Top Financial Advisors in Glen Allen, VA

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Topping our list is Millennium Advisory Services with hundreds of millions in assets under management (AUM). This Glen Allen financial advisory firm employs several investment professionals. Among them are accredited investment fiduciaries (AIFs) and certified financial planners (CFPs). The firm doesn't impose minimum account sizes and it primarily works with individuals who don’t have a high net worth.

As fee-only advisors, members of the firm collect compensation only from their clients. They don’t collect sales commissions from other financial services firms like insurance companies or fund providers. 

Millennium Advisory Services Background

Firm president Paul B. Hunt and vice president Steven T. Anderson founded Millennium Advisory Services in 2001. Hunt, who founded his first independent firm in 1994, focuses on working with nonprofit retirement plan sponsors. Anderson launched his career in 1994 and focuses on investment management. The team at Millennium Advisory Services has more than 50 years of combined experience.

Today, they lead a team that provides discretionary portfolio management services and financial planning advice. Depending on your needs, your financial plan may cover cash flow management, risk management, education fund planning, business planning, estate planning, tax management, insurance analysis and more.

Millennium Advisory Services Investment Strategy

When designing a portfolio asset allocation, the firm takes into account several factors such as the client’s age, financial situation, investment goals and time horizon. It then recommends one of a handul of investment models based on risk tolerance. These include aggressive growth, capital growth, growth, moderate growth, balanced, balanced income and conservative.

These model portfolios generally are built with passively managed exchange-traded funds (ETFs) and open-end mutual funds. But the firm would consider other securities types if deemed appropriate. Millennium Advisory Services monitors these portfolios on an ongoing basis and makes adjustments if necessary.

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When it comes to financial designations, The Main Street Group is the most diverse on our list. Certifications that its on-staff advisors hold include chartered financial analyst (CFA), certified financial planner (CFP), accredited estate planner (AEP) and many more.

As most of its clients are non-high-net-worth individuals, the firm doesn't require a minimum account size to provide investment advisory services. The Main Street Group is a fee-based firm. This means that some representatives may recommend third-party financial products, like insurance policies, and receive sales commissions as a result. This compensation is in addition to the advisory fees they charge. With that said, note that as a fiduciary the Main Street Group must provide advice solely in the best interests of its clients, at all times. 

The Main Street Group Background

Steven G. Crawford formed The Main Street Group in 2005. Holding five financial industry designations, he led a team with more than 50 years of combined experience. These advisors offer asset management services and financial planning consulting on various topics like retirement, college fund, taxes, divorce, insurance, estate planning, budgeting and more.

The Main Street Group also offers access to a robo-advisor program called Institutional Intelligent Portfolios, sponsored by Charles Schwab. The Main Street Group determines a suitable investment strategy to apply when using this technology. 

The Main Street Group Investment Strategy

The Main Street Group develops investment strategies that adhere to the client’s risk tolerance, goals and time horizon. It primarily uses exchange-traded funds (ETFs), mutual funds, and individual equities. But it may consider individual bonds and options contracts to help the client meet investment objectives. 

For Institutional Intelligent Portfolios, the firm generally uses ETFs and a cash allocation.

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Wrapping up our list is Kinloch Capital, a fee-based firm. This is because one of the firm's advisors is a licensed real estate agent who can earn commissions from real estate investments and other activities related to their licensing. While this presents a potential conflict of interest, the firm's fiduciary duty means it must act in clients' best interests.

Peter Walls and Jennifer Berdell, the firm’s lead advisors, have around five decades of combined experience. Walls is a certified financial planner (CFP) and a chartered market technician (CMT). Both hold the FINRA Series 65 license, and both . Berdell is a CFP and a certified divorce financial analyst (CDFA). Imposing no minimum account size requirement, the team mainly works with non-high-net-worth and high-net-worth individuals. 

Kinloch Capital Background

Walls and Berdell founded Kinloch Capital in 2019. Walls previously held roles at Prudential Insurance and Merrill Lynch. Berdell worked as a trust officer and a municipal bond analyst. They generally offer discretionary asset management services as part of a wrap fee program. This means clients pay a bundled fee that covers advisory services and transaction-based expenses. 

They can also offer financial planning advice to the extent requested by the client. 

Kinloch Capital Investment Strategy

Kinloch Capital holds meetings with clients to get a grasp of their risk tolerance, investment goals, financial situations and more. It draws from this information to recommend a model portfolio. However, these portfolios don’t keep a static asset allocation. The firm monitors these portfolios and makes adjustments based on market conditions, changes to your financial situation and other factors. The firm also relies on technical analysis when making changes to portfolios.