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How to Find a Financial Advisor if You’re a Small Business Owner

Small business owners need specialized advice when managing personal and business finances.

Find a Small Business Financial Advisor

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From search engines to personal referrals, small business owners have several ways to find a financial advisor.

Small business owners are good at wearing lots of hats. You've likely had to be the CEO, marketing director, HR manager, payroll processor and other key roles at some point in your career. No doubt you could be your own small business financial advisor , too, if the need called for it, but sometimes trying to play too many roles does a disservice to yourself and your business.

"Running a business is a full-time job and then some; being able to delegate these crucial tasks to a competent professional can allow owners to focus on growing their business to their fullest potential," says Alex Klingelhoeffer, wealth advisor at Exencial Wealth Advisors.

Small business owners also tend to have complex financial situations, and the line between personal and business income and assets can be blurry, he says. "Working with an advisor with tax and legal expertise to complement their investing acumen can be a real value add for owners." Here's how to find the right financial advisor , if you're a small business owner.

How to Find a Financial Advisor for Small Business Owners

There are several ways to find a small business financial advisor. The first stop for many business owners is a search engine. A quick online search can be the easiest way to find advisors in your area, but treat online reviews as guides rather than rules.

"Online reviews can be skewed and are sometimes written by people who never used the service and don't live in the area (where) the business operates," says Josh Simpson, vice president of operations and investment adviser with Lake Advisory Group.

A better place to get more reliable information is through personal referrals. Other business owners who have gone through the same vetting process for their own unique needs can be an excellent resource for advisor recommendations, Klingelhoeffer says. If you don't know any small business owners in your area, consider joining a small business organization like your local chamber of commerce or SCORE, a nationwide network of small business mentors offering free financial advice.

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What to Look for in a Small-Business Financial Advisor

Once you have a few recommendations, you can have meetings with each potential advisor to determine who is the right fit for you and your business.

"You really want to look for someone who has a good understanding of how to serve business owners versus other demographics like retirees and executives," Klingelhoeffer says. "As a business owner, you probably don't have the time or inclination to get wrapped up in every detail of your portfolio and sometimes the only time to connect is going to be over breakfast or in the evening." Your advisor should understand the unique demands you face so they can serve you in a way that adds value to your business and your life, he says.

The advisor should also be invested in helping you grow your business, Simpson says. "As your business grows and requires more attention, are they willing to provide the necessary level of support? Whether that means adding more staff, learning new skills or any other type of support, are they willing to grow with you for your benefit?"

Then there are also the criteria everyone should look for in a financial advisor, whether or not you're a small business owner. First, confirm the advisor is a fiduciary , Simpson says. Only fiduciary advisors are required to put your best interests before the advisor's own at all times.

Second, you want to make sure you feel comfortable talking to the advisor. "If you are not comfortable speaking with them, then you are not as likely to bounce questions off them as often as you would if you were," Simpson says. "Just because they come highly recommended doesn't mean they are the right fit for you. It's nothing personal, sometimes personalities clash and you don't have to work with anyone that you don't want to."

Signs of a Bad Financial Advisor

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The Importance of Integrating Personal and Business Financial Planning

Klingelhoeffer suggests asking the advisor what experience he or she has in integrating long-term business and tax planning into a personal financial plan. "If everything isn't integrated, you are going to miss out on some serious opportunities," he says.

For example, Klingelhoeffer recently helped a client buy a $700,000 tractor for his farm. Thanks to the Tax Cuts and Jobs Act, they were able to use accelerated depreciation on the asset and convert $500,000 of his pretax IRA to a Roth IRA . "Over the next 30 years, we project that single move will save him more than a million dollars in taxes and result in $2.7 million in greater family wealth by the time his kids inherit the assets," Klingelhoeffer says.

"If you are speaking with an advisor about challenges with personal and business finances and they don't have a great anecdote about integrating these elements, it's probably time to move on," he says.

Lastly, begin with the end in mind, Klingelhoeffer says. Succession planning is an integral part of small business financial planning and necessary to maximize your business' long-term value.

"An advisor with experience crafting and integrating an exit strategy into your personal financial plan can help you enter the next chapter of your life with eyes wide open, replacing the stress of what's next with the wonder of what could be," he says.

Choosing a Fee-Only Financial Advisor

Tags: financial advisors , IRAs , financial goals , investing , money , small business , taxes , tax deductions

The Most Important Ages for Retirement Planning

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Small Business Financial Advisor

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on January 31, 2024

Get Any Financial Question Answered

Table of contents, what is a small business financial advisor.

A small business financial advisor is a professional who provides financial advice and guidance to small businesses, including financial planning , budgeting , accounting , taxation , investment strategies , and risk management .

They help small businesses manage their finances effectively and efficiently, reducing expenses, increasing revenue, and improving cash flow.

Small business financial advisors play a crucial role in the success of small businesses by providing expert financial advice and guidance to achieve long-term financial stability and success.

The Importance of Small Business Financial Advisors

Small business financial advisors play a crucial role in the success of small businesses. They help small businesses manage their finances effectively and efficiently, which is vital for long-term growth and sustainability.

These advisors help small businesses develop a financial plan that aligns with their business goals and objectives. They provide insights and recommendations on managing cash flow , investing funds, reducing expenses, and increasing revenue.

Small business financial advisors also assist in identifying potential financial risks and devising strategies to mitigate them.

Key Services Provided by Small Business Financial Advisors

Small business financial advisors provide a wide range of services to help small businesses manage their finances. Some key services small business financial advisors provide include financial planning, taxation and compliance, investment strategies, and risk management.

Financial Planning for Small Businesses

Small business financial advisors help small businesses develop a comprehensive financial plan that considers the business's goals, objectives, and financial resources.

This plan typically includes a budgeting and forecasting component, which helps small businesses plan their expenses and revenues.

They also assist with cash flow management , helping small businesses maintain a positive cash flow and avoid cash flow problems.

Financial analysis and reporting are additional services that small business financial advisors provide, helping small businesses make informed financial decisions based on accurate financial information.

Taxation and Compliance for Small Businesses

These professional financial advisors provide assistance with taxation and regulatory compliance, ensuring that small businesses comply with relevant laws and regulations.

Tax planning and preparation are crucial services that small business financial advisors provide, helping small businesses minimize their tax liabilities and take advantage of tax incentives.

Regulatory compliance services include ensuring that small businesses comply with local, state, and federal regulations related to business operations.

Investment Strategies for Small Businesses

Small business financial advisors assist with investment strategies, helping small businesses invest their funds wisely to achieve long-term financial goals.

Asset allocation and diversification are key investment strategies that small business financial advisors recommend, assisting small businesses to balance their investment portfolio to minimize risks and maximize returns .

Retirement planning and wealth management are additional investment strategies that small business financial advisors provide.

Choosing a Small Business Financial Advisor

Choosing the right small business financial advisor is essential for the success of a small business. Credentials and qualifications, experience and specialization, and reputation and reviews are critical factors to consider when selecting a small business financial advisor.

Credentials and Qualifications

Small business financial advisors must have relevant credentials and qualifications, such as a Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) designation.

These credentials ensure that the small business financial advisor has the necessary education, training, and experience to provide high-quality financial advice and guidance to small businesses.

Experience and Specialization

Experience and specialization are also critical factors to consider when selecting a small business financial advisor.

Small business financial advisors with experience working with small businesses in the same industry as the business owner are more likely to provide relevant and valuable financial advice.

Additionally, small business financial advisors specializing in a particular area, such as taxation or investment strategies, can provide more focused and tailored advice to small businesses.

Reputation and Reviews

Reputation and reviews are also essential when selecting a small business financial advisor.

Small business owners can research small business financial advisors online, review their professional backgrounds, and read reviews from other small business owners who have used their services.

These reviews can provide valuable insights into the quality of service provided by small business financial advisors and their ability to meet the needs of small businesses.

Benefits of Hiring a Small Business Financial Advisor

Hiring a small business financial advisor has several benefits for small businesses.

Small business financial advisors provide expert financial advice and guidance, helping small businesses make informed financial decisions. They also help small businesses manage their finances more efficiently, reducing expenses, increasing revenue, and improving cash flow.

Additionally, small business financial advisors can help small businesses identify potential financial risks and develop strategies to mitigate them, reducing the likelihood of financial losses.

