Best Financial Advisors in Lorain

Find top-rated local financial advisors who can help you achieve your financial goals with personalized strategies and expert guidance.

Find an Advisor Estimated Advisor Fees
60+
Advisors
4.8/5.0
Average Rating

Lorain Financial Landscape

Lorain's economy is driven by manufacturing, healthcare, and retail sectors. The city benefits from its strategic location and access to transportation networks.

Major industries
Manufacturing, Healthcare, Retail
Population
63.7K (metro: 637.1K)
Median household income
$47,000
Unique needs
Lorain requires tailored financial strategies to address its manufacturing base and evolving economic landscape.
Market Insights
Economic Growth
According to BEA (2023), Lorain's economy is recovering with a projected growth rate of 2.5% driven by manufacturing and healthcare expansions.
Wealth Demographics
According to Census (2023), the median income in Lorain is $47,000, reflecting the city's diverse economic base and workforce.
Advisor Specializations
Based on BLS (2023), financial advisors in Lorain are increasingly focusing on retirement planning and investment strategies tailored to manufacturing workers.
Local Considerations
Cost of Living
According to BLS (2024), Lorain's cost of living is approximately 10% lower than the national average, making it an affordable place to live.
Real Estate Market
According to Zillow (2024), Lorain's real estate market shows a steady increase in home prices, but affordability remains a concern for many residents.
Business Environment
According to Fortune (2024), Lorain's business climate is improving, with incentives for manufacturing and small business growth being prioritized.

Top 5 Financial Advisors in Lorain

Edward Jones - Financial Advisor: Tim Uras, AAMS®
★ ★ ★ ★ ★ 5
De Los Santos & Co. d.b.a. Navy Financial
★ ★ ★ ★ ★ 5
Edward Jones - Financial Advisor: Lloyd Wright
★ ★ ★ ★ ★ 5
Cleveland Financial Group
★ ★ ★ ★ ★ 5
Edward Jones - Financial Advisor: Tom Chaplin
★ ★ ★ ★ ★ 5
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How to Choose the Right Financial Advisor

When selecting a financial advisor in Lorain, consider these essential factors

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Fiduciary Standard
Prioritize advisors who commit to acting as fiduciaries 100% of the time, legally obligating them to put your interests first.
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Lorain-Specific Expertise
For Lorain residents working in Manufacturing, Healthcare, Retail, consider advisors with specific experience in your industry's unique compensation and benefit structures.
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Fee Structure Transparency
Understand how your advisor is compensated—whether through fees, commissions, or a combination—and how this might influence their recommendations.
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Credentials
Seek advisors with recognized credentials such as CFP®, CFA, or ChFC designations, indicating advanced training and ethical standards.
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Communication Style
Choose an advisor whose communication approach matches your preferences regarding frequency, detail, and method of interaction.
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Risk Management Focus
Lorain's manufacturing focus poses risks from economic downturns. Real estate may face volatility; diversify investments. Monitor flooding risks from Lake Erie.

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