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Best Financial Advisors in Plano

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Plano, TX
  • 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
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Detail
––

Price: Free consultation

Benold Financial Planning logo
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License Verified:

License: 134258

Investment Adviser Public Disclosure Database, SEC

Benold Financial Planning

130 N. Preston Road, Prosper, TX 75078
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  • Certified Financial Planner (CFP)

Business Description

Benold Financial Planning is a local firm catering to individuals and businesses in Plano. It offers financial planning services, including creating and maintaining cash flow budgets. Its process involves consultation, creation of plans with specific action points for different goals, and implementation with varying time frames. The firm also provides debt management, investment management, insurance optimization, and retirement and tax planning solutions. Its founder, Stephen Benold, is a Certified Financial Planner, who was a family physician for 30 years.

License Verified:

License: 134258

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
Bragg Comer Financial Advisors, LLC logo
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Bragg Comer Financial Advisors, LLC

4420 Waskom Drive, Plano, TX 75024
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  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Bragg Comer Financial Advisors, LLC, is an independent financial planner serving clients in Plano. It helps individuals and couples who are about to retire in two to three years' time to achieve their financial goals through financial planning and investment management. CEO Bragg Comer has 18 years of experience as an investment advisor and financial planner. In 2008, he decided to become an independent financial advisor. He is a member of the Association of Individual Investors.

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
Cain Watters & Associates logo
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Cain Watters & Associates

6900 Dallas Parkway, Plano, TX 75024
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  • Estate Planning

Business Description

Cain Watters & Associates is a team of financial advisors focusing on the needs of dental practices in Plano. It provides business planning and personal financial planning to new dentists. In addition, the firm helps existing dental practitioners transition their business entities to new owners. Other services include wealth management, accounting, and tax service. Cain Watters & Associates has been serving dentists in the local community and across the country since 1984. All of its financial planners are certified public accountants.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.3
Google
4.3 / 5 (46)
Yelp
3.5 / 5 (2)

Professionalism:

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

7500 Dallas Parkway, Plano, TX 75024
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  • Estate Planning
  • Retirement Planning

Business Description

Credent Wealth Management is a team of financial advisors with offices in Plano and Waco. Its planning services cover estates, business succession, and financial goals. The professionals also provide investment management assistance, which involves conducting regular portfolio reviews, executing actionable insights and security transactions, and employing risk management guidelines. The financial planners and advisors at Credent Wealth Management have more than 150 years of collective industry experience. They also serve residents in Michigan and Indiana.

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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Cure Financial logo
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License Verified:

License: 171446

Investment Adviser Public Disclosure Database, SEC

Cure Financial

1255 West 15th Street Suite 250, Plano, TX 75075
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  • Private Wealth Advisor

Business Description

Since 1958, Plano-based Cure Financial has been helping clients keep their finances organized and in check. Its advisors develop plans with an emphasis on helping clients manage their wealth through every life stage. They create financial maps for retirement or social security claims. Investment planning for portfolio balancing, tax strategies for minimizing liabilities, and elder care or multi-generational family support are also available. Owner Trey Cure is a financial advisor who earned his CWS designation in 2013.

License Verified:

License: 171446

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
Google
4.5 / 5 (2)
DeRamus Wealth Management logo
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DeRamus Wealth Management

1400 Preston Road, Plano, TX 75093
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  • Private Wealth Advisor
  • Retirement Planning

Business Description

DeRamus Wealth Management is an independent financial advisory firm that serves the residents of Plano and the surrounding areas. Its wealth management and investment services include financial planning, investment planning, and retirement planning. It also offers financial services for corporations, executives, and highly compensated employees. Founder and president Lawrence DeRamus has a combined experience of more than 20 years in finance, business, and real estate. He is a member of the Institute of Certified Financial Planners and the Financial Planning Association.

Domestique Capital logo
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Domestique Capital

5809 Cardigan Drive, Plano, TX 75093
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  • Certified Financial Planner (CFP)
  • Tax Planning

Business Description

Based in Plano, Domestique Capital is a financial planning firm serving individuals in the metro. It provides wealth management services such as financial planning, tax planning, estate planning, and retirement planning. It also assists clients with investment management, 401(k) plans, and personal insurance products. Damon Gonzalez founded Domestique Capital in 2009 after almost 10 years of experience in the financial services industry. He attained the designation Retirement Income Certified Professional in 2015 and has been a Certified Financial Planner since 2004.

