When searching for the ideal financial advisor, your options range from automated digital investment solutions known as robo-advisors to traditional, in-person financial advisors. Bridging the gap between them are online financial advisors and financial planning services. These platforms offer many similar services to physical financial advisors, but function online to reduce costs.
Here’s how to find an advisor to match your needs:
Consider your budget. Straightforward, digital-only services are generally more affordable, while elaborate financial planning may carry a higher cost. It’s wise to establish your budget constraints beforehand.
Determine the services you need. Maybe you only seek assistance in choosing investments, or you require advice on complex subjects like estate planning or insurance requirements. Your needs will help you decide the type of financial advisor needed – typically, a robo-advisor is sufficient for investment management, but for advanced planning, an online planning service or traditional human advisor may be more appropriate.
Choose between in-person or online guidance. Should virtual meetings with your advisor not pose an issue, selecting an online service often leads to cost savings. These services typically have lower account minimum requirements compared to traditional investment advisors. Regardless of your decision, it’s crucial to verify qualifications and make sure the advisor follows a fiduciary standard, prioritizing your best interests.
If you’re unsure how to pick the right financial advisor for your needs, you can always switch to a traditional financial advisor if your situation grows more complex. The following are our picks for the finest online financial advisors.
GREG VAUGHAN
Robert Runkle