Future Outlook for Small Business Finance

The future outlook for small business finance is positive, with continued growth expected in the small business sector. As the economy recovers from the COVID-19 pandemic , small businesses are expected to play a crucial role in driving economic growth .

Small business financial advisors are expected to continue to play a vital role in helping small businesses navigate the financial landscape and achieve long-term success.

Final Recommendations for Small Business Owners

Small business owners seeking financial advice and guidance should consider hiring a small business financial advisor .

When selecting a small business financial advisor, it is essential to consider credentials and qualifications, experience and specialization, and reputation and reviews.

Hiring a small business financial advisor has several benefits, including expert financial advice and guidance, efficient financial management, and risk mitigation.

As the economy continues to recover and the small business sector continues to grow, small business financial advisors are expected to play an increasingly critical role in helping small businesses achieve long-term financial success.

Final Thoughts

Small business financial advisors offer essential financial advice and guidance, helping small businesses manage their finances effectively and efficiently.

They provide a wide range of services, including financial planning, taxation and compliance, investment strategies, and risk management.

When choosing a small business financial advisor, one must consider their credentials, experience, specialization, and reputation.

Hiring a small business financial advisor has several benefits, including expert financial advice, efficient financial management, and risk mitigation.

As the small business sector grows, small business financial advisors are expected to play an increasingly critical role in helping small businesses achieve long-term financial success.

If you are a small business owner, hiring a small business financial advisor could be one of the best decisions you make for your business.

It can help you make informed financial decisions, manage your finances effectively, and ultimately increase your chances of success.

Small Business Financial Advisor FAQs

What is a small business financial advisor.

A small business financial advisor is a professional who provides financial advice and guidance to small businesses, including financial planning, budgeting, accounting, taxation, investment strategies, and risk management.

Why is it essential to hire a small business financial advisor?

Hiring a small business financial advisor is important because they help small businesses manage their finances effectively and efficiently, reducing expenses, increasing revenue, and improving cash flow. Additionally, they can help small companies identify potential financial risks and develop strategies to mitigate them, reducing the likelihood of financial losses.

What services do small business financial advisors provide?

Small business financial advisors provide a wide range of services, including financial planning, taxation and compliance, investment strategies, and risk management. They help small businesses develop a comprehensive financial plan that aligns with their business goals and objectives, assist with tax planning and preparation, help small enterprises to invest their funds wisely to achieve long-term financial goals, identify potential economic risks, and devise strategies to mitigate them.

How do I choose the right small business financial advisor?

When selecting a small business financial advisor, it is essential to consider their credentials and qualifications, experience and specialization, and reputation and reviews. Look for a Small Business Financial Advisor with relevant certifications and qualifications, experience working with small businesses in the same industry as your business, and positive reviews from other small business owners.

What are the benefits of hiring a small business financial advisor?

Hiring a small business financial advisor has several benefits, including expert financial advice and guidance, efficient financial management, and risk mitigation. They can help small businesses make informed financial decisions, manage their finances effectively, and reduce the likelihood of financial losses, ultimately increasing the chances of long-term financial success.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

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Small Business Financial Planning

Does your business plan align with your personal financial goals, ep wealth helps small business owners envision the future, personally and professionally.

Some small business owners face unique challenges since their personal and business finances are closely tied together. But this often provides synergies that may lead to investment, tax, and retirement opportunities. With EP Wealth’s team, you’ll discover the difference between personal and business financial planning and learn how integrated strategies may meet both your personal goals and professional needs.

DREAM BIGGER WITH FINANCIAL ADVICE FOR BUSINESS OWNERS

Financial planning for small businesses can help protect your personal wealth.

As a small business owner, you can put an amazing amount of time and energy into providing for your employees, trying to meet the needs of your customers or clients, and making your business a success. But what about your personal financial situation?

•   Do you have enough cash flow?
•   Is your asset/liability ratio balanced?
•   Do you have sufficient insurance coverage?
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•   Might an investment portfolio analysis help your potential for returns and income while reducing your portfolio risk?

By taking a comprehensive look at your business planning, taxes, investments, and retirement needs, a financial advisor for business owners can help you clarify your goals, make informed decisions, and build the future you envision.

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WHY HAVING A FINANCIAL ADVISOR FOR BUSINESS PLANNING IS IMPORTANT

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Which Financial Planner Is Right for You?

How to choose a financial advisor for small business owners.

Our guide is designed to help small business owners choose a financial advisor. You'll read about how a financial advisor can help you and your business integrate finances, tax planning, invest, and set up a retirement plan for the business.

10 Common Mistakes Small Business Owners Make

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• Not having a succession and tax plan - read more on succession planning here!
• Using liquid funds to make illiquid purchases
• Not having the appropriate retirement plan or any retirement plan.
• Not having adequate bookkeeping support
• Not delegating or hiring a financial professional
• Not having appropriate insurance plan

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Financial Planning for Small Business Owners

Learn the basics of creating a financial plan for small business owners.

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There are many different kinds of small business owners in all stages of their business. Some have just started putting their ideas into action in a startup, while others are in the growth stage or even planning an exit strategy.

No matter which stage your business is in and whether you're a dreamer or more of a pragmatist, there is one thing you can't afford not to do. You need a holistic financial plan that takes into account where your business is now and what the plan is for the future.

For small business owners, establishing a financial plan comes with an added complexity, which is the business. In some ways, the business and personal sides of your financial plan will be mutually exclusive.

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Separate your personal financial goals from your business goals 

Before making any plans, it's critical to understand that you are not your business. Most small business owners have goals for their business, but it's important to also make financial goals for yourself and to keep them separate.

It can be tempting to combine the two, especially for sole proprietors or single-member LLC owners whose business is included on their individual income tax return. However, by not separating your business from your personal financial goals, you could be missing out on some amazing personal achievements.

For example, some personal financial goals might include setting up and contributing to an education fund for your child, boosting your retirement savings, funding and going on a vacation, and buying your first home or downsizing when your children move out of the house.

On the other hand, some financial goals for your business might include increasing sales to a particular amount, finding more customers, or establishing a certain percentage of growth rate.

Consider alternative funding options to diversify your business-related risk 

You may also want to look at other places where you can further separate yourself personally from your business. The easiest place to look is at the many available funding options for your business.

Most small business owners invest in their own businesses using their own money and time, which may be appropriate in certain situations. However, just as you would diversify your investment portfolio, so you may also want to diversify your business-related risks.

Using your own capital, or, in a worst-case scenario, your own credit cards, places you at significant personal financial risk if something happens to the business. In some cases, though, it might make sense to cede some of that risk to another party. After all, today's digital world has brought a wider array of potential funding options that range from venture capital and private equity to crowdfunding, business loans, and even more creative options like a small business incubator or accelerator.

The Small Business Administration is also an excellent resource for business owners, not only for information and guidance but also, in some cases, for low-interest business loans.

Remember to plan for retirement

For small business owners, retirement planning actually sits at the crossroads between personal and business financial planning. It can be tempting to just keep pouring your money back into the business, but that can make it difficult, if not impossible, to save for retirement.

Many small business owners don't save for retirement because they believe they'll be able to sell their business and live off the proceeds of the sale in retirement. However, most overestimate what their business might be worth, especially when looking decades into the future.

Simplified Employee Pension ( SEP ) IRAs and individual 401(k)s both enable small business owners to plan ahead for the days when they finally retire.

Diversify everywhere 

Another important thing small business owners should remember when creating their personal financial plans for themselves and their business is diversification. A small business is a piece of a larger investment portfolio, but many business owners don't recognize this.

Being in business represents a significant risk, even if it seems like you're in a safe industry. As a result, it makes sense for small business owners to target low-risk investments for the rest of their investment portfolio.

Prepare your exit strategies 

Finally, small business owners should prepare their exit strategies — for both their personal legacy and their business. From a personal perspective, business owners can't afford not to have a will and estate plan to ensure the business doesn't fold upon their death. Many also want to leave their business to the next generation, but without a will, ownership succession becomes hazy.

In terms of the business, you should also create a succession plan designating who will take over when you retire or pass. The financial reasons for creating a succession plan are similar to those for creating a will and estate plan, although these plans differ from a practical standpoint. In terms of your personal financial plan, you're designating heirs, while for your business financial plan, you're designating the next CEO or manager. They could be the same person or different people, depending on your situation.

