The Top Financial Advisors in Montana

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Billings-based Investment Management Group (IMG), whose legal name is Stockman Wealth Management, is the top-rated financial advisor in Montana. IMG has been in business for over two decades and is the largest financial advisor in Big Sky Country. 

The firm works with both high-net-worth clients and non-high-net-worth individuals, as well as pension and profit-sharing plans, charities, banking and thrift institutions, government entities, insurance companies and corporations.

Although its account minimum is normally $250,000, it has added a fully online and automated investment program as a new advisory service for private individuals. It runs on the Charles Schwab platform and carries an account minimum of $5,000. IMG charges a minimum portfolio management fee of $3,000 per year. 

As a fee-only firm, IMG advisors do not sell financial products or insurance for third-party compensation, which would constitute a conflict of interest. The IMG team includes advisors who have earned the Certified Financial Planner™ (CFP®) and chartered financial analyst (CFA) credentials. 

Investment Management Group Background 

Stockman Financial Corp. began in 1953 when William Nefsy bought a controlling interest in Miles City Bank in Miles City, Montana. Since then it's become the largest family-owned community bank in the state. In 2002 Stockman Wealth Management – doing business as Investment Management Group – was established as a sister company to Stockman Bank and Stockman Insurance. In 2013 financial planning was added to the firm's services.

In addition to its headquarters in Billings, the firm has offices in communities throughout the state, including Bozeman, Helena, Missoula, Whitefish and more. 

As for services, IMG offers discretionary and non-discretionary portfolio management, financial planning and 401(k) plan advisory services to individuals, emphasizing personalized goals, risk tolerance and liquidity needs. Additionally, the firm's automated investment program delivers technology-driven portfolio management, including rebalancing and tax-loss harvesting. Its investment recommendations span a wide array of securities, ensuring alignment with each client’s financial objectives and risk preferences.

Investment Management Group Investment Strategy

When investing client assets, IMG uses the following methods of analysis and strategies:

• Fundamental analysis: The firm seeks to gauge the intrinsic value of a security by looking at economic and financial factors (including the overall economy, industry conditions, and the financial condition and management of the company itself) to determine if a security is underpriced (indicating a good time to buy) or overpriced (indicating a good time to sell).
• Qualitative analysis: IMG subjectively evaluates non-quantifiable factors such as quality of management, labor relations and strength of research and development. 
• Asset allocation: The firm attempts to identify an appropriate ratio of securities, fixed income and cash suitable to the client’s investment goals and risk tolerance.
• Fund analysis: IMG assesses the experience and track record of fund managers to determine if they have demonstrated an ability to invest over a period of time and in different economic conditions. The firm also looks at the underlying assets in funds to see if there is a significant overlap in the underlying investments held in other fund(s) in the client’s portfolio.

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Located in Bozeman, Bitterroot Capital Advisors is a fee-only firm that exclusively serves high-net-worth individuals. There are no set account minimums, but the firm does charge an annual $200,000 retainer, which is negotiable. As fee-only practice, the sole compensation that Bitterroot receives comes from client-paid fees, not sales commissions for selling securities or insurance.

Certain members of the Bitterroot team hold the chartered financial analyst (CFA) and a certified public accountant (CPA) designations. 

Bitterroot Capital Advisors Background

Founded in 1999 in San Francisco by Andrew S. Martzloff, Bitterroot moved to Bozeman a year later. Martzloff owns 61% of the firm, while advisor Carl W. Gardiner owns 25% and chief compliance officer William Powers owns the remaining stake. 

Bitterroot provides financial planning, portfolio liquidity management, cash flow analysis, tax advice and estate planning.

Bitterroot Capital Advisors Investment Strategy

Bitterroot offers a multi-disciplinary, whole-team approach to meeting clients' goals. The firm offers discretionary management, as well as non-discretionary asset allocation services. Bitterroot typically relies on diversification techniques to minimize the risk and maximize potential returns.

The firm offers advice on a variety of securities, including: equities, exchange-listed securities, securities traded over-the-counter; and foreign issues; warrants; corporate debt securities and commercial paper; certificates of deposit; municipal securities; mutual fund securities; United States government securities; option contracts on securities; real estate; oil and gas interests; hedge funds and private partnerships investing in venture capital, risk arbitrage, special situations, and distressed securities; and private placements and privately held businesses.

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Stack Financial Management (SFM), located in Whitefish, serves both high-net-worth and non-high-net-worth individuals, as well as pension and profit-sharing plans, charities, investment advisors and corporations.

