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Best Financial Advisors in Austin

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Venturi Private Wealth logo
FEATURED
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Venturi Private Wealth

3600 North Capital of Texas Highway, Austin, TX 78746
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Business Description

Venturi Private Wealth is a company of fiduciary advisers serving the residents of Austin and Oklahoma City. The company's team has a combined experience of over 150 years, and they offer advice to clients who are offer advice to high net-worth investors with public and private investments. They also assist with estate planning, trust administration, tax and life insurance management, and mortgage alternatives. From 2009 to 2015, Barron magazine named founder Russell Norwood one of the Top 1,000 Financial Advisors in America.

Reputation:

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

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Brighton Jones logo
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Brighton Jones

3101 Bee Cave Road, Suite 280, Austin, TX 78746
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Business Description

Brighton Jones is a team of financial advisors serving clients in Austin and nearby areas. Its accountants, lawyers, Certified Commercial Investment Members, and financial planners offer financial advice to clients in the medical, media, higher education, construction and development, and technology sectors. Brighton Jones provides them with tax planning, real estate advisory, private equity advisory, institutional asset management, philanthropic advisory, and personal CFO services. The firm's philosophy is based on financial theory, psychology, and awareness of history and current events.

Reputation:

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

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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ML&R Wealth Management logo
FEATURED
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License Verified:

License: 109359

Investment Adviser Public Disclosure Database, SEC

Free Consultation

ML&R Wealth Management

401 Congress Avenue, Suite 1100, Austin, TX 78701
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  • Certified Financial Planner (CFP)
  • Financial Planning
  • Retirement Planning
  • Private Wealth Advisor
  • Corporate Retirement Planning

Business Description

ML&R Wealth Management has been serving individuals, families, businesses, and non-profits in Austin and nearby areas since 1997. It offers a wide range of financial advisory services that help clients achieve their economic goals. The services include a long-term approach to personal wealth management, corporate retirement planning, and financial freedom guidance for women. The firm typically works with high-net-worth clients whose account portfolios start at $1 million. Its personalized wealth management plans align personal, professional, and family objectives.

License Verified:

License: 109359

Investment Adviser Public Disclosure Database, SEC

Price: Free Consultation

SmartAdvisor by SmartAsset logo
FEATURED
Free consultation

SmartAdvisor by SmartAsset

Austin, TX
  • Estate Planning
  • Investment Management
  • Financial Planning
  • Retirement Planning

Business Description

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

Reputation:

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

Professionalism:

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

Price: Free consultation

Ark Financial Group logo
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Ark Financial Group

Austin, TX 78731
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Business Description

Ark Financial Group is a provider of asset protection and wealth management solutions in Austin. The team takes a comprehensive approach to guiding individuals and organizations through their journey to economic security and stability, and it customizes the services to fit each client’s needs. Ark Financial Group shares valuable resources and important guides through its website.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Facebook
4.6 / 5 (12)
Austin Asset logo
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Austin Asset

7200 North Mopac Expressway, Austin, TX 78731
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  • Certified Financial Planner (CFP)

Business Description

Austin Asset is a financial advisory agency that assists individuals with their wealth management needs. The firm's comprehensive services include investment management and planning strategies for wealth, life events, and philanthropic efforts. Its financial advisors also provide lifestyle management services from travel itineraries to household purchases. Austin Asset is ranked as the top financial planning firm in the area by the Austin Business Journal. Kristin Jaggard, CFO and one of the firm's owners, is a member of 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 (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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Austin Private Wealth logo
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Austin Private Wealth

3108 N Lamar Blvd Suite B 100, Austin, TX 78705-2013
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  • Certified Financial Planner (CFP)

Business Description

Established in 2009, Austin Private Wealth is an independent fee-only financial advisory firm serving families, affluent individuals, and business owners throughout Texas and nationwide. Its services include retirement planning, equity compensation, real estate analysis, tax planning, cross-border planning, and complex estate planning. Additionally, the company assists clients with their wealth protection, wealth transfer, and wealth enhancement needs. All its advisors are Certified Financial Planners (CFP®) and its partners all have more than 15 years of experience in the industry.