Don't be too busy to plan

These guidelines are only the very basics of what a small business owner needs to consider when creating a financial plan. Some other factors that may play a role in your personal and business financial plans include insurance (property, professional, and otherwise), preparations for growth, planning for disability, and more. No two financial plans are the same, and these other factors may fall under some of the earlier headings.

Unfortunately, many small business owners find themselves tapped out when it comes to financial planning. It takes so much energy and enthusiasm to keep the business going that they sacrifice their personal financial wellbeing. However, your busiest times will be when you need these financial plans the most, and having separate personal and business financial plans will make everything much easier.

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Jacob is the founder and CEO of ValueWalk. What started as a hobby 10 years ago turned into a well-known financial media empire focusing in particular on simplifying the opaque world of the hedge fund world. Before doing ValueWalk full time, Jacob worked as an equity analyst specializing in mid and small-cap stocks. Jacob also worked in business development for hedge funds. He lives with his wife and five children in New Jersey. Full Disclosure: Jacob only invests in broad-based ETFs and mutual funds to avoid any conflict of interest.

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Table of Contents

How to find financial advisors near you

How to find a virtual financial advisor, what to keep in mind when finding a local financial advisor.

If you search “financial advisor near me,” you’ll probably end up with a long list of financial advisory firms in your area.

You’ll want to select several to call and vet, perhaps setting up an initial consultation to ensure the firm, and any advisor who works for it, meets your financial planning needs and has expertise in the areas where you need help. You’ll also want to double-check the firm and/or advisor's credentials and confirm you understand the pay structure.

via Zoe Financial

If you don’t want to jump through those hoops on your own, you can work with a matching firm that will help you find a financial advisor near you, or you can use a robo-advisor.

» Ready to get started? See our full list of the best financial advisors

You'll want to carefully vet a financial advisor before working with them, making sure you understand their pay structure and planning approach. We've compiled a list of 10 questions to ask a financial advisor to get you started.

1. Use an online financial advisor matching service

It can take a while to find the right financial advisor, but some services will match you with an advisor in your area for free. Typically, the advisors pay to be part of the service's network, and the service vets the advisors for you. When you sign up, most services prompt you to take a quiz that determines which advisors would be the best fit for your financial needs and budget.

Here are four of the best financial advisor matching services according to our most recent review of financial advisors. Each matching service has a wide network of financial advisors, planners, CFPs and other financial pros across the U.S.

2. Check the CFP Board website

The CFP Board is a professional certifying organization that sets the standards and requirements for earning a certified financial planner (CFP) designation. To become a certified financial planner, candidates must prove their competency by passing a rigorous exam that covers a wide range of financial planning topics. They must also fulfill a professional experience requirement.

The CFP Board allows you to search for certified advisors on their website using several criteria, including planning services, client focus and preferred language [0] CFP Board . Let's Make a Plan . Accessed Apr 19, 2023. View all sources .

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3. Look into professional finance advisor organizations

There are national and local financial planner associations you can use to help you find the right financial planner. Here are just a few.

The Financial Planning Association

The FPA is a professional organization for financial planners, but it offers help for consumers as well, including access to pro bono services, and assistance finding a financial planner near you. The organization offers a location-based search for certified financial planners on its website [0] Financial Planning Association . Find a Financial Planner . Accessed Aug 11, 2023. View all sources .

Association of African American Financial Advisors

The AAAA is a nonprofit membership organization whose mission is to help Black investors grow generational wealth through expert guidance. The organization can help you find a Black advisor who can assist you with all your financial needs. You can access its financial advisor directory via the organization's website [0] Association of African American Financial Advisors . Find a Financial Advisor . Accessed Apr 19, 2023. View all sources .

The National Association of Personal Financial Advisors

NAPFA was founded in 1983 and supports over 4,400 financial planners and advisors across the country. NAPFA members are fee-only advisors and follow a strict code of ethics guided by their fiduciary duty , which means they must look out for your best interests when providing financial planning services [0] NAPFA . Find an Advisor . Accessed Apr 19, 2023. View all sources .

4. Tap into a financial planning network

The garrett planning network.

The Garrett Planning Network's member advisors must be fee-only, offer financial planning services on an hourly or as-needed basis, be financially accessible, hold or be working toward a CFP, CPA or PFS designation and adhere to a fiduciary oath [0] Garrett Planning Network . Search Member Profiles . Accessed Apr 19, 2023. View all sources .

XY Planning Network

Every XY Planning Network advisor offers virtual services. Advisors hold the CFP designation and work on a commission-free basis [0] XY Planning . Find a Financial Advisor . Accessed Apr 19, 2023. View all sources .

CHIP is a financial network focused on matching clients with Black, Hispanic and Latinx financial advisors and professionals, locally and virtually. The network's advisors work for a variety of financial advisory firms and can assist with estate planning, tax strategy and overall financial planning [0] CHIP . Search For a Pro . Accessed Jun 9, 2023. View all sources .

5. Consider robo-advisors

Robo-advisors are automated services that invest your money for you. If you're just looking for investment management, a robo-advisor may be a good choice. Their fees are much lower than typical financial advisors (around 0.25% to 0.50%) and some come with extra features including access to human financial advisors and banking.

» Get started: Check out the best robo-advisors

6. Ask for a recommendation

Check in with family, friends or colleagues and see if they can make a recommendation. Often, people have long-term relationships with their financial advisor. If your friend has worked with an advisor for ten years and loves them, it's probably a good sign.

If you can’t find an advisor you like in your area, you may want to try an online service. Some offer videoconferencing, which makes it easier to connect virtually.

Most financial advisors who operate virtually are fairly competitive from a price standpoint, with a few charging fees as low as 0.30% or 0.40% of assets under management. These lower-cost advisors often offer investment management and access to a team of financial advisors, rather than pairing you with a dedicated advisor.

There are also online planning services that offer similar services as in-person advisors, such as comprehensive retirement planning, college planning, home buying and estate planning in addition to investment management . Some advisors include tax help and preparation services.

If you’d prefer to work with an advisor in your community, and you’re prepared to do the legwork yourself, here’s how to approach the process.

Know which services you’ll need. Financial advisors often have certifications that correspond to the types of services they offer, so make sure you know exactly what kind of help you want. Think about whether you’ll need assistance with estate planning, tax help or managing beneficiaries. If you’re just looking for investment management, you may want to consider using a robo-advisor or learning how to invest on your own.

Double-check an advisor’s certifications. Before you even make an appointment to talk with an advisor, you’ll want to look up and verify any certifications they have. “Financial advisor” is just a general term that anyone can call themselves. Aim to work with a CFP for financial planning and a CPA for tax preparation , and verify those credentials on the respective licensing board’s website.

Show up with questions. It’s a good idea to interview an advisor before committing to working with them. This ensures not only that you like their strategies and options, but also that your personalities mesh and that you feel comfortable talking to them about your finances.

Verify their fee. At the end of the day, your financial advisor is offering a service you’re paying for. Make sure you’re OK with the fee they propose, and be sure you understand how their fee structure works. Many traditional advisors charge a percentage of your assets under management, typically around 1%, but some charge flat fees.

» Need more help? Read our cheat sheet on how to choose a financial advisor

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Hiring a financial advisor or a financial planner can help you achieve your short- or long-term goals — like having a comfortable retirement, funding your child's college tuition, or buying a house. 

These professionals aren't one-size-fits-all, though, and finding the right one is critical to your success. Here's what you need to know about the best financial advisors and planners, and how to zero in on the best one for your goals and budget.

How to find a financial advisor

To choose the right financial advisor  or planner, you first need to understand what you're trying to achieve. Are you looking to maximize your retirement funds? Do you want to make more from your investments? Is planning your estate and legacy top of mind?

Financial professionals typically have specialties, so you'll want to choose one that aligns closely with your goals. Common financial planning specialties include:

• Estate planning
• Investing 
• Retirement planning
• Business planning 
• Debt management
• Tax planning

There are also advisors and planners who specialize in specific life stages, demographics, or even people with certain occupations. 

