A qualified financial advisor can help you:
- Create a financial plan that integrates debt payment, saving for goals and investing for retirement
- Manage your investments to maximize returns while minimizing risk, fees, and taxes
- Navigate complicated financial needs like insurance or estate planning
But not all advisors are created equally. Many work for financial services companies and are compensated for selling investments or insurance products that make generous profits for their employers.
We recommend finding a fee-only advisor. These advisors work for an agreed upon fee — either upfront or as a percentage of the investments they manage for you. By going “fee only”, you know what you’re paying and that your advisor doesn’t have conflicts when recommending investments.
But how do you find such an advisor?
Money Under 30 partners with The Paladin Registry, a reputed directory of fee-only financial planners and registered investment advisors (RIAs). Paladin only accepts a small percentage of advisors who meet their criteria for professional experience, certifications, and fee transparency. Paladin can pair you with an advisor in your area that focuses on what you need, whether it’s comprehensive financial planning, investment management or both. Using the registry is free and there’s no obligation to work with any of the advisors they recommend.
Another option for you to consider is a robo advisor, but one that gives you access to human advisors. One that does this well is Personal Capital.
Their fees are a bit higher than many robo advisors but still much lower than traditional human financial advisors. So if you want your money managed automatically but with the comfort of speaking with someone when you feel like it, this might be the best of both worlds for you.