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Best Financial Advisors in Newport Beach

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Newport Beach, CA
  • Estate Planning
  • Financial Planning
  • Investment Management
  • Retirement Planning

Business Description

SmartAsset's free, five-minute tool makes it easy to find qualified financial advisors in your area. The exclusive tool uses a quick survey to help SmartAsset's exclusive algorithm match you with up to three advisors based on your specific financial needs. Each advisor is a fiduciary, legally bound to work in your best interest, and rigorously vetted by SmartAsset. You can speak with each for free, sometimes within a matter of minutes, and choose whom you want to work with. Hundreds of thousands of smart investors and retirees have already used SmartAsset's simple, no-cost service to find the right financial advisors for them.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Yelp
4.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Price: Free consultation

Alpha Wealth Partners logo
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Alpha Wealth Partners

4343 Von Karman Ave, Suite 250T, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)

Business Description

Alpha Wealth Partners is a financial and investment planning firm that serves clients around Newport Beach. It provides comprehensive and actionable advice for matters related to tax, retirement, and education planning. It helps mitigate risks and minimize liabilities due to disability or illnesses by offering insurance plans. It also assists business owners in category consultation as well as valuation assessment. With over 50 years of collective experience, its advisors have handled over $100 million in client assets. The company’s President Stefan Reddrick, has proudly been delivering experience and service since 1998.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Benefit Financial Services Group logo
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Benefit Financial Services Group

2040 Main Street, Suite 720, Irvine, CA 92614
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  • Certified Financial Planner (CFP)

Business Description

Benefit Financial Services Group is a multi-faceted fiduciary firm serving individuals and families in Newport Beach. It assists clients with managing investments and guides financial planning. It also helps individuals plan for retirement, offering a selection of investment options and defined benefit plans. The firm opened its doors in 1986 under Steven Lee Yamshon. Yamshon has been in the industry for over 35 years and has taught investment finance at UCLA for over 25.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Bridge Financial Management logo
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Bridge Financial Management

4343 Von Karman Avenue, Suite 250L, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)
  • Financial Planning

Business Description

Bridge Financial Management is an investment advisory firm serving Newport Beach. It advises clients on how to best utilize their assets and manage their finances using well-thought-out plans tailored to their needs. Its financial planning program assists clients in developing plans and reviews them regularly to monitor performance. This program also includes cash flow and budgeting techniques and retirement planning. It also recommends investment strategies and advises on their potential risks.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Yelp
5.0 / 5 (19)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Compak Asset Management logo
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Compak Asset Management

1801 Dove Street, Newport Beach, CA 92660
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Financial Planning
  • Wealth Management
  • Chartered Financial Analyst (CFA)

Business Description

Compak Asset Management is a financial advisory firm serving clients in Newport Beach. It assists individuals with estate, net worth, income tax, and retirement planning by designing financial plans and implementing complementary strategies. These strategies may include developing business succession plans, reviewing investments, establishing spending and savings plans, and building emergency funds. Company president Moeez Ansari has 40 years of investment experience, including financial risk management, mutual fund selection modeling, and portfolio optimization.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Yelp
4.0 / 5 (14)
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Emerald Wealth Management, Inc. logo
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Emerald Wealth Management, Inc.

5000 Birch Street, Suite 3000, Newport Beach, CA 92660
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  • Estate and Trust Specialist
  • Retirement Planning

Business Description

Emerald Wealth Management, Inc. (EWM) offers financial planning to the locals of Newport Beach. Some of its services include wealth accumulation, preservation, and distribution strategies; retirement income planning; personalized bookkeeping; investment monitoring and asset allocation; comprehensive personal, business, and retirement planning; and health and medicare insurance. EWM's team of associates includes professionals from unique backgrounds who give its clients multiple opinions, insight, and outlooks. The company has helped many individuals, families, and business owners develop solutions to their financial concerns.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Facebook
4.3 / 5 (3)
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
havaplanfinancial.com logo
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havaplanfinancial.com

4695 MacArthur Court, 11th Floor, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)
  • Private Wealth Advisor

Business Description

Havaplan Financial is an advisory firm serving Newport Beach. Its clients include individuals who are starting out, settling down, entering midlife, near retirement, and enjoying retirement. It offers comprehensive financial planning and guidance on financial questions. It also helps clients develop long-term investment strategies based on their risk tolerance and individual goals. Classes on retirement savings and investments are also available. Founder Laurie Dubchansky has held her CFP designation since 2015 and volunteers at Women Investing in Security and Education.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Integrity Wealth Management logo
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Integrity Wealth Management

3991 MacArthur Boulevard Suite 215, Newport Beach, CA 92660
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  • Retirement Planning

Business Description

Integrity Wealth Management is a company that has been catering to clients in the Newport Beach metro and the surrounding communities since 2003. It offers a wide range of wealth planning services, including estate plan analysis, asset transfers, and beneficiary designation audits and reviews. The firm also provides insurance and tax reduction planning and mortgage reviews. Ralph Adamo, the president, has been working in the financial services industry since 1985. He holds the Chartered Financial Consultant and Chartered Life Underwriter designations.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
J. Derek Lewis & Associates, Inc. logo
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J. Derek Lewis & Associates, Inc.

