The Top 10 Financial Advisors in Iowa

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BFC Planning, Inc., also known as BFCP, is a fee-based financial advisory firm in Cedar Rapids, Iowa. The firm works with individuals, high-net-worth individuals, banks and thrift institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, other business entities and investment companies. BFCP generally requires a $25,000 minimum account size, though this may be waived at the firm’s discretion.

The firm typically charges asset-based advisory fees and financial planning fees. Clients are charged an annual advisory fee of up to 2.5% of assets under management on most platforms, while financial planning fees may be charged hourly or as a fixed fee. In addition to the fees that advisory clients pay, some representatives may receive commissions through affiliated broker-dealers or insurance-related activities. This is a conflict of interest, because advisors have a financial incentive to recommend those products to advisory clients. However, the firm has a fiduciary duty to act in its clients’ best interests.

BFCP’s advisory representatives may hold various professional licenses or credentials, including certified public accountant (CPA), attorney, insurance agent, registered representative, real estate agent or mortgage loan originator licenses. 

BFCP offers full-service financial planning, limited financial planning, as-needed consulting, asset management and outside money manager referrals. Its asset management services are available through several programs and platforms, including Berthel Edge, the BFC Advisory Program, American Funds Direct F-2, institutional RIA platforms, Envestnet managed account solutions, sub-advisory platforms and held-away account management.

BFCP’s investment approach may include long-term purchases, short-term purchases, trading, short sales, margin transactions, options, tactical asset allocation and strategic asset allocation. Some investment adviser representatives may also use market timing, speculative strategies, concentration strategies or active trading when consistent with a client’s needs and best interest. To select investments, the firm may use charting, cyclical analysis, fundamental analysis and technical analysis.

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Based in Dubuque, Avantax Planning Partners, Inc. is a fee-based financial advisory firm with more than $7.5 billion in assets under management. The firm works with individuals and high-net-worth individuals, as well as trusts, estates, businesses, partnerships, LLCs, nonprofit organizations, custodial accounts and qualified retirement plans.

Avantax Planning Partners generally does not require a minimum account size for managed account services, financial planning services or retirement plan services. Its collateralized, non-purpose loan program requires a minimum account valuation of $125,000, as determined by the bank. Certain third-party or custodian-sponsored programs may have separate minimums.

In addition to the fees that advisory clients pay, some financial professionals at Avantax Planning Partners may receive commissions or transaction-based compensation through brokerage or insurance activities. This is a conflict of interest, because advisors have a financial incentive to recommend products or services that generate compensation. However, the firm has a fiduciary duty to act in its clients’ best interests.

The firm’s financial professionals may hold credentials or licenses such as certified public accountant (CPA), Certified Financial Planner™ (CFP®), personal financial specialist (PFS), attorney/JD, insurance licenses and broker-dealer registrations. Some financial professionals are also registered representatives of an affiliated broker-dealer or licensed insurance agents.

Avantax Planning Partners’ investment approach generally incorporates diversification, asset allocation, active management, passive indexing and tax-managed investing. Portfolios may be built using strategic and tactical asset allocation, different investment styles and domestic or international exposure. The firm may also use tax-loss harvesting in taxable accounts through an optional tax overlay strategy, and its analysis methods include economic, fundamental and qualitative analysis.

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Foster Group, a large advisory firm located in West Des Moines, works with individuals and high-net-worth individuals, as well as charitable organizations, trusts, corporations and business entities. 

As a fee-only advisor, Foster Group and its advisors do not receive third-party compensation for selling financial products and services. Because they're compensated solely by the fees that advisory clients pay, Foster Group and other fee-only firms typically face fewer conflicts compared to fee-based firms. 

Foster Group’s team of advisors maintains the following accreditations: certified Financial Planner™ (CFP®), accredited investment fiduciary (AIF), certified kingdom advisor (CKA), certified private wealth advisor (CPWA), certified public accountant (CPA), chartered advisor in philanthropy (CAP), certified divorce financial analyst (CDFA), chartered financial consultant (ChFC), enrolled agent (EA) and retirement income certified professional (RICP). 

Foster Group provides financial planning, portfolio management and pension consulting services. While headquartered in Iowa, Foster Group also has a regional office in Omaha, Nebraska. 

Foster Group’s investment strategy is primarily built on fundamental analysis and modern portfolio theory, which is the process of reducing risk through systematic diversification. The firm typically recommends low-cost mutual funds and ETFs and usually avoids investing in individual stocks and bonds, but certain exceptions can be made. Foster Group assumes a long-term approach to its clients’ investments. 

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Based in Forest City, OASIS Advisors, LLC is a fee-based financial advisor firm that works with individuals, high-net-worth individuals, families, entrepreneurs, business owners, high-income professionals, pension and profit-sharing plans, as well as corporations and other business entities. The firm does not have a minimum required account size.

In addition to the fees that advisory clients pay, certain representatives may receive third-party compensation from securities or insurance-related activities. The firm may also receive compensation from referrals to third-party investment advisers. This is a conflict of interest, because advisors have a financial incentive to recommend certain products or services to advisory clients. Yet, the firm has a fiduciary duty to always act in its clients’ best interests.

