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Best Financial Advisors in Fort Wayne

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Kingsview Partners logo
FEATURED
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Kingsview Partners

10431 Illinois Rd, Fort Wayne, IN 46814
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Business Description

Based in Fort Wayne Indiana, Kingsview Partners is a multi-faceted, fee-based investment advisory firm. Kingsview employs a personalized, high touch standard of care serving the complex needs of an affluent and institutional clientele. Led by Award winning author and analyst Buff Dormeier, the Best-in-State Forbes Advisor, provides a holistic approach to financial service. Kingsview Partners offers goals based financial and income planning, banking, lending and insurance advice, tax-management, cash management, risk mitigation strategies, and state of the art portfolio management. As an investment advisor fiduciary, Kingsview is legally bound to put their clients interest first, act with undivided loyalty and the upmost good faith.

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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SmartAdvisor by SmartAsset logo
FEATURED
Free consultation

SmartAdvisor by SmartAsset

Fort Wayne, 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

Bassett Financial Advisors logo
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Bassett Financial Advisors

5732 Coventry Lane, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)

Business Description

Bassett Financial Advisors is a wealth planning firm based in Fort Wayne. The firm serves retirees and their families by providing investment consultations, elder care solutions, and long-term financial planning strategies. Clients go through a step-by-step financial planning process that begins with organization and analysis. The team of advisors helps retirees diversify income without risking their wealth. CEO and founder, Marty Bassett, is a Certified Financial Planner who started his financial services career in 1988.

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 (3)
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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Daniel Arnold logo
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License Verified:

License: 2201781

Investment Adviser Public Disclosure Database, SEC

Daniel Arnold

200 East Main Street Suite 900, Ft. Wayne, IN 46802
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  • Retirement Planning

Business Description

Daniel Arnold is a financial advisor affiliated with UBS. He develops financial plans for individuals in and around Fort Wayne, who are looking to prepare for retirement. He takes into account clients' risks and goals when creating strategies that aim to preserve livelihoods. He also develops financial strategies for clients seeking to transfer wealth or business ownerships. Arnold is a lifelong Fort Wayne resident, who has over three decades of experience. The Chartered Retirement Planning Counselor is also licensed to serve Utah, California, and Texas.

License Verified:

License: 2201781

Investment Adviser Public Disclosure Database, SEC

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
Google
4.8 / 5 (10)

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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Dekko Investment Services logo
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Dekko Investment Services

751 East North Street, Kendallville, IN 46755
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  • Certified Financial Planner (CFP)

Business Description

Dekko Investment Services is an advisory firm that focuses on financial planning and advice for families and individuals in Fort Wayne and throughout the northeast part of the state. The services include an initial consultation followed by comprehensive financial planning. For focused results, each client's plan is categorized into wealth management, retirement, estate, and education planning strategies. In 1989, the firm partnered with LPL Financial, an independent broker. The team is led by Certified Financial Planner Erica Dekko.

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)
Facebook
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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Dickmeyer Boyce Financial Management, Inc. logo
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Dickmeyer Boyce Financial Management, Inc.

6506 Constitution Drive, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)

Business Description

Dickmeyer Boyce Financial Management, Inc., is an independent wealth management firm that has been serving individuals, families, and businesses from Fort Wayne and the surrounding areas since 2002. It helps clients attain their financial goals through services such as financial planning, personal wealth management, and investment strategies. Principal owner David A. Dickmeyer has been working in the financial services industry for more than two decades. He is a member of the Fort Wayne Director’s Business Group.

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 Focus logo
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License Verified:

License: 1009645

Investment Adviser Public Disclosure Database, SEC

Financial Focus

10305 Dawson's Creek Boulevard Suite E, Fort Wayne, IN 46825
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  • Certified Financial Planner (CFP)

Business Description

Since 1995, Financial Focus has been catering to clients in Fort Wayne. Its advisors help individuals managing their money to meet current and future goals. They help choose insurance policies, set up estates, and plan for retirement with a stable and sustainable income. The company also provides advice on building an investment portfolio that suits a client's risk tolerance. Founder Rudi Siela is a Certified Financial Planner with more than 35 years of industry experience.

License Verified:

License: 1009645

Investment Adviser Public Disclosure Database, SEC

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 Planning Services logo
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Financial Planning Services

6920 Pointe Inverness Way, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Tax Planning

Business Description

Financial Planning Services is a wealth management firm that serves the residents of Fort Wayne and the surrounding areas. It provides a wide range of financial services, including investment portfolio management, cash flow and budget planning, and tax reduction planning. It also assists clients with retirement income planning and estate planning. Investment advisor Kenneth P. Schmidt has been working in the financial industry for more than 40 years. Financial Planning Services is a member of the Greater Fort Wayne Metro Chamber Alliance.

