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Best Financial Advisors in Detroit

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Detroit, MI
  • Estate Planning
  • Financial Planning
  • Investment Management
  • Retirement Planning

Business Description

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

Reputation:

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

Professionalism:

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

Price: Free consultation

Antonelli Financial Advisors logo
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Antonelli Financial Advisors

16824 Kercheval Place, Grosse Pointe, MI 48230
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  • Certified Financial Planner (CFP)

Business Description

Antonelli Financial Advisors provides investment management and advisory services for individuals in the Detroit area. Its approach requires clients to have an investment policy statement as the investment strategy groundwork of their portfolio, financial plan, and ongoing investment management. It offers retirement, estate, legacy, and tax planning, as well as risk assessment, college funding, medicare, charitable giving, and social security. Its senior wealth advisor, Suzanne M. Antonelli, has vast experience in the unique needs of families, retirees, and women.

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
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Detail
Ceaser Capital Management, LLC logo
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Ceaser Capital Management, LLC

290 Town Center Drive, Dearborn, MI 48126
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  • Certified Financial Planner (CFP)

Business Description

Ceaser Capital Management, LLC, helps clients in the Detroit metro in crafting a financial blueprint to manage their needs, goals, and opportunities. The company provides services such as financial planning and retirement planning. It can also help clients with investment management, such as portfolio rebalancing, stock and mutual fund selection, and tax-efficient investing. Lead financial advisor Michael Ceaser, Jr., has been in the financial planning industry since 1975. He is a Certified Financial Planner and Certified Investment Management Analyst.

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
Center for Financial Planning, Inc. logo
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Center for Financial Planning, Inc.

24800 Denso Drive Suite 300, Southfield, MI 48033
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Tax Planning

Business Description

Center for Financial Planning, Inc. serves individuals and families in Detroit and nearby areas. It offers a wide range of financial planning services, including goal identification, cash flow analysis, retirement planning, tax planning, investment management, estate and charitable planning, insurance and college funding. The company has 13 certified financial planners on staff and has been in business for more than 36 years. Timothy Wyman, the managing partner of the firm, served on the National Board of Directors for the Financial Planning Association.

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
Deller Wealth Management logo
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Deller Wealth Management

418 North Main Street, Royal Oak, MI 48067
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  • Estate Planning
  • Tax Planning

Business Description

Founded in 2018, Deller Wealth Management provides financial advisory services in Detroit. It offers a range of wealth management solutions, including investment consulting, estate planning, tax guidance, and social security planning. In addition, it helps individuals who want to make charitable giving part of their financial plans. The firm's owner, David Deller, has worked as a financial advisor for two Fortune 500 companies for more than seven years. He is an Accredited Asset Management Specialist and a Certified Financial Planner.

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 (8)
DeSERANNO logo
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DeSERANNO

18720 Mack Avenue, Grosse Pointe, MI 48236
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Tax Planning

Business Description

Founded in 1999, DeSERANNO is an independent financial advisory firm that assists clients in Detroit and nearby communities. The firm helps individuals and families in need of financial planning services, including budget planning, cash flow strategies, education funding, debt reduction strategies, and retirement planning. The company also offers financial advice for non-profit organizations and other institutions. Founder Don Joseph DeSerrano serves as a board member of DeSerrano Charitable Foundation, which benefits local charities and causes.

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
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Detail
Diversified Portfolios, Inc. logo
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License Verified:

License: 108942

Investment Adviser Public Disclosure Database, SEC

Diversified Portfolios, Inc.

39520 Woodward Ave, Bloomfield Hills, MI 48304
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  • Estate Planning

Business Description

Diversified Portfolios, Inc., is an independent wealth management firm that caters to individuals and families in the Detroit metro and the surrounding areas. It helps clients plan their finances by building personal balance sheets and income statements. It also provides asset allocation, estate planning, financial analysis, income and portfolio management, and tax loss harvesting. Bob Toal, a partner, brings more than 25 years of experience in the industry. He holds the Chartered Financial Analyst designation.