OASIS Advisors offers portfolio management, financial planning, pension consulting, subscription-based financial planning and referrals to third-party investment advisers. Its planning services may address investment planning, insurance needs, tax concerns, retirement planning, education planning and debt or credit planning.

OASIS Advisors also provides services related to risk management and business strategy consulting for certain clients. 

OASIS Advisors generally uses a long-term investment approach. The firm’s analysis may include fundamental analysis, modern portfolio theory and quantitative analysis. Client portfolios may include mutual funds, fixed income securities, REITs, insurance products, equities, ETFs, inflation-linked bonds, non-U.S. securities, structured notes, cryptocurrency and private placements.

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Based in Dubuque, Steele Capital Management is a fee-only firm that works with individuals, high-net-worth individuals, pensions and profit-sharing plans, charitable organizations, as well as corporations and other businesses. Steele Capital Management does not have a minimum required account size. 

Clients are charged an annual advisory fee of up to 1.5% of their assets under management. Unlike fee-based firms, Steele Capital neither Management nor its advisors earn compensation related to the sale of insurance or securities. 

Steele Capital Management’s staff includes advisors who hold the Certified Financial Planner™ (CFP®), chartered financial consultant (ChFC) and certified public accountant (CPA) designations. 

Steele Capital Management has been in business since 1995, when Mike Steele founded the firm. Steele, who's worked in financial services since 1979, is still the majority owner of the company and serves as its CEO. 

Clients may hire the firm for discretionary or non-discretionary portfolio management, as well as financial planning in areas such as retirement, estate planning, education funding, tax planning, cash flow and Social Security optimization.

Steele Capital Management’s investment philosophy emphasizes long-term investing with a primarily passive approach that favors low-cost and tax-efficient vehicles. Portfolios are tailored to client goals, risk tolerance and time horizon, using diversified allocations across mutual funds, ETFs and other securities. The firm periodically rebalances portfolios, monitors investments through a disciplined screening process, and may selectively use actively managed funds or individual securities when opportunities align with client objectives.

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Northwest Wealth Management (NWM) in Spencer is a fee-based financial advisory firm that primarily works with individuals below the high-net-worth threshold. The firm also serves high-net-worth individuals, retirement plans, charitable organizations, corporations and other business entities.

Founded in 2010, NWM offers comprehensive advisory services tailored to client needs, including wealth management, financial planning, and retirement plan advisory services. 

While there is no minimum account size requirement, the firm charges a $250 minimum quarterly fee for wealth management. In addition to the fees that advisory clients pay, advisors can receive third-party compensation for selling insurance products in their separate capacities as insurance agents. This is a conflict of interest, because advisors have a financial incentive to recommend insurance products to advisory clients. Yet, the firm has a fiduciary duty to always act in its clients’ best interests.

Advisors at NWM hold a variety of professional credentials, including the Certified Financial Planner™ (CFP®), accredited investment fiduciary (AIF) and chartered advisor in philanthropy (CAP) designations.

NWM representatives assess each client’s financial objectives, risk tolerance and goals to recommend suitable services and investment strategies. Wealth management includes portfolio management with discretionary trading authority, performance monitoring, as well as the potential use of third-party managers. Financial planning encompasses goal setting, strategy development and implementation across areas like retirement, estate and insurance planning, with periodic reviews as needed.

NWM relies on a long-term buy-and-hold strategy as part of its investment approach. The firm invests in a variety of assets, including stocks, bonds, mutual funds and ETFs. Additionally, advisors may consider private placements and convertible securities as part of their investment approach. As the portfolio matures and market conditions evolve, the firm may choose to adjust asset allocations or revamp the portfolio to better align with the client's needs.

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Based in Guthrie Center, Aegis Wealth Management Inc. is a fee-based financial advisory firm that works with individuals, pension and profit-sharing plans and participants, trusts, estates, charitable organizations, corporations and other business entities. The firm generally requires a minimum of $10,000 to open and maintain an advisory account, though this minimum may be waived at the firm’s discretion. Related family members may combine accounts to meet the minimum.

As a fee-based firm, Aegis Wealth Management may receive compensation in addition to the fees advisory clients pay. This creates a potential conflict of interest, because advisors may have a financial incentive to recommend certain products or services to clients. However, the firm has a fiduciary duty to act in its clients’ best interests.

Clients may hire the firm for financial planning in areas such as cash flow analysis, retirement analysis, portfolio analysis, investment planning, insurance analysis and education savings analysis. The firm also offers modular or hourly consulting, discretionary portfolio management and IRA rollover consulting and education.

Aegis Wealth Management uses asset allocation strategies developed by sub-advisers and third-party investment advisers, rather than proprietary methods of analysis. Client portfolios may use third-party model portfolios, direct indexing strategies, ETFs, mutual funds, individual equities, fixed-income securities, options, structured notes, preferred securities, inverse funds, private funds and indirect cryptocurrency exposure through ETFs or similar vehicles.