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
Foxworthy Wealth Advisors logo
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License Verified:

License: 299895

Investment Adviser Public Disclosure Database, SEC

Foxworthy Wealth Advisors

7230 Engle Road Suite 212, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)

Business Description

Foxworthy Wealth Advisors is an independent company serving clients in Fort Wayne. It offers financial advisory services for professionals and families striving for the work optional lifestyle and protecting a family investment legacy. To meet the individual needs and requirements of clients, the company works with estate planning attorneys, accountants, bankers, and Realtors. Owner John H. Foxworthy II and his team of wealth advisors employ a proprietary process called The Map Formula, which integrates tax planning, philanthropy, and wealth management with debt and risk management.

License Verified:

License: 299895

Investment Adviser Public Disclosure Database, SEC

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
Galecki Financial Management logo
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Galecki Financial Management

7743 West Jefferson Boulevard, Fort Wayne, IN 46804
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  • Estate Planning
  • Tax Planning

Business Description

Galecki Financial Management serves individuals and families in Fort Wayne and the surrounding communities. As a financial planning firm, it offers money management, cash flow analysis, estate planning, and retirement planning and advising. It also assists clients with IRA rollovers and guides them in identifying their short-term and long-term financial goals. Greg Galecki, the owner of the firm, established the business in 1990. With the mission of providing personalized customer service, he views clients as more than numbers but individuals with unique goals.

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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Houlihan logo
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Houlihan

421 East Cook Road, Fort Wayne, IN 46825
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  • Certified Financial Planner (CFP)
  • Tax Planning

Business Description

Houlihan is a financial advisory and asset management firm that serves Fort Wayne individuals, families, and businesses. Its team of CPAs, CFPs, and tax professionals creates investment plans and financial education programs aligned with clients' goals and needs. It also offers portfolio management and estate planning services and IRA and 401K consultation and gift tax return preparation. Houlihan is a member of the National Association of Personal Financial Advisors or NAPFA.

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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Jehl & Kreilach Financial Management logo
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Jehl & Kreilach Financial Management

6209 Constitution Drive, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Tax Planning

Business Description

Jehl & Kreilach Financial Management is an independent financial advisory firm founded by Gregg Jehl and Kevin Kreilach, both are Certified Financial Planners and members of the Financial Planning Association. Established in 2005, the company provides a wide range of services and solutions to clients in the Fort Wayne metro and throughout the state. The firm helps individual clients seeking financial assistance and assists investors in developing and implementing an asset allocation strategy. Jehl & Kreilach also serve commercial clients, which include cash management and tax planning.

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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Detail
––
Leman Financial Advisors logo
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Leman Financial Advisors

10319 Dawsons Creek Boulevard, Fort Wayne, IN 46825
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  • Certified Financial Planner (CFP)

Business Description

Since 2001, Leman Financial Advisors has been serving high-net-worth individuals in Fort Wayne and the surrounding communities. It offers a wide range of financial planning services, including estate planning, business planning, retirement planning, tax management, and risk management. For businesses, it also gives executives access to several retirement plan options. Jonathan P. Leman, managing principal of the firm, obtained the Certified Financial Planner practitioner certification in 2003 and was acknowledged as a Leaders Level advisor for 2013 to 2018 by the Commonwealth Financial Network.

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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Monarch Capital Management logo
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License Verified:

License: 106244

Investment Adviser Public Disclosure Database, SEC

Monarch Capital Management

127 W Berry Street, Suite 402, Fort Wayne, IN 46802
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

Monarch Capital Management has been serving the people of Fort Wayne since 1994. Its professionals work with individuals, families, and companies to develop financial plans tailored to their specific goals, including retirement, income, and cash flow. The firm is a Registered Investment Advisor acting as fiduciaries that manage portfolios and make investment recommendations to clients. CEO David Meyer has served as head of investments in the Trust Department at Fort Wayne National Bank.

