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50 Personal Finance Tips That Will Change the Way You… | The Muse

ersonal Finance Tips That Will Change the Way You… | The MuseSkip to main contentThe Muse LogoA logo with &quat;the muse&quat; in dark blue text.JobsAccount ManagementAccounting and FinanceAdministration and OfficeAdvertising and MarketingArtsBusiness OperationsComputer and ITCustomer ServiceData and AnalyticsDesign and UXEducationHealthcareHuman Resources and RecruitmentManagementMedia, PR, and CommunicationsProduct ManagementProject ManagementSalesSoftware EngineeringWriting and EditingView All Jobs CompaniesAdviceCoachingEmployersSign InSaved CompaniesAccount SettingsSign OutJob SearchFinding a JobResumesResume ExamplesCover LettersNetworkingInterviewingJob OfferView all in Job Search >Career PathsExploring CareersCareers in Data and AnalyticsCareers in FinanceCareers in MarketingCareers in SalesCareers in Software EngineeringCareer StoriesCareer ChangeTraining and DevelopmentView all in Career Paths >Succeeding at WorkWork and COVID-19ProductivityGetting AheadWork RelationshipsWork-Life BalanceWorking ParentsRemote WorkMoneyChanging JobsManagementBreak RoomView all in Succeeding at Work >Diversity and InclusionAnti-Racism at WorkLGBTQ at WorkDisability and WorkGender and WorkView all in Diversity and Inclusion >MoreVideosJob Search VideosCareer Advice VideosCareer Story VideosCompany Spotlight VideosIndustry Spotlight VideosEmployer ResourcesAdvice / Succeeding at Work / Money50 Personal Finance Tips That Will Change the Way You Think About MoneybyAlden WickerUpdated6/19/2020FacebookTwitterLinkedInEmail This article is from our friends at LearnVest, a leading site for personal finance. What's the best job for you?Use The Muse to find a job at a company with a culture you love. Select the career path that aligns with you:MarketingSalesDataHuman ResourcesCustomer ServiceSoftware EngineeringProduct ManagementEducationDesign and UXAdministrationHow many years of experience do you have?0 - 1 years1 - 5 years5 - 10+ yearsWhat company benefits are most important to you?Health InsurancePaid VacationRemote Work OpportunitiesDental Insurance401k With MatchingVision InsurancePromote From WithinFlexible Work HoursPersonal Sick DaysPerformance BonusCalculating your job matches...skip

We’ve certainly amassed a wealth of knowledge over the years covering the money beat—be it the dozens of “I got out of debt” success stories we’ve featured to the scores of psychological studies we’ve covered linking better financial decision-making to behavior change.So given that it’s Financial Literacy Month, we’ve decided that there is no better time than now to round up our 50 top money tips into one juicy, super-helpful read. From the best ways to budget to how to boost your earning potential like a pro, these nuggets of financial wisdom are as fresh as the day they were published.First Things First: A Few Financial Basics1. Create a Financial CalendarIf you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up. A good place to start? Our ultimate financial calendar.2. Check Your Interest RateQ: Which loan should you pay off first? A: The one with the highest interest rate. Q: Which savings account should you open? A: The one with the best interest rate. Q: Why does credit card debt give us such a headache? A: Blame it on the compound interest rate. Bottom line here: Paying attention to interest rates will help inform which debt or savings commitments you should focus on.3. Track Your Net WorthYour net worth—the difference between your assets and debt—is the big-picture number that can tell you where you stand financially. Keep an eye on it, and it can help keep you apprised of the progress you’re making toward your financial goals—or warn you if you’re backsliding.How to Budget Like a Pro4. Set a Budget, PeriodThis is the starting point for every other goal in your life. Here’s a checklist for building a knockout personal budget.5. Consider an All-Cash DietIf you’re consistently overspending, this will break you out of that rut. Don’t believe us? The cash diet changed the lives of these three people. And when this woman went all cash, she realized that it wasn’t as scary as she thought. Really.6. Take a Daily Money MinuteThis one comes straight from LearnVest Founder and CEO Alexa von Tobel, who swears by setting aside one minute each day to check on her financial transactions. This 60-second act helps identify problems immediately, keep track of goal progress—and set your spending tone for the rest of the day!7. Allocate at Least 20% of Your Income Toward Financial PrioritiesBy priorities, we mean building up emergency savings, paying off debt, and padding your retirement nest egg. Seem like a big percentage? Here’s why we love this number.8. Budget About 30% of Your Income for Lifestyle SpendingThis includes movies, restaurants, and happy hours—basically, anything that doesn’t cover basic necessities. By abiding by the 30% rule, you can save and splurge at the same time.How to Get Money Motivated9. Draft a Financial Vision BoardYou need motivation to start adopting better money habits, and if you craft a vision board, it can help remind you to stay on track with your financial goals.10. Set Specific Financial GoalsUse numbers and dates, not just words, to describe what you want to accomplish with your money. How much debt do you want to pay off—and when? How much do you want saved, and by what date?11. Adopt a Spending MantraPick out a positive phrase that acts like a mini rule of thumb for how you spend. For example, ask yourself, “Is this [fill in purchase here] better than Bali next year?” or “I only charge items that are $30 or more.”12. Love YourselfSure, it may sound corny, but it works. Just ask this author, who paid off $20,000 of debt after realizing that taking control of her finances was a way to value herself.13. Make Bite-Size Money GoalsOne study showed that the farther away a goal seems, and the less sure we are about when it will happen, the more likely we are to give up. So in addition to focusing on big goals (say, buying a home), aim to also set smaller, short-term goals along the way that will reap quicker results—like saving some money each week in order to take a trip in six months.14. Banish Toxic Money ThoughtsHello, self-fulfilling prophecy! If you psych yourself out before you even get started (“I’ll never pay off debt!”), then you’re setting yourself up to fail. So don’t be a fatalist, and switch to more positive mantras.15. Get Your Finances–and Body—in ShapeOne study showed that more exercise leads to higher pay because you tend to be more productive after you’ve worked up a sweat. So taking up running may help amp up your financial game. Plus, all the habits and discipline associated with, say, running marathons are also associated with managing your money well.16. Learn How to SavorSavoring means appreciating what you have now, instead of trying to get happy by acquiring more things.17. Get a Money BuddyAccording to one study, friends with similar traits can pick up good habits from each other—and it applies to your money too! So try gathering several friends for regular money lunches, like this woman did, paying off $35,000 of debt in the process.How to Amp Up Your Earning Potential18. When Negotiating a Salary, Get the Company to Name Figures FirstIf you give away your current pay from the get-go, you have no way to know if you’re lowballing or highballing. Getting a potential employer to name the figure first means you can then push them higher. 19. You Can Negotiate More Than Just Your SalaryYour work hours, official title, maternity and paternity leave, vacation time, and which projects you’ll work on could all be things that a future employer may be willing to negotiate.20. Don’t Assume You Don’t Qualify for UnemploymentAt the height of the recent recession, only half of people eligible for unemployment applied for it. Learn the rules of unemployment.21. Make Salary Discussions at Your Current Job About Your Company’s NeedsYour employer doesn’t care whether you want more money for a bigger house—it cares about keeping a good employee. So when negotiating pay or asking for a raise, emphasize the incredible value you bring to the company.How to Keep Debt at Bay22. Start With Small Debts to Help You Conquer the Big OnesIf you have a mountain of debt, studies show paying off the little debts can give you the confidence to tackle the larger ones. You know, like paying off a modest balance on a department store card before getting to the card with the bigger balance. Of course, we generally recommend chipping away at the card with the highest interest rate, but sometimes psyching yourself up is worth it.23. Don’t Ever Cosign a LoanIf the borrower—your friend, family member, significant other, whoever—misses payments, your credit score will take a plunge, the lender can come after you for the money, and it will likely destroy your relationship. Plus, if the bank is requiring a cosigner, the bank doesn’t trust the person to make the payments. Bonus tip for parents: If you’re asked to cosign a private loan for your college student, first check to see if your kid has maxed out federal loan, grant, and scholarship options.24. Every Student Should Fill Out the FAFSAEven if you don’t think that you’ll get aid, it doesn’t hurt to fill out the form. That’s because 1.3 million students last year missed out on a Pell Grant—which doesn’t need to be paid back!—because they didn’t fill out the form.25. Always Choose Federal Student Loans Over Private LoansFederal loans have flexible terms of payment if your employment dreams don’t exactly go according to plan after college. Plus, federal loans typically have better interest rates. So be smart about the loans you take out—and try to avoid these other big student loan mistakes.26. If You’re Struggling With Federal Student Loan Payments, Investigate Repayment OptionsJust call up your lender and ask whether they offer graduated, extended, or income-based plans. Read more about these options here.27. Opt for Mortgage Payments Below 28% of Your Monthly IncomeThat’s a general rule of thumb when you’re trying to figure out how much house you can afford. Learn more about this number here. And then indulge in some voyeurism and see what other couples can afford.How to Shop Smart28. Evaluate Purchases by Cost Per UseIt may seem more financially responsible to buy a trendy $5 shirt than a basic $30 shirt—but only if you ignore the quality factor! When deciding if the latest tech toy, kitchen gadget, or apparel item is worth it, factor in how many times you’ll use it or wear it. For that matter, you can even consider cost per hour for experiences!29. Spend on Experiences, Not ThingsPutting your money toward purchases like a concert or a picnic in the park—instead of spending it on pricey material objects—gives you more happiness for your buck. The research says so.30. Shop SoloEver have a friend declare, “That’s so cute on you! You have to get it!” for everything you try on? Save your socializing for a walk in the park, instead of a stroll through the mall, and treat shopping with serious attention. 31. Spend on the Real You—Not the Imaginary YouIt’s easy to fall into the trap of buying for the person you want to be: chef, professional stylist, triathlete.32. Ditch the Overdraft ProtectionIt sounds nice, but it’s actually a way for banks to tempt you to overspend, and then charge a fee for the privilege. Find out more about overdraft protection and other banking mistakes to avoid.How to Save Right for Retirement33. Start Saving ASAPNot next week. Not when you get a raise. Not next year. Today. Because money you put in your retirement fund now will have more time to grow through the power of compound growth.34. Do Everything Possible Not to Cash Out Your Retirement Account EarlyDipping into your retirement funds early will hurt you many times over. For starters, you’re negating all the hard work you’ve done so far saving—and you’re preventing that money from being invested. Second, you’ll be penalized for an early withdrawal, and those penalties are usually pretty hefty. Finally, you’ll get hit with a tax bill for the money you withdraw. All these factors make cashing out early a very last resort.35. Give Money to Get MoneyThe famous 401(k) match is when your employer contributes money to your retirement account. But you’ll only get that contribution if you contribute first. That’s why it’s called a match, see? 36. When You Get a Raise, Raise Your Retirement Savings, TooYou know how you’ve always told yourself you would save more when you have more? We’re calling you out on that. Every time you get a bump in pay, the first thing you should do is up your automatic transfer to savings, and increase your retirement contributions. It’s just one step in our checklist for starting to save for retirement.How to Best Build—and Track—Your Credit37. Review Your Credit Report Regularly—and Keep an Eye on Your Credit ScoreThis woman learned the hard way that a less-than-stellar credit score has the potential to cost you thousands. She only checked her credit report, which seemed fine—but didn’t get her actual credit score, which told a different story.38. Keep Your Credit Use Below 30% of Your Total Available CreditOtherwise known as your credit utilization rate, you calculate it by dividing the total amount on all of your credit cards by your total available credit. And if you’re using more than 30% of your available credit, it can ding your credit score.39. If You Have Bad Credit, Get a Secured Credit CardA secured card helps build credit like a regular card—but it won’t let you overspend. And you don’t need good credit to get one! Here’s everything you need to know about secured credit cards.How to Get Properly Insured40. Get More Life Insurance on Top of Your Company’s PolicyThat’s because the basic policy from your employer is often far too little. Not convinced? Read how extra life insurance saved one family.41. Get Renters InsuranceIt, of course, covers robberies, vandalism, and natural disasters, but it could also cover things like the medical bills of people who get hurt at your place, damages you cause at someone else’s home, rent if you have to stay somewhere else because of damage done to your apartment—and even stuff stolen from a storage unit. Not bad for about $30 a month!How to Prepare for Rainy (Financial) Days42. Make Savings Part of Your Monthly BudgetIf you wait to put money aside for when you consistently have enough of a cash cushion available at the end of the month, you’ll never have money to put aside! Instead, bake monthly savings into your budget now. Read more on this and other big savings mistakes—and how to fix them.43. Keep Your Savings Out of Your Checking AccountHere’s a universal truth: If you see you have money in your checking account, you will spend it. Period. The fast track to building up savings starts with opening a separate savings account, so it’s less possible to accidentally spend your vacation money on another late-night online shopping spree. 44. Open a Savings Account at a Different Bank Than Where You Have Your Checking AccountIf you keep both your accounts at the same bank, it’s easy to transfer money from your savings to your checking. Way too easy. So avoid the problem—and these other money pitfalls.45. Direct Deposit is (Almost) MagicWhy, you ask? Because it makes you feel like the money you shuttle to your savings every month appears out of thin air—even though you know full well it comes from your paycheck. If the money you allot toward savings never lands in your checking account, you probably won’t miss it—and may even be pleasantly surprised by how much your account grows over time. Find out other ways to get your emergency fund started.46. Consider Switching to a Credit UnionCredit unions aren’t right for everyone, but they could be the place to go for better customer service, kinder loans, and better interest rates on your savings accounts.47. There Are 5 Types of Financial EmergenciesHint: A wedding isn’t one of them. Only dip into your emergency savings account if you’ve lost your job, you have a medical emergency, your car breaks down, you have emergency home expenses (like a leaky roof), or you need to travel to a funeral. Otherwise, if you can’t afford it, just say no. We explain more here.48. You Can Have Too Much SavingsIt’s rare, but possible. If you have more than six months’ savings in your emergency account (nine months if you’re self-employed), and you have enough socked away for your short-term financial goals, then start thinking about investing. How to Approach Investing49. Pay Attention to FeesThe fees you pay in your funds, also called expense ratios, can eat into your returns. Even something as seemingly low as a 1% fee will cost you in the long run. Our general recommendation is to stick with low-cost index funds.50. Rebalance Your Portfolio Once a YearWe’re not advocates of playing the market, but you need to take a look at your brokerage account every once in a while to make sure that your investment allocations still match your greater investing goals. Here’s how to rebalance.More From LearnVest