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
GB Financial Services, LLC logo
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GB Financial Services, LLC

7200 Dallas Parkway, Plano, TX 75024
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

GB Financial Services, LLC, is an independent wealth planning firm based in Plano. It works with clients in creating and managing long-term plans through its range of services such as wealth accumulation, estate planning, life planning, retirement planning, and long-term care. The company practices holistic planning and has both a Certified Financial Planner and a life coach on staff to provide support in financial and personal concerns. GB Financial Services is an affiliate of the Commonwealth Financial Network.

Generational logo
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Generational

3400 North Central Expressway, Richardson, TX 75082
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

Generational Wealth Advisors comprises a team of financial advisors who work with professionals, business owners, and corporate executives in Plano and the surrounding areas. They provide wealth management solutions using a client-focused approach. Services include portfolio management, financial planning, securities-based lending, estate planning, risk management, and retirement income planning. The firm's Director of Client Development, Gina Aldaz, has been in the financial industry for the last 20 years. She has experience serving executive teams of organizations, including 1013 Communications, Cox Media, and Scripps.

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
Heritage Financial Planning logo
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Heritage Financial Planning

5700 Granite Parkway, Plano, TX 75024
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  • Retirement Planning
  • Tax Planning

Business Description

With over decades of experience, Heritage Financial Planning is a wealth management firm that serves Plano and nearby areas. The financial advisory group helps clients reach financial objectives such as ensuring retirement income, maximizing wealth transfer, reducing tax burden, establishing charitable legacies, and minimizing the effects of inflation. Heritage Financial Planning consists of advisors with years of financial knowledge and technical expertise. Several of their advisors are FPA members, and Steve, the company's founder, is a NAPFA-registered 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.
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
Insight Wealth Partners logo
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Insight Wealth Partners

3333 Premier Drive, Plano, TX 75023
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  • Estate Planning
  • Retirement Planning
  • Tax Planning

Business Description

Insight Wealth Partners is a wealth management and advisory firm that serves high-net-worth individuals, families, and business owners from Plano and the surrounding areas. Its financial planning services include areas such as tax strategies, asset protection, insurance and risk management, education funding, and estate and retirement income planning. Founder and managing member David S. Dryden has been working in the wealth management field for 29 years. He has been quoted in publications such as The Wall Street Journal and Forbes.

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
––
Legacy Consulting Group logo
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Legacy Consulting Group

5000 Legacy Drive, Plano, TX 75024
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  • Certified Financial Planner (CFP)

Business Description

Legacy Consulting Group provides financial life planning services to help Plano clients meet their financial goals. Founded in 1998, the firm has more than 100 years of combined financial, investment, and accounting experience. Clients receive consultation about their life goals, followed by step-by-step plans in achieving the goals with investment and savings plans. Managing Partner Roger Shake is a Certified Financial Planner, Registered Life Planner, and Certified Financial Transitionist. He has over 30 years of financial experience.

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
Level Four Advisory Services logo
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Level Four Advisory Services

12400 Coit Road, Dallas, TX 75251
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  • Certified Financial Planner (CFP)
  • Private Wealth Advisor

Business Description

Level Four Advisory Services provides comprehensive financial advice to individuals, business owners, investors, and organizations in the Plano area. It has retail offices across the United States. The firm offers financial planning, risk and asset management, corporate retirement plans, and business services. Level Four Advisory Services optimizes clients' financial strength through its four levels of client service—organize, create, plan, and communicate. It has more than 18 years of experience in the industry and ranked 12th in Accounting Today's Top Firms by Asset Under Management in 2020.