"When looking for a financial planner, it is important to understand exactly what you're looking for," says Jay Zigmont, a CFP® planner and founder of Childfree Wealth , which focuses on financial planning for adults who choose not to have children. "You will find planners who specialize in just about every group, job, and life stage, so find one that fits you."

Choosing a financial planner who's a fiduciary is also important. This means they must avoid conflicts of interest and always put your interests first.

"A planner that operates under the fiduciary standard is required by law to always keep your financial best interests ahead of theirs," says Jason Steeno, president of financial advisory firm CoreCap Investments in Southfield, Michigan. 

Steps to choose a financial advisor

1. search for financial advisor options in your area .

There are many ways to find a financial advisor or planner near you. Asking friends, family members, and colleagues is often a good place to start, as they can recommend local professionals they've had personal experience with. 

You can also use one of these online resources, all of which allow you to filter by geographic area:

• Financial Planning Association : FPA's tool lets you search for CFP® professionals in your area, and you can filter by specialty, compensation type, and certification. 
• National Association of Personal Financial Advisors : With NAPFA's search tool, you enter your ZIP code and can filter planners based on their distance from you. There's also a map you can use to view all your options in one place.
• Let's Make a Plan : This is the Certified Financial Planner Board of Standards' search tool. You can search by location, services offered, or both. All planners listed are CFP® professionals. 
• XY Planning Network : XY's tool lets you search for fee-only financial advisors (more on this below) in your area. You can look by location and filter results using various keywords and specialties.

Once you've shortlisted a few names, cross-check them on BrokerCheck.com and with the Securities and Exchange Commission (SEC). There, Steeno says, "You can see how long they've been in business or if they've had any disciplinary history."

2. Review a financial advisor's credentials

There isn't a single "financial planner" or "financial advisor" license or certification. As Steeno puts it, "Just about anyone can call themselves a financial planner."

To ensure you're choosing an experienced and knowledgeable professional, look for professional designations like CFP®, CFA, or CIMA. These are just a few credentials a financial advisor can seek, each indicating a different specialty or skill set.

Here's a look at some of the credentials you might see:

• CFP ® : A CFP ® is a CERTIFIED FINANCIAL PLANNER TM . These professionals must have a bachelor's degree, three years minimum in full-time financial planning, and complete a board-certification program. CFP®s also must take 30 hours of continuing education every two years.
• CFA : CFA professionals must take a three-part exam focusing on investment tools, assets, wealth planning, and portfolio management to be certified.
• CIMA: Professionals with a CIMA designation are Certified Investment Management Analysts. CIMAs are required to have three years of experience in financial services and enroll in a CIMA education course at the Yale School of Management, The Wharton School at the University of Pennsylvania, the University of Chicago Booth School of Business, or the Investment Management Research Program in Australia.
• MRFC: An MRFC is a Master Registered Financial Consultant. These professionals need at least four years of full-time financial planning experience, have a bachelor's degree in accounting, economics, or finance, and complete 40 hours of continuing education every year. 
• ChFC: ChFCs are Chartered Financial Consultants. They must have at least three years of full-time business experience, complete 27 credit hours of courses, and receive 30 continuing education credits every two years.
• CRC: This one is a Certified Retirement Counselor. They must have two years of professional retirement planning experience, pass a specialized certification exam, and take 15 hours of continuing education courses annually. 

You can usually find a planner's credentials listed after their name — both in the online search resources under Step 1 and on their professional profile or LinkedIn account. 

3. Review fee structures 

There are many ways a financial advisor may charge you, so be sure you understand how they charge before working with them. Some services are charged based on the assets or investments the planner manages, while others charge flat fees or receive commissions. How they charge can influence how much you'll end up spending to work with a financial planner so it's always important to research this part beforehand.

Here's a look at some of the various fee structures financial planners use:

• Fee-only : Fee-only planners are paid for the services they provide. This might mean an hourly rate, a flat fee, or a retainer of some sort. Fee-only planners do not receive commissions or kickbacks from the products and policies they recommend.
• AUM: Assets Under Management is another fee-only approach. With this fee structure, you'll pay a set percentage of the total assets your planner manages. 
• Commission: Commissioned financial planners get compensated based on the products they sell to you. This can cause a conflict of interest, as it motivates them to recommend certain products, even if they're not best suited to your needs.
• Fee-based: A fee-based model is a combination of fee-only and commission structures. You may pay a fee for the planner's service, and they also may receive a commission for certain products they recommend to you. 

Generally speaking, most professionals recommend seeking someone who is fee-only, as this ensures they have your best interests at heart. This includes AUM-based models, which motivate the planner to grow your assets (and avoid losses).

"It ensures the advisor's interests are in line with yours," Steeno says. "They want your assets to increase in value just as you do."

Online financial advisors vs. traditional advisors 

You don't have to meet with a financial advisor or planner in person to get professional help. Many financial advisors offer online services that allow you to get the guidance you need without leaving your home. These usually include phone and video calls, in which you "meet" your planner virtually over Zoom, Skype, or another similar service.

These can be a good option if you want faster, more convenient service or to work with a planner not in your geographic area. 

There are also robo-advisors , which can be used for building and managing your investment portfolio. They're typically more affordable than using a real-life advisor and have low starting balance requirements, but they're also less comprehensive and personalized. Robo-advisors typically won't help with budgeting, estate planning, tax planning, or other non-investment services.

As Rob Burnette, an MRFC and chief executive officer of Outlook Financial Center in Troy, Ohio, explains, "Robo-advisors are only useful for the investment part of a financial plan."

In some cases, robo-advisors may include interactions with a live advisor (sometimes for an added fee). But it's usually not a dedicated account professional, and you may be limited on how many times you can interact with them. This means less consistency and personal guidance than you'd get with a financial planner you hired directly.

"Robo-advisors generally offer a one-size-fits-most solution," says Kris Maksimovich, a CRC and president at Global Wealth Advisors based in Lewisville, Texas. "They lack personalization and input and don't offer hand-holding during periods of market volatility."

A financial advisor or financial planner can help you achieve your long-term goals but choose yours carefully. There are many types of financial planners, and their specialty, costs, credentials, and services should all play a role in your decision. 

Don't be afraid to interview a few candidates. Set up introductory meetings with two or three professionals, and use the time to ask questions, understand their processes and fees, and make sure they're a good fit before moving forward.

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Choosing a CERTIFIED FINANCIAL PLANNER™ Professional

Choosing a CERTIFIED FINANCIAL PLANNER™ professional is as important as choosing a doctor or lawyer; it's a very personal relationship. Many CFP ® professionals specialize in working with certain types of clients, such as small-business owners, executives or retirees. Some specialize in certain areas of planning such as retirement, divorce or asset management. We recommend you interview at least three CFP ® professionals to find the right one that best serves your needs.

Evaluate your full financial picture or work with a CERTIFIED FINANCIAL PLANNER™ professional to help you navigate your own numbers to determine what makes sense to you.

The best approach is to work with a CERTIFIED FINANCIAL PLANNER™ professional who will provide a customized plan to help you understand the risks and provide a roadmap for a successful retirement.

The best approach to determine how fast you can and should eliminate debt is to work with a CERTIFIED FINANCIAL PLANNER™ professional. These individuals are highly trained and specialize in improving the financial well-being of single professionals, couples and families.

If you’re looking for broad-based advice about various aspects of your financial life, hire a CERTIFIED FINANCIAL PLANNER™ professional. These professionals must pass an extensive exam and meet other education and ethics requirements to gain the credential.

The Financial Planning Association (FPA), a professional membership organization for the financial planning community, is a good place to find a CERTIFIED FINANCIAL PLANNER™ professional. FPA member planners can help people assess their financial health, set realistic financial and personal goals, and develop comprehensive plans to meet those goals.

FPA offers resources designed to help individuals understand the importance of financial planning and the value of objective advice from a financial planner. Below are a selection of these helpful resources. Visit our Planning for Life Events page for more helpful resources.

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What is The Financial Planning Association?

The Financial Planning Association ® (FPA ® ) is the largest membership organization for CFP ® professionals in the U.S. and also includes members who support the financial planning process.

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How to Find a Good Financial Planner

Sound advice isn't hard to find

Selecting a certified financial planner is one of the most important money decisions you’ll make. Here are the steps for finding a great one.

