Who are financial advisors and what do they do?

Financial advisors are professionals that provide financial advice and other financial services to their clients based on their clients’ financial situation and needs. Certified advisors use their financial knowledge and expertise to also manage their clients' money in order to help individuals and families grow their wealth. Additionally, the financial advisors also help with other aspects of money management and planning such as budgeting, retirement planning, portfolio management, estate planning, college education planning, and more.

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What are the different types of financial advisors?


All professionals that provide financial services may call themselves financial advisors but it is important to understand the different types of advisors to know who can help you with your specific financial situation. Advisors differ by their area of expertise, and the kind of financial services they offer. The different types of financial advisors include accountants, insurance agents, financial planners, portfolio managers, investment advisors, retirement planners, wealth managers, robo-advisors, and more.

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What is a fiduciary financial advisor?

A fiduciary financial advisor is required by law to offer financial advice, services and financial product recommendations that are in their clients’ best interest. Hiring a fiduciary financial advisor may provide you with peace of mind in knowing that your money management and the financial guidance that you are being provided is to your benefit. The fiduciaries are legally bound to be transparent and to disclose any potential conflicts of interest to their clients, such as profiting at the client’s expense.

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What is the cost of hiring a financial advisor and what fees do they charge?


Financial advisors use several compensation methods to charge for the financial services that they provide their clients. The cost of an advisor you hire will vary depending on the fee structure they use. Most advisors charge based on the money they manage for their client under the “assets under management” (AUM) fee structure. The fee may range from 0.25% to 1.5% per year. Other advisors may charge commission-based fees, hourly fees or follow a flat fee structure.

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Do you need to hire a financial advisor?

Financial advisors have the expertise and knowledge to make timely and appropriate financial decisions. They can assess different investments, weigh the pros and cons, and formulate a financial plan and investment strategy based on your specific financial goals and needs. If you are an investor seeking professional guidance in growing and managing your finances, it is highly recommended that you hire a financial advisor.

Read more to assess if you need to hire a financial advisor.

How and where do I hire a financial advisor?


Most people look for a financial advisor using search engines like Google, etc., or by asking trusted friends or family for recommendations. But, your financial situation may not be the same as your friends or family, and Google may list hundreds of advisors, making it extremely time consuming for you to find the advisor you need. Use a company like WiserAdvisor who matches you to 2 to 3 vetted financial advisors based on your specific needs and has been a trusted source for over 20 years. It's a simple 2 minute process to place your secure request.

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Find and compare vetted financial advisors near you

Financial advisors that are part of the free "Advisor Match Service" below are screened based on their years of experience, their SEC/FINRA registration and records, and their compensation criterion. All advisors are fee only or fee based.

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