Apart from Robo-advisors or online planning services, “financial advisors” can also refer to individuals with various designations.
- CFP: Offers financial planning advice. Advisors must have a long education and pass a rigorous test. They also need to demonstrate work experience in order to be eligible for the Certified Financial Planner Board of Standards designation.
- Stockbroker or broker: Purchases and sells financial products for clients in return for a fee, commission, or both. You must pass the exams and register with U.S. Securities and Exchange Commission.
- Registered investment advisor Offers advice and makes recommendations for a fee. Depending on the size and type of the company, RIAs can be registered with the U.S. Securities and Exchange Commission (or a state regulator). Some RIAs focus only on investment portfolios while others are more focused on financial planning. Find out more about investment advisors.
- Wealth managers: These wealth management services are geared towards clients with high net worth, and offer holistic financial management.
The average cost of human financial advisors is higher than those offered by Robo-advisors or online services. They may also have investment requirements that are lower than $250,000. You may still decide to invest if you:
You are undergoing or planning major life changes, such as marriage or divorce, having a child, buying a home, caring for aging parents, or starting your own business.
You have increased your investments or you have a financial life that is more complex than a Robo-advisor online advisor can handle.
You would like to meet someone in person, and you are willing to pay more for it.
Here are some things you can expect from a traditional advisor.
- Most likely, you will meet at a local office.
- Your advisor will help you reach your financial goals by providing holistic planning and support.
- We will have deep conversations about your finances, long- and short-term goals, investments, and tolerance for risk.
- Your advisor will work closely with you to develop a plan that meets your specific needs, such as retirement planning, investment assistance, and insurance coverage.
This post was written by All Seasons Wealth. At All Seasons Wealth, we provide expert advice and emphasize the importance of creating in-house portfolios to personalize your strategy for asset management, financial planning, and cash management. We utilize research and perform market analysis to provide you with a Financial Planner In St Petersburg Fl. No matter your needs, we can work with you to develop a consulting solution tailored to you.
Any opinions are those of All Seasons Wealth and not necessarily those of RJFS or Raymond James. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment. Past performance may not be indicative of future results.