1. Consider Your Priorities

Nick Bormann, a CFP in Spokane, Wash., says that advisers tend to specialize in a particular type of financial advice or focus on groups of clients with similar financial issues—teachers, tech execs, middle-class preretirees, etc.

So begin your search by identifying your key needs and goals. If you want to dig yourself out of debt or boost your savings as you approach retirement , seek someone with experience tweaking budgets and coaching clients to live within them. If you’ve built up a nest egg but don’t know if it’s enough to maintain your lifestyle through retirement, choose a planner with experience projecting out long-term financial plans and allocating savings among types of retirement investments.

2. Identify Planners Who Fit Your Needs

Almost anyone can call themselves a financial adviser. And there’s a confusing array of formal accreditations, with an alphabet soup of abbreviated titles to match. For simplicity’s sake, you really only need to know one: CFP, or certified financial planner. You can count on a CFP to have completed extensive training and passed a rigorous exam, and to be able to advise you on a wide range of financial areas. Special titles, some more meaningful than others, often get layered on top, such as certified college funding specialist (CCFS).

You can find CFPs in your area by specialty at FPA PlannerSearch, the National Association of Personal Financial Advisors, the Garrett Planning Network, and the XY Planning Network. Those websites list only planners who are so-called fiduciaries , which means they’re obligated to put your financial interests above their own. To be extra sure, some experts recommend asking your planner to commit to fiduciary status in writing.

Photo Illustration: Consumer Reports, Getty Images Photo Illustration: Consumer Reports, Getty Images

3. Figure Out the Costs

Restrict your search to fee-only advisers, who charge for advice and asset management and don’t receive commissions by selling you financial products.

Fee-only advisers use a variety of payment models, says Roxanne Martens, a financial adviser with CGN Advisors in Manhattan, Kan. Some charge an hourly rate, which can range from $100 to $400. Many of the same planners will charge a flat fee for a predetermined bundle of services—an average of $2,400 to evaluate your financial life and map out a comprehensive long-term plan, according to a 2019 study. These models tend to work best if you’re looking for help with a specific issue or a plan that you’ll carry out on your own, possibly with periodic check-ins.

Other advisers charge clients a percentage of assets under management each year. Their rates generally range from 0.6 to 1.2 percent of the portfolio size, annually. The percentage is often lower for larger account balances, so this model is generally most cost-effective for investors with more assets and more complicated financial lives. Some planners use only the percentage model and—note—will take you on as a client only if your portfolio meets their minimum.

4. Vet the Contenders

Once you’ve compiled a list of candidates, confirm their credentials through the CFP Board . And make sure no disciplinary actions have been taken against them by going to the Securities and Exchange Commission’s Investment Adviser Public Disclosure site.

Then schedule a time to speak with two or three of the most promising candidates, ideally in person. Many good financial advisers offer a free initial consultation. Make sure they have experience working with clients in similar circumstances. (Ask them to describe how they handled a situation like yours.) This may be the start of a long relationship, one that is likely to touch on very personal issues. So be sure they communicate clearly and listen well, and will be able to keep you motivated to stick to your long-term plans.

More Places for Low-Cost Money Advice

There’s no substitute for having a conscientious professional committed to improving your financial well-being. But if your money needs are narrow in scope—say, you simply want a digital budgeting tool to track your spending or basic guidelines for allocating your investments across asset classes—less expensive (and even free) sources of sound financial guidance may fit the bill. Here are some places to look:

1.) Your current bank or credit union may offer digital tools that can help you track your spending and highlight areas where you might be able to make changes. You can also use third-party apps like Mint or You Need a Budget for this. If your biggest problem is debt, you may be able to find low-cost guidance from a nonprofit credit counselor. Search for one in your area at the National Foundation for Credit Counseling .

2.) Many companies looking for noncash ways to improve the financial well-being of their employees have started providing free or subsidized access to investing tools and even live one-on-one sessions with financial advisers. “You should absolutely ask your HR department about any and all advisory or supplemental services,” says Lynnette Khalfani-Cox, CEO and co-founder of the advice website AskTheMoneyCoach.com .

3.) Apps like Betterment and Wealthfront , and Vanguard’s Digital Advisor service , use algorithms to recommend a custom investment mix based on factors like your age, your long-term financial goals, and how well you think you can tolerate fluctuating markets without deviating from your long-term plans. With fees of 0.25 to 0.4 percent of assets under management, these platforms are usually less expensive than a human adviser.

Editor’s Note: This article also appeared in the November 2022 issue of Consumer Reports magazine.

Beth Braverman

Beth Braverman is a freelance writer who contributes to Consumer Reports on personal finance topics. Conscious of the intersection of life and money, she is always looking for ways to make more mindful decisions about both.

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How To Find a Financial Planner

Write down your financial goals, find a financial planner that understands you, review information on different planners and investment firms, interview several financial planners, start investing.

If you're in your 20s, you may think you don't need to worry about your financial future. But this is actually the best time to start planning financially for the future.

This is where a financial planner comes in. Hiring a certified professional can help you better reach your financial goals throughout your life.

Though they may not seem financially-oriented at first, many of your goals are likely related to finances: saving for retirement, purchasing a home, helping your children attend college, or starting your own business. A good financial planner can help you to reach those goals by setting up a financial plan .

But it can be tough to find the right financial planner for your needs. Follow these five steps to find the best financial planner for you.

Before you meet with a financial planner, you need to determine what you want to accomplish in terms of long and short-term goals.

Take an evening or weekend to write down your specific money-related goals, whether it be buying a bigger house, paying off debt, or setting up a college savings plan for your child. It also may be helpful to list where you want to be in 5 years, 10 years, even 20 years.

Don't forget about saving for retirement . Be sure to include a few goals regarding where and how you want to spend your retirement years. If charitable giving is important to you, write down your goals regarding your ability to give away money in the future.

This will give a financial planner a more well-rounded view of where you'd like to be financially. Then they can help you get there.

Don't just put your money with the first financial planner you meet with. Do your research online, then ask around. Often, word of mouth is the best way to find a great financial planner.

Ideally, you should ask friends or relatives who have similar goals and strategies regarding finances. This will help you find a financial planner who is a better fit. You can find a financial planner through your local bank, a brokerage firm, or through a professional organization, such as The Financial Planning Association.

Gather information from several planners before you decide on who to go interview. Many financial planners have income or investment minimums that you must meet before they will work with you.

Others will specialize in different areas, such as small business, retirement planning, or estate planning. Each firm should also disclose any fees and/or commissions that the financial planner is paid.

Then you should interview several financial planners before choosing one. You should find a financial planner that you feel comfortable with and who listens to you and carefully considers your needs. You should also ensure that any financial planner you work with is a certified financial planner (CFP).

For example, a good financial planner may suggest products and services to help you meet your goals, but should not force you into taking certain investments.

A good financial advisor should always be able to explain to you why an investment is a good one, as well any risks associated with that investment. If he or she refuses to or you find yourself arguing with him, you should likely find another financial planner.

Finally, you should meet with your chosen financial planner and begin to invest. You and your financial planner will consider your goals, then figure out a workable plan for you to get there. He or she will likely give you a certain amount of money you should invest each month to work toward your goals. To meet this number, you may have to cut spending or stick to a budget.

You should continue to meet with your financial planner on an annual basis. You should also meet with him or her if you experience life-changing events such as marriage, having a child, or going through a divorce . Your goals may change over time, and it is important to clearly communicate these goals with your planner.

Other tips:

• Most good financial planners will recognize and emphasize the importance of having an emergency cash reserve on hand. This means that you should have several months’ worth of income in a savings account that is easy to access if you lose your job or another true emergency arises. This will allow you to leave the money you have invested in the market.
• Financial planners should look at your entire financial picture. They may make suggestions on a percentage of your income to invest, address your insurance needs, or managing your risks and your taxes. It is important to carefully consider this advice, but you should be comfortable with any product that you choose.
• You should also consider the way that your financial planner is paid. If it is purely via commission, then you need to take that into account when they suggest certain products and investments, since they may be getting a cut.
• You should be able to completely understand an investment before you make it. Your financial planner should be able to explain the difference between annuities and mutual funds, as well as the risk and rate of return for each investment. If you cannot understand the investment or if your planner does not seem able to explain it, you may want to find a new financial planner.

