By answering a few quick questions, MagnifyMoney will point you toward potential advisors, including robo-advisors, who may be available to work with you. Here’s what’s next:
Once you’ve shared the information above, MagnifyMoney will provide you with a list of financial advisors on our platform who have shown interest in working with clients like you.
Read our articles that guide you through every step of the financial advisor process.
In this age of technology and convenience, robo-advisors have become many investors’ go-to when it comes to asset management. Robo-advisors are online investment management systems, often heavily mobile and app-based. They take an automated approach to investing, and most often don’t offer human involvement, instead allowing their algorithms to do the work. Robo-advisors also generally charge lower fees and have lower minimum asset requirements.
Financial advisors, on the other hand, offer a traditional relationship with a professional who personally manages your portfolio. Some may also help you manage other aspects of your finances, too. Financial advisors can offer a higher level of personalization, though you’ll generally face higher costs for that added customization.
You can’t go wrong with either, but use this page as a resource to find the right one for you.
|Digital, automated advising||Online or in-person advising with a human|
|Typically lower fees||Typically higher fees|
|Low to no minimum balance requirements||Higher minimum investment requirements|
|Automatic asset allocation based on your risk tolerance||Personalized, human-led asset management|
|Model portfolios based on questionnaires||Personalized portfolios with greater input and guidance|
|Account offerings may be limited||Wider range of account offerings depending on goals and preferences|
Although financial advisors are usually local, check out our picks for these financial advisors that operate in most states.
You deserve an advisor you can trust. Let us connect you with a trusted, independent financial advisor.
Consider hiring a financial advisor if you are:
Financial advisors regularly seek to help their clients meet their financial goals by offering a variety of services like:
People often assess their financial situation to determine what they want to get out of working with a financial advisor before starting to look for one. You should consider:
Having a financial advisor located nearby can be convenient. That way, the client and advisor can talk and work together in person. A bank or credit union may have in-house financial advisors, adding an extra level of convenience.
A robo-advisor, on the other hand, offers an online experience. Some robo-advisors include the chance to speak with human advisors as a more premium feature, while others offer it to all levels.
Among our top 11 questions to ask a financial advisor, here are five:
Before working with a financial advisor, many people take a look at their credentials. These can indicate their level of experience and education, as well as their areas of expertise. Though there are numerous certifications an advisor can earn, here are some common certifications financial advisors maintain:
Not all financial advisors make money in the same way. While financial advisors will typically earn money from the fees their clients pay — whether through asset-based, hourly or fixed fees — some advisors may bring in money through other avenues, such as selling financial products. In fact, some advisors exclusively earn money from commissions.
Here are the three main financial advisor fee structures and what they mean:
Fees vary from one financial advisor to the next. The exact cost depends on the advisor, their fee structure, the firm and the client’s total assets under management. Many firms will provide their advisory or investment fees and expenses directly on their site (always a good sign of transparency).
A financial advisor may charge other fees, such as performance-based fees (for when the advisor hits a benchmark); flat fees for extra or separate services or products; and investment-related costs like trading commissions.
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