker
Sarasota
941-366-6380
Marc Singer, MBA, CFP
Singer Xenos Wealth Management
Coral Gables
305-443-0060; 888-289-0060
Minimum portfolio: $500,000
Benjamin A. Tobias, CFP, CPA/PFS
Tobias Financial Advisors
Plantation
954-424-1660
Robert B. Wolfe, CFP
Capital Planning Group
Fort Lauderdale
305-717-6064
Minimum portfolio: $1 million
GEORGIA
Wesley D. Bigler, MBA, CFP
Financial Network
Atlanta
404-843-3100
Minimum portfolio: $750,000
B. William Cleveland III, MBA, CFP, CPA/PFS
Preston & Cleveland Wealth Management
Augusta
706-855-0170
Minimum portfolio: $500,000
Robert S. Hockett, CFP
Cambridge Southern Financial Advisors
Atlanta
404-388-3015; 866-333-2384
Robert "Buzz" W. Law, CFP
Creative Financial Group
Atlanta
770-913-9704
David W. Polstra, CFP, CPA/PFS
Brightworth
Norcross
770-368-1700
Minimum portfolio: $1 million
HAWAII
F. Dennis De Stefano, CFP, CPA
De Stefano Wealth Management
Kihei, Maui
808-879-0454
Minimum portfolio: $400,000
Harry G. Kasanow, CFP
Kasanow & Associates: Wealth Management
Honolulu
808-988-1311
Minimum portfolio: $1 million
ILLINOIS
Curt A. Anderson, CFP
First Busey Securities
Champaign
217-365-4870
Minimum portfolio: $100,000
Mark E. Balasa, CFP, CPA
Balasa Dinverno & Foltz
Itasca
630-875-4903
Minimum portfolio: $1 million
Michael Kabarec, CFP, CPA/PFS
Kabarec Financial Advisors
Palatine
847-934-7777
Minimum portfolio: $500,000
Michael E. Leonetti, CFP
Leonetti & Associates
Buffalo Grove
847-520-0999; 800-454-0999
Minimum portfolio: $200,000
Mary F. McGrath, CFP, CPA
Cozad Asset Management
Champaign
217-356-8363
Minimum portfolio: $250,000
Thomas A. Muldowney, CFP, ChFC, CLU
Savant Capital Management
Rockford
815-227-0300
Ronald J. Paprocki, JD, CFP
Mediqus Asset Advisors
Chicago
312-419-3733
Minimum portfolio: $500,000
INDIANA
Elaine E. Bedel, MBA, CFP
Bedel Financial Consulting
Indianapolis
317-843-1358
Minimum portfolio: $500,000
Richard L. Bellmer, CFP, CLU
Deerfield Financial Advisors
Indianapolis
317-469-2455
Greg Galecki, CFP
Galecki Financial Management
Fort Wayne
260-436-8525
Minimum portfolio: $500,000
IOWA
Donald G. DeWaay, CFP
DeWaay Capital Management
West Des Moines
515-224-9861; 800-722-9861
Minimum portfolio: $250,000
Jerry R. Foster, CFP
Foster Group
West Des Moines
515-226-9000; 800-798-1012
Minimum portfolio: $1 million
KANSAS
Peter Mallouk, JD, MBA, CFP
Creative Planning
Overland Park
913-338-2727
Minimum portfolio: $250,000
Michael J. Searcy, CFP, ChFC, CLU
Searcy Financial Services
Overland Park
913-814-3800
Minimum portfolio: $1 million
Kathy Stepp, CFP, CPA/PFS
Stepp & Rothwell
Overland Park
913-345-4800
KENTUCKY
Gregory W. Kasten, MD, MBA, CFP
Unified Trust
Lexington
859-296-4407, ext. 202
Minimum portfolio: $50,000
LOUISIANA
John Hixson, CFP, ChFC
Financial Management Professionals
Lake Charles
337-433-4334
Minimum portfolio: $100,000
T. Craig Lewis III, CFP, CPA
Lewis Financial Group
Shreveport
318-797-0447
MARYLAND
Jonathan S. Dinkins, CPA/PFS
Glass Jacobson Investment Advisors
Owings Mills
410-356-1000; 800-356-7666
Minimum portfolio: $100,000
Peg Downey, CFP
Money Plans
Silver Spring
301-589-4250
Minimum portfolio: $300,000
Christopher P. Parr, MBA, CFP
Financial Advantage