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She has been reporting on stocks and the economy for more than a decade. Her writing has appeared in Bloomberg, Crain's Chicago Business and USA Today. Learn More Updated Aug 3, 2023Edited by Kathy Hinson   Kathy HinsonLead Assigning Editor | Personal finance, credit scoring, debt and money managementKathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes news and copy editing for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor’s degree in journalism and mass communications from the University of Iowa.Learn More Reviewed by Raquel Tennant  Raquel TennantFinancial Guide | financial planning, wealth management, high net worth, underserved communities, retirement planningRaquel Tennant, CFP®, is a financial guide at Fruitful, a financial wellness platform providing members with unlimited financial advice and access to financial planning to the masses at a low cost. Tennant began her career in the fee-only RIA firm space, serving ultra high-net worth clients and is now proud to align her passion for helping younger, diverse and underserved clients, who often feel neglected by traditional firms. A graduate of Towson University, Tennant is one of the first 12 inaugural graduates of Towson's CFP Board Registered Financial Planning major and the first of her class to pass the CFP exam. She proudly collaborates with her alma mater as a writer and guest speaker to students, faculty and staff, bringing awareness to both the financial planning major and the RIA financial planning industry. She has been featured on 2050 TrailBlazer’s podcast episode “The Power of Partnership”, CFP Board’s "Stay on Your Path" video, and Towson’s College of Business & Economics “Finding the Right Fit” news feature. Tennant is also a CFP Board professional mentor.Learn MoreAt NerdWallet, our content goes through a rigorous editorial review process. We have such confidence in our accurate and useful content that we let outside experts inspect our work. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Follow the writerYou’re following Anna-Louise JacksonVisit your My NerdWallet Settings page to see all the writers you're following.MORE LIKE THISMaking MoneyPaying Your BillsPersonal FinanceInvestingFinancial PlanningThe saying “you get what you pay for” doesn’t always apply. When it comes to financial advice, you can find a wealth of valuable information for free or at a low cost. Here's how to find financial advice at every budget.ADGet a custom financial plan and unlimited access to a Certified Financial Planner™Custom financial plan tailored to your situation and goalsAccess to a Certified Financial Planner™ via calls or messagingLow fee of $49/month* or $499/yearCHAT WITH AN ADVISORNerdWallet Advisory LLC*3-month commitment to be set up for success, billed monthly thereafter.Free financial advice1. Your bank or credit union If you have an account with a financial institution like a bank or credit union, chances are it has free tools for customers. Make sure you’re taking advantage of the features if you're looking for free financial guidance. One note: The amount of financial advice offered varies widely, so if this aspect is important, prioritize it when shopping for new accounts. 2. Your employer or 401(k) providerHave a workplace retirement plan? Make sure you’re taking advantage of all additional perks offered through it — including free financial advice. And don't forget to check in with your employer, too. Seven in 10 companies are creating or enacting financial well-being programs, according to a 2022 survey by Alight Solutions covering 110 employers and more than 4 million workers [0]Alight Solutions. 2022 Hot Topics in Retirement and Financial Wellbeing.View all sources. The survey also found that over 50% of employers are now offering budgeting, debt management and financial planning tools to employees.3. Your online brokerSimilar to banks, many brokerages have educational resources to help you learn how to invest. Some providers even offer resources like investing curriculum on their websites, with everything from videos to quizzes and learning labs.» View our list of the best brokers for beginners4. Pro-bono financial planning services The Foundation for Financial Planning offers pro bono financial planning services for people who are financially vulnerable, including wounded veterans, domestic violence survivors and cancer patients. Other organizations that may offer free or discounted financial advice include Advisers Give Back, the U.S. Department of Housing and Urban Development, the Financial Planning Association and the Financial Counseling Association of America.5. Financial advisor consultations Some in-person investment advisors offer a free consultation for prospective clients. Of course, you won't get all your financial questions addressed in one meeting. The consultation generally focuses on your goals and what it would be like to work together. Make the most of that first consultation by arriving prepared with questions to assess whether the advisor can address your current and future financial goals. (Here are 10 questions to ask a financial advisor if you need inspiration.) Remember that you are under no obligation to begin working with the advisor after the meeting.» Think you may want to work with an advisor in the future? Learn how to choose a financial advisor.ADHire a Pro: See your Top 3 MatchesGet matched with fiduciaries, financial advisors and financial planners who will work with you to achieve your wealth goals. Book your free consultation today.Find A Financial Advisorvia Zoe FinancialPaid non-client promotionNerdWallet doesn't invest its money with this provider, but they are our referral partner – so we get paid only if you click through and take a qualifying action (such as open an account with or provide your contact information to the provider). Most importantly, our reviews and ratings are objective and are never impacted by our partnerships. Our opinions are our own. Here is a list of our partners and here's how we make money.Cheap financial adviceOf course, free financial advice won’t always cover your needs. Depending on the complexity of your situation, working with a financial advisor or another low-cost service might be the right call.1. Online advice servicesIf you need help getting started with investing, a robo-advisor may be a good solution. These online automated services use computer algorithms to manage your investments. While the service typically comes at a cost, fees can be as low as 0.25% of your account balance and are generally deducted directly from your investment account. There are even a few free financial advisors, like SoFi Automated Investing.» Need help investing? Learn about robo-advisorsThere are also several online financial planning services that offer complete, holistic financial planning in addition to investment management. These companies typically charge either a flat fee or a percentage of your account balance, and the cost includes managing your portfolio and access to financial advisors who can help you create a plan to reach your financial goals.» I want to work with a local advisor: Find a financial advisor near youAn online financial planning service will generally be more expensive than a robo-advisor, but considerably less expensive than working with a traditional in-person financial advisor. If you're sold on working with an in-person advisor, a financial coach may be a cheaper option, though they may not be able to give you specific investment advice.» Sound like a fit? Here are the best financial advisors2. Free or cheap financial appsIf you’re looking for budgeting advice online, there are a variety of apps that will do the job right from your phone. Here are a few of the financial services apps can offer:Help you create and stick to a budget by providing a snapshot of where your money is going.Find ways to cut back on expenses.View and understand your credit score.Keep an eye on your investment accounts.Suggest better accounts and credit cards to help you get a higher interest rate or earn more benefits.The costs and services vary by app, but most of NerdWallet’s picks for budgeting apps and personal finance tools are free — including the NerdWallet app.About the authorAnna-Louise JacksonFollowYou’re following Anna-Louise JacksonVisit your My NerdWallet Settings page to see all the writers you're following.newFollow for more nerdy know-howKeep up with your favorite financial topics on NerdWallet.Anna-Louise Jackson is a former investing and retirement writer for NerdWallet. Her work has been featured by Bloomberg, CNBC, The Associated Press and more. 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11 Money Lessons from Top Financial Advisors in the Philippines

