Disclosure
Disclosure Information - Rankings and Awards
Barron’s Magazine –America’s Top 100 Independent Wealth Advisors, America’s Top 1,200 Financial Advisors, Financial Advisors Hall of Fame, and Nation's Top 100 Women Financial Advisors
The selection methodology described below is for Barron’s which is a registered trademark of Dow Jones & Company, L.P. Zhang Financial (“ZF”) is not affiliated with Barron’s or Dow Jones & Company, L.P. “America’s Top 100 Independent Wealth Advisors” and “America’s Top 1,200 Financial Advisors bases the rankings upon data provided by individual advisers and their firms, including submissions by ZF. Barron’s confirms that data via regulatory databases, crosschecks with securities firms and conversations with individual advisers. ZF applied for consideration, and the result was independently granted. Advisors’ who wish to be ranked fill out a survey about their practice. Barron’s then verifies that data with the advisors’ firms and with regulatory databases and then applies its rankings formula to the data to generate a ranking. The formula Barron’s uses to rank advisers is proprietary. It has three major components: assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an adviser’s returns are dictated largely by the risk tolerance of clients. In addition, Barron’s also considers a wide range of qualitative factors, including the advisors’ experience, their advanced degrees and industry designations, the size and shape of their teams, their charitable and philanthropic work and regulatory compliance records. “Nation's Top 100 Women Financial Advisors”, is America’s top women financial advisors as identified by Barron’s. The ranking reflects the volume of assets overseen by the advisors and their teams, revenue generated for the firms and the quality of the advisors’ practices. The scoring system assigns a top score of 100 and rates the rest by comparing them with the top-ranked advisor. “America’s Top 1,200 Financial Advisors” and “Nation's Top 100 Women Financial Advisors” rank all advisors regardless of whether they are considered independent or not. “America’s Top 100 Independent Wealth Advisors” only ranks advisors they consider “independent”. "Barron's Hall of Fame" is an award honoring advisors who have appeared in 10 or more of Barron's annual Top 100 Advisor rankings.
ZF is unaware, nor has Barron’s published, the number of nominees considered for the award rankings. Barron’s does not require membership or payment in order for award participants and/or applicants to be considered for an award designation. Moreover, neither ZF nor any other participating advisers paid a fee to be eligible for the “America’s Top 100 Independent Wealth Advisors”, "Barron's Financial Advisors Hall of Fame", “Nation's Top 100 Women Financial Advisors” and/or “America’s Top 1,200 Financial Advisors.” However, ZF may pay a fee in exchange for plaques, logo licensing, a web link, or article reprints commemorating the designation. ZF would pay this fee only after receiving the designation and not as a condition precedent to receiving it. The fact that ZF pays any fee with respect to its receipt of the designation should be considered if such designation is a factor in a client’s or prospective client’s evaluation of whether to initially engage or continue to engage ZF for investment advisory services. Barron’s-ranked advisors may pay Barron’s a separate fee for special advertising to publish a Barron’s ranked advisor’s contact information including applicable phone numbers, email addresses, and website addresses. This publication option is offered on an annual basis and is limited to Barron’s-ranked advisors for that respective year. It should be noted that this type of payment creates an inherent conflict of interest because it provides the awarding entity with a monetary incentive to grant such ranking, recognition, or designation to participating advisors that submit such forms of consideration. After receiving the respective award designations, ZF did not pay a separate fee to Barron’s in exchange for publication of this information. Barron’s does not publish, nor is ZF aware of the percentage of other advisers that received the applicable rankings. ZF is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the ranking. By virtue of disclosing this ranking, ZF is disclosing favorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang, or ZF is ranked above other advisors) and unfavorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked below other advisors). By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating advisor has an established and significant history and record free from regulatory sanctions. The rankings are not representative of any one client’s experience because of the way in which it is calculated. Inclusion on the above list is absolutely not indicative of ZF’s future performance, or any future performance pertaining to its clients’ investments; should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if ZF is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of ZF by any of its clients.
Additional information regarding the above rankings is available at the following links:
2023 Top Independent Advisors:
https://www.barrons.com/advisor/report/top-financial-advisors/independent
2024 Top Advisor Rankings by State:
https://www.barrons.com/report/top-financial-advisors/1000/2024
Barron’s Financial Advisors Hall of Fame:
https://www.barrons.com/articles/barrons-financial-advisor-hall-of-fame-51572028751
https://www.barrons-advisor.
