Finding a good financial advisor is an important part of a person's financial life. However, when a person lives in a place as large as the greater Los Angeles area, finding a good financial advisor may be extremely tough. A financial advisor should offer his clients advisory services, wealth management advice and retirement planning. The following is a list of the top six best financial advisory firms in the area.

1. ACap Asset Management

ACap Asset Management is an independent fee-only advisory firm, meaning it does not sell any products or services, and also does not charge commissions. Instead, the firm charges its clients an annual fee for full access to its services. The firm is a Registered Investment Advisor and does not take part in soft-dollar arrangements, a practice where third parties provide an investment advisor with perks in lieu of referring a client to that third party. The company remains committed to keeping its clients' investment costs low, using indexed mutual funds and ETFs to build low-cost portfolios.

2. Bel Air Investment Advisors

Bel Air Investment Advisors is a large firm with over 35 years of investment experience and with approximately $7 billion in assets under management (AUM). The firm's scale allows it to offer a range of proprietary and subadvisory investment strategies that deliver unique value to its clients.

In addition to the firm's private client services and industry relationships, Bel Air Investment Advisors is consistently involved in philanthropy within the communities where it operates. Examples of the firm's philanthropic endeavors include donations to the Pasadena Museum of California Art and the Museum of Contemporary Art, Los Angeles.

3. Covington Capital Management

Covington Capital Management is an independent advisory firm that offers unique wealth management services to high-net-worth individuals, families and organizations. The firm acts as a fiduciary to its clients, ensuring clients' interests are always the number-one priority.

Covington Capital Management is an employee-owned operation, ensuring the firm's values align with the values of its clients. It is known for one-on-one relationships with its clients and has a philosophy of growing client wealth through actively managed portfolios that can deliver high returns. Covington Capital Management has roughly $2 billion under management, making it Southern California's largest privately owned investment firm.

4. Financially Wise Women

Financially Wise Women is an investment advisory firm that focuses on offering money management services to a female client base. Brittney Castro, the founder of Financially Wise Women, has previously worked at high-profile firms such as Ameriprise Financial and LPL Financial, and holds CRPC, AAMS and CFP designations. The firm's value proposition is to educate its female clients on money matters. Financially Wise Women is a Registered Investment Advisor with the state of California.

5. The Glowacki Group, LLC.

The Glowacki Group is a fee-only investment advisory firm that specializes in giving its clients financial advice. The firm takes into account client requirements to deliver personalized recommendations that are based on its proprietary Capital2 Clarification Profile process. It acts as a fiduciary to help clients select products, when required, on a nonremuneration basis. The Glowacki Group delivers high-value service through its Capital Confidant Approach, a strategy that integrates coaching and advice into the wealth management process.

6. Miracle Mile Advisors

Miracle Mile Advisors is an independent, employee-owned firm of investment advisors, similar to Covington Capital Management. The firm is a fee-only advisory and does not sell products to its clients or take commissions. It specializes in offering low-cost investment vehicles such as ETFs and index funds. Through this type of investment strategy, Miracle Mile Advisors eliminates the need to evaluate individual manager risk.

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