1001 Dove Street Suite 155, Newport Beach, CA 92660
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  • Estate Planning

Business Description

J. Derek Lewis & Associates, Inc., provides financial advising services to clients in Newport Beach and the surrounding areas. It helps individuals prepare for the future financial needs of their loved ones by assisting them in creating financial plans. It also offers retirement income, Social Security maximization, and tax planning services. The company's president, J. Derek Lewis, has been helping clients with their investment matters since 1968. He started his financial career in 1966 as a bank officer at the Security Pacific National Bank.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Klein Financial Advisors Incorporated logo
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Klein Financial Advisors Incorporated

4299 MacArthur Boulevard, Ste 100, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)
  • Financial Planning

Business Description

Klein Financial Advisors is a boutique financial planning and wealth management firm specializing in serving women in Newport Beach since 2003. It provides financial planning and investment management services, including asset allocation, securities selection, and risk management. It also provides transition planning for those who underwent major life changes, such as divorce or the loss of a loved one. Founder and president Lauren Klein is a Certified Divorce Analyst and has served as a board member of the Financial Planning Association in Orange County.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Facebook
4.6 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Mike Acevedo Financial Planning logo
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Mike Acevedo Financial Planning

5000 Birch St, West Tower, Suite 3000, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)

Business Description

Mike Acevedo Financial Planning has been serving Newport Beach firefighters and police officers for more than ten years now. Traditional portfolio management is handled by the firm, which follows the fiduciary standard of care when providing retirement and tax planning advice. Life insurance, portfolio risk, and pension and DROP analysis are also other services offered by the firm. It is partnered with carriers such as Dynamic Wealth Advisors, Fidelity Investments, and Charles Schwab, and Ameritrade.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Reilly Financial Advisors logo
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Reilly Financial Advisors

4675 MacArthur Ct., Ste. 545, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)
  • Tax Preparation
  • Tax Planning

Business Description

Since 1999, Reilly Financial Advisors has been catering to clients in Newport Beach. Individuals and families can get the firm's help with meeting short-term and long-term financial goals. It professionals assist in managing cash flow for college funds, insurance policies, and a retirement plan with a sustainable income. Its advisors also help with creating an investment portfolio that fits a client's goals and risk tolerance. Chairman Emeritus Don Reilly has more than 40 years of experience in the financial sector.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Retirement Income Center logo
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Retirement Income Center

23 Corporate Plaza Drive, Suite 150, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)

Business Description

The Retirement Income Center has been serving clients in Newport Beach since 2012. Its income management service helps individuals and families meet their current and future expenses. This includes advice on investment portfolios that fit a client's risk tolerance. The company's advisors also provide retirement income planning so that people have a sustainable income in their golden years. Founder and President Robert Klein is a certified public accountant and a Certified Financial Planner with more than a decade of experience.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
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Detail
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Rodriquez Wealth Management logo
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Rodriquez Wealth Management

620 Newport Center Dr, Suite 680, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)

Business Description

Rodriquez Wealth Management is a company serving the Newport Beach area. Since 1995, the firm's team has been transitioning and reserving clients' wealth. The firm's financial advisors suggest investing and accumulation methods for children's education, help manage clients' retirement assets, and construct tax-efficient investments to help decrease tax obligations. They also offer estate planning, risk management, and employee and executive benefits packages. Jesse Rodriquez, the firm's owner, was named one of Forbes' Best-In-State Wealth Advisors in 2021.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
RS Crum, Inc. logo
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RS Crum, Inc.