Updated by Rachel Morgan Cautero .

Wall Street Journal. " How to Choose a Financial Planner ."

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6 best financial advisors of May 2024

• • Investing
• • Wealth management

Brian Baker covers investing and retirement for Bankrate. He is a CFA Charterholder and previously worked in equity research at a buyside investment firm. Baker is passionate about helping people make sense of complicated financial topics so that they can better plan for their financial futures.

• • Stock analysis

Mercedes Barba is a seasoned editorial leader and video producer , with an Emmy nomination to her credit . Presently, she is the senior investing editor at Bankrate, leading the team’s coverage of all things investments and retirement. Prior to this, Mercedes served as a senior editor at NextAdvisor.

Financial advisors can help you manage through different aspects of your financial life like planning for retirement , saving for a child’s education or just investing in general. But with hundreds of thousands of financial advisors to choose from across the U.S., identifying a financial advisor to work with can be a challenge. The quality of a financial advisor can vary greatly from one firm to the next and there can even be differences between advisors at the same firm. Bankrate evaluated dozens of financial advisory firms and identified some of the best to consider for your various financial needs.

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts , who ensure everything we publish is objective, accurate and trustworthy.

Our investing reporters and editors focus on the points consumers care about most — how to get started, the best brokers, types of investment accounts, how to choose investments and more — so you can feel confident when investing your money.

The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. Investment decisions should be based on an evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. Investing involves risk including the potential loss of principal.

Editorial integrity

Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate follows a strict editorial policy , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

On This Page

Top financial advisor firms

Charles schwab, fidelity investments, j.p. morgan private client advisor, edward jones, alternative option: robo-advisors, financial advisor faqs, methodology.

Bankrate evaluated dozens of financial advisor firms based on various factors including:

• Assets under management: Bankrate considered how much a firm had in client assets to identify firms that had already established relationships with a large number of clients. A higher AUM level can sometimes translate to lower fees as well.
• Fees: Advisory fees vary widely depending on the advisor, but firms were given credit for having lower costs.
• Different services offered: Firms were given more credit for offering a greater number of services beyond basic financial advice such as estate planning, tax services and more.
• Investment minimums: The amount required to get started with an advisor can depend on the advisor and the specific program you’re using. Firms were given more credit for having lower investment minimums.
• Client satisfaction survey came from an independent market research firm.

To learn more, read our full ratings methodology for best financial advisors .

Vanguard may be best known for its plethora of low-cost fund options , but it also offers several different financial advisor options that will meet the needs of a variety of clients. Vanguard offers three different levels of service that allow you to speak with a financial advisor with minimum asset levels ranging from $50,000 to $5 million. All three service levels provide access to personalized financial planning, various investment options and automated tax-loss harvesting.

If you’re looking for a dedicated advisor to work with over time, you’ll need to choose Vanguard’s Personal Advisor Select program, which comes with a $500,000 investment minimum. Those looking for more complex financial advice such as estate planning or charitable giving advice will need Vanguard’s Personal Advisor Wealth Management services. All of Vanguard’s financial advisor options come with annual fees ranging from 0.30 percent to 0.40 percent, and the fees decline as your assets grow.

• AUM: $118.9 billion in discretionary client assets
• Account minimums: $50,000 to $5 million depending on level of advice
• Fees: 0.30 percent to 0.40 percent

Charles Schwab offers one of the best online brokerage platforms , but you can also find financial advisor solutions that meet your needs. Schwab financial consultants are available for free to clients with $500,000 in assets, and they can help you build a financial plan and sift through different investment options. For those looking for an even more personalized approach, Schwab Wealth Advisory is available starting at $1 million in assets and charges an annual fee of 0.80, with the fees declining at higher asset levels.

Schwab can also help you find an independent financial advisor in your area through its website findyourindependentadvisor.com. Fees for these advisors may be significantly higher than those for Schwab’s wealth advisory business, however. 

• AUM: $563.9 billion in “advice solutions”
• Account minimums: $500,000 to $1 million depending on level of advice
• Fees: 0.80 percent; advisor network fees vary

Fidelity has been around for more than 75 years and is one of the largest financial services companies in the U.S. The company offers a handful of options for clients looking to work with financial advisors. If you’re looking for a basic level of service such as developing an investment strategy and staying on track with your goals, you may want to consider Fidelity’s phone-based advisors. They’ll help you develop a retirement savings plan and tax-smart investing moves to help you reach your goals for an advisory fee of 1.1 percent and a minimum investment of $50,000.

If you want your own dedicated advisor, you’ll need at least $250,000 in assets and could pay up to 1.5 percent in annual advisory fees. For this higher fee, you’ll also get access to a broader array of services, such as insurance and estate planning.

• AUM: $652.6 billion in discretionary client assets
• Account minimums: $50,000 to $2 million depending on level of advice
• Fees: 0.50 percent to 1.50 percent

Facet is one of the most unique financial advisor firms on this list in that it doesn’t charge an annual fee based on your level of assets, but rather charges a flat fee based on the complexity of your financial situation. You’ll get advice from a certified financial planner (CFP) who acts as a fiduciary , and your fee generally ranges from $2,000 to $8,000 per year. While this might sound like a lot, it actually ends up being quite reasonable for investors with $1 million or more in assets, and can even make sense for those with lower asset levels.

You’ll work with a dedicated financial advisor that you meet with via video conference. They’ll be able to help you with any number of financial issues such as retirement planning , taxes, buying a house, saving for college, insurance, estate planning and more. There are no investment minimums, so anyone can sign up, though the fees make the most sense for those who have already accumulated significant savings.

• AUM: $2.1 billion in discretionary client assets
• Account minimums: None
• Fees: $2,000 to $8,000 per year

You may know J.P. Morgan as the largest bank in the U.S. , but it also offers financial advisory solutions at a reasonable rate, relative to most other financial giants. With J.P. Morgan Personal Advisors you can work with a team of advisors to help develop a personalized financial plan. These advisors are fiduciaries, so they’ll put your interests before their own, and the fees start at 0.6 percent for assets up to $250,000. 

If you’re looking for a more personalized experience, J.P. Morgan Private Client Advisor allows you to work one-on-one with a dedicated advisor in your area. You’ll get a personalized financial strategy and an investment portfolio that’s tailored to your needs and goals. Fees for this service start at 1.45 percent annually, but decline as your portfolio grows. There may be additional fees based on how your portfolio is invested.

• AUM: $196.5 billion in discretionary client assets
• Account minimums: $10,000 to $100,000 depending on type of account
• Fees: Maximum advisory fee of 1.45 percent; other fees may apply

Edward Jones offers a traditional financial advisor experience, but its fees are below that of other well-known firms, which can often run over 2 percent each year. You can get started with as little as $5,000, but you’ll need at least $25,000 if you want your advisor to manage your portfolio for you. Fees start at 1.35 percent, but decline at higher asset levels. There is also a portfolio strategy fee for certain accounts that starts at 0.19 percent and declines to 0.09 percent for assets over $10 million. 

Edward Jones has nearly 19,000 financial advisors with offices in all 50 states. The firm offers various services including retirement planning, education savings , estate planning, insurance and more. 

• AUM: $252.4 billion in discretionary client assets
• Account minimums: $5,000 to $500,000 depending on type of account
• Fees: program fee starts at 1.35 percent; other fees also apply

Investors who are largely looking for help managing their investments may benefit from using a robo-advisor instead of a traditional financial advisor. Robo-advisors use algorithms to build a portfolio based on your goals and risk tolerance, and typically come with low investment minimums and fees well below that of most human advisors. Both robo-advisors and human financial advisors can help with investment management, but human advisors typically offer a greater number of services and a deeper relationship, albeit at a higher cost. Some robo-advisors offer the option of working with a human advisor if that’s important to you. Here are some of the best robo-advisors to consider if you decide you don’t need all the services offered by traditional financial advisors.

• Betterment  
• Wealthfront
• Schwab Intelligent Portfolios  
• Fidelity Go

What does a financial advisor do?

Financial advisors help clients with various aspects of their financial lives. Not all financial advisors offer the same services, but many assist with financial goals such as budgeting, retirement planning, investment management, taxes, insurance and estate planning. These areas are just some of what financial advisors do to help their clients.

Do I need a financial advisor?