Methodology:
https://www.barrons.com/articles/barrons-top-advisors-methodology-1534541819
https://www.barrons.com/advisor/articles/barrons-methodology-for-ranking-financial-advisors-51615843316
Forbes –America’s Top Wealth Advisors, Best-In-State Wealth Advisors, and Top RIA Firms
“Forbes” is a registered mark of Forbes LLC. Zhang Financial (“ZF”) is not affiliated with Forbes. Data for the Forbes “America’s Top Wealth Advisors”, “Best-In-State Wealth Advisors”, and “Top RIA Firms” are developed by “SHOOK Research.” Each advisor or firm considered for the award was nominated by their respective firm, then vetted and ranked by SHOOK Research. Charles Zhang and the firm applied for consideration, and the result was independently granted. The Forbes “America’s Top Wealth Advisors,” “Best-In-State Wealth Advisors” and “Top RIA Firms” rankings are based on an algorithm of qualitative criteria mostly gained through telephone and in-person due diligence interviews, and quantitative data. For “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors”, an advisor would meet basic requirements for consideration based on having a minimum of seven years experience, a minimum of one year at the current firm (with exceptions based on acquisitions, etc.), being nominated and recommended by a firm, completion of an online survey, over 50% of revenue / production must be with individuals, and an acceptable compliance record. The algorithm for all rankings weights factors like revenue trends, assets under management, compliance record, industry experience, and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. In developing its applicant pools for “America’s Top Wealth Advisors”, “Best-In-State Wealth Advisors,” and “Top RIA Firms” SHOOK sets thresholds to limit nominations for consideration. For “America’s Top Wealth Advisors” Forbes and SHOOK may receive tens of thousands nominations (based on SHOOK thresholds), invited around 10,000 candidates to complete the online survey, conduct a lesser number of telephone interviews, and conduct a smaller sample of in-person interviews at the Advisor’s location. Forbes recognizes a couple hundred wealth advisors. For “Best-In-State Wealth Advisors” Forbes and SHOOK may receive tens of thousands nominations (based on SHOOK thresholds), invite thousands of candidates to complete the online survey, conducted thousands of telephone interviews, and conducted a smaller sample of in-person interviews at the Advisors’ location. Forbes generally recognizes a total of around a hundred wealth advisors from Michigan. For “Top RIA Firms” the basic requirements for consideration are: having a minimum of seven years experience as an advisor, fully operational as a practice for a minimum of 1 year, must incorporate a fiduciary model, the completion of online survey, and interview with SHOOK, evaluations focused on wealth management and acceptable compliance record. The research summary (as of October 2023) for “Top RIA Firms” states that thresholds were set to minimize the number of nominations received. And discloses that 42,643 nominations were received, based on thresholds, 23,100 invited to complete online survey, 18,417 were interviewed by telephone, 4,281 in-person interviews were conducted at advisors’ location, and 1,487 virtual interviews were conducted. Approximately 20% were independent advisors.
Neither Forbes nor SHOOK receive a fee or require membership in exchange for rankings. Accordingly, neither ZF, Charles Zhang, Lynn L. Chen-Zhang nor any other participating advisors paid a fee to be eligible for the “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings. Based on its stated methodology, SHOOK does not name advisors if the ratings are not statistically valid; and there are no facts that would call into question the validity of the inclusion on the “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings or the appropriateness of ZF advertising the same. By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating advisor has an established and significant history and record free from regulatory sanctions.
ZF is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the above rankings. By virtue of disclosing the rankings, ZF is disclosing favorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked above other advisors) and unfavorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked below other advisors). The ranking may not be representative of any one client’s experience because of the way in which it is calculated. The ranking is absolutely not indicative of ZF’s and its advisors’ future performance, or any future performance pertaining to its clients’ investments, nor should it be construed as a current or past endorsement by any of its clients.
