Accolades and Recognition
*Third party rankings and recognition from ratings services are no guarantee of future investment success. Working with a highly rated adviser does not ensure that a client or prospective client will experience a higher level of performance or results. Ratings should not be considered an endorsement of the adviser by any client nor are they representative of any one client’s evaluation. We believe that it is equally easy for a survey participant to provide favorable and unfavorable responses in the preparation of these third-party ratings which are not designed or prepared to produce any predetermined result. Modera has not directly or indirectly provided compensation to obtain or use these third-party ratings. Please also read a more thorough disclosure and additional information about the methodology used in making these rankings:
Methodology for Awards:
USA Today’s Best Financial Advisory Firm Ranking:
For the first time, USA TODAY and Statista are awarding the “Best Financial Advisory Firms” in the US. The ranking of the best RIA firms is based on two dimensions: recommendations by clients and peers and a firm’s growth of assets under management (AUM).
Research approach:
- The recommendations were collected via an independent survey sent to over 20,000 individuals. While clients were able to evaluate and recommend their RIA firm, financial advisors working for an RIA firm were asked to consider a scenario where their own firm could not take on a client and had to recommend another RIA firm they appreciate.
- The development of AUM was analyzed both, short and long term based on publicly available data. For the short term view , the growth of AUM over a twelve months period was calculated, from January 2022 to January 2023. For the long term view , the growth of AUM over a five year period was calculated, from 2018 2023.
- In the consideration for the top 500 RIA firms, recommendations had a weight of 20% while development of AUM had a weight of 80% (short term and long term growth were equally weighted) to derive the final score.
To be recognized as one of USA TODAY’s Best Financial Advisory Firms the following requirements had to be met: 1. The firm is registered as an RIA firm with the SEC or at state level for at least one year 2. The firm has a principal office in the United States 3. The firm has a clean disciplinary record 4. The firm offers financial planning services or portfolio management for individuals and/or small businesses 5. The firm’s AUM must be greater than $500,000 6. The firm achieved an overall score among the top 500
For further information on the methodology please click here.
National Association of Personal Financial Advisors (NAPFA) Inspiring Leader Award:
This award is presented to a NAPFA member who has established a record of encouraging, motivating and engaging others in reaching their full professional potential under the auspices of the Association. This award has been presented for exceptional, long-term, service to NAPFA, primarily as a teacher, mentor or coach.
Criteria considered by the Awards & Recognition Committee:
- Demonstrated support and encouragement of other fee-only professionals to participate in NAPFA as an avenue to professional achievement.
- Develops peers and encourages colleagues through coaching or mentorship.
- Serves as a role model throughout the association.
- Active member of NAPFA and involvement in activities of the association.
These contributions may be a single act or a cumulative performance. Significance will be measured by a positive impact on the organization and individual members. The effort exerted by the candidate will also be considered.
- Potential Recipients: NAPFA member
- Nomination Process: Nominations will be solicited from the membership through multiple communications channels. The nomination should identify the specific act(s) or performance for which the award is recommended, as well as a brief description of its impact.
- Selection Process: A committee of three individuals will select from nominees submitted by the membership and the Board.
- Presentation: The award will be made in conjunction with one of the National Conferences.
- The award does not have to be granted every year.
Financial Advisor (FA) Magazine:
FA’s RIA survey is a ranking based on assets under management at year end of independent RIA firms that file their own ADV with the SEC. FA’s RIA ranking orders firms from largest to smallest, based on AUM reported to it by firms that voluntarily complete and submit FA’s survey by it’s deadline. FA does it’s best to verify AUM by reviewing ADV forms. To be eligible for the ranking, firms must be independent registered investment advisors and file their own ADV statement with the SEC and provide financial planning and related services to individual clients. Firms must have at least $500 million in assets under management as of December 31, 2022 to be included in the print edition of Financial Advisor magazine’s 2022 RIA survey. Firms with under $500 million will be included in the FA’s expanded online RIA survey.
Pensions&Investments Best Places to Work in Money Management:
Pensions & Investments worked with a leading workplace expert to produce the 2023 Best Places to Work in Money Management list of top companies. Best Companies Group, Harrisburg, Pa., undertook a two-step process to develop the list, designed to gather detailed data about each organization. To participate, a firm had to have at least 20 employees in the U.S., have at least $100 million of discretionary, institutional assets under management or advisement and be in business for at least one year. In part one, the employer completed a questionnaire about the firm’s policies, practices, benefits and demographics. U.S. employment numbers for each firm were then confirmed by Best Companies. In part two, employees were emailed an engagement and satisfaction survey that consisted of 77 statements. Employees were asked to respond on a 1-to-5 scale of “Disagree Strongly” to “Agree Strongly.” Two questions also were asked: What did the firm do to make it a place where people wanted to work, and what things could the company do to increase employee satisfaction and productivity. The compiled data allowed Best Companies to determine the strengths and weaknesses of the participating firms. Employee responses accounted for 75% of the total company score, with the employer responses making up the remaining 25%. For the final step, Best Companies examined the data to verify and finalize the rankings. At P&I’s request, participating firms were ranked against others of similar size. Assets under management and assets under advisement figures are as of June 30, unless otherwise noted. Company and employee comments from the survey have been edited for space, style and clarity.