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Based in West Des Moines, Gilbert & Cook is next on our list of the top advisors in Iowa. The firm, which requires an account minimum of $1 million, works with individuals, high-net-worth individuals, charitable organizations, as well as corporations and businesses. 

Gilbert & Cook charges a hourly or flat fee for financial planning and consulting services. For asset management, the firm has a wrap fee program that bundles the fees associated with portfolio management and trading into a consolidated fee. While it must abide by fiduciary duty, Gilbert & Cook is also considered a fee-based advisor whose employees include insurance agents. As a result they may receive sales commissions for products sold to clients. This is a conflict of interest. 

The firm has a number of credentialed professionals on staff, including advisors who hold the Certified Financial Planner™ (CFP®), Chartered Financial Analyst (CFA), certified divorce financial analyst (CDFA), certified public accountant (CPA), chartered retirement plans specialist (CRPS) and certified exit planning advisor (CEPA) designations, among others. 

Founded in 1994, Gilbert & Cook offers comprehensive financial planning, retirement plan consulting and investment advisory services. Their financial planning services encompass areas such as retirement and cash flow analysis, risk management, estate planning strategies, education planning and business transition planning, among others.

Investment advisory services are personalized to clients' financial goals, risk tolerance and liquidity needs, often integrated with financial planning to create cohesive strategies. The firm manages its clients’ accounts using both active and passive strategies and bases individual investment decisions on the client’s investment objectives, risk tolerance and time horizon. The firm builds portfolios using individual stocks and bonds, mutual funds and ETFs, real estate investment trusts and business development companies, long-term assets, short-term assets and options, among others.

To select investments, Gilbert & Cook Advisors use a variety of analyses, including macroeconomic, client household global allocation, asset class correlation, cyclical and fundamental. 

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Investment Consulting Group (ICG) is a fee-only firm in Davenport. It works with individuals, including those with high net worths, as well as pension and profit-sharing plans, health and welfare plans, trusts, estates, charitable organizations and various corporations or business entities.

Typically, ICG sets a minimum account size of $500,000 for retail clients and 401(k) plans, and $1 million for institutional clients, though these minimums can be waived at the firm's discretion.

The firm typically charges an asset-based fee for its services, but also offers fixed-fee arrangements. As a fee-only firm, ICG and its advisors do not sell third-party products and services for commissions. Instead, advisors are compensated solely through a salary and bonus structure.

ICG was founded in 1990, making it the oldest firm on this list. Today, the firm is solely owned and managed by Donald R. Stanforth, a certified investment management analyst (CIMA). 

ICG offers comprehensive asset management services tailored to clients' financial goals, risk tolerance and personal circumstances. These services include investment objective setting, asset allocation, manager selection, performance evaluation and cost containment. ICG provides both non-discretionary and discretionary asset management, with discretion granted via a limited power of attorney.

ICG adopts a personalized approach to investment strategies, aligning them with each client's specific goals, investment objectives, risk tolerance and unique personal and financial situations. The firm emphasizes diversification as a key method to mitigate volatility and fluctuations in portfolio value. Typical investments include equity securities, warrants and rights, mutual funds, ETFs and corporate debt obligations.

When crafting investment plans, the firm considers a variety of client characteristics, including personal financial circumstances, investment objectives, risk tolerance, cash-flow needs, tax and estate planning considerations. The firm also factors in the client’s age, time horizon, investment experience, and any specific investment restrictions or limitations they may have.

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Legacy Financial Group is a fee-based firm in Des Moines that currently works with individuals and high-net-worth individuals, and has no institutional clients on its books. 

In addition to an asset management fee of up to 1.5% of assets under management, Legacy Financial Group advisors can collect commissions on the sale of certain products or services, creating a potential conflict of interest. However, Legacy Financial Group notes that it is a fiduciary advisor and must act solely in the client’s best interest. 

The firm’s team includes advisors who hold the Certified Financial Planner™ (CFP®) designation, as well as the accredited investment fiduciary (AIF) and certified divorce financial analyst (CDFA) credentials, among others. 

Founded in 2010, Legacy Financial Group came under the sole ownership of William Elson and Brian Hood in 2017. Longtime friends and colleagues, Elson and Hood started their careers in the financial industry on the same day in 1988 at the same firm. In January 2020, Rachel Wood became a partner at Legacy Financial Group. Wood, whose career in the industry began in 2002, joined the firm in 2005.

Legacy Financial Group offers financial planning and portfolio management, as well as pension consulting services, divorce planning services and retirement plan services.

Legacy Financial Group primarily employs a long-term investment strategy with a focus on buying and holding securities for at least one year. “Generally, this strategy is not influenced by short-term market fluctuations because the approach rests upon the assumption that long-term prices will go up because of an expanding economy with profits, dividends and increased stock prices,” the firm states in its Form ADV brochure.

However, portfolios may include short-term purchases, options and structured notes, which seek to reduce risk within a portfolio. Advisors may use fundamental analysis, which measures the intrinsic value of a security by examining economic, financial and other factors.