City Guide

How to Choose a Financial Advisor in DETROIT, MI

A data-driven guide based on 77 registered advisors in DETROIT
01

Local Market Overview

There are 77 registered financial advisors in DETROIT, Michigan. Approximately 81% report fee-based compensation, while 6% include commission-based compensation. The average firm serving DETROIT manages $3.2B in assets.

Registered Advisors
77
In DETROIT, MI
Avg Firm AUM
$3.2B
Assets under management
Top Credential
—
Community Profile

DETROIT has a population of 636,787 with a median household income of $37,761. The median age is 35.

Advisor density: 1.2 per 10K residents
Median income: $37,761
Compensation Types Reported
Percentage of AUM
81% of advisors · 62 total
Subscription fees
29% of advisors · 22 total
Hourly charges
23% of advisors · 18 total
Performance-based fees
19% of advisors · 15 total
Other: SEE SCHEDULE D - MISCELLANEOUS
13% of advisors · 10 total
Commissions
6% of advisors · 5 total
02

What to Look For

Check their credentials
The CFP (Certified Financial Planner) is the gold standard for comprehensive financial planning. A CFA (Chartered Financial Analyst) signals deep investment expertise, while a ChFC (Chartered Financial Consultant) covers insurance and estate planning.
Understand fee structures
Fee-only advisors charge only for their advice (hourly, flat fee, or % of AUM). Fee-based advisors may also earn commissions on products they sell. Commission-only advisors earn money from product sales. Fee-only is generally considered the least conflicted model. See Michigan fee analysis →
Verify their registration
Every legitimate advisor should be registered with the SEC or their state. Check FINRA BrokerCheck for disciplinary history, disclosures, and registration status. All advisors on AdvisorOS are sourced from official SEC/FINRA registration data.
Ask about account minimums
Some advisors require $250,000 or more to open an account. Others work with any portfolio size. Ask upfront to avoid wasting time on advisors who aren't a fit.
Review their Form CRS
The Form CRS (Client Relationship Summary) is a 2-page document every advisor must provide. It explains services, fees, conflicts of interest, and disciplinary history in plain language. Ask for it before your first meeting.
03

Browse Advisors in DETROIT

77 advisors in DETROIT, MI

Search the full directory of registered financial advisors in DETROIT. Compare credentials, specialties, and firm details — all based on SEC and FINRA public data.

Browse DETROIT AdvisorsAll Cities in Michigan
04

Frequently Asked Questions

How many financial advisors are in DETROIT, MI?
There are 77 registered financial advisors in DETROIT, Michigan, according to SEC and FINRA registration data.
What credentials should a financial advisor in DETROIT have?
Look for CFP (Certified Financial Planner) for comprehensive planning, CFA for investment management, or ChFC for insurance and estate planning.
Are financial advisors in DETROIT required to be fiduciaries?
Registered Investment Advisors (RIAs) have a fiduciary duty to act in your best interest. Broker-dealers follow a suitability standard. Always ask your advisor about their fiduciary status and get it in writing.
What do financial advisors in DETROIT charge?
Fees vary widely. Fee-only advisors typically charge 0.5%–1.5% of assets under management, $150–$400/hour, or flat fees of $1,000–$7,500+ per plan. Commission-based advisors may not charge fees directly but earn commissions on products.
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Browse DETROIT Advisors by Specialty
Investment ManagementRetirement PlanningWealth ManagementFinancial PlanningFee-Only AdvisoryFinancial Education
More Research
What Do Financial Advisors Cost in Michigan? →National Fee Analysis →