How To Find a Financial Advisor Near You

How to find financial advisors near you 

If you search “financial advisor near me,” you will likely see a variety of professionals that seem to offer similar services, but not all of them are available to meet with you in person. If you want to work face-to-face with a financial advisor, it can be difficult to find someone reliable.

Zina Kumok, a financial advisor at C.H. Douglas & Gray Wealth Management, points out that many people tell you to start with referrals from friends and family. However, she suggests that this might not be the best way to find a financial advisor that matches your needs.

“Finding a financial advisor isn’t like getting a plumber. If I want a good plumber, I ask my neighbor because we have homes built around the same time, and they can probably tell whether the job was done well,” Kumok says. “Most people who have financial advisors, on the other hand, don’t actually know if they were given good advice.”

Instead of consulting your network, Kumok suggests using a trusted online resource like the XY Planning Network or National Association of Personal Finance Advisors (NAPFA) to search for advisors near you.

When using these networks, you’re more likely to find fee-only financial advisors, who are paid by the client and don’t make money off commissions when they sell products or services.

How to find a virtual financial advisor 

Looking for a virtual financial advisor requires a similar process. There are many online financial advisors, wealth managers, financial planners and other professionals who can help meet your needs. Kumok recommends using a network that vets its advisors and can direct you to reputable advisors who offer remote services.

“If you only look locally, you might not find someone who’s the right fit,” says Alissa Krasner Maizes, Esq., a registered investment advisor and the founder of financial planning firm Amplify My Wealth. “Expanding your search to include remote advisors can provide you with more options and chances to find someone who truly aligns with your money values.”

Maizes suggests that, even if you’re most comfortable working with someone in person, it’s a good idea to consider their remote accessibility. 

“Can you jump on the phone with them if one of you is out of town?” Maizes asks. “What about if you just want to go into the office once or twice a year, but are fine with a video meeting the rest of the time?”

What to keep in mind when finding a local financial advisor 

When searching for a local financial advisor, Maizes recommends starting with your specific needs and goals. 

“If you’re looking for investment help, a registered investment advisor, or RIA, might be a good place to start.” These experts can offer a broader range of services, such as tax preparation. 

When choosing a local financial advisor, start by using a vetted network to get contact information. After narrowing it down, meet with two to four of your top choices to get an idea of how they work with you. 

Kumok points out that many advisors are willing to have a free discovery meeting. She suggests getting the following information from each advisor when you meet with them:

• How they get paid: Find out whether the professional is paid by commission, through client fees or a combination of both. Both Kumok and Maizes suggest looking for a fee-only advisor who doesn’t make any money through sales.
• Fee structure: Advisors offer several different fee structures, including charging a percentage of the assets they manage for you, establishing an hourly rate, setting up a retainer and a pricing list of specific services. Look for a fee structure that fits your budget and offers the level of access you’re comfortable with.
• Confirm they’re a fiduciary: A fiduciary is required to provide advice that’s in your best financial interest. Ask if they are an actual fiduciary and are willing to put it in writing. 
• Whether they have relevant experience: Most financial advisors and planners can help with long-term planning and provide ongoing guidance. If you want an advisor for a specific purpose, such as retirement or tax planning, or if you want help with business succession planning, you might need to find a specialist.
• Determine how comfortable you are with them: Your conversations with advisors should help you gauge how comfortable you feel with them. Do they listen to you? Are they addressing your specific needs? Does it seem like their approach to money matches your values? Look for someone you know you can talk to.
• How often you plan to meet: Find out how available the financial advisor is and how often you can meet one-on-one throughout the year. In some cases, that level of contact is determined by the fee structure. For example, an advisor might charge a quarterly fee that includes in-person meetings twice a year, with a set number of video or phone check-ins in between.

Once you have this information, you can compare the financial advisors you met with to determine which is likely to offer the best overall experience and meet your budget. 

What credentials should you look for in a financial advisor?

Both Maizes and Kumok agree that, while credentials can be a good starting point, it’s much more important to verify that you’re working with a fiduciary.

“Just because someone has a credential, it doesn’t mean they’re a fiduciary,” Maizes points out. “Even the CFP designation doesn’t guarantee that they’re acting as a fiduciary all the time. A CFP can put on a salesperson hat and recommend products that meet a suitability standard instead of a fiduciary standard.”

If you want investment advice, Kumok suggests looking for someone who is an RIA as a base credential. She also suggests that CFP or CFA designations can be impressive because they are challenging to get and require ongoing education to maintain certification. 

Other designations, such as an AFC if you’re looking for a financial coach or counselor, might also be useful.

“It’s such an alphabet soup,” Kumok says. “In the end, look for someone with experience and education, and find out if they’re a fiduciary required to act in your best interest. Don’t forget about FINRA’s BrokerCheck tool to see if there are serious complaints or problems.”

How to search for financial advisors in your area

While it might be tempting to ask friends and family or go to your insurance agent, Kumok recommends starting with an online search. Here are the steps you can follow when searching for financial advisors in your area:

• Use a vetted network to start your search: Begin with a network that matches advisors with clients. Some possibilities include Advisor.com, a Buy Side financial partner, XY Planning Network and NAPFA’s directory of registered advisors.
• Answer the short questionnaire: Most networks ask a few questions to narrow down your search, including whether you’re looking for something specific and your ZIP code. Some allow you to choose whether you want to include remote advisors in your search in addition to finding a local advisor.
• Review the available recommendations: Choose between two and four advisors from your search results. You can use multiple networks to see more choices. For example, you might choose two from the XY Planning network, one from Advisor.com and one from NAPFA. Use any combination of results to narrow down your choices.
• Schedule discovery meetings with the advisors: Next, schedule discovery meetings with the two to four advisors you chose from the network. Get the same information from each about how they work and how they’re paid. Determine who you’re comfortable working with and go from there.
• Double-check credentials and certifications: Most governing bodies, like the CFP Board, allow you to see if an advisor’s credentials are up-to-date. Make sure that you verify credentials and certifications. If you’re considering an RIA, use BrokerCheck to find out if serious action has been taken against them.
• Decide who you want to work with: After you’ve had time to think about what matters to you and who you match best with, begin the process of onboarding. 

Depending on where you live and the availability of advisors, it might be more difficult to meet your needs. If you go through the process and you still struggle to find a good fit near you, consider a virtual or remote advisor.

FAQ

How do I evaluate and compare financial advisors?

When comparing and choosing financial advisors, consider whether they are fiduciaries, their training and education, what credentials they have and whether they fit your needs.

How can I verify a financial advisor’s credentials?

Most issuing bodies have databases that allow you to verify that a financial advisor’s credentials and certifications are current. For example, if you want to verify a CFP’s credentials, visit the CFP Board’s website. You can look at an RIA’s record using FINRA’s BrokerCheck.

Are online financial advisors as effective as in-person ones?

Yes, online financial advisors can be as effective as in-person advisors. What’s most important is your comfort level, access and whether the advisor meets your needs.

What questions should I ask a potential financial advisor?

Start by finding out if a potential advisor is a fiduciary, meaning they have to provide advice that’s best for you. You should also ask them how they make their money and learn about their fee structure. Ask about their financial philosophy and find out what experience they have in handling your specific issues.

Can I find a financial advisor who specializes in my specific financial needs?

Yes, you can usually find a financial advisor who specializes in your needs. Use a network questionnaire to get recommendations, or ask prospective advisors about their experience with your specific area of interest.