Looking for helpmanaging your money?
It may be time tohire a financial advisor.
Choosing the right financial advisor for you depends onyour needsas well as the advisors reputation, certifications and fees.
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Wealth Management
2.
Brokers and Investment Advisors
Some financial advisors focus specifically oninvesting.
They have to pass licensing exams as well.
Be sure to verify their credentials through BrokerCheck1 before getting started.
Certified Financial Planners (CFP)
One common credential to look for is the CFP Certified Financial Planner.
CFPs take required educational courses and must pass the CFP Board exam.
These professionals receive certification through The American College of Financial Services.
A ChCF must have several years of experience, complete required educational courses and pass exams.
Theyre also required to complete 30 hours of continued education every two years, including ethics courses.
Financial Coach
Youve probably seen this title thrown around a lot lately.
Robo-Advisors
Another, somewhat unconventional option, is the robo-advisor.
Online investment firms like So-Fi and Charles Schwab use algorithms to automatically invest your money.
Robo-advisor fees vary from $0 to 0.30% annually.
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Typically, there are fee-only advisors and fee-based advisors.
For percentage fees, most financial planners charge 1%.
Brokers are a prime example of fee-based financial planners.
If they work for a large firm, their boss may also get a cut of your investments.
Fee-based advisors should be registered with the SEC.
you might check their Form ADV2 document online to find out exactly how they make their commission.
Fee-Only vs. Fee-Based: Which Is Best?
A good rule of thumb is to seek out fee-only advisors over fee-based.
They are bound by fiduciary duty, which means your success and preferences are their main motivation.
Fee-based advisors can be motivated by risky, high-yield investments.
You ultimately have the final say in how your money is managed.
What Are Your Financial Goals?
The most important factor when determining how to choose a financial advisor is your individual needs and goals.
Likewise, an unaccredited financial coach will be a poor choice for someone with a hefty portfolio.
You could also choose to work with a fee-based broker.
These fees are typically lower, and theyll be able to point you in the right direction.
We recommend working with a fiduciary, fee-only advisor who is certified through a reputable board like the CFP.
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