Expertise.com

Best Financial Advisors in Troy

Laurels
Laurels

We did the research for you!

Learn more
  • checkboxLicensing
  • checkboxUser Reviews
  • checkboxMystery Shopping Calls

Financial Advisors FAQs

Learn more
SmartAdvisor by SmartAsset logo
FEATURED
Free consultation

SmartAdvisor by SmartAsset

Troy, 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

Association Financial Services, LLC logo
Visit WebsiteWebsite

Association Financial Services, LLC

755 West Big Beaver Road, Suite # 2020, Troy, MI 48084
Visit WebsiteWebsite
  • Financial Planning
  • Wealth Management

Business Description

Association Financial Services, LLC, offers personalized solutions to individuals and families in the Troy metro. It provides financial planning services, which include expenses estimation, savings program implementation, and asset management. The company also deals with education, social security, retirement, and insurance planning. In addition, its financial advisors serve clients who need wealth management and public notary services. They work with various financial firms, such as Great American and Eastsound Capital Advisors. Association Financial Services has been in business for over two decades.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
Azoury Financial logo
Visit WebsiteWebsite

Azoury Financial

3150 Livernois Road Suite 145, Troy, MI 48083
Visit WebsiteWebsite
  • Financial Planning

Business Description

Azoury Financial is a firm that serves clients in Troy. It offers financial planning services that include retirement plans, tax plans, college plans, estate plans, money purchasing plans, and profit-sharing plans. It also offers investments and insurance such as life, disability income, and long-term-care insurance. The firm delivers a personalized service that focuses on the clients' wants, needs, and future goals. The firm's founder, Steve Azoury, is a member of the National Association of Insurance and Financial Advisors.

Reputation:

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

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Brian M Duggan, CFP, CLU, ChFC logo
Visit WebsiteWebsite

Brian M Duggan, CFP, CLU, ChFC

901 Wilshire Dr. Ste 300, Troy, MI 48084
Visit WebsiteWebsite
  • Estate Planning
  • Retirement Planning
  • Financial Planning
  • Business Succession Planning

Business Description

Brian M Duggan, CFP, CLU, ChFC is a financial advisor serving individuals in Troy. Working with Northwestern Mutual, he provides financial planning and wealth management services including retirement, estate, and business planning. He helps clients choose investment and asset allocation strategies to build custom portfolios that match clients' needs. Duggan focuses his expertise on the areas of financial planning and trust services. He has been in the financial services industry since 1995.

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
City Center Financial, LLC logo
Visit WebsiteWebsite

City Center Financial, LLC

888 W Big Beaver Rd., Suite 1220, Troy, MI 48084
Visit WebsiteWebsite
  • Retirement Planning
  • Finance Planning

Business Description

City Center Financial, LLC, is a firm in Troy that provides investment services and fiduciary financial planning solutions. It assists clients in tax mitigation, income planning, and risk mitigation. The firm's financial advisors are all NSSA-certified, and they meet up with clients for a one-on-one consulting session where they bring up strategies to maximize investments. City Center Financial has been featured in various publications, such as Fox Business and The Dallas Morning News.

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
4.4 / 5 (7)
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
Responsiveness
Friendliness
Helpfulness
Detail
Financial Services Group of Michigan, Inc. logo
Visit WebsiteWebsite

Financial Services Group of Michigan, Inc.

1301 W. Long Lake Rd Suite 105, Troy, MI 48098
Visit WebsiteWebsite
  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Investment Management
  • Financial Planning

Business Description

Since 1984, Financial Services Group of Michigan, Inc., has been serving the residents of Troy and the neighboring communities. It helps clients protect their legacy and their wealth for their families by providing them with a wide range of financial services, including retirement planning, estate planning, wealth management, and insurance services. Its professionals assess customers' financial situations, identify their long-term goals, and create a financial program that addresses their needs. Edward J. Lambert, the company's principal, has obtained the CFP designation.

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
Financial Solutions of Michigan logo
Visit WebsiteWebsite

Financial Solutions of Michigan

2855 Coolidge Highway, Troy, MI 48084
Visit WebsiteWebsite
  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Financial Solutions of Michigan educates Troy residents about the principles of investing and risk management while assisting them in making a retirement distribution and investment strategy. It manages and conserves clients' estates, identifies and manages investments that generate enough assets, and helps them pursue the right approach to college savings and life insurance. Financial Solutions CEO and president Joseph Longo is a CFP who founded the firm in 1994. He has half a century of financial experience.

