Every individual’s financial path is unique, which is why consulting a financial advisor, a specialist who offers tailored guidance based on your financial circumstances, can prove immensely beneficial.
However, locating a financial advisor in your vicinity can pose a challenge. A straightforward Google search for “financial advisor near me” might yield an overwhelming array of results, making the prospect of researching each one daunting.
Fortunately, numerous resources and services are available to expedite the process of finding a nearby financial planner.
Benefits of working with a local financial advisor
Although online financial advice is readily available, there remains a preference among many individuals for in-person meetings with advisors. The opportunity to establish rapport and gauge personality through face-to-face interactions can foster trust more effectively.
Moreover, local financial advisors offer the advantage of facilitating connections with other professionals in your area, including mortgage brokers and estate planners. Accessing a network of experts familiar with local regulations, regional market trends, and property taxes can prove invaluable, particularly during real estate transactions.
How to find a financial advisor near you
Whether you’re browsing through candidates on a financial firm’s website or utilizing an online matching tool to assist in vetting professionals, selecting the ideal financial advisor demands careful consideration and research.
To simplify your search process, here are several resources and tips to guide you:
Use an online matching tool to find a financial advisor
Using online advisor matching tools involves completing a short questionnaire regarding your financial planning requirements and budget. Subsequently, the platform generates a roster of advisors who align with your specifications.
Advisors typically enlist in these networks by remitting a fee, with the online matching company conducting background checks and credential verifications on behalf of clients.
Bankrate provides a financial advisor matching tool facilitating quick connections with local advisors.
Below are three additional online advisor matching tools accessible at no cost.
Zoe Financial
Zoe Financial links individuals with financial advisors tailored to their requirements. Each advisor undergoes vetting, holding either a CFP, CFA, or CPA certification, and possessing at least five years of experience.
After completing a brief questionnaire, Zoe matches you with three financial advisors from its network of over 2,700 professionals. Advisors usually charge a fee equivalent to approximately 1 percent of your assets under management. While there’s no minimum account requirement to access an advisor, note that you might be paired with professionals offering remote services beyond your local vicinity.
Wealthramp
Wealthramp is a platform designed to assist you in locating local, fee-only financial planners. By completing a brief questionnaire about your financial situation and preferences, including your investment style and advisor preference—whether in-person or remote—you’re matched with suitable professionals.
Wealthramp doesn’t impose a fee for matching you with a financial advisor. However, it’s essential to note that while the initial consultation is complimentary, the specific fees for services may vary and are typically determined upon direct contact with the advisor.
Harness Wealth
Harness Wealth assists in linking you with financial firms tailored to your assets and the intricacies of your financial scenario. Their clientele, as stated on the company’s website, encompasses entrepreneurs, small business proprietors, angel investors, and individuals residing or operating across various states or countries.
There is no fee charged by Harness Wealth for locating and assessing firms. Typically, firms affiliated with Harness Wealth levy a 1 percent investment management fee for the initial $1 million in assets under management. Additionally, specialized financial services like estate planning and comprehensive financial planning are available on an à la carte basis, ranging from $1,000 to $5,000.
Look into professional advisor organizations
Several organizations provide complimentary databases that you can utilize to discover financial advisors if you’re willing to conduct some research.
CFP Board
Certified Financial Planners (CFPs) are highly trained financial advisors with expertise in various areas of financial planning, including investments, taxes, and insurance. They are certified by the CFP Board.
The CFP Board’s Let’s Make a Plan website provides a search tool to assist you in locating CFPs in your vicinity. You can refine your search results by proximity and the CFP’s specialization, such as investment or estate planning.
Upon narrowing down your search, you’ll receive a list of CFPs along with their contact details, website links, and additional informat
XY Planning Network
The XY Planning Network specializes in advisors serving Generation X and Generation Y clients. Their search tool allows you to find a Certified Financial Planner (CFP) and refine your results based on niche, specialty, or keyword. You have the option to search exclusively for CFPs in your vicinity or expand your search to include members who provide remote services.
