Top Financial Advisors in Memphis, TN

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Legacy Wealth Management, a fee-only firm, sits atop our rankings of financial advisors in Memphis. As a fee-only practice, advisors are compensated solely through client fees. They do not sell insurance or securities for commissions. This eliminates potential conflicts of interest stemming from the sale of certain financial products.

You’ll need at least $500,000 to open an account with Legacy Wealth Management. Fees for wealth management services are charged as a percentage of a client's assets under management. 

Legacy Wealth Management has a significant number of certifications and advanced degrees on its advisory team, including advisors with the Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), certified public accountant (CPA) and certified trust and financial advisor (CTFA) designations. 

Legacy is not only the No. 1 firm in Memphis, it's also ranked among the top firms in the entire state by SmartAsset.  

John Ueleke founded the firm in 1982 as one of the first fee-only firms in the area. Although he’s no longer part of the company, Legacy Wealth Management still operates on his founding principles. The company states that it follows the “four Cs”: clients, commitment to honesty and integrity, compassion and culture. 

As for services, the firm offers financial planning, customized portfolio management and ongoing wealth management. More specifically, the firm can help clients with cash flow needs, debt, tax planning, retirement planning, estate planning and education funding.

When it comes to investing, Legacy is a proponent of globally diversified portfolios, blending actively and passively managed funds to balance risk and return. Most client portfolios are invested in mutual funds and exchange-traded funds (ETFs), although the firm may recommend separate portfolios of individual bonds managed by a sub-advisor for some clients. 

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Duncan Williams Asset Management (DWAM) is a fee-based investment advisor that opened for business in 2015. The firm works with individuals, high-net-worth clients, corporations, retirement plans and charitable organizations. The minimum account size is generally $50,000 for most programs, although $500,000 is required for the firm's wrap fee program. 

DWAM provides services like discretionary and non-discretionary asset management, financial planning, retirement plan consulting,  investment consulting, referrals to third-party money managers and an automated ETF-based program (IMAGINE). The firm also offer real estate coaching and ancillary reporting services. 

The DWAM team features advisors and executives who hold the Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), certified public accountant (CPA) and certified plan fiduciary advisor (CPFA) designations, among others. However, as a fee-based practice, some advisors may earn additional compensation for selling insurance to advisory clients. This presents a conflict of interest, because advisors have a financial incentive to recommend certain products and services. However, the firm has a fiducary duty to always act in your best interests. 

Asset management is tailored to client needs and may incorporate stocks, bonds, ETFs, mutual funds, options, brokered CDs, annuities, alternative funds, real estate partnerships, hedge funds and insurance products.

The firm’s investment approach incorporates fundamental, technical, charting and cyclical methods of analysis. Strategies are built to align with each client’s objectives, risk tolerance, and time horizon, with ongoing monitoring and rebalancing. Model portfolios, whose risk profiles range from conservative to aggressive, are also available.

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Red Door Wealth Management, a fee-only firm, doesn’t have an account minimum, so you can become a client with any amount of investable assets. However, the firm manages its own private investment funds, which have their own investment minimums starting at $100,000.

The firm works with individuals, high-net-worth individuals, pension plans, charitable organizations and pooled investment vehicles. With over $2.5 in assets under management, no firm on this list manages more money than Red Door. 

The Red Door team includes advisors who hold the Certified Financial Planner™ (CFP®) designation, as well as the certified public accountant (CPA), chartered financial analyst (CFA), accredited asset management specialist (AAMS) and certified plan fiduciary advisor (CPFA).

As a fee-only firm, these advisors do not receive third-party compensation for selling or recommending securities or insurance. The firm also provides financial planning and consulting services, as well as family office and wealthing planning, on a fixed fee basis. Additionally, Red Door collects performance-based fees from its five private funds. 

Established in 2010, the firm offers portfolio management services, financial planning, advisory consulting, family office and wealth planning services, as well as pension consulting services. 

When analyzing securities, Red Door Wealth Management uses a mix of technical analysis, fundamental analysis and modern portfolio theory, which uses asset allocation to optimize a portfolio's returns for a given level of risk tolerance. The firm recommends a wide range of investments, including mutual funds, exchange-traded funds (ETFs), stocks, bonds, certificates of deposit (CDs), option contracts, government securities, money market funds, real estate and real estate investment trusts (REITs).