4 Upper Newport Plaza, Suite 201, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)

Business Description

RS Crum, Inc., is a wealth management company that caters to families and business owners around Newport Beach. It helps clients by providing personalized advice and developing strong goals-driven relationships with them. From estate and retirement planning to debt management and insurance products, it helps them devise a customized plan that will cover any specific financial concerns. With a team that includes six Certified Financial Planners, it strives to bring different perspectives and collaborative decisions in forwarding their client's needs.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Silversage logo
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Silversage

19200 Von Karman Avenue, Suite 370, Irvine, CA 92612
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  • Finance Planning

Business Description

Silversage offers personalized wealth management and financial planning to the locals of Newport Beach. Its advisors work closely with its clients in creating a comprehensive plan that satisfies their concerns and is aligned with their lifestyle and values. It also offers the Personal Focus Plan, which aims to simplify complex decision-making while offering as much depth and detail as the client requires. Jeffrey M. Garell, the founding principal, is a Certified Financial Planner with over 35 years of industry experience.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (11)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Spinnaker Investment Group logo
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Spinnaker Investment Group

4100 MacArthur Blvd, Ste 120, Newport Beach, CA 92660
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  • Certified Financial Planner (CFP)

Business Description

The Spinnaker Investment Group provides wealth management services to individual professionals, small businesses, and corporations in Newport Beach. The firm helps in financial planning, college funding, estate overview, property management, health care evaluation, and balance sheet preparation. It operates on goal-based investing with the core belief that everyone has the opportunity to develop a financial portfolio. Morgan Christen, the CEO and chief investment officer, is a Certified Financial Planner who brings 26 years of investment management experience.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Tarbox Family Office logo
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Tarbox Family Office

500 Newport Center Drive, Suite 500, Newport Beach, CA 92660
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  • Financial Planning

Business Description

Since 1985, Tarbox Family Office has been helping clients in Newport Beach. It deals with a wide range of financial services, from wealth transfer planning and risk management to asset protection and liability management. The company also provides tax preparation solutions. It has experience with investment management and educates clients on assets like bonds and stocks. The company's founder, Laura Tarbox, is the recipient of the Distinguished Instructor Award from the University of California, Irvine. She has been featured in the Los Angeles Times.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
The Bahnsen Group logo
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The Bahnsen Group

520 Newport Center Dr 300, Newport Beach, CA 92660
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  • Private Wealth Advisor

Business Description

The Bahnsen Group offers financial guidance to businesses and individuals in Newport Beach. Its team of advisors assists clients with financial, tax, and estate planning. It also guides with legal matters, risk management, and lifestyle services such as elder care management, college preparation, and personal bookkeeping. The firm manages over $3.2 billion in client assets. It is helmed by managing partner and chief investment officer David L. Bahnsen. Bahnsen is a regular contributor to Forbes and National Review.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Facebook
4.8 / 5 (20)
Google
4.8 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
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Back to Providers

Frequently Asked Questions

Introduction

There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.

Are financial advisors worth it?

Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.

What does a financial advisor do?

Financial advisors can have many types of specialties. Generally, a financial advisor advises on or helps to execute a financial plan. Some examples include assisting people with getting out of debt, building out an investment portfolio, and handling taxes.

How much money do I need to work with a financial advisor?

There’s no specific income level you need in order to work with a financial advisor, but there may be a minimum investment amount for certain types of services. Some financial advisors won’t manage your money unless you have $100,000 or more to invest, but this isn’t the case with financial coaches or robo-advisors.

What does a financial coach do?

Financial coaches focus on improving your financial literacy and money management skills. For example, they can help you figure out how to pay down your student loans or decide how much money to put away for retirement. They usually charge by the hour and don’t offer asset management services or investment advice.

When should I use a financial advisor vs. doing it myself?

Smart money management can give you freedom and comfort. Being responsible with your money makes it possible to meet goals and pay for major expenses. A financial advisor is trained and can offer you expertise that would otherwise take years to learn. They know how to save you money and make it go further.

How do I know if my financial advisor is trustworthy?

Because financial advisors aren’t licensed or regulated, it’s up to the client to make that determination for themselves. However, if your advisor is a fiduciary, that means they’re legally bound to act in your best interest. Some types of advisors, including Certified Financial Professionals (CFPs), are held to fiduciary standards.

What\'s the difference between a financial advisor and a financial planner?

The term financial advisor is a broad phrase that encapsulates many specialties, including financial planner. It's similar to how doctor applies to different physicians, while a cardiologist is a specialty doctor. A financial planner helps their client plan to achieve long-term financial goals, such as saving for a house or retirement.

Are financial advisor fees tax deductible?

Until 2018, financial advisor fees were tax deductible as a miscellaneous expense. However, the Tax Cuts and Jobs Act elimited that deduction until at least 2025.

What is a financial consultant?

A financial consultant and a financial advisor are essentially the same. In recent years, financial consultant has become a less popular term, with financial advisor being much more common. Sometimes, the financial professional may opt for the term consultant when offering services to a business rather than an individual.

What is a robo-advisor?

A robo-advisor is essentially an algorithm that manages your investment portfolio for you. Because their services are automated, you’ll pay less than you would for a human advisor — often between 0.25% and 0.50%. They don’t require large initial investments either, making them a popular choice for entry-level investors. However, you won’t get the same level of advice that you would get from a personal financial advisor.

