Banking & Finance

Rehmann at the top

A hundred firms are on the list, including two in Michigan.

May 29, 2015
| By Pete Daly |
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Rehmann Financial, which is headquartered in Saginaw and has offices throughout Michigan and other Midwest states, has been named to Forbes’ Top Wealth Managers 2015 list, one of 100 wealth management firms from around the nation to be recognized.

According to Forbes’ published data, Rehmann has more than $3 billion under management and its annual assets under management growth is 28 percent.

Rehmann officials said in a news release the Forbes listing follows last year’s appearances in the Financial Times 300, which recognizes the top registered investment adviser, or RIA, firms across the country, and the Financial Advisors 2014 Registered Investment Advisor Ranking, which is based on total assets under management and other measures such as total assets per client.

Making the Forbes list meant meeting several criteria, including assets under management and managing at least 50 percent of assets on behalf of retail clients.

“The basics of wealth management largely remain constant, but in recent years we’ve seen many issues that could have impacted our clients’ wealth,” said Jeff Phillips, Rehmann Financial’s chief investment officer.

“It takes a lot to stay on top of that, but the work — and the results — is very gratifying,” he said.

“We work tirelessly to serve our clients, and the results we achieve for them bear this out,” said Fred Schaard, president of Rehmann Financial. “That alone is very rewarding. But being named to the Forbes list is also great recognition for what everyone at Rehmann Financial strives to achieve.”

The other Michigan firm on the list is Plante Moran Financial Advisors in Southfield. Forbes indicated its assets under management are almost $11 billion and its AUM growth is 13 percent.

Candidate firms qualify based on both quantitative and qualitative criteria and are ranked by assets under management for year-end 2014, reported as of March 31, 2015.

Rehmann said members of the list:

  • Must manage at least 50 percent of their assets on behalf of retail clients.
  • Must perform wealth management services.
  • Cannot run a broker-dealer, although they can be affiliated with one.
  • Cannot be a bank; trust companies are permitted.
  • Cannot have any regulatory, civil or criminal disclosures.

The list looks beyond exclusively fee-only advisors because the RIA industry is evolving to incorporate more hybrid models as more reps break way from broker-dealers but carry along old business that includes some commission-based work.

According to Rehmann, it is a fully integrated financial services firm of CPAs and consultants, wealth advisors and corporate investigators. The firm offers a cross-functional team approach that gives clients direct access to a professional in any available service.

Rehmann is ranked as the 29th largest firm in the United States, with 800 associates in 19 offices located in Michigan, Ohio, Florida and Indiana. It is a member of Nexia International, allowing it to offer a global approach for its clients.

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