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Best Financial Advisors in Carmel

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Cooke Financial Group logo
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Cooke Financial Group

9340 Priority Way West Drive, Indianapolis, IN 46240
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  • Finance Planning
  • Investment Management

Business Description

Cooke Financial Group has been providing investment advice to clients in Carmel since 1969. The family-run firm offers comprehensive financial planning and wealth management solutions for private clients, considering their entire net worth and aligning with their investment strategies. Its advisors also work with business owners to provide liability strategies and financial guidance through major transitions and decisions, from succession plans to initial public offerings. Its team offer a blend of investment and wealth management consulting for individuals and their families, as well as for nonprofit organizations, corporations, retirement plans, and trusts.

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
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SmartAdvisor by SmartAsset logo
FEATURED
Free consultation

SmartAdvisor by SmartAsset

Carmel, IN
  • 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)

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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

Bedel Financial logo
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Bedel Financial

8940 River Crossing Boulevard Suite 120, Indianapolis, IN 46240
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  • Chartered Financial Analyst (CFA)

Business Description

Bedel Financial is a wealth management firm serving clients in Carmel. Established by Elaine E. Bedel in 1989, the fiduciary firm works closely with clients to develop financial plans that include recommendations, projections, and action items for implementation. It provides ongoing support after the plans have been established to ensure that clients stay on track toward their objectives. The team at Bedel Financial comprises Certified Financial Planner practitioners and Chartered Financial Analyst charter holders.

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 (22)

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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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Comprehensive Retirement Solutions logo
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Comprehensive Retirement Solutions

11595 North Meridian Street Suite #300, Carmel, IN 46032
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  • Certified Financial Planner (CFP)

Business Description

Comprehensive Retirement Solutions is a family-owned business that serves individuals and families in Carmel and neighboring areas. For over a decade, its team of financial advisors has been assisting clients in every aspect of financial planning, investment management, and tax strategies. Owner Michael Fields is a Certified Financial Planner and an Enrolled Agent. Michael and his team have more than 45 years of collective experience and have served on boards and as volunteers for local and national organizations.

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
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Elizabeth Eckert logo
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Elizabeth Eckert

800 East 96 St Ste 400, Indianapolis, IN 46240
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  • Certified Financial Planner (CFP)

Business Description

Since 2000, Elizabeth Eckert has been providing financial services to clients throughout Carmel. She works with the American multinational company Morgan Stanley to offer financial planning solutions and advise clients on insurance and retirement. Eckert also formulates strategies to help her clients facing charitable giving issues. She has experience counseling the members of the LGBT community on investment management. The professional was named one of the Top Wealth Advisor Moms in 2020 by the Working Mother magazine. She volunteers for the philanthropic group Women for Riley.

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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Elser Financial Planning, Inc. logo
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Elser Financial Planning, Inc.

8900 Keystone Crossing Ste. 450, Indianapolis, IN 46240
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  • Certified Financial Planner (CFP)

Business Description

Elser Financial Planning, Inc., is a wealth management firm that serves the residents of Carmel and the surrounding areas. It provides a wide range of services, including financial planning, investment management, tax strategies, and insurance and risk analysis. It also offers estate planning and charitable gift planning solutions. Elser Financial Planning has been in operation for more than a decade. Its team holds certifications such as Certified Financial Planner, Certified Private Wealth Advisor, and Financial Paraplanner Qualified Professional.

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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Financial Partners Group logo
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Financial Partners Group

571 Monon Boulevard Suite 150, Carmel, IN 46032
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  • Certified Financial Planner (CFP)

Business Description

Financial Partners Group is a Carmel-based firm that was established in 2002. It develops financial planning strategies and recommendations to help individuals and families in shaping their financial futures. The planning process addresses financial concerns like business planning, investments, retirement planning, risk management, and estate planning. The firm's president, Timothy L. Johnston, is a registered investment advisor representative who has over 40 years of industry experience. He supports organizations like the Trinity Clinic Merciful Help Food Pantry.

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)
Four Quadrants logo
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Four Quadrants

11939 N Meridian St Suite 225, Carmel, IN 46032
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  • Tax Planning
  • Certified Financial Planner (CFP)
  • Financial Planning

Business Description

Four Quadrants is a financial planning firm that works with dental and specialist practice-owning professionals in fulfilling their long-term financial goals. Serving Carmel and the nearby metros, the firm has more than 20 years of experience providing clients with comprehensive and personalized wealth management solutions. Its professionals offer financial planning, expense and cash flow management, investment management, tax planning, practice transition, and business consulting. The team at Four Quadrants is composed of Certified Financial Planners, accountants, and 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.
5.0
Google
4.5 / 5 (182)
Facebook
4.5 / 5 (57)
Halter Ferguson Financial logo
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Halter Ferguson Financial

13080 Grand Blvd, Ste 130, Carmel, IN 46032
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  • Retirement Planning

Business Description

Halter Ferguson Financial offers several services to assist clients in Carmel in accomplishing their financial objectives. Its representatives guide individuals in inventorying their finances, developing road maps for their goals, and reviewing or updating plans to reflect their recent life changes. In addition, they look into the specific situations of people to assist them with asset and wealth management. Company president Bradford Ferguson, a Chartered Financial Analyst, is in charge of its professional investment management. He has been in the field for more than 16 years.

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 (52)

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
Integrity Wealth Advisors logo
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Integrity Wealth Advisors

600 E Carmel Drive Suite 269, Carmel, IN 46032
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  • Retirement Planning
  • Financial Planning

Business Description

Established in 2014, Integrity Wealth Advisors is a firm serving Carmel. It assists clients in developing plans to help them achieve their financial goals, including meeting their children’s education expenses, preparing for a safe retirement, or accommodating life changes such as starting a family. It offers services for diverse clients, including education, estate, financial goal, investment, retirement, and tax planning. Other services include debt and insurance analysis, as well as social security optimization. The company has contributed to various media outlets, including Investopedia and CNBC.