Reputation:

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

Firma Financial Planning

17957 Hall Rd, Macomb, MI 48044
Visit WebsiteWebsite
  • Certified Financial Planner (CFP)
  • Financial Planning

Business Description

Firma Financial Planning helps clients in Troy pursue financial independence. The firm guides individuals in setting up a financial plan, managing taxes, preparing for retirement, and drafting or reviewing estate documents. As fiduciaries, it also assists clients in choosing the appropriate protection strategies for their needs, such as annuities, life insurance, and long-term care. The Certified Financial Planners at this firm work to develop, plan, and strategize financial plans that meet each client's unique goals.

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 (44)

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
Global Financial Planning Group logo
Visit WebsiteWebsite

Global Financial Planning Group

900 Wilshire Drive Ste. 385, Troy, MI 48084
Visit WebsiteWebsite
  • Financial Planning

Business Description

Global Financial Planning Group caters to families and individuals in the Troy metro and nearby areas. It provides estate management and retirement planning solutions to help clients maintain financial security. The company also creates investment portfolios that include clients' financial goals and risk tolerance. In addition, its financial advisors offer tax-related services and life and liability insurance policies. One of the firm's founders, Darryl Duebusch, is a CFP. He has been in the financial services industry since 1996.

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

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
––
Hinkson Wealth Management logo
Visit WebsiteWebsite

Hinkson Wealth Management

2520 Livernois Road Suite A, Troy, MI 48083
Visit WebsiteWebsite

Business Description

Hinkson Wealth Management is an independent firm that has been serving the needs of clients in Troy since 1991. It focuses on a broad range of financial planning services, including those relating to investments, retirement, insurance, tax consulting, and estate planning. Its services include a three-step meeting process that involves collecting data, analyzing financial situations, reviewing financial plans, and monitoring portfolios. Greg Hinkson, its president and CEO, has been featured in Forbes as a financial leader in Michigan.

Reputation:

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

Professionalism:

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

Horizon Advisers

5455 Corporate Drive Suite 210, Troy, MI 48098
Visit WebsiteWebsite
  • Tax Planning
  • Certified Financial Planner (CFP)

Business Description

Horizon Advisers helps individual, family, and commercial clients gain confidence in their finances. Serving the Troy metro gives fiduciary financial advice on tax strategies and forecasting, investment decisions for asset building and income, business retirement, and estate planning. It evaluates risk factors, reviews the client's current insurance coverage, and implements updates according to their needs. Founded in 2012, Horizon Advisers merged with a local CPA company to integrate tax considerations into its financial services.

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 (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
Responsiveness
Friendliness
Helpfulness
Detail
Integrated Capital Management logo
Visit WebsiteWebsite

Integrated Capital Management

21 E. Long Lake Road, Suite 102, Bloomfield Hills, MI 48304
Visit WebsiteWebsite
  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Financial Planning

Business Description

Integrated Capital Management is a firm serving Troy. Its financial planning services focus on four areas, namely employee benefit coordination, investment management, risk management, and retirement planning. It assists clients in developing tailored plans designed to meet their goals. The firm recommends investment strategies, such as alternative investments, bonds, exchange traded funds, mutual funds, and stocks. It also constructs portfolios and employs asset allocation to drive investment performance. In addition, it offers other products, such as disability, life, and long-term care insurance.

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
McFawn Financial Services Group, LLC logo
Visit WebsiteWebsite

McFawn Financial Services Group, LLC

340 E. Big Beaver, Suite 140, Troy, MI 48083
Visit WebsiteWebsite
  • Certified Financial Planner (CFP)
  • CFA Charterholder
  • Financial Planning
  • Chartered Financial Analyst (CFA)

Business Description

McFawn Financial Services Group, LLC, is an independent financial advisory office based in Troy that has been providing financial planning and investment management solutions for the past 30 years. The company offers financial advice regarding various matters, such as education, income tax, estates, and retirement. It also handles investment and asset management, cash flow management, budget analysis, and life insurance analysis. Company president Patrick McFawn has established a donor-advised fund, Hearts and Hand, to help families in Rochester.

