Choosing the right advisor for your finances is a very important decision that can affect your financial well-being. If you’re searching for a financial advisor near you, there are various avenues to explore. Whether you prefer a local advisor or a virtual one, here’s a comprehensive guide on finding a suitable financial advisor for you.
- Utilize Online Financial Advisor Matching Services
Several online services can help match you with a financial advisor in your area. These services often have a network of advisors who pay to be part of the platform, and they are vetted to ensure they meet specific standards. Here are some reputable financial advisor matching services:
- Zoe Financial: Matches clients with certified financial planners (CFPs) and other financial professionals. Advisors typically charge an annual fee ranging from 0.50% to 1.50% of assets under management.
- Harness Wealth: All firms on this platform are fiduciaries, and advisors may include CFPs, CFAs, CPAs, and tax attorneys. Typical fees are around 1% of assets under management.
- Wealthramp: Offers a network of vetted fiduciary advisors. Clients fill out a survey and are matched with up to three advisors for free consultations.
- Facet: Provides access to fiduciary CFPs with a unique flat-fee service model. Meetings with advisors are conducted online.
- Check the CFP Board Website
The Certified Financial Planner (CFP) Board is a professional certifying organization. You can use their website to search for certified advisors based on criteria such as planning services, client focus, and preferred language.
- Explore Professional Finance Advisor Organizations
Consider looking into professional organizations that can help you find qualified financial planners. Some examples include:
- Financial Planning Association (FPA): Offers access to certified financial planners and provides assistance in finding a financial planner near you.
- Association of African American Financial Advisors (AAAA): Focuses on helping Black investors find expert guidance. The organization provides a directory of Black advisors.
- NAPFA or National Association of Personal Financial Advisors: A network of fee-only advisors who adhere to a fiduciary duty.
- Tap into Financial Planning Networks
Explore financial planning networks that connect clients with advisors based on specific criteria. Examples include:
- Garrett Planning Network: Member advisors are fee-only, offer planning services on an hourly basis, and adhere to a fiduciary oath.
- XY Planning Network: Every advisor offers virtual services, holds the CFP designation, and operates on a commission-free basis.
- CHIP: A network focused on matching clients with Black, Hispanic, and Latinx financial advisors and professionals.
- Consider Robo-Advisors
For those seeking investment management, robo-advisors are automated services with lower fees. Some robo-advisors offer access to human financial advisors and additional features.
- Ask for Recommendations
Seek recommendations from friends, family, or colleagues who have had positive experiences with financial advisors. Personal referrals can provide valuable insights.
How to Find a Virtual Financial Advisor
If local choices are restricted, consider delving into online financial advisor services that incorporate videoconferencing for virtual meetings. Numerous virtual advisors come with competitive pricing, and a few even offer comprehensive financial planning services to fit your budgeting needs.
Points to Keep in Mind When Finding a Local Financial Advisor
- Identify Needed Services: Clarify the specific financial services you require, whether it’s estate planning, tax assistance, or investment management.
- Verify Advisor Certifications: Ensure that the advisor holds relevant certifications such as CFP or CPA, and verify these credentials on the respective licensing board’s website.
- Prepare Questions: Interview potential advisors to assess their strategies, options, and compatibility with your financial goals.
- Understand Fees: Clearly understand the advisor’s fee structure, whether it’s a percentage of assets under management or a flat fee.
Finding the right financial advisor involves careful consideration of your needs, preferences, and the advisor’s expertise. By exploring these avenues, you can make a decision that aligns with your financial objectives.