The firm imposes a minimum account requirement of $750,000 for investment advisory services. 

As a fee-only firm, the sole compensation SFM receives comes from clients paying fees that are based on their assets under management. Those fees range from 1.20% to 0.75% for assets under $10 million. For assets greater than $10 million, SFM recommends calling to negotiate a rate.

The SFM team features a number of credentialed professionals, including certified public accountants (CPAs), chartered financial analysts (CFAs), a Certified Financial Planner™ (CFP®), a certified divorce financial analyst (CDFA), among others. 

Stack Financial Management Background

Founded in 1994, SFM is a corporation that was registered with the SEC as an investment advisor firm. It is owned principally by SFM's president James B. Stack, although a number of employees also own stakes in the business. 

SFM offers fee-only investment advisory services tailored to clients’ needs. The firm specializes in managing equity portfolios with strategies such as Capital Appreciation and Value & Dividend Portfolios. While not a financial planner, SFM provides limited financial planning and consulting services upon request, with clients responsible for notifying the firm of any changes requiring follow-up.

Stack Financial Management Investment Strategy

As with other advisory firms, investments are based on client needs and goals. When managing a portfolio, SFM takes into account risk tolerance and time horizon, among other financial factors. 

SFM portfolio investments may include:

• Primarily large-cap and mid-cap stocks, and potentially small-cap stocks
• Exchange-traded funds (ETFs) 
• Mutual funds
• International stocks (ADRs)
• Cash and cash equivalents, including money market funds and U.S. Treasury bills
• Limited positions in bonds

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Allied Investment Advisors, based in Billings, is the next firm on our list of the top practices in Montana. Allied has nearly 900 clients and a team of advisors that hold the chartered financial analysts (CFA), Certified Financial Planner™ (CFP®), accredited investment fiduciary (AIF) and accredited portfolio management advisor (APMA) designations. 

Clients include individuals, high-net-worth individuals, pension and profit-sharing plans, trusts, estates, charitable organizations and businesses.

The account minimum for Allied, which is a fee-only firm, is $250,000. A minimum annual fee of $3,000 also applies. Fees are based on assets under management, and a typical fee schedule is as follows: 1.2% for the $1 million; 1% for the next $2 million; 0.9% for the next $2 million; 0.8% for $5 million and above.

Allied Investment Advisors Background

Allied, which was founded in 2009 and registered as an investment advisor in 2011, provides clients in Montana and Wyoming financial planning, portfolio management (on either a discretionary or non-discretionary basis) and pension consulting services. The firm also publishes monthly newsletters that provide general information on different financial topics, including estate planning, retirement planning and market trends. 

Managing member Gary Lucas is the majority owner of the practice. Bart Aby, Dan Kelly and Eric Vermulm all own smaller stakes in the business. 

Allied Investment Advisors Investment Strategy

The firm takes a highly personal approach to advising clients, beginning with a "discovery meeting" in which staff members aim to understand a client's financial history, current situation and goals, whether that be retirement, selling a business or navigating challenging market events. Generally, the focus is on a client's long-term goals.

Allied provides investment advice on the following types of securities: exchange-listed equity securities (i.e. stocks), securities traded over-the-counter, foreign issues, fixed-income securities, commercial paper, corporate debt paper, certificates of deposit, municipal securities, mutual fund shares, exchange-traded funds and U.S. government securities.

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Main Line Retirement Advisors is a fee-only wealth management firm located in Whitefish that conducts business as Heartstone Advisors. The firm has advisors on staff with several financial credentials, including the chartered mutual fund counselor (CMFC), Certified Financial Planner™ (CFP®) and accredited investment fiduciary (AIF) designations. 

The firm works with individuals, high-net-worth individuals and retirement plans. Just keep in mind that you'll need $1 million to open an account with Main Line/Heartstone, although the firm may choose to waive this requirement. 

As a fee-only practice, the firm is compensated solely by the fees that clients pay for advice. The firm doesn't earn any commissions for selling third-party financial products or insurance. This means you won't have to worry about whether your advisor is making recommendations simply to generate a commission. 

Main Line Retirement Advisors Background

Main Line is a relative newcomer to the state of Montana, having moved from Radnor, Pennslyvania, between 2022 and 2023. Founded in 2016, the practice traces its roots back to 1958 when Alfred Matarazzo Sr. founded Main Line Financial Advisors outside Philadelphia. Despite moving to Montana, where it conducts business as Heartstone Advisors, Main Line still maintains its office in Pennsylvania. Matarazzo's son and grandson, Al and Zachary, remain owners of the firm. 