Reputation:

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

Professionalism:

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

MKD Wealth Coaches

1301 W. Long Lake Road, Suite 210, Troy, MI 48098
Visit WebsiteWebsite
  • Certified Financial Planner (CFP)

Business Description

MKD Wealth Coaches is a firm serving Troy. Its wealth coaching service focuses on helping entrepreneurs develop its Entrepreneur’s Game Plan that addresses their needs. The plan assists them in wealth, investment, business, and legacy planning. Its wealth planning service includes cash flow and tax strategies to help them secure financial independence. It also recommends investment options and advises on potential risks. In addition, it handles estate planning. Other services include valuation and succession for businesses.

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
Society for Lifetime Planning logo
Visit WebsiteWebsite

Society for Lifetime Planning

1111 W. Long Lake Rd. Suite #300, Troy, MI 48098
Visit WebsiteWebsite
  • Financial Planning

Business Description

Society for Lifetime Planning caters to clients in Troy. It provides health and wealth planning services for women over 50 years old who wish to prepare or manage their retirement finances, investments, or income based on their goals and needs after life-changing events. These include the death of a spouse or the dissolution of their marriages. Its managing director, Larry Slabotsky, has been serving clients since the 1980s. He is the founder of the International Society for Pre-Retirement Planners in Detroit.

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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
The Agbay Group logo
Visit WebsiteWebsite

The Agbay Group

1441 W Long Lake Rd, Suite 175, Troy, MI 48098
Visit WebsiteWebsite
  • Retirement Planning

Business Description

Based in Troy, the Agbay Group is a firm that offers personal wealth advisory and corporate retirement planning services. Its independent financial advisors evaluate each client's financial status which includes their investments, retirement, and legacy plans. They also work with the individual's CPAs, attorneys, and trusted advisors to help them manage their wealth. In addition, they assist companies in developing retirement plans by conducting investment reviews and monitoring. The firm's owner, Anthony Agbay, is a Chartered Retirement Plans Specialist.

Reputation:

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

The Locniskar Pursel Bucher Biddinger Group

2600 W Big Beaver Rd., Troy, MI 48084
Visit WebsiteWebsite
  • Private Wealth Advisor
  • Financial Planning
  • Wealth Management

Business Description

The Locniskar Pursel Bucher Biddinger Group offers a broad range of financial planning services to help clients attain their financial security goals. Serving individuals, multi-generational families, business owners, and executives in and around Troy, the firm's financial advisors use a goals-based wealth management approach in helping clients prepare for the future. The company offers investment management, retirement planning, cash flow management, and stock strategies. Managing director Dana M Locniskar has been recognized by Forbes as one of “America’s Top Wealth Advisors” from 2016 to 2021.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Unity Financial Advisors logo
Visit WebsiteWebsite

Unity Financial Advisors

30400 Telegraph Road Suite 461, Bingham Farms, MI 48025
Visit WebsiteWebsite
  • Certified Financial Planner (CFP)

Business Description

Unity Financial Advisors helps clients in Troy preserve their wealth. This company guides individuals and senior citizens in developing income plans to prepare for their long-term care needs. It also educates clients to assist them in handling their current or future pension and Social Security benefits. In addition, the firm creates personalized portfolios based on clients' financial needs. Its founder, Jaime Cowper, specializes in guiding individuals with their retirement plans. She is an investment advisor representative and holds a life and health insurance license.

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.
4.2
Google
4.2 / 5 (5)

Professionalism:

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

VisionQuest Financial Planning LLC

200 E. Big Beaver Rd., Troy, MI 48083
Visit WebsiteWebsite
  • Financial Planning

Business Description

VisionQuest Financial Planning, LLC, is a fiduciary advisory firm that helps individuals and families in Troy regarding their finances and investments. Its founder and financial advisor, Warren McIntyre, conducts two-hour interactive sessions with his clients and gathers data to present them with suitable recommendations regarding retirement, income, cash flow, and estate plans. Warren also tackles risk management. He has been working in the financial industry for more than 40 years and is a member of the NAPFA.

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)
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.
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.

Read all FAQs