The web's best personal finance advice.
A financial advisor can help you realize your financial goals. While the value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, research suggests that people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.1
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The web's best personal finance advice.
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There are several different types of financial advisors. It’s important to find the one that meets your needs. A financial advisor will help you manage your money. Typically, part of their job is to invest your money, but not always.
Some financial advisors, often accountants or lawyers who handle estates and trusts, are considered wealth managers. They can coordinate strategies to reduce your tax burden. Other financial advisors specialize in investment performance. These are often referred to as investment advisors or money managers.
Lastly, there are also advisors who refer to themselves as financial planners. A planner typically offers a broader range of services that includes client education, cash flow and retirement planning, investing and more.
Financial Advisor Fees
Financial advisors generally fall into two fee categories: fee-only advisors and fee-based advisors.
Fee-only advisors are compensated by their clients only. This compensation can be either a flat-fee or based on a percentage of your assets.
Fee-based advisors can also earn commissions by selling you investment products or securities. These commissions can result in a conflict of interest, where your advisor is incentivized to recommend suboptimal investments.
What are Fiduciary Financial Advisors
A fiduciary financial advisor has a legal duty to act in your best interest. If they have any potential conflicts of interest, they’re required by law to disclose them.
For most people it makes sense to choose a fiduciary advisor. You can feel more confident in their recommendations and advice knowing that they are prioritizing your financial outcomes, not their own.
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We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.
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