Main Line Retirement Advisors provides discretionary and non-discretionary wealth management.

The firm offers comprehensive wealth management, so in addition to managing your portfolio, Main Line/Heartstone can help you various financial planning topics, including:

• Tax planning
• Retirement planning
• Risk management
• Estate planning
• Cash flow planning
• Business planning
• Education planning

Main Line Retirement Advisors Investment Strategy

Main Line/Heartstone may use long-term purchases (securities held for at least a year), short-term purchases (securities sold within one year), options and trading (securities sold within 30 days). When formulating advice, it uses fundamental, technical and charting methods of analysis. 

The firm may invest in a variety of securities, including:

• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• U.S. governmental securities
• Options contracts on securities
• Interests in partnerships investing in real estate 

Life Planning Advisors is a fee-based advisory firm in Bigfork that primarily works with individual clients who do not have a high net worth. However, the firm also works with some high-net-worth individuals, retirement plans and corporations. Clients are typically required to meet the firm's $250,000 minimum account balance to receive asset management services. 

For asset management, the firm charges an asset-based fee that's calculated as a percentage of your assets under management (AUM). As a fee-based firm, though, advisors are also insurance agents and can receive commissions on the sale of insurance products.

Life Planning Advisors Background

Founded in 2009, the firm was previously located in California and known as Sierra Wealth Group, LLC. However, in 2024, the firm reorganized in Bigfork as Life Planning Advisors. Jeffrey Goldman owns 100% of the business.

Life Planning Advisors provides tailored asset management services, building portfolios that it reviews and rebalances quarterly. The firm also facilitates referrals to third-party portfolio management firms, conducting due diligence, monitoring performance, and assisting clients in evaluating these services. Additionally, Life Planning Advisors offers comprehensive financial, estate, tax and risk management planning, addressing prioritized client needs through personalized meetings and ongoing reviews to ensure strategies align with clients' evolving financial situations and objectives.

Life Planning Advisors Investment Strategy

Life Planning Advisors employs a diversified and research-driven approach to investment management, utilizing methods such as charting, fundamental analysis, and technical analysis. The firm integrates both long-term and short-term strategies, including trading, margin transactions and option writing, tailored to clients' risk tolerance and financial goals.

Grounded in modern portfolio theory, Life Planning Advisors emphasizes efficient asset allocation across equities, fixed income and other asset classes, often leveraging low-cost, tax-efficient mutual funds and ETFs. The firm also incorporates tactical asset allocation and alternative investments, such as REITs or private placements, for accredited clients. 

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Cladis Investment Advisory (CIA) rounds out our list of the top-rated advisory firms in Montana. CIA is another fee-only practice located in Billings. It works with individual clients both above and below the high-net-worth threshold, as well as a handful of charitable organizations. CIA does however typically require a minimum account size of $250,000. 

In addition to asset-based fees, the firm also charges hourly and fixed fees, depending on the needs of the client. As a fee-only practice, CIA and its advisors do not collect commissions for selling certain products and services. This eliminates a potential conflict of interest that you'd otherwise have to keep in mind when working with a fee-based advisor. 

The firm has a small team that includes a certified trust and financial advisor (CTFA) and accredited wealth management advisor (AWMA). 

Cladis Investment Advisory Background

Nick Cladis founded his namesake firm in 2010 after working as an investment advisor for Capstone Wealth Management for several years. Cladis remains the firm's majority owner, while chief operations officer and investment advisor representative Tracy Hawbaker owns a minority stake in the business. 

CIA aims to provide comprehensive wealth management to its clients. So in addition to portfolio management, the firm may help you plan for retirement, navigate the estate planning process, develop a plan to pay down debt or save for your child's college education.

Cladis Investment Advisory Investment Strategy

When it comes to investing your money, CIA looks to tailor its approach to your individual needs and objectives. The firm believes in diversification and will strive to spread a client's money across a variety of asset classes. Each client's risk tolerance, investment goals, annual income, net worth, liquid assets, age, income requirements and other assets all factor into the investment advice that's given. 

As a result, CIA may recommend you invest in a combination of individual exchange-listed stocks, corporate bonds, United States government and agency bonds, certificates of deposit, municipal securities, mutual funds and exchange-traded funds (ETFs). However, the firm does not advise or recommend derivatives of these investments, including options.