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11 Money Lessons from Financial Advisors in the Philippines

Rouselle Isla

05 April, 2022

Last updated April 05,

2022

With people looking for ways to manage their debts and invest their hard-earned money in worthwhile places, you can always look to these financial advisors in the Philippines for advice. Learn important money lessons from the experts and take control of your finances.

Money Lessons from the Top Financial Advisors in the Philippines

From saving money, budgeting, and earning extra income to managing debts and achieving financial freedom, these financial advisors in the Philippines have lots of financial wisdom to share.

Quotes About Budgeting, Saving, and Money Goals

1. “Be open. Explore. Focus on ways of creating multiple income streams… one by one.”

- Omeng Tawid, financial blogger and speaker at Smart Pinoy Investor[1]

Everything is so expensive these days. Even if you have a stable income, there’s not a lot of money left after paying off the bills. Sometimes, you even have a negative balance. This is why you need a side hustle to create multiple income streams and help you meet your financial goals.

Aside from your monthly salary, you can also earn through profits from your small business, the interests of your savings accounts, or the dividends of your investments. If you have properties, you can also earn from rental income or capital gains. For the creatives, you can also earn from royalties or from the internet when you create and post your own content.

Read more: 15 Financial Quotes to Live By

2. “Every piso counts. When you have this sense of value to every piso that you earn, you become better at spending it.”

- Izza Glino, financial blogger at Savings Pinay[2]

These days, there aren’t a lot of things you can buy with your piso. But if every person in the world gave you a piso, you’ll easily be PHP 7 billion richer. In short, every piso is valuable.

3. “Don't think of saving as a chore.”

- Ameena Rey-Franc, financial blogger at The Thrifty Pinay[3]

Just think of it this way: The money you’re saving today is for your future self. It will benefit you and your loved ones many years from now, so be excited instead!

But it may feel tiresome sometimes, and you may not feel that motivated to save. Address this issue by automating your savings. This way, you won’t forget to transfer funds.

Stick to a budget and curb your unnecessary spending. Seeing that you’re on track with your savings goals will inspire you to keep going. And when saving starts to feel like a burden, just think about why you’re saving in the first place.

Read more: Filipino Financial Bloggers You Should Follow in 2021

Quotes About Spending and Debts

1. “Buy luxury only if you can afford to buy 10 pieces of it.”

- Rose Fres Fausto, behavioral economist, speaker, and writer at FQ Mom[4]

You work hard and provide for yourself and your loved ones. Of course, you’d want to reward yourself for your hard work. So you buy a designer bag or a luxury watch.

There’s nothing wrong with enjoying a few luxuries here and there. However, it becomes harmful to your finances when you buy these luxury items prematurely. Instead of buying it right away, why not delay the purchase until you have more buying power? When you can buy it without worrying about how you’re going to pay for it, buy two, or yes, even 10!

2. “Debt is something that robs a lot of people of hope. Simply put, debt puts a peso sign on how much of your future you spent in the past.”

- Randell Tiongson, personal finance author, speaker, and planner[5]

Having too much debt can really feel like a weight on your shoulders. Not only will it affect your financial standing and future prospects. But it can also cause a lot of emotional damage and mental stress.

WhiThere’s no peace of mind because you’re always on alert. You can block unregistered numbers all you want, but these collection agencies will be calling again the next day with a new number.

Hiding or throwing out your bills straight to the trash won’t make your debts go away, either. You can tell yourself that everyone has debts and that it’s normal. But if you don’t manage your debts right away, you may not have a lot of financial options left when you need money. You’ll feel like you’re no longer in control and that you’ll never get out of this financial bind.

3. “Get out of debt. The path towards financial freedom is a difficult one to walk on, and getting out of debt is one of the ways you can stay on it.”

- Marvin Germo, financial planner and consultant, resource speaker, and president of Stock Smarts Inc.

When you have too much debt, it affects not only your overall budget but your financial security as well. More often than not, debt repayments take up a huge chunk of your budget, leaving you with so little to spend on anything else.

Getting out of debt is easier said than done, but it’s not impossible. And the sooner you do it, the sooner you’ll reap the rewards of being debt-free.

When you’re debt-free, you can make the most of your income and spend it on yourself and the people who really matter. Moreover, you can stop worrying about how you’re going to pay for your debts and your living expenses.

Get rid of that dark cloud hanging above you. End the distressing cycle of earning just to pay for what you owe and work for your financial freedom.

Quotes About Investing

1. “The best time to invest was yesterday, the next best time is TODAY, and the worst time is tomorrow.”

- Randell Tiongson[6]

Everyone’s investing goals are different. Your short-term and long-term investments may be for the down payment for your home, for home renovations, for your child’s college fund, or for your own retirement.

But what you should take note of is the length of time, or the number of years, before you need to cash in on this investment. This is why it’s important to start investing early on.

Buy and hold for the long-term and take advantage of the long-term investment horizon. If you’re already paying for your home mortgage or your child’s tuition, it doesn’t mean it’s too late for you to invest. You can still invest in your retirement plan or in your future business.

2. “The best way to honor your income is to reinvest it.”

- Marvin Germo[7]

Did you just pay your bills and put away a portion of your income to your savings? Whatever amount is left should not go to checking out what’s in your online shopping cart. What you should do is reinvest it.

This is a challenge for many, especially when there are just so many lovely things to be bought online. But consider your needs, not your wants. Instead of buying that cute (but expensive) merch, top up your VUL insurance, or get an additional policy. You can also put it back in your small business to purchase equipment or supplies. If you put your money into worthwhile things, you’ll benefit from the payoff in the future.

Read more: There’s a New Card in Town: Why and How to Get a Robinsons Bank Pru Life Credit Card

3. “One of the causes of financial stress is not the lack of money but the lack of financial literacy.”

- Chinkee Tan, wealth Coach, motivational speaker, author, and radio and TV personality[8]

The older you get, the more financial responsibilities you have, and the more complex your financial decisions become. When you keep making bad financial choices, it will negatively impact your finances, resulting in financial stress. Remember The Professor of Money Heist made this as a way to recruit members to rob the Bank of Spain?

This is why it’s necessary to learn how to handle your money. Know the financial risks, so you can avoid making financial blunders and falling into debt. When you know the financial do’s and don’ts, you’ll also be prepared when a financial crisis happens.

Quotes About Financial Freedom

1. “Financial freedom means living a few years of your life like most people won't so you can live the rest of your life like most people can't.”

