The Top 10 RIAS in Detroit

If you're in investment sales, you likely already know that one of the biggest problems of selling to RIAs is the sheer size of it.

The RIA market across the United States consists of over 36,000 firms, which means that while there are more than enough to choose from when looking for new clients, narrowing down the list to only those that allocate to outside managers is going to be key.

Here at Dakota, we’ve raised over $6 billion from over 350 RIAs, and that has been possible because we qualify and curate our list to only RIAs that allocate to outside managers.

In an effort to help narrow down the sheer size of the market, we’ve put together a list of the top 10 RIAs in each major metro area across the country. To determine our list, we looked for three things:

  1. An AUM above $200 million

  2. A dedicated analyst team

  3. An RIA that actively allocates capital to outside investment management firms

In this article, we're highlighting the top 10 RIAs in Detroit, Michigan from our curated institutional investor database, Dakota Marketplace.

However, this is by no means a “best of” list, as there are so many high quality RIAs in Detroit. By the end of the article, you'll have a clear idea of the landscape and who you can be calling on.

1. Plante Moran Financial Advisors 

AUM: $10,997,209,465

About: At Plante Moran, an engagement is much more than a professional transaction. It’s a personal experience where clients are confident we’re looking out for them, no matter their size, location, or what goals they’ve set. With their seamless service, recognized expertise, and personal approach to relationships, Plante Moran clients have clarity and confidence, no matter what’s next.

In their nearly 100 years in business, they've grown to be one of the nation’s largest audit, tax, consulting, and wealth management firms. More than 3,300 professionals are committed to exemplary client service every day.

2. Sigma Planning Corporation

AUM: $5,576,962,314

About: Sigma Financial Corporation is a comprehensive financial services firm committed to helping their clients improve their long-term financial success. Their customized programs are designed to grow and conserve clients’ wealth by delivering an unprecedented level of personalized service. Since 1983, Sigma has been leading clients to financial freedom, living up to the motto: "Financial planning today for financial freedom tomorrow."

3. Telemus Capital

AUM: $3,197,311,201

About: Telemus was founded in 2005 as an independent, fee-based firm that offers comprehensive financial advisory, investment management and asset management solutions. They currently manage or advise on approximately $3 billion of investment assets for high net worth individuals and families, endowments and foundations, and select institutions.

Telemus was created with the belief that clients deserve a more imaginative approach than what was available from traditional firms. Their founders shared a strong conviction that there was a better way to meet client needs.

4. Desmond Liggett Wealth Advisors

AUM: $2,700,000,000

About: Desmond Liggett Wealth Advisors is a mission-driven, fee-only wealth management company with a simple purpose: to generate exceptional value for the individuals, families, small business owners, and non-profit organizations we serve.

5. Schechter Investment Advisors, LLC

AUM: $2,598,509,948

About: Schechter Investment Advisors, LLC provides goal-based planning, considering cash-flow, risk analysis, business exit strategies, and liquidity planning. They create plans tailored to help families grow their wealth and achieve financial goals. Their customers stay with them for generations because of their service and breadth of knowledge. 

6. Mainstay Capital Management, LLC 

AUM: $2,583,022,180

About: Mainstay Capital Management, LLC (MCM) was founded to help investors who do not have the time or inclination to give their retirement savings accounts and other investments the thorough research and analysis they require. Through their portfolio development and management process, MCM takes full advantage of the investment options available in a client’s 401(k), 403(b), IRA, or other type of managed account to meet his or her long-term goals and tolerance for risk. 

7. Advance Capital Management, Inc.

AUM: $2,500,000,000

About: Advance Capital Management, Inc. was established in 1986 and is an SEC registered investment adviser. The firm provides investment advice to many types of clients including individuals, investment advisers, investment companies, pension, profit sharing and other forms of retirement plans, trusts, estates, charitable organizations and corporations.

8. MFO Management

AUM: $2,000,000,000

About: MFO Management Company is a single family office with locations in Flint and Birmingham, Michigan. They provide their clients with a proactive approach to tax and financial planning, identifying opportunities to increase cash flow and lower taxes.

MFO's services encompass nearly every aspect of your financial life. They are experienced in all matters of accounting and taxation, IRS problem resolution, estates and trusts, business formation, financial planning and investment, insurance, real estate purchases and sales.

9. Bloomfield Hills Financial

AUM: $1,510,000,000

About: BHF believes in the power of independence. Although centrally located in the Metro-Detroit area, they have access to all of the resources of a national investment firm. As they are not captive to any one particular financial institution, they have access to an expansive assortment of investments and planning tools.

Their experienced team members provide clients with institutional-quality investment portfolios and services. By working with an independent Broker-Dealer, First Allied Securities, Inc., they are free to provide you with the investment options, services, and guidance that are most beneficial to helping you achieve your personal financial goals – free of bias or conflicts of interest.

10. Bloom Asset Management 

AUM: $1,327,652,913

About: For over 38 years, Bloom Asset Management has refined a set of principles that guide their philosophy and mission as a firm. These are promises they make to each client who trusts them with their financial wellbeing. They are a non-negotiable part of the firm, and they are proud to exemplify each of these principles in everything we do.

While the above are the RIAs in Detroit with the highest AUM, you can access the complete list of Detroit RIAs in Dakota Marketplace. To find out more, we'd love to offer a free trial of the platform.

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Written By: Gui Costin, Founder, CEO

Gui Costin is the Founder and CEO of Dakota.


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