Deciding whether you need a financial advisor or not can be a difficult decision. Working with a financial advisor can be expensive, so it probably only makes sense if you really need one. Hiring a financial advisor may make sense if you’re trying to develop an overall strategy, working through certain life events, or just lack the experience necessary to manage your finances on your own.

When should I switch financial advisors?

Not everyone hires the right financial advisor on their first try. It may be necessary to choose a new financial advisor if you aren’t getting enough attention from your current advisor, their fees are too high or if they push you toward certain investments that don’t make sense for your needs.

How much does a financial advisor cost?

Financial advisor costs can vary quite a bit from one advisor to the next. Some advisors charge a fee based on the level of assets under management, while others charge a flat rate or by the hour. In general, 1 percent is a good threshold to keep in mind when considering financial advisor costs. If you’re paying much more than that, be sure you’re getting plenty of service in return for your annual fee, or find another option for less.

What questions should I ask a financial advisor?

When you meet a financial advisor for the first time, there are some key questions you should get answers to. One of the most important is how they’re compensated and whether or not they’re a fiduciary. A fiduciary means they’re required to put your interests before their own or their firm’s. You’ll also want to understand how their firm evaluates them and what would happen to your account if they left the firm.

What is the difference between a financial planner and a financial advisor?

It can be hard to tell the difference between a financial planner and a financial advisor , and the two terms are often used interchangeably. However, there are some differences to keep in mind. Financial advisors typically focus on helping clients manage their investment portfolios and work toward goals such as saving for retirement. A financial planner is more likely to help with your overall financial picture and may assist with things such as budgeting or developing a comprehensive financial plan.

Should I choose a robo-advisor, online financial planning service or in-person financial planner?

Whether you choose a robo-advisor, online financial planner or an in-person financial advisor will depend on your own preferences as well as the level of service you are looking for  from an advisor. In general, robo-advisors provide the most basic level of service, building you an investment portfolio based on your risk tolerance and financial goals. An online financial planner will provide a more personalized plan beyond investments and can help with questions you may have. An in-person financial advisor will likely offer the most complete level of service and can assist with several different areas of your financial life such as investments, retirement planning or even taxes .

The fees and costs you’ll pay for each one varies, but typically increases with the level of service you’ll receive. Robo-advisors are typically the least expensive, followed by online financial planners. An in-person advisor will be the most expensive and may charge you more than 1 percent of your assets annually.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.

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Wealthtender is dedicated to helping you find the best financial advisor for your individual needs . Our goal is to empower you with the information you need to make more informed and educated hiring decisions. Wealthtender does not provide investment or legal advice through this website – we leave that to the pros.

To make Wealthtender free for you, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers.

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📍 Click on a pin in the map view below for a preview of financial advisors who can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of financial advisors with additional filtering options.

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🏡 Hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be valuable, especially if your personal circumstances are deeply tied to such factors.

🤝 A local advisor can work with you to develop a personalized financial plan, build an investment portfolio to meet your long-term goals, and help you plan appropriately to enjoy a comfortable retirement.

📍 Click the link to a city or town above or below to learn more about financial advisors near you. Can’t find a financial advisor nearby? Learn if a virtual financial advisor or a specialist advisor may be right for you.

The Benefits of Hiring a Local Financial Advisor

Hiring a financial advisor who lives nearby can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.

By working with a local financial advisor, you’ll benefit from their knowledge of the regional economy, cost of living, and employers in the area and their benefits. This can be quite valuable, especially if your individual circumstances are deeply tied to such factors.

Do you work for one of the largest employers in your area? If so, there’s a good chance the financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.

When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.

➡️ How Much Does a Financial Advisor Cost? Read the Article

Quick Tips For Hiring a Financial Advisor Near You

Before hiring a nearby financial advisor, here are a few quick tips to help you find the best advisor for you.

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

• Budgeting and money management
• Debt management
• Insurance planning
• Retirement planning
• Other investment planning
• Inheritance planning
• Estate planning
• Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you plan for life’s bigger milestones, you should consider finding a financial advisor specializing in those areas .

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors . If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors :

• What services do you provide?
• What are all the ways you get paid? (fee transparency)
• What is your investment strategy?
• How do you measure investment performance?
• How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the  Investment Adviser Public Disclosure (IAPD) website . 

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors , as well as specialized credentials which may be important to consider if you have unique financial planning needs.

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a financial advisor interested in being featured on Wealthtender. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join financial advisors featured on Wealthtender.

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Having a defined plan is essential for achieving financial independence. Our process helps you to understand where you are today, what your goals are and what changes need to be made to make sure you reach your milestones.

your portfolio

When it comes to your portfolio, you want the confidence that you are growing efficiently. You want to make sure you are being compensated for the risk you’re taking on and that you’re not over paying to achieve it. Our analysis will allow you to view your current portfolio and our proposed recommendations side by side to help you make a more informed decision.

types of investments

Firma Financial Planning is an independent financial advising firm. Which means we have the entire financial tool box at our disposal to help bring you solutions. We are not limited to proprietary products like other firms.

A few hours

Not everyone is in a position to hire a financial advisor right now. Maybe you’re just getting started or all of your assets are held in your employer’s retirement plan. That’s ok. We still want to help build your roadmap towards financial independence.

Your Professional

At Firma Financial Planning we pride ourselves on our professionalism. You will be able to work directly with a CFP® professional. All of our advisors are fiduciaries. We focus on the relationship with our clients, not transactional sales.

Maintenance & Monitoring

• Your roadmap is a working document that changes as you change. Firma Financial Planning commits to regular review and monitoring to identify any changes that may need be made. Your success is our success!

Our Process… A Journey to your success

The first step is to get organized and to get a bird’s eye view of where we are starting.  

Educating our clients may be the most beneficial to the success of each investment account.

Every person needs a goal and every goal needs a plan. We help you build long-term strategies.

Let’s put the plan in action! Once the plan takes off, we continue to analyze and make adjustments.

Our Services

Firma financial planning is a strategic partner with your goals in mind. , manage your investments, buy that new car, save for college, prepare for retirement, go on a family vacation, create rainy day fund, bringing your dreams to reality in an understandable way.

The first step to investing is figuring out where you want to go. Firma Financial Planning can help you figure out that direction and help you on a path to achieve your goals. 

• Personal Savings
• College Education

17957 Hall Rd Macomb, MI 48044

M-F 8am-5pm

586.263.3700

Schedule Online

60 Minute Consultation 

Get In Touch

Email Address

Areas served Sterling Heights, Clinton Twp, Fraser, Macomb, Mt Clemens, Roseville, Shelby, St Clair Shores, Utica, Warren, Washington, and other cities in the state of Michigan.

Securities, Financial Planning and Advisory Services offered through LPL Financial, a registered investment advisor, member FINRA / SIPC .

How to Get Free Financial Planning Advice

R.J. Weiss, CFP®

• Updated April 12, 2024

Often, the people who would most benefit from the help and advice of financial planners are those who can least afford to pay for those services.

A knowledgeable financial planner can help you create a plan to consolidate credit card debt, guide you through the process of setting up an HSA, show you how to save money by refinancing your student loans and much more.

If you could use some financial advice but aren’t a high-net-worth individual, we can show you how to get free (or very inexpensive) financial planning.

Table of Contents

• Financial planning is not just for the rich. Many options are available for people who need help with their finances but can’t afford to pay full price for a financial planner.
• The Financial Planning Association (FPA)  offers pro bono days where members provide free one-on-one help and group presentations on personal finance topics.
• Users of SoFi can get free financial consulting from the company’s network of financial planners. No minimum investment is required to access these services.
• XY Planning Network , Facet Wealth , and robo advisors like Betterment and Empower are all affordable options that offer financial advice.
• Non-profit debt relief programs can provide free or low-cost financial counseling to help you pay off debt and repair your credit score.
• Local options like hourly Certified Financial Planners (CFPs), Dave Ramsey’s Financial Peace University, and Certified Personal Finance Counselors (CPFCs) are available in many areas.

FPA Pro Bono Days

The Financial Planning Association (FPA) is a professional organization that helps people find ethical financial planners. As part of its efforts to educate people on the importance of financial planning and using a financial planner, members of the FPA offer pro bono days that offer access to free financial advice.