- Fitz Villafuerte, financial blogger, financial planner, and entrepreneur[9]

Surely you’ve heard “Kapag may isinuksok, may madudukot,” or “Kung may tiyaga, may nilaga,” and “Kapag may itinanim, may aanihin,” from your grandparents, and even from your own parents. That’s because these words are important and true, and they explain how delayed gratification works.

Don’t feel resentful if you need to make sacrifices today. Cutting back on a few luxuries now to boost your savings or emergency fund will give you a great payoff in the future. Would you rather splurge today and be broke when you’re old and grey? Or would you rather be debt-free and enjoy spending without worrying about how you’re going to pay for it?

2. “Money will make you happy only if you have learned how to be happy without money.”

- Bo Sanchez, entrepreneur, speaker, and author[10]

Some people keep forgetting that money is not the answer to everything. They build their world around it and let their decisions and choices be dictated by it. Sure, money can buy convenience and comfort. It can truly make life easy. Maybe this is what gives the illusion that having money means happiness, satisfaction, and success.

Meanwhile, there are people who are not rich and are struggling financially. Yet you know they’re happy, even if they can barely make ends meet.

In short, you can live a happy and meaningful life even without a lot of money. And you’ll learn to appreciate the value of money when you already know what it’s like to be without it.

Read more: Achieve Financial Success with These Tips from the Experts

Final Thoughts

What are the biggest lessons you’ve learned from these famous financial advisors? When you don’t know how to get out of a bad financial situation, it’s so easy to just give up. But reading these words from the top financial advisors in the Philippines will truly motivate you to correct your money mistakes and let go of bad financial habits.

These Filipino financial advisors are all in agreement―the sooner you take action, the sooner you'll hit your goals and achieve financial freedom.

Sources:

[1] 8 Simple Ways to Multiply Your Income (Smart Pinoy Investor)

[2] The 10 Most Important Lessons to Learn in Personal Finance (Savings Pinay)

[3] 5 Excuses for not Saving and How to Overcome These (The Thrifty Pinay)

[4] When is the Right Time to Buy Luxury? (Philstar, April 2021)

[5] Relief from the Burden of Debt (Randell Tiongson)

[6] Randell Tiongson Facebook page

[7] Marvin Germo Facebook page

[8] Biggest Money Mistakes People Often Make Series 4: LACK OF FINANCIAL EDUCATION (Chinkee Tan)

[9] How I Got Out of the Rat Race To Achieve Time, Location, and Financial Freedom

[10] Bo Sanchez on Twitter

Rouselle Isla

Rouselle has over eight years of writing experience in the personal finance niche. She has written feature stories, articles, and how-to guides on various personal finance and trending lifestyle topics. Before that, she briefly worked in banking and was a licensed life insurance advisor. When not writing, Rouselle likes to read books and binge-watch films and series.

Follow Rouselle on Linkedin.

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In This Article

1. Get Paid What You're Worth and Spend Less

2. Stick to a Budget

3. Pay Off Credit Card Debt

4. Contribute to a Retirement Plan

5. Have a Savings Plan

6. Invest

7. Maximize Your Employment Benefits

8. Review Your Insurance Coverages

9. Update Your Will

10. Keep Good Records

Checking In

Frequently Asked Questions (FAQs)

Photo: Richard Drury / Getty Images

Although making resolutions to improve your financial situation is a good thing to do at any time of year, many people find it easier at the beginning of a new year. Regardless of when you begin, the basics remain the same. Here are 10 key tips to getting ahead financially.

1. Get Paid What You're Worth and Spend Less Than You Earn

It may sound simple, but many people struggle with this first rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even by $1,000 a year can have a significant cumulative effect over the course of your working life.

No matter how much or how little you're paid, you'll never get ahead if you spend more than you earn. Often it's easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in savings. And, it doesn't always have to involve making big sacrifices.

2. Stick to a Budget

An important step to consider when trying to get ahead financially is budgeting. After all, how can you know where your money is going if you don't budget? How can you set spending and saving goals if you don't know where your money is going? You need to set up a budget whether you make thousands or hundreds of thousands of dollars a year.

3. Pay Off Credit Card Debt

Credit card debt is the number one obstacle to getting ahead financially. Those little pieces of plastic are so convenient to use, and it's so easy to forget that it's real money we're dealing with when we whip them out to pay for a purchase, large or small. Even when we resolve to pay the balance off quickly, the reality is that we often don't, and end up paying far more for things than we would have paid if we had used cash.

4. Contribute to a Retirement Plan

If your employer offers a 401(k) plan (or another type of employer-sponsored retirement savings program), you should consider contributing to it if you can afford to. Often, with 401(k) plans, your employer will contribute the same amount that you put toward your account up to a certain percent. This is often referred to as an "employer match." If your employer doesn't offer a retirement plan, consider an IRA.

5. Have a Savings Plan

You've heard it before: Pay yourself first. If you wait until you've met all of your other financial obligations before seeing what's left over for saving, chances are you'll never have a healthy savings account or investments. Resolve to set aside a minimum of 5% of your salary for savings before you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.

6. Invest

If you're contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better.

7. Maximize Your Employment Benefits

Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you're maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.

8. Review Your Insurance Coverages

Too many people are talked into paying too much for life and disability insurance, whether it's by adding these coverages to car loans, buying whole-life insurance policies when term-life makes more sense, or buying life insurance when you have no dependents. On the other hand, it's important that you have enough insurance to protect your dependents and your income in the case of death or disability.

9. Update Your Will

In 2021, just 33% of Americans had a will. If you have dependents, no matter how little or how much you own, you need a will. If your situation isn't too complicated, you can even do your own with software like Quicken WillMaker from Nolo. To better protect your loved ones, consider writing a will.

10. Keep Good Records

If you aren't careful about keeping thorough records, you're probably not claiming all your allowable income tax deductions and credits. Set up a system now and use it all year. It's much easier than scrambling to find everything at tax time, only to miss items that might have saved you money.

Checking In

How are you doing on the above checklist? If you're not doing at least six of the 10, consider resolving to make improvements. Choose one area at a time and set a goal for incorporating all 10 into your lifestyle.

Frequently Asked Questions (FAQs)

Where can you get financial advice for free?

You probably won't find good investment ideas for free—financial advisors make a living offering their advice, so good ones will charge for their services. Other types of financial advice may be provided for free, especially if you have a low income. For example, if you need help with taxes and your income isn't more than $73,000, then you can use the IRS Free File program. A credit union or local nonprofit agency may be available to offer free or low-cost debt advice.

What's the best way to measure financial success?

There are several methods of measuring financial success, and the "best" will depend on exactly how you define success. If you define success as being able to live comfortably, then you can measure it by comparing your income to your expenses and making sure you have plenty of money to pay your bills. Others want to see year-over-year net income growth by earning more and controlling their spending. You can also measure the financial success of individual efforts and projects with financial ratios like the return on equity (ROI).

Is a college degree necessary to achieve financial success?

A college degree is not required to achieve financial success. However, statistics consistently show that higher levels of education are associated with higher income and lower unemployment rates. In other words, you may not need a college degree to achieve financial success, but the odds are that it'll help.

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Rae Hartley BeckEditorRae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 100 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.Rae Hartley Beck Rae Hartley BeckEditorRae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 100 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.Editor Michael AdamseditorMichael Adams is lead editor, investing at Forbes Advisor. He's researched, written about and practiced investing for nearly two decades. As a writer, Michael has covered everything from stocks to cryptocurrency and ETFs for many of the world's major financial publications, including Kiplinger, U.S. News and World Report, The Motley Fool and more. Michael holds a master’s degree in philosophy from The New School for Social Research and an additional master's degree in Asian classics from St. John’s College.Reviewed ByMichael AdamsMichael AdamseditorMichael Adams is lead editor, investing at Forbes Advisor. He's researched, written about and practiced investing for nearly two decades. As a writer, Michael has covered everything from stocks to cryptocurrency and ETFs for many of the world's major financial publications, including Kiplinger, U.S. News and World Report, The Motley Fool and more. Michael holds a master’s degree in philosophy from The New School for Social Research and an additional master's degree in Asian classics from St. John’s College.editorReviewed ByUpdated: Feb 14, 2024, 1:40pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Are you seeking assistance with your financial management? If so, you’re not alone. Many Americans could benefit from financial guidance. In fact, according to the National Financial Educators Council, the average American incurs a cost of $1,500 per year due to a lack of personal finance knowledge.

Choosing a good financial advisor can help you avoid these costs and focus on your goals. Financial advisors aren’t just for rich people—working with a financial advisor is a great choice for anyone who wants to get their personal finances on track and set long-term objectives. To find the ideal financial advisor for your requirements, consider following our five key steps.

Related: Find A Financial Advisor In 3 minutes

Table of contents

Step 1: Decide What Part of Your Financial Life You Need an Advisor For

Step 2: Learn About the Different Types of Financial Advisors

Step 3: Choose What Kind of Financial Advice You Need

Step 4: Decide How Much You Can Pay Your Financial Advisor

Step 5: Research Financial Advisors

Bottom Line

Step 1: Decide What Part of Your Financial Life You Need an Advisor For

Before you speak to a financial advisor, decide which aspects of your financial life you need help with. When you first sit down with an advisor, you’ll want to be ready to explain your particular money management needs.