Investment News Best Places to Work for Financial Advisors:
Best Companies Group uses a two-part process to gather detailed data about each participating company and shares this independent data with InvestmentNews to report the ranking. The first part is an Employer Questionnaire filled out by each firm detailing company policies, practices, benefits and demographics. The other component is an employee engagement and satisfaction survey with an in-depth set of 78 statements requiring employees to respond on a one- to five-point Likert scale of agreement, as well as two open-ended questions and seven demographic questions. To participate in the program, firms needed to be an RIA or affiliated with an independent broker-dealer, in business for a minimum of one year, and have at least 15 full-time employees.
Charlotte Business Journal Largest Financial Planning Firms:
Charlotte Business Journal determines the rankings for Largest Financial Planning Firms solely by the number of CFP® professionals at the local office.
Financial Times Top 300 RIA Ranking:
To ensure a list of established companies with substantial expertise, we examine the database of RIAs registered with the US Securities and Exchange Commission and select those that reported $300m or more in assets under management (AUM).
The Financial Times’ methodology is quantifiable and objective. The RIAs have no subjective input.
The FT invites qualifying RIA companies — more than 2,000 — to complete a lengthy application that gives us more information about them. We add this to our own research into their practices, including data from regulatory filings. Some 760 RIA companies applied and 300 made the final list.
The formula the FT uses to grade advisers is based on six broad factors and calculates a numeric score for each company. Areas of consideration include adviser AUM, asset growth, the company’s age, industry certifications of key employees, SEC compliance record and online accessibility. The reasons for these criteria are as follows:
- AUM signals experience managing money and client trust.
- AUM growth rate can be a proxy for performance, as well as for asset retention and the ability to generate new business. We assessed companies on one- and two-year growth rates.
- Companies’ years in existence indicates reliability and experience of managing assets through different market environments.
- Compliance record provides evidence of past client disputes — a string of complaints can signal potential problems, for example.
- Industry certifications (CFA, CFP, etc.) show the company’s staff has industry knowledge and signals a professional commitment to investment skills.
- Online accessibility demonstrates a desire to provide easy access and transparent contact information.
- AUM comprised approximately 70 to 75 per cent of each adviser’s score, while asset growth accounted for 15 to 20 per cent. Additionally, the FT caps the number of companies from any one state, based roughly on the distribution of millionaires across the US.
Barron’s Top RIA Firms:
Barron’s annual ranking of independent advisory companies is based on assets managed by the firms, technology spending, staff diversity, succession planning and other metrics. Barron’s publishes four individual advisor rankings each year (Top 100 Advisors, Top 100 Women Advisors, Top 100 Independent Advisors, Top 1,200 Advisors) along with three team- or firm-based rankings (Top RIA Firms, Top Institutional Consultants, Top Wealth Management Firms).
The goal is to shine a spotlight on the nation’s best financial advisors, with an eye toward raising standards in the industry. The rankings serve two distinct types of Barron’s readers. For wealth management professionals, they serve as an industry scorecard. For investors, the rankings are a tool that can help in the process of finding financial guidance.
Advisors who wish to be ranked fill out a 102-question survey about their practice. Barron’s verifies that data with the advisors’ firms and with regulatory databases and then applies its rankings formula to the data to generate a ranking. The formula features three major categories of calculations: (1) Assets (2) Revenue (3) Quality of practice. In each of those categories we do multiple subcalculations.
Barron’s takes into account not just the amount of assets an advisor manages, but also the type of assets—are they private-wealth assets or institutional? If they’re institutional, are they for a foundation or an endowment, or are they corporate assets? Barron’s measures the growth of advisors’ practices and their client retention. Barron’s also considers a wide range of qualitative factors, including the advisors’ experience, their advanced degrees and industry designations, the size, shape, and diversity of their teams, their charitable and philanthropic work and, of course, their compliance records.
The rankings are meant as a starting point for clients looking for an advisor—a first-pass vetting that can help investors narrow a search. Every advisor will have his or her own approach to investing, financial planning, and other services. Clients are encouraged to approach a search for an advisor the way they would a search for a doctor—interviewing multiple professionals and getting opinions from multiple third parties.
https://www.barrons.com/advisor/report/top-financial-advisors/ria
National Association of Personal Financial Advisors (NAPFA) Robert J. Underwood Distinguished Service Award:
This award is presented for outstanding service to the National Association of Personal Financial Advisors (NAPFA) or the advancement of the practice of fee-only financial planning by an individual association or professional staff member. This award has been presented for exceptional, long-term service to NAPFA, primarily through committee service or other similar contributions. “Unsung hero” or “above and beyond the call of duty” are two ways to describe past recipients.
Criteria considered by the Awards & Recognition Committee:
- Contributions that significantly and consistently impact NAPFA and/or the advancement of the profession through service to the Association.
- Demonstrated ability and willingness to serve as a teacher or formal/informal mentor to other professionals.
- Demonstrated leadership commitment and involvement in NAPFA.
These contributions may be a single act or a cumulative performance. Significance will be measured by a positive impact on practitioners, consumers, or the profession as a whole. The effort exerted by the candidate will also be considered.
- Potential Recipients: NAPFA member or staff.
- Nomination Process: Nominations will be solicited from the membership through multiple communications channels. The nomination should identify the specific act(s) or performance for which the award is recommended, as well as a brief description of its impact.
- Selection Process: A committee of three individuals will select from nominees submitted by the membership and the Board.
- Presentation: The award will be made in conjunction with one of the National Conferences.
- The award does not have to be granted every year.