Additional information regarding the above rankings is available at the following links:
America’s Top Wealth Advisors List:
https://www.forbes.com/top-wealth-advisors/#7090fd611a14
Best-In-State Wealth Advisors List:
https://www.forbes.com/best-in-state-wealth-advisors/#4aefa6f4291d
Top RIA Firms:
https://www.forbes.com/lists/top-ria-firms/?sh=2eb450473cd5
Methodology:
https://www.forbes.com/sites/rjshook/2023/04/04/methodology-americas-top-wealth-advisors-2023/?sh=54e4266e4a93
https://www.forbes.com/sites/rjshook/2022/04/07/methodology-forbes-best-in-state-wealth-advisors-2022/?sh=2ab9cd727fee
https://www.forbes.com/sites/rjshook/2023/10/10/methodology-americas-top-ria-firms-2023/?sh=4a615ae6e26d
Financial Advisor Magazine
“2022/2023 Financial Advisor magazine RIA Survey & Ranking” comes from Financial Advisor magazine (“FA”), a publication and online website covering the investment advisory industry, which surveys and publishes an annual list of independent registered investment advisers, ranked by assets under management. FA's RIA survey is based on assets under management at year end of independent RIA firms. FA's RIA ranking orders firms from largest to smallest, based on AUM reported to them by firms that voluntarily complete and submit FA's survey by a certain deadline. FA states that they “…do our best to verify AUM by reviewing ADV forms.” To be eligible to participate, firms must be independent registered investment advisers, filing their own ADV with the SEC, and provide financial planning and related services to individual investors. Only advisers that voluntarily complete and submit FA’s survey by the deadline are included in the rankings. Firms must have at least $500 million in assets under management as of December 31, 2022, to be included in the print edition of FA's 2022/2023 RIA survey. Firms with under $500 million will be included the FA's expanded 2022/2023 online RIA survey. FA magazine has not disclosed how many firms chose to participate. 534 registered investment advisers are included in the 2023 rankings online. 521 registered investment advisers are included in the 2022 rankings online. No compensation was provided to obtain this rating. For more information and complete rankings, visit:
RIA Channel
RIA Channel® “Top 100 Wealth Managers” ranks wealth managers “based on a proprietary set of criteria and data. The ranking is based on both size and growth in assets as of June 30, 2020, as reported to the SEC. RIA Database (RIADatabase.com) was used for regulatory data, organic research, and advisor surveys.” (See https://www.riachannel.com/2020-top-100-wealth-manager-list-methodology/.) Zhang Financial did not verify any data, nor were we asked to, prior to ranking or publication. Regulatory Assets Under Management (“RAUM”) displayed on RIA Channel’s website is calculated by RIA Channel, not Zhang Financial. We did not independently calculate our RAUM as of June 30, 2020, nor do we know RIA Channel’s RAUM calculation methodology. RIA Channel has not published information on how many firms were considered for ranking or the criteria used for inclusion on this ranking. Zhang Financial did not submit any information to RIA Channel regarding this ranking, request to be considered for the ranking or pay any fee in connection with this recognition. For more information and a complete list of recipients and rankings, visit https://www.riachannel.com/top-100-wealth-manager-list-2020/.
Investment News
For the “RIA Rundown: Top Fee-Only RIAs by State” InvestmentNews qualified a couple thousand firms headquartered in the United States based on data reported on Form ADV to the Securities and Exchange Commission. To qualify, firms must have met the following criteria: (1) latest ADV filing date is either on or after Jan. 1 of the previous year, (2) total AUM is at least $100M, (3) does not have employees who are registered representatives of a broker-dealer, (4) provided investment advisory services to clients during its most recently completed fiscal year, (5) no more than 50% of amount of regulatory assets under management is attributable to pooled investment vehicles (other than investment companies), (6) no more than 25% of amount of regulatory assets under management is attributable to pension and profit-sharing plans (but not the plan participants), (7) no more than 25% of amount of regulatory assets under management is attributable to corporations or other businesses, (8) does not receive commissions, (9) provides financial planning services, (10) is not actively engaged in business as a broker-dealer (registered or unregistered), (11) is not actively engaged in business as a registered representative of a broker-dealer, (12) has neither a related person who is a broker-dealer/municipal securities dealer/government securities broker or dealer (registered or unregistered) nor one who is an insurance company or agency.
“InvestmentNew’s 2023 Hot List” began in August 2023, when InvestmentNews invited wealth professionals from across the country to nominate their most exceptional leaders for the inaugural Hot List. Nomination applications questionnaires were completed and submitted to InvestmentNews. After receiving hundreds of nominations, InvestmentNews narrowed the list down to 100 whose contributions have helped shape the wealth industry over the past 12 months, supported underserved groups and the next generation of wealth professionals.