Keep in mind that financial advisors provide more than just investment advice. The best financial planner is the one who can help you chart a course for all your financial needs. This can cover investment advice for retirement plans, debt repayment, insurance product suggestions to protect yourself, your family and estate planning.

Depending on where you are in life, you may not need comprehensive financial planning. People whose financial lives are relatively straightforward, like young people without families of their own or significant debt, might only need help with retirement planning.

People with complex financial needs, however, may need extra assistance. They could be looking to establish college funds or trusts for their children, navigate aggressive debt payment situations or solve tricky tax problems. Not all types of financial advisors offer the same menu of services, so decide which services you need and let this guide your search.

Step 2: Learn About the Different Types of Financial Advisors

There’s no federal law that regulates who can call themselves a financial advisor or provide financial advice. While many people call themselves financial advisors, not all have your best interest at heart. That’s why you have to carefully evaluate potential financial advisors and make sure they are good for you and your money.

Part of learning about the different types of advisors is understanding fiduciary duty. Some, but not all, financial advisors are bound by fiduciary duty, meaning that they are legally required to work in your financial best interest. Other people who call themselves advisors are only held to a suitability standard, meaning they only must suggest products that are suitable for you—even if they’re more expensive and earn them a higher commission. (The SEC is trying to regulate this, though, by limiting the use of “advisor” to those who hold themselves to a fiduciary standard.)

Regardless of which kind of advisor you choose, you should make sure you know how they earn money. This helps you determine if their recommendations are actually better for you—or for their wallets.

Here’s how to think about these four types of financial advisors:

Types of Financial Advisors

How They Work

Fee-Only Financial Advisors

Fee-only financial advisors are paid based on a percentage of your invested assets, a flat annual fee or an hourly rate.

Commission-Based Financial Advisors

Commission-based financial advisors usually advertise their services as free, but are paid a commission based on products they sell you including investments and insurance policies.

Registered Investment Advisors

Registered investment advisors (RIAs) are large firms that are typically paid through an annual account fee or a percentage of your invested assets.

Robo-Advisors

Robo-Advisors are low cost automated online platforms. You pay for the service through account fees which are typically a flat annual or monthly rate or a percentage of your invested assets.

See MoreSee Less

Fee-Only Financial Advisors

Fee-only financial advisors earn money from the fees you pay for their services. These fees may be charged as a percentage of the assets they manage for you, as an hourly rate or as a flat rate.

Almost all fee-only advisors are fiduciaries. Generally speaking, they have chosen to work under a fee-only model to reduce any potential conflicts of interest. Because their income is from clients, it’s in their best interest to make sure you end up with financial plans and financial products that work best for you.

Financial Advisors Who Earn Commissions

Some financial advisors make money by earning sales commissions from third parties. Among financial advisors who earn sales commissions, some may advertise themselves as “free” financial advisors who do not charge you fees for advice. Others may charge fees, meaning they derive only part of their income from third-party commissions.

Either way, financial advisors who earn third-party sales commissions derive some or all of their income from selling you certain financial products. If you choose to work with a financial advisor who earns sales commissions, you need to take extra care.

Commission-only advisors are not fiduciaries. They work as salespeople for investment and insurance brokerages and are only held to suitability standards. In contrast, some fee-based financial advisors are fiduciaries, though it’s important to determine if they’re always acting as fiduciaries or if they “pause” fiduciary duty when discussing certain types of products, like insurance.

Related: Find A Financial Advisor In 3 minutes

Keep in mind, commissions aren’t bad in and of themselves. They’re not even necessarily red flags.

Some financial products are predominantly sold under a commission model. Take life insurance: A fee-based planner who receives compensation for helping you purchase a life insurance policy may still have your best interests at heart when advising on other financial products.

“To be clear, there’s nothing wrong with paying the commission for life insurance,” says Karen Van Voorhis, a fee-based certified financial planner (CFP) and director of financial planning at Daniel J. Galli & Associates in Norwell, Massachusetts. “That’s how the structure of that industry works.”

Purchasing financial products via financial advisors that earn commissions may be a matter of convenience, especially if someone will receive a commission regardless of where you buy the product. What’s important is understanding the difference. And if you work with a fee-based financial advisor, understand when they are acting as a fiduciary, especially when they help you purchase financial products.

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Registered Investment Advisors

Registered investment advisors (RIAs) are companies that provide fiduciary financial advice. RIAs employ investment advisor representatives (IARs), who are bound by fiduciary duty. A registered investment advisor may have one or hundreds of IARs working for it.

IARs may call themselves financial advisors and may be fee-only or fee-based. Some may have additional credentials, including the certified financial planner (CFP) designation.

“The certified financial planner designation is really the gold standard in the financial planning industry,” says Van Voorhis. A CFP designation indicates a financial advisor has passed rigorous industry exams covering real estate, investment and insurance planning, and has years of experience in their field.

Because of their wide range of expertise, CFPs are well-suited to help you plan out every aspect of your financial life. They may be particularly helpful for those with complex financial situations, including managing large outstanding debts and will, trust and estate planning.

Robo-Advisors

Robo-advisors offer low-cost, automated investment advice. Most specialize in helping people invest for mid- and long-term goals, like retirement, through preconstructed diversified portfolios of exchange-traded funds (ETFs).

“For younger people who are really tech-savvy, a robo advisor just to manage retirement funds could be a perfect solution,” says Brian Behl, a CFP at Behl Wealth Management in Waukesha, Wisconsin. “I don’t think they’re going to get as in-depth advice on insurance and retirement and taxes.”

People with complex financial needs should probably choose a conventional financial advisor, although many robo-advisors provide financial planning services a la carte or for higher-net-worth clients.

“While the robo-advisors have really disrupted the industry…I do think there’s still a place for human advisors right now,” says Corbin Blackwell, a CFP at robo-advisor Betterment.

Betterment, for example, allows clients to purchase individual financial advising sessions, and Personal Capital and Betterment provide regular financial planning for clients with higher account balances for a management fee.

Before selecting a financial planner, clarify your financial objectives. Are you focusing on retirement planning, estate planning, investment management, tax strategies or a combination of these?

– Kyle McBrien, CFP and financial planner at Betterment

Step 3: Choose What Kind of Financial Advice You Need

Services offered by financial advisors vary from advisor to advisor, but they may provide financial advice on any of the following topics:

Investment advice: Financial advisors research different investment options and make sure your investment portfolio stays within your desired level of risk.

Debt management: If you have outstanding debts, like credit card debt, student loans, car loans or mortgages, financial advisors will work with you to chart a plan for repayment.

Budgeting help: Financial advisors are experts in analyzing where your money goes once it leaves your paycheck. Advisors can help you craft budgets so you’re prepared to reach your financial goals.

Insurance coverage: Financial advisors may examine your current policies to identify any gaps in coverage or recommend new types of policies, like disability insurance or long-term care coverage, depending on your financial situation.

Tax planning: Tax planning involves strategizing ways to decrease the amount of taxes you may pay, like by large charitable donations or tax-loss harvesting. Keep in mind that not all financial planners are tax experts and that tax planning is different from tax preparation. You will probably still need a CPA or tax software to file your taxes.

Retirement planning: Financial advisors can help you build funds for the ultimate long-term goal, retirement. And then, once you’re retired or nearing retirement, they can help ensure you’re able to keep your money safe.

Estate planning: For those who wish to leave a legacy, financial advisors can help you transfer your wealth to the next generation, whether that’s family, friends, or charitable causes.

College planning: If you hope to fund loved ones’ educations, financial advisors can craft a plan to help you save for their higher education.

In addition to investment management and financial planning, financial advisors also offer emotional support and perspective during volatile economic times. During the beginning of the coronavirus pandemic in March of 2020, for instance, client demand for financial advisor contact increased by almost 50%.

Related: Find A Financial Advisor In 3 minutes

“I think that during these times, we can be a source of reason,” says Blackwell. “We can weather the storm. We’ve built this portfolio for a reason.”

When choosing a financial advisor, make sure they offer the services you’re looking for in your financial and non-financial lives.

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Step 4: Decide How Much You Can Pay Your Financial Advisor

It used to be that financial advisors charged fees that were a percentage of the assets they managed for you. Today, advisors offer a wide variety of fee structures, which helps make their services accessible to clients of all levels of financial means.

Commission-only financial advisors may seem free on paper, but they may receive a portion of what you invest or purchase as a payment. These “free” financial advisors are typically available through investment or insurance brokerages. Remember, these advisors may only be held to suitability standards, so they may end up costing what you would pay for a similar financial product suggested by a fiduciary financial advisor—or more.

Fee-only and fee-based financial advisors may charge fees based on the total amount of assets they manage for you (assets under management), or they may charge by the hour, by the plan, through a retainer agreement, or via a subscription model. Common average financial advisor fee rates are listed in the table below:

Financial Advisor Fee Type

Average Cost

Percentage of AUM

1.0% (0.25%-0.5% for robo-advisors)

Hourly fee

$250

Per plan

$2,000

Retainer

$6,000

See MoreSee Less

Step 5: Research Financial Advisors

Financial advice comes in many forms, and there are a variety of different kinds of financial professionals, so you need to do your homework. Make sure the advisor guiding your financial decisions is trustworthy and capable.