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
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Detail
Bearing Financial Advisors, LLC logo
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Bearing Financial Advisors, LLC

9390 Research Boulevard, Austin, TX 78759
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  • Certified Financial Planner (CFP)
  • Private Wealth Advisor

Business Description

Bearing Financial Advisors, LLC, has been serving clients in Austin and the surrounding communities since 2002. It offers various services, including estate, investment, and tax planning, existing insurance policies reviews, and retirement income strategies. In addition, the firm provides investment management services, such as client risk analysis, periodic reporting and analysis, portfolio design, and tax monitoring. Scott Bussy, the founder, is a member of the Financial Planning Association and the Global Association of Risk Professionals.

Reputation:

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

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Centennial Advisors, LLC logo
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Centennial Advisors, LLC

10815 Ranch Road 2222, Austin, TX 78730
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  • Certified Financial Planner (CFP)

Business Description

Centennial Advisors, LLC, is a financial advisory firm that caters to individuals and families in Austin and the surrounding communities. It offers a wide variety of services, including protection and distribution strategies, pre-retirement and retirement transition planning, and wealth accumulation. Additionally, the firm provides healthcare, income, investment, and tax planning services. Michael Reese, the CEO and Founder, holds various designations, such as Certified Financial Planner, Certified Tax Specialist, Chartered Financial Consultant, and Chartered Life Underwriter.

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 (26)

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
DESMO Wealth Advisors, LLC logo
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DESMO Wealth Advisors, LLC

Lakeway, TX
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Business Description

DESMO Wealth Advisors LLC, offers financial planning, investment management, and coaching to clients around the Austin area. The company discusses financial concerns such as retirement savings, tax planning, college education needs, and personal investments. Founder Massimiliano (“Massi”) De Santis is a sworn fiduciary, an expert legally-bound to recommend the best financial solutions for the clients. Massi is a Ph.D. economist and a CFP professional with more than 18 years of experience in giving financial management solutions.

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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Dimensional logo
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Dimensional

6300 Bee Caves Road, Austin, TX 78746
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  • Certified Financial Planner (CFP)

Business Description

Dimensional is a financial advisory firm that has been serving clients in Austin for over 40 years. The firm caters to individuals, retirement professionals, and institutions. It has 13 global offices, consisting of 1,400 advisors who have managed over $660 billion in assets. Its director, Kenneth French, is a financial advisor knowledgeable on the behavior of security prices and investment strategies. He is also a Fellow of the American Academy of Arts and Sciences and the American Finance 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 (7)

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
Elgon Financial Advisors logo
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Elgon Financial Advisors

5900 Balcones Drive, No. Suite 4040, Austin, TX 78750
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  • Financial Planning

Business Description

Elgon Financial Advisors caters to individuals in Austin and the surrounding areas. It guides clients in creating strategies and handling personal wealth dashboards to meet their financial goals. It also offers investment management services using evidence-based investing methods and recommendations. Its principal advisor and founder, Jane Mephan, is a member of NAPFA and a partner with Money Quotient, the creators of the True Wealth Process. She also provides advice to immigrants and first-generation US citizens regarding their finances and cross-border 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.
5.0
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Detail
Lucien, Stirling & Gray Advisory Group logo
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Lucien, Stirling & Gray Advisory Group

7800 North Mopac Expressway, Austin, TX 78759
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  • Retirement Planning

Business Description

Lucien, Stirling & Gray Advisory Group caters to individuals, corporations, foundations, and trusts in Austin and the surrounding areas. It provides analysis and recommendations on clients' assets and liabilities, cash flows, insurance coverages, investments, and tax situations. It also offers asset management services, such as accounts set-up, asset transfers, investment policy design, and portfolio allocations. Lucien, Stirling & Gray Advisory Group was established in 1992. Mark Ward, the chairman, has been with the firm since 1999. He is a Certified Financial Planner and a Chartered Financial Consultant.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Facebook
4.0 / 5 (3)
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
Meridian Wealth Advisors logo
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Meridian Wealth Advisors

