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Best Financial Advisors in Elgin

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Elgin, IL
  • Estate Planning
  • Investment Management
  • Financial Planning
  • 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

Baldwin Financial Advisors logo
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Baldwin Financial Advisors

301 S Burton Pl, Arlington Heights, IL 60005
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  • Certified Financial Planner (CFP)

Business Description

Baldwin Financial Advisors helps the residents of Elgin and the surrounding areas in navigating the pathway to their personal financial success. Its team offers financial planning services, which include both coaching sessions and check-ups that can be initially done for a full year via phone or email. The firm also assists its clients in managing their finances, including investments, insurance policies, and savings plans. Using an organized methodology, Baldwin Financial Advisors helps individuals to easily share their long-term monetary goals with their attorney, CPA, or trustee.

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
FSR Wealth Strategies logo
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FSR Wealth Strategies

444 N York St, Elmhurst, IL 60126
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  • Retirement Planning

Business Description

FSR Wealth Strategies is an independent financial services organization that serves clients based in Elgin. Its team of financial planners assists customers in developing retirement strategies that suit their specific needs and aspirations by utilizing a variety of investment and insurance products. They help clients put hard-earned funds to work to prepare for retirement through strategic business planning, retirement income strategies, annuities, and privatized banking. One of the firm's advisors, Scott Bretl, has delivered financial guidance for the past three decades.

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
3.7 / 5 (9)

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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Friendliness
Helpfulness
Detail
Mooney Lyons Financial Advisors logo
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Mooney Lyons Financial Advisors

1 Executive Court, South Barrington, IL 60010
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  • Estate Planning
  • Financial Planning

Business Description

Mooney Lyons Financial Advisors helps Elgin residents navigate three financial aspects, from wealth accumulation to pre-retirement and in-retirement. Through its Integrated Wealth Model, the firm assists families, business owners, and professionals in preserving their assets, reducing taxes, and making sound investments. It also deals with budgeting, education funding, insurance policies, and estate planning. Founders Keith Mooney and Joe Lyons have been in the financial services industry for over two decades. They are CFPs and Chartered Finacial Consultants.

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
PKF Mueller logo
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PKF Mueller

1707 N. Randall Road, Suite 200, Elgin, IL 60123
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  • Estate Planning
  • Tax Planning
  • Financial Planning

Business Description

PKF Mueller is an advisory group that serves clients in Elgin. It offers a range of wealth management services, including investment and liability management, financial planning, and retirement planning. It also provides risk management, tax planning, bookkeeping, and audit and assurance solutions. CEO David J. Nissen is a certified public accountant and a certified valuation analyst who has been in the industry for over four decades. He is a member of Prairie Capital Advisors and the National Association of Certified Valuation Analysts.

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.
4.7
Facebook
4.6 / 5 (9)
Google
5.0 / 5 (2)
Yelp
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Professional Wealth Advisors LLC logo
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Professional Wealth Advisors LLC

2651 Warrenville Road Suite 200, Downers Grove, IL 60515
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  • Certified Financial Planner (CFP)

Business Description

Carrying over 80 years of experience, Professional Wealth Advisors LLC serves the Elgin area. It helps with personal financial planning, including investment and retirement planning, risk management and insurance, estate planning and charitable giving, cash flow and budget, and income tax planning. Its investment planning covers time horizon, review of portfolio, stock concentration, asset allocation, withdrawal strategies, and review of investments held outside the firm. Its wealth advisor, Andrew Carman, has been a financial advisor since 2005. He is an Accredited Asset Management Specialist.

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
Rauschenberger Financial Advisors logo
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Rauschenberger Financial Advisors

2815 Forbs Ave. Suite 107, Hoffman Estates, IL 60192
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  • Certified Financial Planner (CFP)

Business Description

Rauschenberger Financial Advisors guides clients in the Elgin metro with financial matters. The firm employs a holistic planning method to help clients with wealth management, which involves setting goals, cash flow analysis, investments, asset allocations, and tax planning. The firm's sole planner, Keith Rauschenberger, educates clients on financial matters and helps them stay accountable by analyzing their progress. Keith, who spent over 25 years in the banking industry, founded the firm in 2011 and serves as its president.

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
Teboda & Associates logo
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Teboda & Associates

81 Market Street, Suite 5, Elgin, IL 60123
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  • Tax Planning
  • Estate and Trust Specialist
  • Retirement Planning
  • Financial Planning

Business Description

Teboda & Associates is a financial advisory firm that serves Elgin. It assists its clients in developing plans that help them address their needs or achieve their financial goals, such as preparing for a safer retirement. It assesses their financial picture and offers a range of products and services, including recommending investment options and crafting retirement income and wealth management strategies. Its founder and president, Jack Teboda, has 35 years of experience in the field and is an investment adviser representative.

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.
4.9
Google
4.9 / 5 (58)
Yelp
5.0 / 5 (3)

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 Dala Group logo
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The Dala Group

2815 Forbs Ave Suite 107, Hoffman Estates, IL 60192
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  • Financial Planning

Business Description

The Dala Group is a Hoffman Estates-based company that serves clients in Elgin. It handles a wide range of financial planning services, from tax planning to debt management. The company advises clients on various investments, including rental properties and annuities. It also has experience offering insurance solutions to clients, like life, auto, health, and home insurance. Mike Heatwole, the company's founder, is a Certified Financial Planner by the CFP Board. Before starting his business, Heatwole worked at the asset management firm Waddell & Reed.

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 (38)
Facebook
5.0 / 5 (14)

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
Vermillion Financial Advisors, Inc. logo
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Vermillion Financial Advisors, Inc.

16 Executive Court, Suite 3, South Barrington, IL 60010
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  • Estate Planning
  • Finance Planning

Business Description

Vermillion Financial Advisors, Inc., has been providing services in the Elgin metro and nearby areas since 1988. It helps pre-retirement planners and seasoned retirees achieve financial security through its comprehensive retirement planning solutions. The company also assists clients who need investment, estate, tax, and cash flow planning services. In addition, its financial advisors craft employer-sponsored retirement plans. President and managing advisor Mark LaSpisa holds CFP, CRPS, and AIF designations. He has been featured on CNN and The Wall Street Journal.

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.
4.7
Google
5.0 / 5 (34)

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
Woodfield Financial Advisors logo
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Woodfield Financial Advisors

21660 Field Parkway Suite 290, Deer Park, IL 60010
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  • Certified Financial Planner (CFP)

Business Description

Established in 1982, Woodfield Financial Advisors serves clients in Elgin and nearby areas. It advises business owners on tax and risk reduction, as well as employee retention. For investors, the company creates strategies based on the client's experience, the risk they are willing to take, and when they will need the money. It also offers assistance with insurance and retirement planning. Its team of CFP professionals, including founder Donald J. Monsen, holds over 42 years of aggregated 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
Google
5.0 / 5 (25)
Facebook
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
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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