What makes someone a fiduciary?

Fiduciary is a legal term for a person who has a legal or ethical responsibility to act in your best interests. For example, a trustee and a beneficiary. A financial advisor may have a fiduciary obligation to make financial choices that are best for you, even if it means they earn less in commissions or fees.

How often should I meet with my financial advisor?

After your initial meeting, you may only need to check in with your financial advisor on a quarterly or annual basis. Ask them in advance how often you can expect to hear from them, and whether they offer in-person, phone, or virtual meetings.

Should your financial advisor be a fiduciary?

It’s important to understand that only some — not all — financial advisors have a fiduciary obligation to their clients. Always ask your financial advisor if they’re bound by fiduciary duty. If not, it’s possible that they’ll push products or services that earn them the highest commission, not necessarily what’s best for you. Opt for a financial advisor bound by fiduciary duty whenever possible.

Can my financial planner help with taxes?

Financial advisors aren’t necessarily accountants or tax preparers, so don’t expect them to prepare your taxes for you. However, they may be able to provide tax-related advice to help you optimize your returns and deductions. If you need an advisor who can file your taxes, look for one who is also a CPA (Certified Public Accountant).

Do I need a financial advisor?

Ask yourself if a financial advisor can fill a need or solve a problem you can’t easily handle on your own. They can be helpful in a wide variety of ways, such as building budgets or financial plans, finding ways to save money on taxes, creating an investment portfolio, or offering investment advice.

How do financial advisors get paid?

Clients pay to work with a financial advisor whether it’s through fees, commissions, or salaries. If they’re paid by client fees or commissions, their salary is tied to how much business they bring in. The harder they work, the more they make. In comparison, a salaried employee is guaranteed their wage no matter how many clients they have.

What experience should I look for in a financial advisor?

 If you have specific goals or a unique financial situation, look for a financial advisor with expertise in that area. For example, some financial advisors specialize in working with millennials or focus on socially responsible investing.

How much does a financial advisor cost?

A financial advisor’s costs depend on their fee structure. Some advisors charge a fee — either hourly or a percentage of the client assets under management. Another common option is to charge a commission on the products sold or investments made.

Should I hire a financial advisor before buying a house?

While not always necessary, a financial advisor could help you decide how large of a mortgage to apply for, how much money to put down, and how to balance the purchase with other savings and investment goals.

How many financial advisors are there in the U.S.?

According to the U.S. Bureau of Labor Statistics, it’s estimated that there are 218,050 financial advisors. California is the state with the highest employment of financial advisors across the nation.

Do banks offer financial advisors?

Yes, many banks have financial advisors on staff. Your bank may also offer incentives to work with their financial advisors, such as lower fees or free accounts. However, it's important to note that many of the bank's financial advisors don't have a fiduciary obligation and might prioritize the bank's products above all else. There is a cost when working with your bank's financial advisor.

Should I hire a wealth manager?

A wealth manager can help offer complex financial planning services, including tax guidance, estate planning, and legal assistance. While you don't have to be a high-income earner to benefit from a financial advisor, a wealth manager is typically for those that have a high net worth. However, many people build wealth and need a wealth manager later on in life.

Is wealth management worth it?

Wealth management is typically worth it for those who need help with multiple endeavors or comprehensive financial situations, such as charitable contributions or investment portfolio management, or want to protect their assets. A wealth manager can also offer you guidance if you’ve been neglecting your finances or making poor judgements.

How can you tell if a financial advisor is bad?

Your relationship with your financial advisor is a very personal one, as you’re trusting them with your wealth and future. Some general signs that your financial advisor is bad include:

  • They can’t answer your financial questions
  • You have worked with them for a while but haven’t seen a financial improvement
  • They don’t provide you with progress reports
  • They don’t check in with you

What do you need to be a financial advisor?

As mentioned, there are over 100 types of certifications for financial advisors. The training or experience you need will depend on which specialty you want to pursue. Generally, financial advisors need to have:

  • A Bachelor’s degree
  • A General Securities Representative license (Series 7 license)
  • A Certified Financial Planner (CFP) certification isn’t mandatory but is often preferred

Where do financial advisors work?

Where a financial advisor works will depend on what type of financial advisor they are. Financial advisors can work at a variety of places, including:

  • Securities and commodity brokers
  • A bank
  • A credit union
  • Independently
  • Insurance companies
  • Financial investment firms
  • Small investment advisory firms

How much do financial advisors make?

In 2019, the national average salary for a financial advisor was $87,850. However, it’s important to note the average salary varies from state to state and the different focus areas — an investment advisor may make a lot more than a financial planner. Lastly, salary can depend on how the individual is getting paid. Financial advisors can be paid by client fees, commissions, or salaries.

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