InvestmentNews’ “RIA Rundown: Top Fee-Only RIAs by State” and “InvestmentNew’s 2023 Hot List” do not require membership or payment in order for award participants and/or applicants to be considered for an award designation. Moreover, neither ZF nor any other participating advisers paid a fee to be eligible for the “RIA rundown: Top fee-only RIAs by state” or “InvestmentNew’s 2023 Hot List”. However, ZF may pay a fee in exchange for plaques, logo licensing, a web link, or article reprints commemorating the designation. ZF would pay this fee only after receiving the designation and not as a condition precedent to receiving it. The fact that ZF pays any fee with respect to its receipt of the designation should be considered if such designation is a factor in a client’s or prospective client’s evaluation of whether to initially engage or continue to engage ZF for investment advisory services. InvestmentNews’ ranked advisors may pay InvestmentNews a separate fee for advertising to publish an InvestmentNews’ ranked advisor’s contact information including applicable phone numbers, email addresses, and website addresses. It should be noted that this type of payment creates an inherent conflict of interest because it provides the awarding entity with a monetary incentive to grant such ranking, recognition, or designation to participating advisors that submit such forms of consideration. ZF is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the ranking. By virtue of disclosing this ranking, ZF is disclosing favorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked above other advisors) and unfavorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked below other advisors). The rankings are not representative of any one client’s experience because of the way in which it is determined. Inclusion on the above list is absolutely not indicative of ZF’s future performance, or any future performance pertaining to its clients’ investments; should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if ZF is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of ZF by any of its clients.
Additional information regarding the above rankings is available at the following link(s):
RIA Rundown 2019: Top Fee-Only RIAs by State:
https://www.investmentnews.com/industry-news/news/ria-rundown-2019-top-fee-only-rias-by-state-79759
InvestmentNew’s 2023 Hot List:
https://www.investmentnews.com/industry-news/news/hot-list-2023-winners-revealed-247122
Michigan Lawyers Weekly
The selection methodology described below is for Michigan Lawyers Weekly. Zhang Financial (“ZF”) is not affiliated with Michigan Lawyers Weekly Inc. Michigan Lawyers Weekly’s “#1 Best Wealth Management Provider,” is based votes submitted to Michigan Lawyers Weekly which includes an online survey portal utilized to vote. Michigan Lawyers Weekly describes the ranking and selection process as follows: “…It is truly a reader-driven effort as your votes determine which companies took top honors in their respective fields. Michigan Lawyers Weekly offered lists in a variety of categories of business that serve the legal community and ranked them based on your votes. You weighed in on everything from advertising to banking to firm management services, hospitality and trial services. This honor serves as validation of business’ efforts to serve their legal customers and bodes well for their continued success. We hope our readers take pride in seeing their trusted partners receive recognition. Perhaps the list will serve as a resource to identify companies to work with in the future. Thank you for voting in our … reader rankings. Suggestions for next year are welcomed.” Michigan Lawyers Weekly’s asked if ZF would like to be included on the list of wealth management providers that would be voted on when they established the “Reader Rankings” in 2017. ZF is unaware, nor has Michigan Lawyers Weekly’s published, the number of firms considered for the voting list or the number of votes received. Michigan Lawyers Weekly’s does not require membership or payment in order to be included in the ranking. Moreover, neither ZF nor any other participating advisers, to the best of ZF’s knowledge, paid a fee to be eligible for “Best Wealth Management Provider” ranking. However, ZF may pay a fee in exchange for plaques, logo licensing, a web link, or article reprints commemorating the designation. ZF would pay this fee only after receiving the designation and not as a condition precedent to receiving it. The fact that ZF pays any fee with respect to its receipt of the designation should be considered if such designation is a factor in a client’s or prospective client’s evaluation of whether to initially engage or continue to engage ZF for investment advisory services. Michigan Lawyers Weekly-ranked advisors may pay Michigan Lawyers Weekly a separate fee for special advertising to publish a Michigan Lawyers Weekly’s ranked advisor’s contact information including applicable phone numbers, email addresses, and website addresses and/or a fee for general advertising. It should be noted that this type of payment creates an inherent conflict of interest because it provides the awarding entity with a monetary incentive to grant such ranking, recognition, or designation to participating advisors that submit such forms of consideration. After receiving the respective award designations, ZF did not pay a separate fee to Michigan Lawyers Weekly’s in exchange for publication of this information however did place an advertisement. ZF is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the ranking. By virtue of disclosing this ranking, ZF is disclosing favorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked above other advisors) and unfavorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked below other advisors). The rankings are not representative of any one client’s experience because of the way in which it is determined. Inclusion on the above list is absolutely not indicative of ZF’s future performance, or any future performance pertaining to its clients’ investments; should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if ZF is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of ZF by any of its clients.
