How much money do I need to afford a financial adviser?
4 mins read

How much money do I need to afford a financial adviser?

Let’s take a look at the different specialties, certifications, and career progressions available to you. Investment products and services are offered through Wells Fargo Advisors. It’s worth noting that different certifications and licenses have different requirements and may be more appropriate for different types of financial advising. It’s important to research and carefully consider which certifications and licenses are most relevant to your specific area of expertise and practice. A number of reputable banks and brokerage firms offer free online sources of financial information. In addition, check out the investor.gov website and advice from other governmental websites, such as the Consumer Financial Protection Bureau (CFPB). They earn their compensation only from fees paid by their clients.

These sessions are an opportunity for you to see if you feel comfortable with an adviser and try out their style and process before you buy into it. The client-adviser relationship is a very important one, built on trust and compatibility. Even if they are well qualified, if you don’t jibe as a team, it just won’t work. Don’t be afraid to ask for examples of what their quarterly reports, newsletters, or investment plans for you would look like.

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There are also local financial advisors that you can contact to discuss your financial goals. Edward Jones financial advisors offer clear, thoughtful guidance tailored to help you achieve the future you want. Our personalized, long-term approach is centered on your goals so you can move forward with confidence, supported every step of the way.

If your advisor’s registered to provide both advice and brokerage services, they may charge you an asset-based fee in addition to the commissions and expense ratio. It’s worth knowing if your advisor is being paid to sell you specific funds. Visit websites and make phone calls to learn more about the qualifications of the advisors you’re considering. The term “financial advisor” doesn’t reflect any specific credentials, so learn what professional certifications and designations the advisors you’re researching hold. Also, make sure they’re fiduciaries, which means they’re legally required to always act in their clients’ best interests. Check out the tools of professional organizations like Certified Financial Planner Board of Standards, Inc., the Financial Planning Association, or the National Association of Personal Financial Advisors.

Some financial advisors learn general information and can help in a variety of ways, whereas others specialize in tax law or retirement, for example. Choosing your advisor may be one of the most important financial decisions you make. Your advisor will be your partner in making financial decisions and choosing your investment strategy. Many people call themselves financial advisors or financial planners.

Start your search for a financial advisor

Much like doctors, financial advisors can help you be at ease, provided you convey your problems to them without any ambiguity. This would only be possible if you prepare for a meeting with the financial advisor.

Use This Financial Advisor Checklist

Becoming a financial advisor generally takes four years to complete a bachelor’s degree, followed by obtaining specific licenses or certifications, like the Series 7 or CFP. These additional requirements may take several months to two years, depending on the specialization, making the entire process approximately four to six years in total. For more information, see our What is a Financial Advisor article. The Bureau of Labor Statistics expects jobs for financial managers to grow by 16% by the year 2028, much faster than average. While the job prospects are greater, so is the level of responsibility.

Investment advisory services offered through Facet Wealth, Inc.(“Facet”), an investment adviser registered with the Securities and Exchange Commission (SEC). Investing involves serious risks and past performance is no guarantee of future performance or success. This is not a solicitation or an offer to buy or sell securities and nothing contained herein should be interpreted as a recommendation or research regarding any investment or investment strategy, legal or tax advice.

Your broker makes an excessive amount of selling and trading with the goal to increase their commission earnings, disregarding your best interests. Read more about Retirement here. Watch out for unauthorized or frequent trading, and any suspiciously high amount of fees in your portfolio, as it could be a sign that your broker is defrauding you.

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