Top Financial Advisors in Utica, NY

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Strategic Financial Services is far and away the largest firm on our Utica list. The firm employs a sizable team of financial advisors who work with individual clients both with and without a high net worth, retirement plans, charities and businesses. 

Strategic Financial Services offers several different asset allocation programs and strategies. For its Gold and Platinum programs, the minimum account size is $500,000, though the Blue program has no minimum. It's also a fee-only firm, which means all of its compensation comes from client-paid fees. While some advisors hold insurance licenses, the firm and its advisor do not receive compensation for insurance sales.

Strategic Financial Services has been in business since 1979. The firm's team of advisors holds a range of professional certificiations, including the Certified Financial Planner™ (CFP®), Chartered Financial Analyst (CFA), chartered financial consultant (ChFC), certified divorce financial analyst (CDFA), among others. 

Services include wealth management, retirement plan advisory, fiduciary consulting, and tailored institutional investment programs. Clients can also access guidance on estate, tax and insurance planning when requested.

The firm utilizes asset allocation models to best fit the financial objectives of each client. The firm also tailors its investment management services to address the needs of each client, including their risk tolerance, time horizon, income needs and investment preferences.

The advisory uses forecasting, budgeting, data analysis and other investment models to inform its investment decisions. Its portfolios usually consist of several investment securities, including stocks, bonds, mutual funds and exchange-traded funds (ETFs). The firm's Gold and Platinum Programs typically utilize a wider range of investments than are included in the Blue Program.

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Next on our list of the top firms in Utica is Caruso McLean & Co. This fee-based firm works with individuals and high-net-worth individuals, as well as retirement plans, charities and businesses. For the most part, you'll need at least $10,000 in investable assets to open an account with Caruso McLean & Co. The firm may decide to waive this minimum at its discretion, though.

The advisors here are also broker-dealer representatives and insurance agents. In these roles, they collect transaction-based commissions, which can potentially pose conflicts of interest. This is different from a fee-only firm, where advisors' only compensation is from client fees. As an SEC-registered firm, however, the practice has a fiduciary duty to act in its clients' best interests.

Gregory McLean and Ernest Caruso co-founded Caruso McLean & Co. in 1988 after spending many years working in the financial services industry. McLean currently serves as the firm's president, founding partner and principal owner, as Caruso passed away in 2010. Stephen Caruso, his son, serves as the firm's chief investment officer (CIO) and is a chartered financial analyst (CFA). The firm also has a Certified Financial Planner™ (CFP®) on staff. 

Caruso McLean & Co. provides asset management, asset allocation consulting, and financial planning services. The firm assists clients with retirement planning, college planning, savings strategies and evaluating insurance needs.

Caruso McLean & Co. tailors its investment strategies based on the goals of each individual client. Client relationships begin with a session to determine these goals and objectives so that the firm and its advisors can plan accordingly. Advisors take into account retirement goals, investment objectives, risk tolerance, cost of living needs, cash flow needs and more.

The firm has designed five model portfolio strategies that range from conservative to moderate to aggressive. The methods of analysis that it utilizes include economic analysis, fundamental analysis and technical analysis, each of which allow the firm to assign an intrinsic value to a security. Portfolios are typically composed of mutual funds and exchange-traded funds (ETFs).

One Hopper Asset Management wraps up our list of the top financial advisors in Utica. One Hopper is a small fee-based firm requiring at least $25,000 to start an account. Asset management fees are charged basead on a percentage of assets under management, while financial planning and consulting services are charged an hourly rate. Some advisors can earn commissions from the sale of specific securities or insurance products, which is a potential conflict of interest. However, advisors must act in the best interest of the client when serving as an advisor.

The firm does not have a website and does not provide a list of certifications for advisors at the firm. Most clients of One Hopper are individuals, the majority of whom do not have a high-net-worth. The only institutional client at the firm is a charitable organization. 

One Hopper Asset Management was founded in 2013 and is principally owned by Wayne I. Brooks. Services offered include asset management, financial planning and consulting.

One Hopper Asset Management uses a combination of fundamental and technical analysis in its investment approach. Fundamental analysis focuses on financial data such as earnings, assets, and economic conditions, while technical analysis emphasizes price and trading patterns to identify market trends.

Generally speaking, the firm invests client assets in individual stocks, bonds, mutual funds and cash. The makeup of each portfolio depends on the specifics of the client's financial situation as determined by the firm. Advisors will take into account factors like risk tolerance, time horizon, income needs, long-term financial plans and more.