There are a few good ways to find a financial advisor. Ask friends, family and peers for recommendations when trying to find a financial advisor near you. Alternatively, look for financial advisors online. Many professional financial planning associations provide free databases of financial advisors:

NAPFA (The National Association of Personal Financial Advisors)

Garrett Planning Network

XY Planning Network

ACP (Alliance of Comprehensive Planners)

When evaluating advisors, be sure to consider their credentials as well as research their backgrounds and fee structures. You can view disciplinary actions and complaints filed against financial advisors using FINRA’s BrokerCheck. And remember, just because someone is part of a financial planning association, that doesn’t mean they’re a fiduciary financial advisor.

Can Financial Advisors Give Economic Insights?

A financial advisor can help you make decisions based on current economic conditions that you may not be aware of. In the first quarter of 2024, we’re in a high-interest rate environment with inflation cooling down but still a significant factor. A financial advisor may urge you to pay off high-interest debt, take advantage of high-yield savings accounts, and continue to invest in tax-efficient accounts so you aren’t actively losing money to inflation.

Key Questions To Ask When Choosing a Financial Advisor

When meeting a financial advisor for the first time, it’s important to obtain the answers to these questions and ensure you’re satisfied with their responses:

Fiduciary status: Are you a fiduciary, committed to acting in my best interest?

Compensation structure: How do you make money? Understand their fee structure and any potential conflicts of interest.

Consistency of fiduciary duty: Do you always act as fiduciaries, even when selling commission-based products?

Financial planning approach: What is your approach to financial planning? Learn about their strategies and methodologies.

Available services: What financial planning services do you offer? Ensure their offerings align with your specific needs.

Client profile: What kind of clients do you typically work with? Confirm if they have experience catering to clients similar to you.

Account minimums: Do you have any account minimums? Determine if their requirements match your financial situation.

Conflicts of interest: Do you have any conflicts of interest in managing your money? Ensure transparency and alignment of interests.

Required information: What information do you need me to provide to develop my financial plan? Gather relevant documents.

Meeting frequency: How many times and how often will we meet? Establish expectations for ongoing communication.

Collaboration with advisors: Will you collaborate with your other advisors, such as CPAs or attorneys? Coordinate efforts for comprehensive financial management.

Related: Find A Financial Advisor In 3 minutes

Bottom Line

Because of the ambiguity in the industry, you have to exercise caution to make sure you get the right financial advisor who meets your fiduciary and financial needs. That said, when you choose the right financial advisor for you, they can help you achieve your financial goals and financially protect your loved ones and their futures.

So much of what I do in a life-centered approach to financial planning and wealth management is walk out life with people. I think there’s value in an ongoing relationship where somebody can help you walk through the various waypoints you’re going to come to.

-Wes Brown, a CFP at CogentBlue Wealth Advisors in Knoxville, Tennessee

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Financial Advisor Frequently Asked Questions (FAQs)

What is a financial advisor?

Financial advisors are personal finance experts who give you financial advice and manage your money. Some—but not all—are fiduciaries. A fiduciary acts only in your best financial interest.

“A financial advisor is like a coach,” says Matt Chancey, a certified financial planner (CFP) at Dempsey Lord Smith in Tampa. “It helps to have someone keep you accountable to your goals and make sure that you aren’t making any major missteps.”

What can a financial advisor do for you?

A good financial investment advisor can evaluate your current situation and develop a comprehensive plan to guide you through your financial life.

“You don’t know what you don’t know,” says Marianela Collado, a CFP and certified public accountant (CPA) at Tobias Financial Advisors in Plantation, Florida. “By opening your finances up, a good financial adviser can suggest a wide range of opportunities that the client probably never thought of or wouldn’t even know to ask for.”

Who needs a financial advisor?

Though some people may think they don’t need a financial advisor until they’ve amassed at least $1 million, the amount of assets you hold shouldn’t be the sole determining factor. In fact, financial advisors work with clients of all tax brackets and backgrounds.

How much does a financial advisor cost?

Financial advisor fees can vary widely. This is due to there being different methods for a financial advisor to generate their income. Some advisors are fee-only. Other advisors are commission-based. Some advisors even work on a hybrid model between the two.

It’s recommended that you research how the individual advisor you’re choosing generates their income before starting to work with them.

When should I get a financial advisor?

Financial advisors become most helpful when your financial life becomes complex. That might be when you get married, have children, get divorced, are managing many competing debts, come into an unexpected windfall or are navigating end-of-life financial decisions.

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Where to Find Free Professional Financial Advice

Jordan TarverEditorJordan Tarver has spent several years writing and editing for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance and his personal experience to simplify complex financial topics. Jordan's promise is actionable advice that's easy to understand.Jordan Tarver Jordan TarverEditorJordan Tarver has spent several years writing and editing for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance and his personal experience to simplify complex financial topics. Jordan's promise is actionable advice that's easy to understand.Editor Rae Hartley BeckeditorRae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 100 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.Reviewed ByRae Hartley BeckRae Hartley BeckeditorRae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 100 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.editorReviewed ByUpdated: Jul 20, 2023, 1:27pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

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When you’re in financial need, the last thing you want to worry about is how you’ll pay for help. Whether you’re looking for advice on how to navigate your current financial situation or want to become financially literate for the future, there are resources available to help you find free professional financial advice.

Tap Into Your Existing Financial Resources

If you have existing accounts with a financial institution, it likely will have free tools and resources to help you learn more about finances.

Available tools may include free apps to help with money management, like budgeting or automated bill pay, or online educational hubs. There may also be educational videos that break down complicated financial topics or games to help you grasp financial concepts.

You can find these free tools through your bank, online brokerage account, 401(k) provider or employer’s HR resources. All of these institutions understand the value of financial education and how it relates to the well-being of customers and employees.

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Looking For A Financial Advisor?

Where To Get Free Financial Advice

It’s never been easier to get the financial advice you need for free. There are thousands of hours of content on social media giving away high quality advice for free. The only trick is sorting through all of the noise and finding content that is good.

To evaluate content on social media, ask yourself a few questions:

What makes the person creating the content qualified to give this advice?

Why did this person create this content? How will they benefit?

Is the content creator recommending products or services that they financially profit from?

Is the content creator speaking only from personal experience or are they using research from legitimate sources to back up their claims?

In addition to social media sources there are thousands of articles like this one on our website that you can get information from for free. Look for articles that quote experts or are written by experts that cite their sources.

There are also dozens of high quality personal finance books available at your local libraries. Books like The Simple Path To Wealth by JL Collins or Your Money Or Your Life by Vicki Robin are a great place to start.

How To Get Free Financial Advice

Getting free financial advice requires that you do a bit of homework. Start with the resources already available to you that we’ve outlined above. Read a few books on personal finance, listen to a few podcasts, watch a few Youtube videos and make sure that you’re evaluating each source for quality.

Once you have a solid foundation of basic financial literacy you can reach out to professional organizations who offer their services for free. You can also seek out and join financial institutions that include free services with a certified financial planner (CFP) for members like SoFi.

Reach Out to Financial Services Associations

Those in need of free, personalized financial advice to help them through a difficult financial situation can turn to these resources for help:

Credit Counseling Services

If you’re struggling with money issues, such as a large debt burden, credit counseling services are available to help. Credit counseling can help you create a debt management plan, develop a plan to pay off your student loans, help you review your credit report for errors, educate you on purchasing a home and even help you avoid foreclosure or bankruptcy.

It’s important to know that there are a variety of credit counseling service companies, including nonprofit, free and for-profit companies. If you’re interested in working with a credit counseling service, ideally you should work with one that’s certified and affiliated with the National Foundation for Credit Counseling or with the Financial Counseling Association of America (FCAA). These organizations also have databases to help you find a credit counselor in your area.

Pro Bono Financial Advisors

There are financial advisors out there that work on a pro bono basis, meaning they will offer their services free of charge. Usually, professionals that engage in pro bono service do it as a way to give back to their communities.

The Financial Planning Association (FPA) offers pro bono financial planning to underserved communities through volunteer advisors across the country. In 2020, the FPA provided free financial advice to nearly 12,000 consumers, including low-income individuals and families, domestic violence survivors and people affected by natural disasters or serious medical crises.

The FPA has a tool to help you find a chapter near you. You can contact each chapter individually to learn more about how you can receive free financial advice.

The Foundation for Financial Planning (FFP) also offers pro bono financial planning services to consumers in need. The organization has a broader reach than the FPA; in 2021, FFP helped nearly 84,000 people in need through financial capability workshops and webinars and provided one-on-one financial planning sessions to over 8,000 individuals.

Engage With Free Online Resources

Free Online Personal Finance Courses

Structured learning approaches in the form of a course can be helpful for really diving into financial concepts and helping you retain what you’ve learned. There’s a variety of free online personal finance courses, including:

MoneySmart. This is a free online personal finance course created by the Federal Deposit Insurance Corporation (FDIC). You’ll learn about everyday financial topics, including the basics of credit, how to create a spending and saving plan, and protecting your identity. The course incorporates learning material with games to keep users active and engaged. This course is also available in Spanish.

Learning Lab by GreenPath. GreenPath is a free financial wellness platform that provides resources such as worksheets, guides and debt calculators to help consumers manage their finances. The Learning Lab is an online portal with various free courses and games that educate users on financial topics, including using an auto loan, rethinking your financial habits and more.

