Find a Financial Advisor Near You

Key Takeaways

When seeking a financial advisor, it’s essential to consider your personal financial needs and values. While remote advice can be as effective as in-person meetings, the choice ultimately depends on your comfort level. Checking for credentials is a good starting point, but it’s more crucial to find a fiduciary financial advisor who acts in your best interest.

You may be looking for guidance with your money and considering local financial advisors. However, working with a financial planner or consultant in your area isn’t always necessary for success. Many people feel more comfortable meeting someone in person, but this isn’t a requirement for finding the right advisor.

Whether you work with a financial professional in person or remotely, it’s important that they align with your values and can help you achieve your goals. This ensures a stronger and more meaningful relationship.

How to Find Financial Advisors Near You

If you search for “financial advisor near me,” you’ll likely encounter many professionals offering similar services. However, not all of them are available for in-person meetings. Finding a reliable advisor who you can meet face-to-face can be challenging.

Zina Kumok, a financial advisor at C.H. Douglas & Gray Wealth Management, suggests that while referrals from friends and family are common, they might not always lead to the best match for your needs. She explains that unlike hiring a plumber, where you can rely on a neighbor’s experience, most people don’t know if their financial advisor provided good advice.

Instead of relying solely on personal networks, Kumok recommends using trusted online resources like the XY Planning Network or the National Association of Personal Finance Advisors (NAPFA) to find advisors in your area. These platforms often connect you with fee-only financial advisors, who are paid directly by clients and do not earn commissions from selling products.

How to Find a Virtual Financial Advisor

Looking for a virtual financial advisor involves a similar process. There are numerous online financial advisors, wealth managers, and planners who can assist with your needs. Kumok advises using a network that vettes its advisors and connects you with reputable professionals offering remote services.

Alissa Krasner Maizes, Esq., a registered investment advisor and founder of Amplify My Wealth, emphasizes the importance of expanding your search beyond local options. She believes that considering remote advisors can provide more choices and increase the likelihood of finding someone who aligns with your financial values.

Maizes also suggests that even if you prefer in-person meetings, it’s wise to consider an advisor’s remote accessibility. For instance, can you communicate via phone or video if one of you is out of town? What about meeting in person once or twice a year, with the rest of the communication done remotely?

What to Keep in Mind When Finding a Local Financial Advisor

When searching for a local financial advisor, Maizes recommends starting with your specific needs and goals. If you’re looking for investment help, a registered investment advisor (RIA) might be a good option, as they can offer a broader range of services, including tax preparation.

To find a local advisor, use a vetted network to get contact information. After narrowing down your options, meet with two to four top candidates to understand how they work with you. Kumok highlights that many advisors offer free discovery meetings. During these meetings, ask for the following information:

• How they get paid: Determine if they are paid through commission, client fees, or a combination. Fee-only advisors are generally preferred.
• Fee structure: Understand if they charge a percentage of your assets, an hourly rate, a retainer, or specific service fees.
• Fiduciary status: Confirm whether they are a fiduciary, meaning they must act in your best interest.
• Relevant experience: Ensure they have experience in areas that matter to you, such as retirement planning or business succession.
• Comfort level: Gauge how comfortable you feel with them. Do they listen and address your needs? Does their approach match your values?
• Meeting frequency: Find out how often you can meet one-on-one throughout the year, which may depend on the fee structure.

Once you have this information, compare the advisors to determine which one offers the best overall experience and fits your budget.

What Credentials Should You Look for in a Financial Advisor?

Both Maizes and Kumok agree that while credentials are useful, it’s more important to verify that the advisor is a fiduciary. “Just because someone has a credential doesn’t mean they’re a fiduciary,” Maizes notes. Even those with a Certified Financial Planner (CFP) designation might not always act in your best interest.

Kumok suggests looking for an RIA as a base credential if you need investment advice. CFP or Chartered Financial Analyst (CFA) designations can also be impressive due to their rigorous requirements. Other designations, such as AFC for financial coaching, may also be valuable.

“It’s an alphabet soup,” Kumok says. “In the end, look for someone with experience and education, and confirm they’re a fiduciary required to act in your best interest.”

How to Search for Financial Advisors in Your Area

While it might be tempting to ask friends or go to your insurance agent, Kumok recommends starting with an online search. Here are steps to follow:

1. Use a vetted network: Start with platforms like Advisor.com, XY Planning Network, or NAPFA’s directory.
2. Answer a short questionnaire: Most networks ask questions to narrow down your search, including your ZIP code and specific needs.
3. Review recommendations: Choose between two and four advisors from your search results.
4. Schedule discovery meetings: Meet with the top candidates to gather information about their payment methods and approach.
5. Double-check credentials: Verify their certifications using databases like the CFP Board or FINRA’s BrokerCheck.
6. Decide who to work with: After evaluating your options, choose the advisor that best matches your needs and values.

If you struggle to find a good fit locally, consider a virtual advisor.

Frequently Asked Questions

How do I evaluate and compare financial advisors?
When comparing and choosing financial advisors, consider whether they are fiduciaries, their training and education, what credentials they have, and whether they fit your needs.

How can I verify a financial advisor’s credentials?
Most issuing bodies have databases that allow you to check if a financial advisor’s credentials and certifications are current. For example, the CFP Board allows verification of a CFP’s credentials, and FINRA’s BrokerCheck can be used to check an RIA’s record.

Are online financial advisors as effective as in-person ones?
Yes, online financial advisors can be as effective as in-person advisors. The key factors are your comfort level, access, and whether the advisor meets your needs.

What questions should I ask a potential financial advisor?
Start by asking if they are a fiduciary, how they make money, their fee structure, their financial philosophy, and their experience with your specific issues.

Can I find a financial advisor who specializes in my specific financial needs?
Yes, you can usually find a financial advisor who specializes in your needs. Use a network questionnaire or ask prospective advisors about their experience in your area of interest.