Columbia
410-715-9200
Minimum portfolio: $800,000
Edward A. Ramsey, MBA, CFP, CPA
Centerpiece Financial Planning
Greenbelt
301-220-1973
Minimum portfolio: $50,000
MASSACHUSETTS
Linda B. Gadkowski, CFP
Beacon Financial Planning
Centerville
508-362-7039
Susan C. Kaplan, MBA, CFP
Kaplan Financial Services
Newton
617-527-1557
Minimum portfolio: $1 million
Eric M. Kobren, MBA
Kobren Insight Management
Wellesley Hills
617-369-2200
Minimum portfolio: $250,000
Thomas J. McFarland III, CFP
The Darrow Company
Concord
978-369-5144
Minimum portfolio: $1 million
Pran N. Tiku, CFP, ChFC
Peak Financial Management
Waltham
781-487-9500
Minimum portfolio: $500,000
MICHIGAN
Marilyn M. Gunther, CFP
Center for Financial Planning
Southfield
248-948-7900
Minimum portfolio: $500,000
Sherri Stephens
Stephens Wealth Mgt Group
Flint
810-732-7411
Minimum portfolio: $500,000
MINNESOTA
Joel Greenwald, MD, CFP
Affiance Financial
Minnetonka
952-253-2578; 800-570-2941
Robert J. Klosterman, CFP, ChFC, CLU
White Oaks Wealth Advisors
Minneapolis
612-455-6900
Minimum portfolio: $1 million
Ross Levin, CFP
Accredited Investors
Edina
952-841-2222
Minimum portfolio: $1 million
Sharon Olson, CFP
Olson Weiss
Bloomington
952-835-1797
Minimum portfolio: $500,000
Robert A. Steffen, CFP
Robert Steffen and Associates
Bloomington
952-884-7700
Minimum portfolio: $300,000
Jerry B. Wade, CFP
Wade Financial Group
Minneapolis
763-797-9577
Minimum portfolio: $100,000
MISSISSIPPI
Tim C. Medley, CFP
Medley & Brown
Ridgeland
601-982-4123
Minimum portfolio: $500,000
MISSOURI
M. Eileen Dorsey, MBA, CFP
Money Consultants
St. Louis
314-963-9813
Emmett F. Owenby III, MBA
Morgan Stanley
St. Louis
314-889-9812; 800-488-9880
[email protected]
Minimum portfolio: $250,000
MONTANA
Robert M. Frey, CFP, CLU
Professional Financial Management
Bozeman
406-587-1604
Minimum portfolio: $100,000
NEBRASKA
J.A. Abels, CFP
Family Estate Planning
Papillion
402-331-1429
NEW HAMPSHIRE
Stephen A. Brophy, CFP, CPA/PFS, ChFC, CLU
Brophy Financial Advisory Group
Bedford
603-668-2303
Brian Grodman, MBA, CFP, ChFC, CLU
Grodman Financial Group
Manchester
603-647-9999
Minimum portfolio: $250,000
NEW JERSEY
Steven W. Kaye, CFP, ChFC, CLU
American Economic Planning Group
Watchung
908-757-5600
Minimum portfolio: $750,000
Ram Kolluri, MBA, CFP
Global Investment Management
Princeton
609-452-2929
Minimum portfolio: $500,000
Diahann W. Lassus, CFP, CPA/PFS
Lassus Wherley
New Providence
908-464-0102
Thomas A. Orecchio, CFP, CFA, ChFC, CLU
Greenbaum and Orecchio
Old Tappan
201-768-4600
Minimum portfolio: $1 million
Harry Scheyer, CFP, CPA/PFS
Pinnacle Financial Advisors
Marlton
856-797-8082, ext. 223
Minimum portfolio: $1 million
David K. Sebastian, CFP
The Physicians Wealth Management Group
Parsippany
973-292-8729
Minimum portfolio: $500,000
Eleanore K. Szymanski, CFP
EKS Associates
Princeton
609-921-1016
Albert J. Zdenek Jr., MBA, CPA/PFS
Zdenek Financial Planning
Flemington
908-782-1600
Minimum portfolio: $1 million
NEW MEXICO
Virginia M. K. Stanley, CFP, CPA/PFS
REDW Stanley Financial Advisors
Albuquerque
505-998-3216
Minimum portfolio: $1 million
NEW YORK
Lewis J. Altfest, MBA, CFP, CFA, CPA/PFS
L.J. Altfest & Co.
