2020 Financial Advisors
$50,000 investment minimum
- Combines high robo investing technology with human advisors
- Low management fees
- Access to financial advisors whenever you have questions
- Customized, goals-based financial plans
Goals-based financial plans presented in an intuitive dashboard
- Work with CFP® Professionals who are not incentivized to sell products
- Meet with your financial advisor when and where you need
- Flat annual fee based on services—not assets—you only pay for what you need
- Low cost investment portfolios
- Get matched to the right financial advisor for you
- Create a flexible, achievable financial plan tailored to your life
- Commitment-free, pressure-free, judgment-free & jargon-free
- Best-in-class products & services to help achieve your goals
- Investment strategies personalized to fit your risk tolerance & timelines
- Members receive financial advice from real advisors
- Open an account with as little as $50
- Automated rebalancing
- Just a Slice of Stock or ETF - Invest for as little as $1
- Rollover existing accounts into a SoFi Wealth retirement account
- Hybrid model - guidance from actual advisors to assist with portfolios maintained by robo-advisor
- Free, award-winning, financial Dashboard tracking over $1.1T
- Get a consolidated view of your net worth
- Build a customized plan with the Retirement Planner™
- Uncover hidden fees with the Fee Analyzer™
- Full-service financial management options tailored to you
- Qualify for a free second opinion with licensed advisors
- Individual retirement and financial planning
- Workplace retirement plans and employee benefits
- College savings plans
- Plethora of online learning resources
- FINRA and SIPC member organization
- Wide selection of life insurance policies
- Workplace retirement plans and employee benefits
- Nationwide network of financial advisors
- Comprehensive online learning resources
- Retirement and investment planning assistance
What to consider when comparing Online Financial Advisors
Services
Financial advisors offer a range of services, including IRAs, workplace retirement plans, college savings accounts, estate planning, annuities and more. Many also offer several life insurance policies, including term, whole and universal life insurance. If you have a health savings account (HSA) or are considering opening one, look for a financial advisor who offers these as well.
A wide variety of services enables financial advisors to better assist clients in meeting their financial goals. When choosing the right financial advisor for you, think about which services you're most interested in and make sure that the company you select checks all those boxes.
Credentials
Working with a shady or fraudulent financial advisor could cost you your savings, so it's important to verify that the company and the advisor you're working with have the proper credentials. All companies should be a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). These are protective agencies that help ensure financial advisors follow all applicable regulations and that they treat their clients fairly.
You should also look into the individual credentials of the financial advisor you'll be working with. The government has few rules about who can call themselves a financial advisor, so you want to be sure the person you're working with actually knows what they're talking about. That's where certifications can help.
Certified Financial Planner (CFP) is the most common certification you'll see among financial advisors. Other certifications include Certified Financial Analyst (CFA) and Certified Investment Management Analyst (CIMA). In order to obtain one of these certifications, the advisor must complete an approved training course and pass a rigorous exam. They must also hold a bachelor's degree from an accredited university, demonstrate experience with financial planning, and have no criminal record.
Fee Structure
Financial advisors fall into two main categories: fee-only and fee-based. Both types may charge a flat fee, an hourly fee or a percentage of your assets for managing your money. But fee-based advisors may also earn commissions for recommending certain investment products to you. This can create a conflict of interest where these advisors push you to purchase assets that help them more than you.
Before you agree to work with a financial advisor, you should ask about their fee schedule so you understand what you're signing up for. Fee-only advisors are usually your best option, but a fee-based advisor may still work for you, as long as you're willing to do your homework and investigate their recommendations yourself rather than just taking their word.
Online Resources
Investing, managing money and saving for retirement are challenging for most people, so look for financial advisors that have a library of help articles, calculators and other online resources to help their clients educate themselves. Not everyone will need or be interested in these resources, but they are helpful to those who want to learn more about these topics.
Some firms often have online tools to help pair you with a financial advisor. Usually, this just helps you find the company's nearest financial advisor to your location, but some tools may ask more personalized questions to help pair you with a financial advisor that has the skills to guide you in the right direction based on your goals.
Disclaimer: If you are looking for a different financial advisor to help meet your financial goals, we suggest you consult the National Association of Personal Financial Advisors website.