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
––
Parkway Wealth Management Group logo
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Parkway Wealth Management Group

5550 Granite Parkway, Plano, TX 75024
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Parkway Wealth Management Group is a financial advisory firm that caters to individuals and families in the Plano metro and the surrounding areas. It handles asset, portfolio, and risk management, as well as estate, financial, and retirement planning. T. Ray Baker is a founding partner and a managing director at Parkway Wealth Management Group. He is a Certified Financial Planner with more than 22 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 (17)

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
––
Pearl Financial Planning LLC logo
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Pearl Financial Planning LLC

7800 Preston Road, Plano, TX 75024
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  • Certified Financial Planner (CFP)

Business Description

Pearl Financial Planning LLC is a Plano-based firm that helps professional women and couples achieve their financial goals. It offers full-service investment management and financial planning and a standalone financial plan for clients who need a one-and-done that they can execute on their own. Its financial planning services include retirement planning, employee benefits, and cash flow optimization. Gretchen Behnke, the sole advisor in the firm, has a master's degree in Finance and is a member of several financial planning associations.

Reputation:

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

License: 5573836

Investment Adviser Public Disclosure Database, SEC

Provident

5700 Tennyson Parkway, Suite 300, Plano, TX 75024
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Provident offers risk management solutions to families and individuals in the Plano area and the surrounding locations. It helps clients achieve financial security through its investment management services. The company deals with matters involving ETFs, index and mutual funds, private equity and REITs, and stocks. Its advisors also provide college and estate planning and retirement cash flow management assistance. In addition, they advise clients on their choice of life, health, disability income, and long-term care insurance. Provident's professionals are certified financial planners.

License Verified:

License: 5573836

Investment Adviser Public Disclosure Database, SEC

Professionalism:

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

License: 5321133

Investment Adviser Public Disclosure Database, SEC

SchlegelDunn

6860 Dallas Parkway, Suite 200, Plano, TX 75024
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

SchlegelDunn offers monetary counsel to residents of Plano and its neighboring communities. The team produces financial plans that take into account a client's assets, income, liabilities, and goals, across several concerns ranging from education to retirement. It also delivers risk management services to minimize the adverse effects of unforeseen risks like death, disability, or litigation. SchlegelDunn opts to closely guide its clients during every step of a plan’s implementation. The firm is affiliated with the Commonwealth Financial Network.

License Verified:

License: 5321133

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)
Strategic Financial Planning, Inc. logo
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Strategic Financial Planning, Inc.

6513 Preston Road Suite 100, Plano, TX 75024
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  • Certified Financial Planner (CFP)

Business Description

Strategic Financial Planning Inc. is a firm in Plano that specializes in wealth management and holistic financial planning. It helps clients plan out various aspects of their finances, including retirement income and insurance. Its staff can also review and manage a client's will. Strategic Financial Planning has been featured in various media outlets, including The Wall Street Journal and The Dallas Morning News. Its founder, Bryan Lee, is a member of the National Association of Personal 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 (1)
The Watchman Group logo
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The Watchman Group

5045 Lorimar Drive, Plano, TX 75093
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  • Tax Planning

Business Description

The Watchman Group is an independent firm based in Plano offering financial planning and investment services to clients around the country. In addition to providing investment services and portfolio analysis, the firm also helps individuals plan for and manage their retirement with tax, insurance, and estate planning services. Established in 2004, the firm is named in reference to the night watchman who was said to be the protector of the dark streets of Europe in the 17th and 18th centuries.

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
4.3 / 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 Willow Bend Group of Wells Fargo Advisors logo
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The Willow Bend Group of Wells Fargo Advisors

2400 Dallas Parkway, Plano, TX 75093
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  • Estate Planning
  • Retirement Planning

Business Description

The Willow Bend Group of Wells Fargo Advisors offers wealth management services to clients in and around Plano. Its advisors provide personalized and comprehensive financial roadmaps to help clients achieve their financial goals. Through the company's Envision Process, its advisors are able to track each client's progress towards their goals as well as make adjustments whenever necessary. Some of the services being offered include estate planning, retirement planning, advisory services, and succession and business exit strategies.

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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Wealth Star Advisors logo
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Wealth Star Advisors

305 Spring Creek Parkway, Plano, TX 75023
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  • Estate Planning
  • Certified Financial Planner (CFP)

Business Description

Wealth Star Advisors is a firm headquartered in Plano that has been operating since 2010. Its staff members and partners, who have nearly two centuries of cumulative experience in the industry, provide various advisory services. With their commitment to prioritizing client needs, these professionals offer wealth management, comprehensive financial planning, estate planning, tax planning, and protection planning. They also provide assistance with financial planning software and web-based meeting tools. The associates at Wealth Star Advisors hold CFP, APMA, and CRPC designations.

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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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