New York
212-406-0850
Minimum portfolio: $500,000
Joel S. Isaacson, MBA, CFP, CPA/PFS
Joel Isaacson & Co.
New York
212-302-6300
Minimum portfolio: $1 million
Raymond D. Mignone, CFP
Ray Mignone & Co.
Little Neck
718-229-2514
Minimum portfolio: $500,000
Anthony J. Ogorek, CFP
Ogorek Wealth Management
Williamsville
716-626-5000
Ronald W. Rogé, CFP
R.W. Rogé & Co.
Bohemia
631-218-0077
Minimum portfolio: $1 million
Gary H. Schatsky, JD
The ObjectiveAdvice Group
New York
212-721-8713
Albany
518-438-6566
NORTH CAROLINA
Giles K. Almond, CFP, CPA/PFS
Matrix Wealth Advisors
Charlotte
800-493-3323
Minimum portfolio: $500,000
Christopher C. Angelino
The Lake Norman Group at Citigroup Smith Barney
Cornelius
800-966-4581; 704-655-1130
Minimum portfolio: $500,000
Wm. Barton "Bart" Boyer, CFP
Parsec Financial
Asheville
888-877-1012
Minimum portfolio: $125,000
Kenneth B. Frenke, CFP
Kenneth Frenke & Co.
Arden
828-654-9343
Frederick F. Kramer IV, JD
Wealth Advisor Group
Asheville
828-692-3023
Minimum portfolio: $250,000
Peter H. Langer, CFP
Langer Wealth Management
Wilmington
910-256-6521
Minimum portfolio: $1 million
OHIO
Michael J. Chasnoff, CFP
Truepoint Capital
Cincinnati
513-792-6648
William D. Heichel, JD, CFP
Pinnacle Wealth Planning Services
Mansfield
800-987-4767
Minimum portfolio: $250,000
William A. Leuby, JD, CFP, CPA
Hamilton Capital Management
Columbus
614-273-1000
Minimum portfolio: $500,000
Jason M. O'Dell
The O'Dell Group
Cincinnati
513-791-7525
Peggy Ruhlin, CFP, CPA/PFS
Budros, Ruhlin & Roe
Columbus
614-481-6900
Minimum portfolio: $500,000
Ted K. Saneholtz, CFP, CPA/PFS, ChFC
Summit Financial Strategies
Columbus
614-885-1115
Minimum portfolio: $250,000
Eugene E. Welsh Jr., CPA/PFS
Professional Management
Strongsville
440-572-5522
OKLAHOMA
Doane F. Harrison, MBA, CPA/PFS
Harrison Financial Services
Norman
405-329-3110
Minimum portfolio: $250,000
Jana L. Shoulders, CPA
Adams Hall Investment Management
Tulsa
918-665-2446
Minimum portfolio: $100,000
OREGON
Marilyn R. Bergen, CFP
CMC Advisers
Portland
503-227-5284
Minimum portfolio: $1 million
Kathleen J. Kee, CFP
Pacific Investment Advisors
Portland
503-221-7535
Minimum portfolio: $750,000
Ron Kelemen, CFP
The H Group
Salem
503-371-3333; 800-285-6240
Minimum portfolio: $500,000
PENNSYLVANIA
David A. Burd, CFP
TGS Financial Advisors
Media
610-892-9900
Minimum portfolio: $1 million
Ronald P. Dreese, CPA/PFS
Abundance Wealth Counselors
State College
814-272-2070
Minimum portfolio: $1 million
James D. Hohman, CFP
Allegheny Financial Group
Pittsburgh
412-367-3880
Minimum portfolio: $250,000
James J. Holtzman, CFP, CPA
Legend Financial Advisors
Pittsburgh
412-635-9210
Minimum portfolio: $1 million
John M. Sklencar
AIG Advisor Group/FSC Securities
Plymouth Meeting
800-527-6582
Minimum portfolio: $1 million
RHODE ISLAND
Malcolm A. Makin, CFP
Professional Planning Group
Westerly
401-596-2800
Minimum portfolio: $100,000
SOUTH CAROLINA
Marsha G. LePhew, CFP, CPA/PFS, ChFC
LePhew Financial Services
Rock Hill
803-329-5125
Bill Prewitt, CFP
Charleston Financial Advisors
Charleston
843-722-3331
Minimum portfolio: $250,000
James E. Wilson, CFP
J.E. Wilson Advisors
Columbia
803-799-9203
Minimum portfolio: $1 million
TENNESSEE
Paul K. Fain III, CFP
Asset Planning Corp.