License Verified:

License: 108942

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 (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
Fintentional LLC logo
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License Verified:

License: 6039633

Investment Adviser Public Disclosure Database, SEC

Fintentional LLC

1221 Bowers Street #2532, Birmingham, MI 48012
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  • Certified Financial Planner (CFP)

Business Description

Fintentional LLC is a financial planning company that serves individuals and families in Detroit. It offers its Comprehensive Financial Planning Program for clients who want to develop and monitor their financial plans and investments. Its services include cash flow and debt management, insurance review, investment analysis, and retirement and estate planning. It also offers a financial behavioral assessment to understand clients' financial goals and priorities. The firm is led by Michael Palazzolo, who is a Certified Financial Planner and a National Association of Personal Financial Advisors member.

License Verified:

License: 6039633

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 (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
Gunder Wealth Management logo
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License Verified:

License: 301258

Investment Adviser Public Disclosure Database, SEC

Gunder Wealth Management

932 Davis Ave, Birmingham, MI 48009
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  • Certified Financial Planner (CFP)

Business Description

Founded in 2019, Gunder Wealth Management is a fiduciary financial planning firm that serves individuals and families in Detroit and the surrounding areas. Its financial advisors, who have Certified Financial Planner and Chartered Financial Analyst designations, provide comprehensive financial plans that cover goal setting, cash flow management, elder care planning, college funding, investment management, and tax strategies. The company has already been featured on media outlets like CNN Business, The Wall Street Journal, InvestmentNew, and MarketWatch.

License Verified:

License: 301258

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.
4.5
Facebook
4.5 / 5 (57)

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
Hoover & Associates Financial Services, Inc logo
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Hoover & Associates Financial Services, Inc

3123 Crooks Road, Royal Oak, MI 48073
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  • Retirement Planning

Business Description

Hoover & Associates Financial Services, Inc., is an independent firm that caters to individuals, families, and businesses in Detroit and the surrounding communities. Its financial and investment services include charitable giving, education funding, retirement planning, SMAs, and variable, fixed, and indexed annuities. Additionally, it offers 401k plan reviews and redesigns. Randall Hoover, the president, brings over 31 years of experience in the industry. He is a member of the National Association of Insurance and Financial Advisors.

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
––
KM Financial logo
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KM Financial

20789 Harper Avenue, Harper Woods, MI 48225
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  • Certified Financial Planner (CFP)
  • Accredited Investment Advisor

Business Description

KM Financial is an independent financial firm serving its clients based in Detroit. It provides financial planning services for individuals and business owners through Sigma Financial Corporation, including insurance planning, tax planning, investment planning, estate planning, educational planning, and budgeting. With a combined experience of more than 50 years, associates Jeffrey Kirkman and Harriett MacDonald collaborate with CPAs, attorneys, pension specialists, tax specialists, and insurance advisors to present custom portfolios and guided solutions for their clients' financial challenges.

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
Landmark Financial Planning + Advisory logo
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License Verified:

License: 3978

Investment Adviser Public Disclosure Database, SEC

Landmark Financial Planning + Advisory

1000 Town Center 26th Floor, Southfield, MI 48075
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  • Estate Planning

Business Description

Landmark Financial Planning + Advisory is an independent firm serving Detroit residents. Since 2018, it has offered financial planning services for retirement, estate, personal risk mitigation, and investment. It helps clients through the implementation process of the financial plan. It guides business owners in creating financial balance and purpose by planning. The agency offers charitable planning options for individuals. It also handles wealth management and insurance services. Michael LoGrasso, the co-founder, has over 40 years of experience in wealth accumulation strategies.