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
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Helpfulness
Detail
Invst logo
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Invst

3625 E 96th St, Indianapolis, IN 46240
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  • Retirement Planning

Business Description

Invst is an independent registered investment advisory firm that serves clients in Carmel. It counsels, guides, and educates clients in reaching their financial goals through wealth management, investment planning, and retirement planning. Its staff is composed of CPAs, insurance agents, attorneys, and bankers who focus on financial positioning by analyzing clients' risk exposure. Founders Scott Jarred and Meet Branden established the firm in 2003. The firm was featured in Fortune, Bloomberg Businessweek, Money, and The Wall Street Journal for its financial insights.

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 (12)

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
Market Street logo
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Market Street

3105 East 98th Street, Suite 170, Indianapolis, IN 46280
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Wealth Management
  • Investment Advisor

Business Description

Market Street is a financial advising services firm serving Carmel. Its planners provide a range of programs that are personalized to respond to their clients’ needs, including business retirement plans, investment and wealth management, and its Foundations program that is targeted at young professionals. It advises clients on how to best utilize their wealth and achieve their financial goals, such as preparing for retirement. It educates them on their options, including recommending investment strategies. It also offers advice on reducing debts and building an emergency fund.

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
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Detail
National Financial Group logo
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National Financial Group

11595 N. Meridian Street, Suite 870, Carmel, IN 46032
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  • Estate Planning
  • Retirement Planning

Business Description

National Financial Group is a Carmel-based firm assisting individuals, families, and businesses. It provides guidance in establishing estate planning strategies, business plans, and capital accumulation strategies. Its team considers the client's financial situation involving investments, life insurance, and pension benefits in developing financial securities for people who will be affected in the event of their passing. The firm's principal associate, Patrick L. Fitzgerald, is a member of the National Association of Insurance and Financial Advisors and a recipient of the GAMA National Management Award.

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

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
NorthWest Financial Services logo
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NorthWest Financial Services

9333 N Meridian St. Ste 300, Indianapolis, IN 46260
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  • Financial Planning
  • Wealth Management

Business Description

Serving the Carmel metro and its nearby areas, NorthWest Financial Services aims to help clients achieve their financial goals through comprehensive and personalized strategies. Financial advisors of the firm create custom-made financial roadmaps that include investment management, setting up brokerage accounts, retirement planning, insurance analysis, and education funding. The company has been in business for 30 years and is staffed by financial practitioners holding the Certified Financial Planner, Chartered Financial Analyst, and Enrolled Agent 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 (1)
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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Panoramic Financial Planning logo
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Panoramic Financial Planning

3815 River Crossing Pkwy, Indianapolis, IN 46240
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  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)

Business Description

Panoramic Financial Planning is a local firm that delivers financial solutions for individuals and families based in the Carmel area. It helps plan financial goals that fit clients' situations and needs. Its financial planning services are tax planning, education funding, cash flow planning, portfolio and social security analysis, and risk management. The company also provides professional investment advice. President and founder Kelli Ellison holds both the IRS Enrolled Agent and Certified Financial Planner 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 (1)
Provident Capital Management logo
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Provident Capital Management

11595 North Meridian Street Suite 140, Carmel, IN 46033
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  • Certified Financial Planner (CFP)

Business Description

Provident Capital Management is a Carmel-based company that serves clients throughout the metro. The company educates individuals on various aspects of personal finance, including retirement and taxes. It provides portfolio management services and uses multi-directional strategies to obtain full-market-cycle returns for clients. The company has experience managing various types of assets, such as bonds and commodities. Michael Chapman, the company's CEO, is a member of the Financial Planning Association. He served as the Director of Wealth Management at the firm NatCity Investments.

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.
4.5
Google
4.5 / 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
Westpoint Financial Group logo
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Westpoint Financial Group

900 East 96th Street, Suite 300, Carmel, IN 46240
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  • Estate Planning

Business Description

Established in 1948, Westpoint Financial Group serves individuals, families, and businesses in Carmel. It offers financial advising services to help clients achieve their financial goals and protect themselves by planning for uncertainties. It interviews the clients to understand their financial objectives and analyzes their investment and insurance portfolios to identify any gaps. It provides recommendations and conducts periodic reviews to monitor previously set strategies and the clients' ability to continue pursuing their goals. This company currently serves more than 200,000 clients across the Midwest.

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.
4.5
Google
4.5 / 5 (14)
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
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Windsor Wealth Management logo
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Windsor Wealth Management

500 East 96th Street, Suite 450, Indianapolis, IN 46240
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Financial Planning

Business Description

Windsor Wealth Management is a financial firm serving individuals and institutions in the Carmel area. It offers comprehensive financial solutions based on the lifestyle of each client. It helps individuals create plans for their retirement and estates. Additionally, the firm provides different options for personal, liability, and life insurance. Windsor Wealth Management has been in the industry for over 30 years. It was co-founded by Randall Clark, the managing principal of the firm. He is involved in a local rotary club.

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.
4.3
Google
4.3 / 5 (6)

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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Wise Financial logo
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Wise Financial

600 E. 96Th Street, Suite 120, Indianapolis, IN 46240
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Wise Financial is a company serving the Carmel area. Its financial advisors take a holistic approach to assisting customers in developing a realistic and adaptable financial plan, with a mix of insurance products and investment methods. They help clients plan for retirement, education, and life insurance based on their financial situation. Estate planning, employee benefits, and business planning are among the company's other offerings. Mark E. Wise, the company's CEO, has been named one of the top financial advisors by Forbes and the Financial 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.
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
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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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