Knoxville
888-690-1231
Minimum portfolio: $500,000
Martha Moore Hobson, CFP
Hobson Yoder Financial Group
Oak Ridge
865-481-0045
Minimum portfolio: $100,000
William B. Howard Jr., CFP, ChFC
William Howard & Co. Financial Advisors
Memphis
901-761-5068
Minimum portfolio: $500,000
John W. Ueleke, MBA, CFP, ChFC, CLU
Legacy Wealth Management
Memphis
888-326-8554; 901-758-9006
Minimum portfolio: $500,000
TEXAS
Janet Briaud, CFP
Briaud Financial Planning
Bryan
979-260-9771
Minimum portfolio: $750,000
David H. Diesslin, MBA, CFP
Diesslin & Associates
Fort Worth
817-332-6122
Steven P. Kanaly, CFP
Kanaly Trust Company
Houston
713-561-9350
Minimum portfolio: $250,000
James R. Waters, MBA, CFP
PartnersInWealth
Houston
713-964-4028
UTAH
John Q. Bird, MBA, CFP, CFA
Albion Financial Group
Salt Lake City
801-487-3700
Minimum portfolio: $1 million
Kent L. Wilson, CFP, CPA
Wilson Financial Advisors
Salt Lake City
801-355-5210
Minimum portfolio: $300,000
VIRGINIA
Michael Joyce, MBA, CFP, CFA
Michael Joyce & Associates
Richmond
804-358-2702
Minimum portfolio: $500,000
Glenn Kautt, MBA, CFP
The Monitor Group
McLean
703-288-0500
Minimum portfolio: $1 million
William R. Lloyd, CFP, ChFC
The Financial Internist
Vienna
703-394-7197
James E. Pearman Jr., CFP, CPA/PFS
Fee-Only Financial Planning
Roanoke
540-342-7102
Ronald L. West, CFP
West Financial Services
McLean
703-847-2500
Minimum portfolio: $1 million
WASHINGTON
Terrence E. Burns, JD, CFP
Wells Fargo Investments
Bellevue
425-450-8011
Minimum portfolio: $500,000
Michael D. Joslin, CPA
Joslin Capital Advisors
Bellevue
425-688-0555; 877-688-0555
Minimum portfolio: $1 million
Richard Millar, MBA, CFP
Dempsey Financial Services
Olympia
360-352-9560
Gregory T. Stapp, CFP, CPA/PFS
Stapp Financial Planning
Olympia
360-754-8895
Minimum portfolio: $100,000
WEST VIRGINIA
Archibald R. "Rob" Hoxton IV, CFP
Hoxton Financial
Shepherdstown
304-876-2619
Minimum portfolio: $500,000
WISCONSIN
Todd D. Bramson, CFP, ChFC, CLU
Marathon Advisors
Madison
888-655-8092, ext. 218
William R. Casey, CFP, ChFC, CLU
Access Investment Advisors
Manitowoc
920-683-9901
Minimum portfolio: $300,000
Paula H. Hogan, CFP, CFA
Hogan Financial Management
Milwaukee
414-352-9111
James E. Putnam, CFP
Wealth Management
Appleton
800-950-3525
Minimum portfolio: $1 million
WYOMING
Connie Brezik, CFP, CPA/PFS
Asset Strategies
Casper
307-266-4525
Minimum portfolio: $750,000
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