Related: Find A Financial Advisor In 3 minutes

Free Worksheets

Worksheets are great tools that can help you visualize your current financial situation and what you hope for it to look like in the future. Examples of helpful worksheets include:

How to make a budget

Bill payment schedule sheet

Debt management worksheet

Future spending plan worksheet

By printing out these worksheets and filling them in, you’ll actively think about what small changes or goals you need to make now to meet your big goals in the near future.

Free Workbooks

Worksheets provide a snapshot of one aspect of your financial plan, but a full workbook can help walk you through the various steps of a specific goal or help you visualize your overall financial picture.

The Consumer Financial Protection Bureau (CFPB) has a financial empowerment toolkit (available in English, Spanish and Chinese) that includes worksheets on setting goals, tracking income, choosing financial products, protecting your money and more. Printed copies of the toolkit are available for free.

The FFP also offers a free workbook titled “Navigating Your Financial Roadmap.” The workbook walks you through the concepts of financial planning and provides worksheets to help you make a current and future spending plan, offers tips on how to restore your credit and provides help with making a debt management plan.

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Bottom Line

You don’t always have to pay for financial advice. There are various free professional financial resources out there to help you along your financial journey. Those free resources include pro bono financial advisors, online courses, worksheets, workbooks and more.

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Table of Contents

Financial Advisor Roles

The Financial Plan

Advisors and Investments

Regular Financial Monitoring

Signs You May Need an Advisor

How to Choose a Financial Advisor

The Costs of a Financial Advisor

Robo-Advisors

FAQs

The Bottom Line

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Finding a Financial Advisor

What Does a Financial Advisor Do?

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Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing.

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Updated December 05, 2023

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Many wonder what a financial advisor does. In general, these professionals help you make decisions about what you should do with your money, which may include investments or other courses of action.

Key Takeaways

A financial advisor is often responsible for more than just executing trades in the market on behalf of their clients.Advisors use their knowledge and expertise to construct personalized financial plans that aim to achieve the financial goals of clients.These plans include not only investments but also savings, budget, insurance, and tax strategies.Advisors further check in with their clients on a regular basis to re-evaluate their current situation and plan accordingly.You do not need to be wealthy to benefit from the services of a financial advisor.

The Many Roles of a Financial Advisor

A financial advisor is your financial planning partner. Let's say you want to retire in 20 years or send your child to a private university in 10 years. To accomplish your goals, you may need a skilled professional with the right licenses to help make these plans a reality; this is where a financial advisor comes in.

Together, you and your advisor will cover many topics, including the amount of money you should save, the types of accounts you need, the kinds of insurance you should have (including long-term care, term life, disability, etc.), and estate and tax planning.

The financial advisor is also an educator. Part of the advisor's task is to help you understand what is involved in meeting your future goals. They can help keep you on track during your annual financial review. The education process may include detailed help with financial topics. At the beginning of your relationship, those topics may include budgeting and saving. As you advance in your knowledge, the advisor will assist you in understanding complex investment, insurance, and tax matters.

Services Provided by Financial Advisors

Financial advisors provide a variety of services to clients, whether that's providing trustworthy general investment advice or assisting in reaching a financial goal like investing in a college education fund. Below, find a list of the most common services provided by financial advisors.

Investment advising: A financial advisor offers advice on investments that fit your style, goals, and risk tolerance, developing and adapting investing strategy as needed.Debt management: A financial advisor creates strategies to help you pay your debt and avoid debt in the future.Budget assistance: A financial advisor provides tips and strategies to create budgets that help you meet your goals in the short and the long term.College savings preparation: Part of a budgeting strategy may include strategies that help you pay for higher education.Retirement planning: Likewise, a financial advisor creates a saving plan crafted to your specific needs as you head into retirement.Estate planning: A financial advisor helps you identify the people or organizations you want to receive your legacy after you die and creates a plan to carry out your wishes.Long-term healthcare and insurance assistance: A financial advisor provides you with the best long-term solutions and insurance options that fit your budget.Tax planning: When it comes to taxes, a financial advisor may help you prepare tax returns, maximize tax deductions so you get the most out of the system, schedule tax-loss harvesting security sales, ensure the best use of the capital gains tax rates, or plan to minimize taxes in retirement.

The Financial Health Questionnaire

A financial advisor will work with you to get a complete picture of your assets, liabilities, income, and expenses. On the questionnaire, you will also indicate future pensions and income sources, project retirement needs, and describe any long-term financial obligations. In short, you’ll list all current and expected investments, pensions, gifts, and sources of income.

The investing component of the questionnaire touches upon more subjective topics, such as your risk tolerance and risk capacity. Having an understanding of your risk helps your advisor when it’s time to determine your investment asset allocation. At this point, you'll also let your advisor know your investment preferences as well.

The initial assessment may also include an examination of other financial management topics, such as insurance issues and your tax situation. The advisor needs to be aware of your current estate plan, as well as other professionals on your planning team, such as accountants and lawyers. Once you and the advisor understand your present financial position and future projections, you’re ready to work together on a plan to meet your life and financial goals.

The Financial Plan

The financial advisor synthesizes all of this initial information into a comprehensive financial plan that serves as a roadmap for your financial future. It begins with a summary of the key findings from your initial questionnaire and summarizes your current financial situation, including net worth, assets, liabilities, and liquid or working capital. The financial plan also recaps the goals you and the advisor discussed.

The analysis section of this lengthy document will provide more information about several topics, including your risk tolerance, estate-planning details, family situation, long-term care risk, and other pertinent present and future financial issues.

Based upon your expected net worth and future income at retirement, the plan will create simulations of potentially best- and worst-case retirement scenarios, including the scary possibility of outliving your money. In this case, steps can be taken to prevent that outcome. It will look at reasonable withdrawal rates in retirement from your portfolio assets. Additionally, if you are married or in a long-term partnership, the plan will consider survivorship issues and financial scenarios for the surviving partner.

After you review the plan with the advisor and adjust it as necessary, you’re ready for action.

Financial advising is a hot topic, and it pays to stay up to date on the Department of Labor's Fiduciary Rulings, as they may have a significant impact on the financial advising industry.

Financial Advisors and Investments

It’s important for you, as the consumer, to understand what your planner recommends and why. You should not follow an advisor’s recommendations unquestioningly; it’s your money, and you should understand how it’s being deployed. Keep a close eye on the fees you are paying—both to your advisor and for any funds bought for you.

Ask your advisor why they recommend specific investments and whether they are receiving a commission for selling you those investments. Be alert for possible conflicts of interest.

The advisor will set up an asset allocation that fits both your risk tolerance and risk capacity. Asset allocation is simply a rubric to determine what percentage of your total financial portfolio will be distributed across various asset classes. A more risk-averse individual will have a greater concentration of government bonds, certificates of deposit (CDs), and money market holdings, while an individual who is more comfortable with risk may decide to take on more stocks, corporate bonds, and perhaps even investment real estate. Your asset allocation will be adjusted for your age and for how long you have before retirement.

Important

Each financial advisory firm is required to make investments in accordance with the law and with its company investment policy when buying and selling financial assets.

A commonality among firms is that financial products are selected to fit the client’s risk profile. Suppose, for example, a 50-year-old individual who’s already amassed enough net worth for retirement and is predominantly interested in capital preservation. They may have a very conservative asset allocation of 45% in stock assets (which may include individual stocks, mutual funds, and/or exchange-traded funds (ETFs)) and 55% in fixed-income assets such as bonds. Alternatively, a 40-year-old individual with a smaller net worth and a willingness to take on more risk to build up their financial portfolio may opt for an asset allocation of 70% stock assets, 25% fixed-income assets, and 5% alternative investments.

While taking into account the firm’s investment philosophy, your personal portfolio will also fit your needs. It should be based on how soon you need the money, your investment horizon, and your present and future goals.

Regular Financial Monitoring

Once your investment plan is in place, you’ll receive regular statements from your advisor updating you on your portfolio. The advisor will also set up regular meetings to review your goals and progress and to answer any additional questions you may have. Meeting remotely via phone or video chat can help make those contacts happen more often.

In addition to regular, ongoing meetings, it’s important to consult with your financial advisor when you anticipate a significant change in your life that might impact your financial picture, such as getting married or divorced, adding a child to your family, buying or selling a home, changing jobs, or getting a job promotion.

$78,371

The average base salary of a financial advisor, according to Indeed.

Signs You May Need an Advisor

Anyone can work with a financial advisor at any age and at any stage of life. You don’t have to have a high net worth; you just have to find an advisor suited to your situation.

The decision to enlist professional help with your money is a highly personal one, but any time you’re feeling overwhelmed, confused, stressed out, or scared by your financial situation may be a good time to look for a financial advisor. If you cannot afford such help, the Financial Planning Association may be able to help with pro bono volunteer assistance.

It’s also fine to approach a financial advisor when you’re feeling financially secure but you want someone to ensure that you’re on the right track. An advisor can suggest possible improvements to your plan that might help you achieve your goals more effectively. Finally, if you don’t have the time or interest to manage your finances, that’s another good reason to hire a financial advisor.

Those are some general reasons you might need an advisor’s professional help. Here are some more specific ones.