License Verified:

License: 3978

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)
Liberty Wealth Advisors logo
Visit WebsiteWebsite

License Verified:

License: CRD#: 107774

Investment Adviser Public Disclosure Database, SEC

Liberty Wealth Advisors

418 North Main Street, Suite 220, Royal Oak, MI 48067
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  • Estate Planning

Business Description

Liberty Wealth Advisors is a full-service financial advisory firm serving Detroit. It offers wealth planning services for retirement, estate, taxes, education, charitable funding, and business ownership. Its team of financial advisors works with clients to construct a customizable portfolio and manage it through asset allocation and diversification. The agency also performs financial reviews for clients who want a second opinion about their investment portfolios. Its president, John R. Bergmann, is a certified public accountant and a Certified Financial Planner who manages daily operations.

License Verified:

License: CRD#: 107774

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

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
Lincoln Financial Advisors logo
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Lincoln Financial Advisors

1000 Town Center, Southfield, MI 48075
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  • Estate Planning

Business Description

Lincoln Financial Advisors serves clients in and around Detroit. It provides financial advice and helps navigate the financial planning process, from the initial assessment of annual spending to retirement income. It also offers contingency planning services where the staff assists clients in finding life and disability insurance coverage. In addition, the company assists commercial clients in succession planning for their business. Director of planner development James Gasparotto has been working for Lincoln Financial Advisors since 1984.

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 (3)
M3 Investment Services logo
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M3 Investment Services

990 North Main Street, Royal Oak, MI 48067
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  • Estate Planning
  • Retirement Planning

Business Description

Founded in 1996, M3 Investment Services is an independent financial advisory firm serving clients in Detroit and the surrounding communities. It helps customers protect their wealth and achieve financial freedom by providing investment options, retirement plans, college savings plans, and insurance products. Its team of professionals uses their knowledge and skills to create a financial plan based on customers' goals and needs. M3 Investment Services was recently highlighted in Kiplinger for its individual approach to investing.

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
4.5 / 5 (182)
Facebook
4.5 / 5 (57)

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
MDJ Financial Services Inc logo
Visit WebsiteWebsite

License Verified:

License: 1405510

Investment Adviser Public Disclosure Database, SEC

MDJ Financial Services Inc

29100 Northwestern Highway Ste 120, Southfield, MI 48034
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  • Certified Financial Planner (CFP)

Business Description

MDJ Financial Services, Inc., caters to clients within Detroit and its surrounding communities. CFP Michael D. Johnson and the firm's team of advisors assist individuals and businesses with their financial management needs, such as annuities, retirement plans, tax-deferred savings, and life insurance concerns. It also has a Share Your Love program that helps families looking to plan their estates and designate both executors and beneficiaries in preparation for a loved one's passing. Its selection of provider options includes American Funds, Delaware, and Federated.

License Verified:

License: 1405510

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 (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
Northern Financial Advisors logo
Visit WebsiteWebsite

License Verified:

License: 4394420

Investment Adviser Public Disclosure Database, SEC

Northern Financial Advisors

74 E. Long Lake Rd Suite 200, Bloomfield Hills, MI 48304
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  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Tax Preparation
  • Tax Planning

Business Description

Northern Financial Advisors helps clients in Detroit in reaching their financial objectives. The SEC-registered investment advisor offers a variety of financial services, including investment planning, tax preparation, and retirement planning. Its financial advisors, who serve clients in a fiduciary role, are members of the FPA and the NATP. Owner Christine Isham is a Certified Financial Planner and a member of the NAPFA. Her company takes an integrated approach to financial planning by considering the implications of financial action for other areas of clients' financial affairs.

License Verified:

License: 4394420

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 (3)
Yelp
1.0 / 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
Pearl Planning logo
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Pearl Planning

81 Kercheval Avenue, Grosse Pointe Farms, MI 48236
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  • Retirement Planning

Business Description

Pearl Planning provides financial advisory services to clients in Detroit and the nearby areas. It helps clients with their financial transitions and assists in developing strategies for their investment, retirement plans, and divorce. The company also offers environmental social governance services. Its president, Melissa Joy, is a certified divorce financial analyst with more than 20 years of experience in the industry. Melissa Joy was featured on Yahoo! Finance, Morningstar Advisor, Wall Street Journal, and Money Magazine.