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Waddell & Associates is a fee-only firm that works with individuals and high-net-worth individuals, as well as corporate pension and profit-sharing plans, charities and corporations. Generally, the firm imposes a $500,000 account minimum for new clients, though that goes down to $5,000 for clients on the W&Ai robo-advisor platform. 

Members of the advisory team at Waddell & Associates hold a variety of financial certifications, including:

• Certified Financial Planner™ (CFP®)
• Certified public accountant (CPA)
• Chartered financial analyst (CFA)
• Certified divorce financial analyst (CDFA)
• Certified trust and financial advisor (CTFA)
• Chartered advisor in philanthropy (CAP)
• Personal financial specialist (PFS)

Waddell & Associates is owned by Focus Financial Partners. This LLC owns other advisors, broker-dealers, insurance firms and more. As a fee-only practice, advisors at Waddell & Associates do not earn third-party compensation for selling insurance and other financial products, eliminating a potential conflict of interest.

As a client of the firm, you’re likely to have your money managed in a model portfolio. This means the firm has already developed several template portfolios to fit specific financial needs and situations. This differs from some firms that will create your portfolio completely from scratch. The primary investments made at Waddell are mutual funds, ETFs and structured notes. 

For those with less than $500,000, the firm offers access to its robo-advising platform called W&Ai. This is the Schwab Intelligent Portfolio. Trading and rebalancing is determined by an algorithm. Your money is managed digitally, resulting in lower fees and minimums.  

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Steel Grove Capital Advisors, founded in 2001, is a fee-only advisor serving affluent individuals and families, charitable organizations, corporations and other business entities. The firm does not impose a minimum account size but may charge an annual or engagement-based fee for financial planning services. 

It offers discretionary and non-discretionary investment management, as well as stand-alone or integrated financial planning in areas such as retirement planning, estate and trust planning, cash flow analysis, charitable giving, tax planning and wealth transfer. 

Portfolios may comprise a mix of mutual funds, ETFs, individual stocks and bonds, options, private placements, hedge funds, and private equity, along with advice on legacy holdings and retirement plans. Its investment approach combines statistical analysis, proprietary planning tools and client-specific discussions to determine risk tolerance and asset allocation.

Their investment strategies focus on the long term, spreading investments across different asset classes and rebalancing periodically. They also make adjustments as needed when market conditions change or when a client’s goals or situation shift.

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Reliant Investment Management is an advisory firm with offices in Memphis and Shreveport, Louisiana. Its team includes financial certifications such as chartered financial analyst (CFA), Certified Financial Planner™ (CFP®), certified divorce financial analyst (CDFA) and certified public accountant (CPA). The firm is fee-only, which means it earns income exclusively from client fees.

Reliant requires at least $500,000 to be a client, and it works with individuals, high-net-worth individuals, pension plans, charitable organizations, government entities and corporations. 

Founed in 2001, Reliant primarily offeres discretionary investment management services, tailoring portfolios to each client’s goals, risk tolerance and market conditions. Services include asset allocation, portfolio construction and ongoing monitoring. The firm also offers non-discretionary management, investment consulting and participation in wrap fee programs.

Reliant Investment Management applies a number of methods when analyzing securities, including fundamental analysis, technical analysis and charting. The firm aims to discern the overall economic health of a company or entity, rather than focus exclusively on stock price movement. The practice recommends a range of investments, including but not limited to common stocks, issues convertible into common stocks, bonds, debt securities, option contracts, futures contracts, mutual funds, exchange-traded funds (ETFs), interestes in partnerships and money-market instruments.

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TD Capital offers a wide range of services to cater to the diverse financial needs of its clients. Their services include financial planning and consulting services, investment management, education planning, risk management, tax and cash flow management, death and disability planning, retirement planning and financial consulting services. The firm has no minimum asset requirement in order to work with them. 