FPA members provide free one-on-one help and group presentations on personal finance topics. These events are a great way to access a free financial advisor. Advisors are not allowed to pitch products or services, give out their business cards, or take down any information for future solicitation — the events are purely an effort to provide services to people who need but can’t afford them.

Each FPA chapter schedules its own pro bono days. You can find a chapter near you here .

SoFi’s No-Cost Financial Planning

So F i offers its users free consultations with its network of Certified Financial Planners. There’s no minimum investment or balance required to schedule an appointment; anyone who downloads the SoFi app and is approved for an account can sign up for a free financial consultation.

The advisers who work for SoFi are fiduciaries who are not compensated through commissions, which means the advice they give is solely based on what’s in your best financial interest.

Importantly, the advice you’ll get isn’t limited to SoFi products. The company’s planners can help you with any number of financial questions and provide clarity on your next steps.

SoFi is the only online brokerage offering free financial planning with no minimum balance requirements.

Affordable One-on-One Financial Advice

For years, financial advisors have been targeting baby boomers. But more and more services are popping up that are aimed towards tech-savvy younger generations.

XY Planning Network

The XY Planning Network is comprised of fee-only financial advisors. Fee-only advisors are registered investment advisors with a fiduciary responsibility to their clients (meaning they are legally required to act in your best interest).

The advisors at XY Planning Network specialize in working with Generation X, Generation Y and millennial clients. Advisors can help clients set up a budget with the correct budgeting percentages, create an estate plan, develop a retirement plan, and provide investment advice.

Clients can opt to work with a local financial advisor, but all services are also offered virtually. That means clients can be matched with the advisor who best fits their needs and lifestyle, not just the geographically-closest advisor.

XY Planning Network advisors work on a fee-only basis and also offer the option of paying a monthly retainer for their services. Each advisor sets their own rates, which you can view on their profile on XY Planning Network’s site.

Facet Wealth

Facet Wealth’s CFPs® provide customized, one-on-one financial advice to their clients.

Facet Wealth charges a flat annual fee, ranging from $480 to $5,000, based on the complexity of a client’s needs. All meetings are held remotely via video chat or phone calls, and the customized financial blueprint created for each client can be tracked and managed online.

Which pricing tier your needs fit into is determined through a free consultation with a financial adviser. Those in the $480 tier will get help with things like managing cash flow, reviewing insurance needs, merging finances with a spouse, and buying a home.

At the $1,600 level, expect help with issues like how to optimize multiple investment accounts, basic estate planning, and education expenses planning.

The $5,000 level is for those with more complicated needs, such as business owners, those with real estate investments, and clients who need more complex estate plans.

Facet Wealth can be a real bargain for those seeking an investment advisor, or those who have more complex needs and a higher net-worth and want to avoid paying a financial advisor based on assets under management.

Robo-Advisors: Betterment, Wealthfront, and Empower

Robo-advisors helped bring investing to the masses. Now they’re doing the same for financial planning.

Betterment is an online investment platform that offers automated investing, banking services, and investment advice. Betterment is one of the first and largest of the robo-advisors.

• The “Premium” plan offers unlimited phone access to a CFP® for a 0.40% fee of assets under management. In other words, if you have $100,000 managed on the platform, you’ll pay $400 per year for this service. Unfortunately, this is only available to those with at least $100,000 invested with Betterment.
• The “Getting Started” package is $199 and provides one 45-minute call with a CFP® to help set up and maximize your Betterment account (and make sure you’re properly utilizing Betterment’s features).
• The “Financial Checkup,” “College Planning,” “Marriage Planning,” and “Retirement Planning” packages are each $299 and include one 60-minute phone call with a CFP® to discuss your investment goals for these stages of life. These plans are great for those who need some guidance but prefer a “set it and forget it” approach to managing their investments.

Note that only the “Premium” plan requires a minimum investment of $100,000.

A really cool option is that any of these packages can be purchased as a gift. If you need a wedding or baby shower gift, the marriage and college packages would be a great (and unique) option.

Empower lets users see all of their financial accounts in one place. It’s also a robo-advisor investing platform and provides financial advisors to those with accounts worth at least $100,000.

This service starts at 0.89% per year of assets under management.

• Empower offers both online tools and dedicated financial advisors to help manage your finances.
• Offers free financial tools, including a retirement planner, investment checkup, budgeting help, a fee analyzer, and education planning.
• Accounts up to $200,000 can access a financial advisory team that is available by phone 24/7 that offers 401(k) advice, cash flow analysis, and priority services.
• Accounts between $200,000 and $1 million have access to two dedicated financial advisors, customizable portfolios, retirement planning, college savings planning, and advice on insurance, home buying, and stock options.
• Accounts over $1 million can access Priority CFPs®, private banking services, estate planning, and private equity investments.

Read our in-depth Empower review to learn more.

Non-Profit Debt Relief Programs

Most of the options I’ve discussed so far are for people who could use advice from a financial planner but, most importantly, have their finances under control. You may have some student loan or credit card debt, but you aren’t in dire straits or considering bankruptcy.

If you are  in that situation, a non-profit debt relief program is a better option. These agencies can provide free or low-cost financial counseling that can pull you out of the tailspin while providing the kind of financial education you need to build a better financial future.  

A legitimate  debt relief program can provide intensive one-on-one advice and planning to help pay off debt, and can sometimes negotiate with your creditors to reduce your interest rates or the balance of the debts.

I emphasize the word “legitimate” because there are many predatory businesses trying to pass themselves off as legitimate debt relief programs. Debt relief companies are not legally permitted to collect a fee from you until they have successfully “ renegotiated, settled, reduced, or otherwise altered the terms of at least one debt .”

They can collect a fee once you’ve made a payment to your creditors based on their debt relief plan. Some states set a cap on these fees, but the typical fee in states without a cap is 20% to 25%.

One way to find a legitimate program is to go through Debt.com , where you can find pre-screened non-profit debt relief programs across the U.S. (many of which offer credit counseling programs that can help you both pay down your debt and repair your credit score).

Local Options for Affordable Financial Planning

If you prefer to support a local business and would like an in-person meeting with a dedicated financial planner, these are some options that won’t break the bank.

Hourly Certified Financial Planner

Some CFPs® charge by the hour rather than a flat fee. It may not be affordable for those who need to lay out their entire financial picture and get help building a customized plan, but if you need some advice on a particular situation — like buying a home, merging finances or planning for college expenses — hourly CFPs® can be a good way to get personal financial planning help.

Certified Personal Finance Counselor

A Certified Personal Finance Counselor is not exactly the same thing as a CFP®, but they can provide a lot of the same advice at a lower rate. A CPF Counselor can help clients develop custom plans for their finances, including retirement and estate planning, investments, debt management, and budgeting.

If you could benefit from consistent, personalized financial advice but can’t afford a CFP®, a CPF Counselor is a great alternative.

Dave Ramsey Financial Peace University

Most of you are probably familiar with Dave Ramsey’s baby steps , his seven-step plan for taking control of your finances. But you may not know that he also created a nine-course series designed to teach you how to pay off debt, create a budget, and save money. The course is called Financial Peace University .

You can take the course in person in a group setting, or online. The classes are held once a week for nine weeks, and each session lasts about 90 minutes. Both the in-person and online courses cost the same: $129.99.

It’s a time commitment to attend the courses in person, but it does offer the benefit of accountability and support. Money is a taboo subject, and many people struggle alone, ashamed to reach out to family or friends for support. When you attend the course in person, everyone in that room is facing struggles similar to your own. It’s helpful to know that you’re not alone.

I don’t always agree with Dave Ramsey’s approach to personal finance — mostly when it comes to investing — but this course is a good value and offers sound advice if you’re struggling with getting out of debt, or have stress when it comes to handling money inside of a relationship.

Financial Planning: Not Just for the Rich

Not so long ago, people thought investing was something only rich people did. Thanks to companies like Vanguard and Betterment, that’s no longer true. Today, investing is accessible to anyone — even if you only have a few dollars to set aside every month.

The same is becoming true for financial planning, as the internet has opened it up to a much wider audience. Take advantage of the opportunity to improve your money management skills, establish a sound financial footing, and develop a plan to build wealth .

If you’re looking for ways to get cheap or free financial planning, you have more options than ever before.

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