3600 North Capital of Texas Highway, Austin, TX 78746
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  • Estate Planning
  • Tax Planning

Business Description

Meridian Wealth Advisors has been serving Austin and nearby areas since 2016. It caters to various types of clients, such as corporate executives, entrepreneurs, families, and retirees. Its services include asset allocation and coordination, cash and liability management, custom portfolio construction, investment strategies, and liquidity event consulting. It also offers estate plan analysis and coordination, generational wealth management, and tax minimization strategies. Josh L. Galatzan, the founder, is a Certified Investment Management Analyst with around 20 years of experience in the financial services industry.

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)

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
Parrott Wealth Management logo
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Parrott Wealth Management

6500 River Place Boulevard, Austin, TX 78730
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  • Certified Financial Planner (CFP)
  • Private Wealth Advisor

Business Description

Established in 2015, Parrott Wealth Management is a financial advisory firm that serves individuals and families in Austin and neighboring communities. It provides a wide range of services, including cash flow and debt management, charitable and philanthropic planning, investment reviews, portfolio comparison, and Social Security optimization. It also offers bear market stress tests, income distribution planning, and Roth IRA conversions. William R. Parrott, the CEO, has been in the financial services industry since 1989. He holds the Certified Financial Planner 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
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
Pioneer Wealth Management Group logo
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Pioneer Wealth Management Group

800 West 5th Street, Austin, TX 78703
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  • Estate Planning
  • Retirement Planning

Business Description

Pioneer Wealth Management Group is a financial consulting company serving clients in Austin and Plano. The firm offers clients various service packages, ranging from hour-long financial advisory sessions to family wealth management programs. Its financial planning team also assists clients in making plans for various personal goals, such as education and retirement. Portfolio management services are also available. Milad Taghehchian, one of the company's financial advisors, is 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.
5.0
Facebook
5.0 / 5 (10)
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
Reap Financial logo
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Reap Financial

Austin, TX 78729
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Business Description

Reap Financial is a wealth management advisory practice in Austin that guides people through their journey to economic stability and independence. The company serves business owners corporate executives, professionals, and similar client types, and the team consists of industry veterans, whose track record can be verified through the Financial Industry Regulatory Authority’s BrokerCheck system. Reap Financial gives a free retirement review, and it sponsors workshops to educate individuals, couples, and entire families.

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
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Stone Wealth Management logo
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Stone Wealth Management

4210 Spicewood Springs Road, Austin, TX 78759
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  • Retirement Planning
  • Tax Planning

Business Description

Stone Wealth Management is a fiduciary firm based in Austin. Its range of services covers financial landscape analyses, financial planning, and investment management. Its team also develops plans for business owners seeking guidance in company transitions involving key employees or family members. The company is headed by W. Morgan Stone, a CFP who has been working in the financial services field for over 19 years. He has an MBA in Personal Financial Planning and is Financial Planning Association member.

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
The Fox Alliance Wealth Advisors logo
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The Fox Alliance Wealth Advisors

5920 West William Cannon Dr. Building 7 – Suite 201, Austin, TX 78749
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  • Certified Financial Planner (CFP)

Business Description

Serving the Austin area, The Fox Alliance Wealth Advisors helps individuals, families, and organizations in pursuing their long-term financial goals. The firm, established in 1986, offers assistance in areas like financial and tax planning, insurance, and investment. Founder and president Bill Fox, who carries over three decades of experience as a wealth advisor, utilizes a custom financial planning approach by building personal relationships with his clients and their families. He also has a background in finance and accounting.

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 (9)

Professionalism:

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

Austin, TX 78746
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Business Description

WorthPointe is a fee-only financial advisor in Austin. The owners each hold a Certified Financial Planner designation, and they have decades of combined industry experience. WorthPointe caters to persons of high net worth, people nearing their retirement, trusts, and similar client types, and it has an affiliation with the National Association of Personal Financial Advisors and Financial Planning Association.

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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