From the cradle to the grave, America’s heartland advisors have a financial plan suited to anyone that needs one. From financing a college education, to paying for a wedding and honeymoon, to affording retirement, to covering the cost of a funeral, today’s advisors have a plan for all of life’s landmark events, and so much more.
FA's top 10 Midwestern independent registered investment advisors (RIAs) with the most 2018 client assets under management (AUM) have growth strategies as diverse as the financial plans they design for their clients. The firms were ranked as part of FA's annual RIA survey.
Since 2003, Maribeth S. Rahe has served as president and chief executive officer of Fort Washington Investment Advisors Inc., a wholly owned subsidiary of Western & Southern Financial Group. According to the firm’s website, under her leadership, Fort Washington has grown to become the largest money manager of institutional assets in the Cincinnati region, where the firm is headquartered.
Peter Mallouk, CEO and founder of Creative Planning in Overland Park, Kan., is still a practicing advisor. Earlier this year, his firm, Creative Planning, announced its purchase of the Johnston Group, a Minneapolis firm with $500 million in AUM. The purchase is the first of many more planned as a new growth strategy for the firm, according to Mallouk.
Advanced Capital Group (ACG) was incorporated in Minnesota in 1998 to provide RIA services to high-net-worth individuals and institutional retirement plans. In 2006, the firm added fixed-income investment management services to its roster, and in 2009, benefits/risk consulting. By 2010, however, ACG chose a different tactic to grow its business by acquiring the Deloitte retirement plan investment consulting practice, followed in 2013 by the acquisition of Deloitte’s national practice leader, Berthel Schutter, LLC, a St. Paul, Minn.-based advisory firm.
No matter what strategy these firms employed to grow their business, they managed the most client assets last year. Below, in ascending order, are the top 10 Midwestern firms with the most AUM of 2018.
10. Bahl & Gaynor Investment Counsel
On July 2, 1990, industry veterans Bill Bahl and Vere Gaynor founded Cincinnati RIA Bahl & Gaynor. The two men grew their client base by emphasizing the long-term advantages of owning stocks that pay increasing dividends. Three decades later, Bahl & Gaynor reported $11,524,531,262 in client assets under management at the end of 2018.
9. DiMeo Schneider & Associates, LLC
Bob DiMeo is not only managing director of the Chicago firm he co-founded in 1995, he is also the author of 50 Billion Reasons to Grow Your Practice, published in 2017. DiMeo practices what he preaches; at the end of 2018, DiMeo & Schneider reported $13,840,096,099 in AUM for the year.
8. Plante Moran Financial Advisors
Founded in 1977, and now known as Plante Moran Wealth Managers, an offshoot of parent company Plante Moran, this Southfield, Mich.-based firm requires clients to have a minimum of $500,000 in assets. At the end of 2018, Plante Moran Financial Advisors reported $14,337,303,133 in AUM for the year.
7. Buckingham Strategic Wealth
A quarter-century ago this year, Buckingham Strategic Wealth in St. Louis was founded on the power of evidence-based investing and multi-faceted planning to help clients safeguard their financial futures and achieve their goals. At the end of 2018, Buckingham reported $14,907,772,949 in AUM.
6. Segall Bryant & Hamill
Founded in 1994, this Chicago-based RIA has offices in Denver, Colo.; St. Louis, Mo.; Philadelphia, Penn.; and Naples, Fla. Segall Bryant & Hamill (SBH) describes itself on its website as a service-only firm with a client-first approach. At the end of 2018, SBH reported $18,627,052,791 in AUM.
5. Moneta
Founded in 1869 as an insurance business, Moneta describes itself as a client-centered financial services company, headquartered in St. Louis. At the end of 2018, Moneta reported $20,257,468,937 in AUM.
4. Mariner Wealth Advisors
Mariner Wealth Advisors was founded in 2006 by President and CEO Marty Bicknell and seven of his colleagues. According to the firm’s website, the founders based its name on their shared vision of helping clients and their families navigate their financial futures. At the end of last year, Mariner Wealth Advisors reported $22,043,093,873 in AUM.
3. Advanced Capital Group
Founded in 1998, Advanced Capital Group (ACG) is a Minneapolis-based boutique firm led by CEO Charles Langowski. ACG offers clients investment advice and retirement plan management, with customized solutions for all their financial needs. At the end of last year, ACG reported $22,774,696,208 in AUM.
2. Creative Planning
Founded in 1983 by owner Peter Mallouk, Creative Planning is an independent wealth management firm and RIA headquartered in Overland Park, Kan. In addition to financial advice, the firm provides a range of client services in-house, including tax preparation, insurance and estate planning. At the end of 2018, Creative Planning reported $33,905,050,387 in AUM.
1. Fort Washington Investment Advisors, Inc.
Headquartered in Cincinnati, Fort Washington Investment Advisors Inc., founded in 1990 as a wholly owned subsidiary of Western & Southern Financial Group, is a diversified asset management firm offering a wide range of investment solutions to a diverse set of clients and valued partners. At the end of 2018, the firm reported $52,421,781,660 in AUM.