TD Capital, which was established in 1996, works on a fee-only basis. The firm now boasts nine financial advisors who manage more than $1 billion in assets, collectively. The advisors hold certifications such as the Certified Financial Planner™ (CFP®), certified divorce financial analyst (CDFA) and the certified public accountant (CPA). 

TD Capital employs a comprehensive approach to investment strategies, aiming to meet the diverse needs of its clients. They offer both long-term and short-term purchase options, with long-term purchases focused on securities that are expected to grow in value over a period of more than one year, while short-term purchases take advantage of short-term price fluctuations and are often sold within a year.

The firm primarily invests in a range of assets, including exchange-traded funds (ETFs), mutual funds, individual bonds and individual stocks. When selecting mutual funds and ETFs, TD Capital Management considers various factors such as past performance, fee structure, portfolio manager, fund sponsor, safety ratings and the overall return. 

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Summit Asset Management is another fee-only firm that works with individuals, families, trusts, retirement plans for businesses, charitable endowments and corporations. As a fee-only practice, advisors don’t earn commissions on the sale of financial products.o engage Summit Asset’s services, you’ll need at least $500,000, the same amount as several other firms on our Memphis list. 

Summit has several Certified Financial Planners™ (CFP®) on staff, as well as a chartered life underwriter (CLU) and a chartered financial consultant (ChFC). This team of advisors offers discretionary investment management, financial planning and retirement plan advisory services. 

Founded in 1991, Summit is the third-oldest firm on our list. 

Summit Asset Management uses an asset allocation approach tailored to each client’s goals, risk tolerance and time horizon. Portfolios typically include cash, bonds, equities, and, when appropriate, alternative investments, accessed mainly through mutual funds and ETFs. The firm rebalances portfolios as needed, avoids market timing and may tactically adjust fund mixes to emphasize areas expected to outperform.

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At Kelman Lazarov, advisors may also be brokers and/or insurance agents. This makes the firm fee-based, since advisors may collect sales commissions from third-party vendors on top of client fees. These multiple roles can present a potential conflict of interest, though as an SEC-registered investment advisor, Kelman Lazarov has the fiduciary duty always to put clients' interests first.

The firm has no stated minimum to open an account. Kelman Lazarov emphasizes that understanding your current financial situation is vital for you to make prudent decisions. You can expect a hands-on approach to financial guidance at the firm. 

Advisors and other professionals on staff at Kelman Lazarov hold the following certifications:

• Certified Financial Planner™ (CFP®)
• Chartered financial analyst (CFA)
• Certified retirement counselor (CRC)

Kelman Lazarov offers investment management and financial planning, plus retirement planning, consulting services, as well as retirement plan management services.

The firm's asset management programs are fully discretionary managed account solutions tailored to each client’s financial situation, goals, risk tolerance and time horizon. The firm’s current K-L Asset Management Program uses model portfolios diversified across equities, fixed income and cash, often utilizing low-cost or no-transaction-fee ETFs and mutual funds. 

The firm also has two legacy investment programs—the Traditional Asset Management Program and Select Asset Management Program (generally for accounts under $250,000)—that follow similar model-based approaches.

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Private Wealth Management, a firm that has been in business for more than 20 years, is the 10th and final practice on our list. You'll need at least $1 million in investable assets to become a client at Private Wealth Management.

Operating since 2002, this fee-only firm has a small team of advisors and a client base almost entirely composed of individuals and high-net-worth individuals. However, the firm also works with a few coporations and charitable organizations.

Private Wealth Management does not have a website.

Private Wealth Management was founded and is jointly owned by Joseph P. Horner and Scott M. Robbins. While Robbins is a Certified Financial Planner™ (CFP®), both he and Horner have law degrees. The firm provides investment management, financial planning and tax preparation services to its clients.

For client portfolios, Private Wealth Management typically looks for mutual funds and exchange-traded funds (ETFs) that align with each client’s investment objectives and risk tolerance. Of course, the firm may invest in a wide range of investment products depending on the wishes or specific circumstances of the client.

Additionally, the firm may select independent money managers to advise clients on some or all of their portfolio. When doing this, the firm examines the manager's historical performance and relationship with risk, as well as his or her investment philosophy and style, making sure these factors align with the client.