License Verified:

License: 106244

Investment Adviser Public Disclosure Database, SEC

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
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Detail
Nicholas D Harter logo
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License Verified:

License: 5722864

Investment Adviser Public Disclosure Database, SEC

Nicholas D Harter

110 W Berry St Ste 1600, Fort Wayne, IN 46802
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  • Certified Financial Planner (CFP)

Business Description

Nicholas D Harter is a Northwestern Mutual Investment Services financial advisor serving clients in Fort Wayne. He offers strategies in areas such as business and retirement planning, education savings, and personal money and overall risk management to help individuals achieve their goals and obtain financial security. Nick holds an MBA degree and has received recognition for his work, including NAIFA’s Quality Award in 2013 and the Million Dollar Round Table Qualifying Member in 2014. He previously interned at Merrill Lynch.

License Verified:

License: 5722864

Investment Adviser Public Disclosure Database, SEC

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 (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
Reynolds Wealth Management logo
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License Verified:

License: 2712043

Investment Adviser Public Disclosure Database, SEC

Reynolds Wealth Management

10211 Auburn Park Drive, Fort Wayne, IN 46825
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  • Certified Financial Planner (CFP)

Business Description

Reynolds Wealth Management serves individuals, families, healthcare professionals, and business owners in Fort Wayne. It provides a wide range of services, from financial, education, business, and corporate retirement planning to portfolio management and alternative investments. It adapts its processes to meet the needs of its clients at every stage of their lives. Founder Greg Reynolds established the firm in 2012. He holds Series 7, 24, 63, and 66, as well as health and life insurance licenses. 

License Verified:

License: 2712043

Investment Adviser Public Disclosure Database, SEC

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 (9)
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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Summit Consultants, Inc. logo
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License Verified:

License: 121905

Investment Adviser Public Disclosure Database, SEC

Summit Consultants, Inc.

7912 Carnegie Boulevard, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)

Business Description

Summit Consultants, Inc., is an investment and financial planning firm that serves individuals, including retirees, in Fort Wayne. Its team offers investment management and financial planning services, which include developing and implementing portfolios, managing cash flow, and planning taxes and estates. Summit Consultants was founded in 1998 by Stephen Spoltman, who is a member of the Indiana and Allen County Bar Associations and Financial Services Institute. The company currently manages over $250 million in assets under advisement.

License Verified:

License: 121905

Investment Adviser Public Disclosure Database, SEC

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 (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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Summit Financial Group logo
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License Verified:

License: 1069811

Investment Adviser Public Disclosure Database, SEC

Summit Financial Group

3302 Mallard Cove Lane, Fort Wayne, IN 46804
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  • Certified Financial Planner (CFP)

Business Description

Summit Financial Group caters to clients in Fort Wayne. The company offers retirement and business planning, investment strategies, and risk management solutions. It works closely with clients to define and establish their financial security. The company has access to an extensive network of financial specialists across the country, working with each other to share ideas and leverage their talents for clients to achieve their financial objectives. It also supports local organizations, including Alex's Lemonade Stand, a foundation dedicated to children with cancer.

License Verified:

License: 1069811

Investment Adviser Public Disclosure Database, SEC

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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TradeWell logo
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License Verified:

License: 5440171

Investment Adviser Public Disclosure Database, SEC

TradeWell

130 West Main Street Suite 100, Fort Wayne, IN 46802
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  • Tax Planning

Business Description

TradeWell is a full-service financial advisory firm serving Fort Wayne. It offers a variety of financial management solutions such as investment management and portfolio construction, retirement planning, and financial management. It creates strategies for risk mitigation, provides advice on 401(k) rollovers, and assists with long-term care and end-of-life transition planning. The company's team comprises professionals with diverse backgrounds, including elder law attorneys, enrolled agents, tax advisers, and fiduciary investment advisors.

License Verified:

License: 5440171

Investment Adviser Public Disclosure Database, SEC

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
4.3 / 5 (18)
Yelp
1.0 / 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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Wealth Advisors Group logo
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License Verified:

License: 122050

Investment Adviser Public Disclosure Database, SEC

Wealth Advisors Group

12726 Coldwater Road, Fort Wayne, IN 46845
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Tax Planning

Business Description

Wealth Advisors Group serves individuals and businesses in the Fort Wayne metro. The firm is a fiduciary providing financial planning and investment management services, including business, retirement, legacy, and tax planning. Its financial planning integrates strategies to grow the existing wealth, minimize taxes, manage cash flow and debt, and insure against unexpected situations. The firm's president, Mark VanderHagen, is an Accredited Investment Fiduciary and a Certified Financial Planner. Wealth Advisors Group also has a Certified Estate Planner and a Certified Divorce Financial Analyst on staff.

License Verified:

License: 122050

Investment Adviser Public Disclosure Database, SEC

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
4.7 / 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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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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