How to Choose a Financial Advisor

Financial advisors can help with every aspect of your financial life, including budgeting and financial planning. Let’s look at the different types of financial advisers and how you can choose the right advisor for your needs.

Financial planning advisor can help people manage their money and reach their financial goals. They can provide a wide range of financial planning services, including budgeting guidance and investment management. It is crucial to find the right financial advisor. You will avoid paying unnecessary fees or working with someone that doesn’t align with your financial goals.

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These questions will help you to identify the reason you are seeking financial assistance:

  • Do you struggle to manage your finances?
  • Are you looking for investment advice?
  • Are you interested in creating a financial plan to support your family?
  • Do you want to set up a trust?
  • Do you need tax assistance?

These questions will help determine which type of financial advisor you should use. A robo-advisor can help you invest. If you have complicated financial needs, an advisor may be needed online or in person.

Learn which financial advisors are best for you

Several types of financial advisors are available: financial brokers, financial advisors certified financial planners, and coaches. There are even financial therapists. Whom can you trust?

Advisors don’t have to hold certain credentials to use some of the most common titles, like “financial advisor”, which are very popular. You shouldn’t assume that someone who holds an official title has any credentials or training. Depending on the assets under management any person who offers investment advice (which most financial advisors do), must register with the U.S Securities and Exchange Commission of the State.

Financial advisors are bound to fulfill fiduciary obligations. They must act in the best interest of their clients and not theirs. Only work with registered, licensed fiduciaries. Advisors are paid directly, not through commissions for some investments or insurance products. Certified financial planners must fulfill a fiduciary duty to their clients as part of their certification.

Learn more about financial advisors

Financial advisors don’t need to be at your bank branch. There are many options for financial advice. You will need to consider your personal preferences, budget, and financial needs when choosing the best option.


Robo-advisors simplify investment management and are low-cost. Answer questions online, and the computer algorithms will create an investment portfolio that meets your risk tolerance and goals.

  • Low cost: Fees as low at 0.2% of your account balance You don’t need a minimum account balance to invest in many services.
  • If you require assistance in investing to reach financial goals, such as retirement, and can’t afford or have the funds for a complete financial plan
  • You should look elsewhere if you require more in-depth financial planning. Although some robo-advisors offer higher-tier financial planning services to clients, most are good at investing management.

Financial planning online and financial advisors

This level is for robo advisors. It allows virtual access to financial planners.

A basic online service might offer investment management and the ability to consult with financial advisers if you have questions. Personal Capital and Facet Weath are more extensive and provide a match with a human advisor who can help you develop a plan and manage your investments. Many online financial advisors will match clients with advisors with high-level credentials such as a certified financial planner.

  • Average cost: An average online financial planner will cost less than a traditional advisor but more than a robotic-advisor. While some services require an investment minimum of $25,000, others may require a greater investment.
  • If you are comfortable with meeting with an advisor online but still require holistic financial planning services such as estate planning, retirement planning, or stock options assistance. Online advisor platforms such as Harness Wealth and Zoe Financial will screen financial advisors.
  • You might be more comfortable working in person with an advisor.


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