Additional information regarding the above rankings is available at the following link(s):
2019 Reader Rankings:
https://milawyersweekly.com/news/2019/08/26/2019-reader-rankings/
NAPFA FEE-Only Registered Financial Advisors
Both Charles Zhang and Lynn L. Chen-Zhang are National Association of Personal Financial Advisors (“NAPFA”), registered financial advisors. To qualify as a NAPFA registered financial advisor, the program requires individuals to be a fee only financial advisor subject to third party ADV review, have a bachelor’s degree from an accredited institution, earned the Certified Financial Planner ® certification, submit a comprehensive financial plan or participate in a peer review dialogue with a third party plan/peer reviewer both of which are reviewed using a check list, complete 60 continuing education credits in six subject areas every two years. Additionally, his/her Form ADV may be reviewed by NAPFA. NAPFA-registered advisors renew a fiduciary oath yearly, subscribe to NAPFA's Code of Ethics and pay annual dues.
Additional information regarding the above NAPFA registration is available at the following link:
https://www.napfa.org/membership/our-standards
Investopedia 100 Top Financial Advisors 2023
Investopedia describes the ranking and selection process as follows. Investopedia's data science and editorial teams identify the top 100 independent financial advisors who demonstrate the most significant influence across digital publishing and social platforms, and who share insights that contribute to critical conversations about financial education and investing. The annual Investopedia 100 list honors financial advisors who have demonstrated top-of-the-industry skills in the following areas: Reach: Defined as digital presence across their own websites, social media, and other media platforms such as video and podcasts, Community support: Measured through peer nominations by industry professionals outside of their own firms, Commitment to financial literacy: Measured by the advisor’s participation in workshops, programs, nonprofits or collaboration with others in the community to spread financial education to those who need it most, as well as the creation of accessible content. Nomination applications are completed and submitted to Investopedia. Applications are checked for accuracy and quality, and final scores are tabulated according to weights designated for each of the criteria above by our data science team. Applicants/nominees must be independent financial advisors practicing in the U.S. with valid CRD numbers. Investopedia independently verifies this information when reviewing all applications. Investopedia receives no compensation from placing advisors on our list, nor does an advisor's appearance on our list constitute an individual endorsement by Investopedia of such advisor. Investopedia, does not require membership or payment in order to be included in the ranking. Moreover, neither ZF nor any other participating advisers, to the best of ZF’s knowledge, paid a fee to be eligible for “Investopedia 100 Top Financial Advisors 2023” ranking. However, ZF may pay a fee in exchange for plaques, logo licensing, a web link, or article reprints commemorating the designation. ZF would pay this fee only after receiving the designation and not as a condition precedent to receiving it. The fact that ZF pays any fee with respect to its receipt of the designation should be considered if such designation is a factor in a client’s or prospective client’s evaluation of whether to initially engage or continue to engage ZF for investment advisory services. Investopedia ranked advisors may pay a separate fee for special advertising to publish a Investopedia ranked advisor’s contact information including applicable phone numbers, email addresses, and website addresses and/or a fee for general advertising. It should be noted that this type of payment creates an inherent conflict of interest because it provides the awarding entity with a monetary incentive to grant such ranking, recognition, or designation to participating advisors that submit such forms of consideration. ZF is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the ranking. By virtue of disclosing this ranking, ZF is disclosing favorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked above other advisors) and unfavorable ratings (to the extent that Mr. Zhang, Ms. Chen-Zhang or ZF is ranked below other advisors). The rankings are not representative of any one client’s experience because of the way in which it is determined. Inclusion on the above list is absolutely not indicative of ZF’s future performance, or any future performance pertaining to its clients’ investments; should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if ZF is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of ZF by any of its clients. Zhang Financial (“ZF”) is not affiliated with Investopedia.
Investopedia 100 Top Financial Advisors 2023: https://www.investopedia.com/inv-100-top-financial-advisors-7556227
Methodology:
https://www.investopedia.com/apply-investopedia-100-top-financial-advisor-7112181
Homepage Disclosures 1 and 2
1Zhang Financial formerly operated under dba Zhang & Associates
2Zhang Financial's regulatory Assets Under Management can be found in Zhang Financial's Form ADV Part 2 available at http://www.adviserinfo.sec.gov.
Zhang Financial
5931 Oakland Drive Portage, MI 49024
List of office locations
Email: clientservice@zhangfinancial.com | Toll-Free: 888-777-0126
Minimum investment requirement: $1,000,000 in Michigan, $2,000,000 outside of Michigan.
Investment Advice offered through Zhang Financial, a Fee-Only Wealth Management Group.
