Finding the Right Financial Adviser: Get the Best Advice with a Fee-Only Fiduciary Adviser
Finding the right financial adviser can be daunting, especially since you want to make sure you’re getting the best advice possible that won’t be influenced by commission or a financial product that may not be best for you. To ensure you’re working with someone who is putting your best interests first, you should look for a fee-only fiduciary adviser. The National Association of Personal Financial Advisors (NAPFA) offers a free online search tool to help you find a financial planner who fits the bill.
Your options for fee models vary depending on the complexity of your situation and where you live. Advisers who charge 1% for asset management tend to bundle financial planning services with that fee. Hourly advisers generally charge between $150 and $400 per hour, while flat-fee advisers can charge anywhere from $2,500 to $10,000 per plan. To narrow your search for advisers who work on an hourly basis, check out the National Association of Personal Financial Advisors (NAPFA) as they allow this specification or the Garrett Planning Network which exclusively features hourly and project-based advisers.
When looking for an adviser, it’s important to do a little homework beyond just selecting a name from a list. According to Fraasa, simply being listed on the website does not guarantee that someone is offering financial planning services; it is necessary to ask questions. You should be prepared to discuss your goals and needs with the adviser so they can accurately determine whether the trust assets are being managed in alignment with those.
Finding the right financial adviser can be challenging, but it’s worth the effort. With the right adviser, you can feel secure knowing you’re getting the best advice for your financial situation. Are you in search of a new financial adviser? This tool can connect you to an advisor who is appropriate for your requirements.
0. “I’m 70 and weighing whether to ‘sell everything’ and put it all in Treasuries, or hire a financial adviser even though it would cost $20K a year. What should I do?” MarketWatch, 15 Mar. 2023, https://www.marketwatch.com/picks/im-70-and-weighing-whether-to-sell-everything-and-put-it-all-in-treasuries-or-hire-a-financial-adviser-even-though-it-would-cost-20k-a-year-what-should-i-do-6793bfba
1. “I plan to retire at 62. I get $1,500 a month in rental income and have $200,000 in savings. Should I get a financial adviser to help me?” MarketWatch, 13 Mar. 2023, https://www.marketwatch.com/picks/i-plan-to-retire-at-62-i-get-1-500-a-month-in-rental-income-and-have-200-000-in-savings-should-i-get-a-financial-adviser-to-help-me-8b1baac0
2. “Recently, I've been ‘over-employed,' working two jobs to rake in $300K a year. Now I have enough saved to buy a …” msnNOW, 9 Mar. 2023, https://www.msn.com/en-us/money/personalfinance/recently-ive-been-over-employed-working-two-jobs-to-rake-in-dollar300k-a-year-now-i-have-enough-saved-to-buy-a-business-but-i-need-trustworthy-advice-where-do-i-turn/ar-AA18pfS0
3. “My friend has a trust administered by his family's long-time financial adviser, but he is ‘questioning his financial …” msnNOW, 17 Mar. 2023, https://www.msn.com/en-us/money/personalfinance/my-friend-has-a-trust-administered-by-his-family-s-long-time-financial-adviser-but-he-is-questioning-his-financial-adviser-s-motives-what-his-move/ar-AA18Kc0s?li=BB16M4hs