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
Planning Alternatives logo
Visit WebsiteWebsite

License Verified:

License: 110268

Investment Adviser Public Disclosure Database, SEC

Planning Alternatives

36800 Woodward Ave #200, Bloomfield Hills, MI 48304
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  • Certified Financial Planner (CFP)

Business Description

Planning Alternatives designs custom financial plans for clients in Detroit. Its advisors help clients protect their wealth with financial planning. They analyze their individual aspirations and needs before crafting a plan and solution to help them achieve long-term financial goals. The team operates with transparency, objectivity, and risk management in mind. They apply these values when delivering multi-asset portfolio solutions that conform with the client's financial plan. Planning Alternatives' client base comprises executives, entrepreneurs, and physicians.

License Verified:

License: 110268

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 (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
Royal Oak Financial Advisors logo
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Royal Oak Financial Advisors

1709 Crooks Road, Royal Oak, MI 48067
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Business Description

Royal Oak Financial Advisors is dedicated to helping their clients make the most out of their retirement. With more than 50 years of experience combined, the team works with clients to develop a personalized financial plan that realizes their retirement goals. Clients can receive professional help not only with retirement strategies but with tax management, estate preservation, and investment management.

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
Strategic Wealth Advisors Group, Inc. logo
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Strategic Wealth Advisors Group, Inc.

11111 Hall Road, Utica, MI 48317
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

Strategic Wealth Advisors Group, Inc. provides financial management services to clients in and around Detroit. The firm's financial planners aim to help clients achieve financial freedom through services like retirement planning, social security planning, investment management, and estate planning. Tim Sullivan, founder and CEO of the firm, is the author of books, "Strategic Wealth: A Tactical and Practical Guide To Winning In Retirement" and "Federal Employee Retirement Made Simple: 11 Key Areas to Retire with Financial Peace as a Federal Employee".

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
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 Mather Group logo
Visit WebsiteWebsite

The Mather Group

19 Clifford Street, Detroit, MI 48226
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  • Retirement Planning

Business Description

The Mather Group is an independent investment advisory firm. It serves individuals, businesses, and retirees in Detroit and nearby communities. Its fiduciary financial advisers help clients in various comprehensive services, such as investment management, risk management, tax planning, and estate planning. They also provide TMG Retirement Roadmap to help retirees build portfolios to monitor their finances. The Mather Group supports a number of non-profit organizations, including A Better Chicago and Feed My Starving Children.

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 (1)
TL Financial Group logo
Visit WebsiteWebsite

TL Financial Group

13433 Reeck Court, Southgate, MI 48195
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  • Estate Planning
  • Tax Preparation
  • Tax Planning

Business Description

TL Financial Group is an independent financial planning and advisory firm that has been serving the residents of Detroit and the surrounding areas for more than 18 years. It provides a wide range of financial planning services covering cash flow, taxes, life insurance, and investments. It also assists clients with estate planning and Social Security planning. Founder and wealth management advisor Tony LaJeunesse served on the board of directors of the Financial Services Institute.

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
Wealth Strategies Financial Group logo
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Wealth Strategies Financial Group

2000 Town Center, Southfield, MI 48075
Visit WebsiteWebsite
  • Estate Planning
  • Retirement Planning
  • Tax Planning

Business Description

Wealth Strategies Financial Group is an independently owned and operated financial firm that offers financial planning solutions to clients in Detroit and its surrounding areas. Its services include personal financial planning, investment strategies, retirement planning, wealth management, and risk management. Wealth Strategies Financial Group also offers succession planning and business exit strategies, business owner life insurance, and estate planning. The firm's managing partner, Mike Amine, has 26 years of industry experience as a financial advisor.

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
4.0 / 5 (13)

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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