National Association of Personal Financial Advisors (NAPFA)
Input your zip code into the National Association of Personal Financial Advisors’ search tool to access information about fee-only advisors in your vicinity. This tool provides details about financial firms, allowing you to learn more about them and reach out directly through a form on the NAPFA’s website.
Ask for referrals
Seeking recommendations from friends and family members who have had positive encounters with financial advisors is an excellent initial step. Their firsthand experiences can offer valuable insights into the advisor’s communication approach and demeanor, which may not be readily available on the advisor’s website. Additionally, referrals from acquaintances might lead to potential discounts or special offers from the advisor.
Robo-advisors
For those seeking investment management and portfolio building, particularly if they’re new to investing, a robo-advisor can be an excellent choice.
A robo-advisor is an online platform that handles your investments automatically. You can kickstart your investment journey in minutes by answering a few questions about your financial goals and risk tolerance. Moreover, robo-advisors typically charge lower fees compared to traditional human investment advisors.
While robo-advisors are favored by investors who prefer a hands-off approach, many of these platforms also offer access to human financial advisors.
For instance, Betterment provides options for personalized advice through standalone advice packages, offering a 45-minute one-on-one session with a financial advisor. Alternatively, opting for Betterment’s premium plan grants unlimited access to Certified Financial Planners (CFPs). Similarly, SoFi Automated Investing enables investors to schedule complimentary calls with in-house CFPs.
Online financial advisors
While meeting in person with a financial advisor has its advantages, locating a suitable local advisor in a smaller community can pose challenges.
Fortunately, many financial advisors now provide virtual services via platforms like Zoom, email, or phone calls. Advisors typically indicate whether they offer virtual services on their website or online profiles. Even if not explicitly stated, some advisors may accommodate online arrangements upon request.
For those unconcerned about the physical proximity of their advisor, options like Facet Wealth offer online advisory services for an annual flat fee. Additionally, national financial advisors are available for consideration.
Considerations for finding a financial advisor near you
You’ve made progress in your search for a financial advisor, but there are still important steps ahead.
Many advisors offer free consultations ranging from 15 minutes to an hour. Maximize this time by delving into the advisor’s background, investment philosophy, and fee structure.
Verify the advisor’s credentials to ensure they meet your needs. Beware of advisors provided by financial companies for free, as they may prioritize sales over your best interests. Instead, seek out fiduciary advisors, obligated to act solely in your favor.
You can research advisors further on sites like FINRA’s BrokerCheck, the CFA Institute’s platform, or the CFP Board’s website, which provide employment history, experience, and disciplinary records.
Here are additional tips to aid you in finding the ideal financial advisor.
Know what services you will need
You probably have a clear idea of the financial areas where you need guidance. Whether it’s balancing saving for your first home with paying off student loans or managing investments as retirement approaches, jot down your key financial goals to discuss with advisors.
Additionally, familiarize yourself with the range of services a financial advisor provides, such as estate planning, investment management, or retirement planning. If their expertise doesn’t align with your priorities, it may be wise to explore other options.
Understand their fee structure
Understanding how much and how often a financial advisor charges is a critical aspect of evaluating them. Some advisors levy a percentage of your assets under management, typically ranging from 0.5 to 1.5 percent, while others opt for flat fees or hourly rates.
Exercise caution if an advisor is reluctant to provide a transparent explanation of their compensation structure.
In Conclusion
Discovering a reliable financial advisor in your vicinity involves more than just selecting the first option in a Google search. It entails thorough research and vetting of potential candidates, or relying on a reputable matching service to handle the groundwork on your behalf.
Throughout your quest, prioritize advisors and financial planners who serve as fiduciaries, committed to acting in your best interests rather than those of a financial institution. While this vetting process may require time and effort, it increases the likelihood of finding an advisor capable of offering impartial guidance tailored to your requirements.