Best Financial Advisors in San Antonio

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.
  

• Why do senior adults need help from a financial advisor in San Antonio?

  Financial advisors in San Antonio can help senior adults with their retirement planning, including creating a budget for short-and-long-term healthcare fees and investing in retirement accounts. According to Northwestern Mutual, more than 80% of senior adults in San Antonio believe they are in the right direction if they seek assistance from a financial advisor in crafting their retirement plan and saving their funds, as well as helping them lessen the chance of financial exploitation scams.

• What are the requirements to be a financial advisor in San Antonio?

  In San Antonio, individuals must obtain a college degree in financial services or accounting and choose classes, such as business law and marketing, from accredited organizations such as the International Assembly for Collegiate Business Education. They are required to take and pass the Series 7, 65, and 66 examinations from regulatory bodies, like Financial Industry Regulatory Authority, to obtain licenses. They may also acquire certifications, including Chartered Financial Analyst, Certified Financial Planner, and Chartered Investment Counselor.

• How much is the cost of hiring a financial advisor in San Antonio?

  There is no fixed cost in hiring a financial advisor in San Antonio, but financial advisors with an asset-based fee usually charge from 0.50% to 2% of the managed assets. For instance, if an individual deposits $200,000 at a 1% fee, financial advisors will charge them $2,000 annually. Some financial advisors offer a monthly subscription that may cost $50 to $500 per month, and some have a flat fee compensation arrangement based on an individual's portfolio size, income, and chosen service.

• How can financial advisors in San Antonio help with student loans?

  Financial advisors in San Antonio educate students with loans on how to handle their monthly payments and provide them with repayment strategies. They use various income-driven calculators, like Revised Pay-As-You-Earn Repayment Calculator and Income-Contingent Repayment Calculator, to help students understand the impact of loan debt and refinancing it with a shorter term. Financial advisors can also assist students in utilizing loan forgiveness programs, including the College Access Loan, making extra payments, and using tax deductions.

• What is a fiduciary financial advisor in San Antonio?

  A fiduciary financial advisor has a bond trust with the principal or beneficiary and is legally obligated to act in their best interest. These fiduciary financial advisors in San Antonio include Chartered Financial Analysts and Certified Financial Planners that are registered with the Securities and Exchange Commission. They have passed rigorous training and exams and are held to an ethical code. On the other hand, those affiliated with the National Association of Personal Financial Advisors are fee-only fiduciaries.

• 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.