None of Your Savings Are Invested or You Don’t Know How to Invest

Because we live in a world of inflation, any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow, and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

You Have Investments, But You’re Consistently Losing Money

Even the best investors lose money when the market is down or when they make a decision that doesn’t turn out as they’d hoped. But, overall, investing should increase your net worth considerably. If it’s not doing that, hiring a financial advisor can help you find out what you’re doing wrong and correct your course before it’s too late.

You Don’t Have a Current Estate Plan

A financial advisor can also help you put together an estate plan to make sure your assets are handled according to your wishes after you die. And if you aren’t properly insured (or aren’t sure what insurance you need), a financial advisor can help with that, too. Indeed, a fee-only financial advisor may be able to offer a less biased opinion than an insurance agent can.

How to Choose a Financial Advisor

Follow these simple steps in order to choose the right financial advisor that provides strategies and services that fit your goals and needs.

Interview a few different advisors and compare their services, style, and fees. Don't forget to be prepared with a questionnaire to help you decide if they are a good fit.

Look for an advisor who focuses on educating. A good financial advisor shouldn't just sell their services, but provide you with the tools and resources to become financially savvy and independent, so you can make informed decisions on your own.

Seek out an advisor who is educated and well-informed. You want an advisor who stays on top of the financial scope and updates in any area and who can answer your financial questions about a myriad of topics.

Look for an advisor that not only matches your style and beliefs, but also understands your emotions. You want a trustworthy advisor that is well aware of your risk tolerance and encourages you to take wise decisions.

The Costs of a Financial Advisor

A rule proposed by the Department of Labor (DOL) would have required all financial professionals who work with retirement plans or give retirement plan advice to provide advice that is in the client’s best interest (the fiduciary standard), as opposed to simply suitable for the client (the suitability standard). The rule was passed, its implementation was delayed and then a court killed it.

But in the roughly three-year interval between President Obama's proposal of the rule and its eventual death, the media shed more light than it had previously on the different ways financial advisors work, how they charge for their services and how the suitability standard might be less helpful to consumers than the fiduciary standard. Some financial advisors decided to voluntarily move to a fiduciary standard or more heavily promote that they already operated under that standard. Others, such as certified financial planners™(CFPs), already adhered to this standard. But even under the DOL rule, the fiduciary standard would not have applied to non-retirement advice.

Commission-Based Model

Under the suitability standard, financial advisors typically work on commission for the products they sell to clients. This means the client may never receive a bill from the financial advisor. On the other hand, they could end up with financial products that charge higher fees than other similar products on the market. These same financial products may result in the advisor earning a high commission.

Fee-Based Model

Under the fiduciary standard, advisors either charge clients by the hour or as a percentage of their assets under management (AUM). A typical percentage fee is 1%, while a typical hourly fee for financial advice ranges from $120 to $300. Fees vary by location and the advisor’s experience. Some advisors may offer lower rates to help clients who are just getting started with financial planning and can’t afford a high monthly rate. Typically, a financial advisor will offer a free, initial consultation. This consultation provides a chance for both the client and the advisor to see if they’re a good fit for each other.

Combination of Fees and Commissions

Financial advisors can also earn a combination of fees and commissions. A fee-based financial advisor is not the same as a fee-only financial advisor.

A fee-based advisor may earn a fee for developing a financial plan for you, while also earning a commission for selling you a certain insurance product or investment.

A fee-only financial advisor earns no commissions.

The Securities and Exchange Commission (SEC) proposed its own fiduciary rule called Regulation Best Interest in April 2018. In some ways, it was considered to be less strict than the DOL’s fiduciary rule, while also addressing some of the concerns of the critics of the DOL's fiduciary rule. At the same time, the SEC's rule was more all-encompassing because it would not be limited to retirement investments.

How Different Types of Financial Advisors Get Paid

Fee-Only

Fee-Based

Commission-Based

Earns money when you buy specific investments

Yes

Earns money when you buy a specific insurance product

Yes

Earns money based on how well your investment portfolio performs

Yes

Sometimes

Has a conflict of interest

Yes

Considering a Robo-Advisor

A digital financial advisor, also called a robo-advisor, is a tool that some companies provide for their customers. A robo-advisor uses computer algorithms to manage your money based on answers to questions about your goals and risk tolerance. Robo-advisors don’t require you to have much money to get started, and they cost less than human financial advisors. Examples include Betterment and Wealthfront. These services can save you time and potentially money too.

However, a robo-advisor can’t speak with you about the best way to get out of debt or fund your child’s education. It also can’t talk you out of selling your investments out of fear or help you build and manage a portfolio of individual stocks. Robo-advisors typically invest clients’ money in a portfolio of exchange-traded funds (ETFs) and mutual funds that provide stock and bond exposure and track a market index. It's also important to keep in mind that if you have a complex estate or tax issue, you will likely require the highly personalized advice that only a human can offer.

Which Type of Financial Advisor Is Best for You?

Human Advisor

Robo-advisor

Digital Advisor

Services

Holistic financial advice, including budgeting, estate planning and investing

Investment advice only

Different levels of service based on your assets under management

Typical Fee

0.24% to 0.50%

0.89%

Best For

Anyone who wants to meet with their advisor in person; clients with complex circumstances; high net worth clients

Anyone who prefers a fully automated online experience with no consultations; clients with simple finances; low net worth clients

Anyone who wants a mostly automated digital experience, but the opportunity to speak with an advisor online or by phone

What Does a Financial Advisor Do?

A financial advisor is not just someone who manages your investments. An advisor can help you figure out your savings, how to build for retirement, help with estate planning, and others. If however you only need to discuss portfolio allocations, they can do that too (usually for a fee).

How Much Do You Pay a Financial Advisor?

Financial advisors can be paid in a number of ways. Some will be commission-based and will make a percentage of the products they steer you into. These types of positions have been heavily criticized as the advisor may not have your best interests in mind if they are trying to make a commission. Most financial advisors work for a percentage fee based on the amount they are responsible for. Some, like hedge funds, will make a percentage of your profit as well.

Are Financial Advisors Free?

Financial advisors are almost never "free." Even though you may not be responsible for any upfront fees, a financial advisor can make a percentage of your principal, commissions on what products they sell you, and sometimes even a percentage of your profits. Very high net worth individuals may be offered "free" advisor services, but more often than not these advisors are tasked with subtly steering the individual into products or services that benefit the institution. This isn't to say the person using the advisor is losing anything, but the advisor, and who they work, for will always find a way to profit.

The Bottom Line

Not all financial advisors have the same level of training or will offer you the same depth of services. So when contracting with an advisor, do your own due diligence to make sure the advisor can meet your financial planning needs.

Check out their certifications as well, and be sure you understand, agree with, and can afford their fee structure. Also, investigate their regulatory history with your state regulatory agency, FINRA’s BrokerCheck, and the SEC’s Investment Advisor Public Disclosure database.

Finally, be aware that finding an advisor who is the right fit for your personality is key to developing a successful, long-term relationship.

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Indeed. "Financial Advisor Salary."

Congressional Research Service. "The SEC’s Best Interest Proposal for Advice Given by Broker- Dealers."

U.S. Securities and Exchange Commission. "Regulation Best Interest."

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Guide to Hiring a Financial Advisor

Financial Advisor: Overview, FAQ, How to Choose One

1 of 28

What Does a Financial Advisor Do?

2 of 28

Qualifications That Every Financial Advisor Needs

3 of 28

What Does Your Advisor's Designation Mean?

4 of 28

Do I Need a Financial Advisor?

5 of 28

The Real Cost of a Financial Advisor

6 of 28

Financial Planner vs. Financial Advisor: What’s the Difference?

7 of 28

What You Need to Know About Fee-Only Financial Advisors

8 of 28

Fee- vs. Commission-Based Advisor: What's The Difference?

9 of 28

Registered Investment Advisor (RIA) Definition

10 of 28

Investment Advisory Representative (IAR): Definition and Duties

11 of 28

Personal Financial Advisor: What It Is, What They Do

12 of 28

How Do I Find a Financial Advisor?

13 of 28

How to Find an LGBTQ+-Friendly Financial Planner

14 of 28

How to Find a BIPOC Financial Advisor or Planner

15 of 28

How to Find a Woman Financial Advisor or Planner

16 of 28

How to Find a Financial Advisor or Planner at Any Age

17 of 28

How To Find a Socially Responsible Financial Advisor or Planner

18 of 28

Investopedia 100 Top Financial Advisors of 2023

19 of 28

The Leading Women Financial Advisors of 2023

20 of 28

Standout Financial Literacy Efforts by Independent Advisors

21 of 28

What 5 Top Financial Advisors Wish They Knew as Young Investors

22 of 28

10 Key Questions To Ask Your Financial Advisor

23 of 28

Ethical Standards You Should Expect From a Financial Advisor

24 of 28

Does Your Financial Advisor Speak Crypto?

25 of 28

What Fees Do Financial Advisors Charge?

26 of 28

Resolving Disputes With Your Financial Advisor

27 of 28

The Smart Way to Switch Financial Advisors

28 of 28

What Is a Financial Planner? What They Do and How to Find One

Best Robo-Advisors for March 2024

Are Financial Advisors Paid by Mutual Funds?

How Financial Advisors Can Help With Debt

Top 6 Complaints About Financial Advisors

How to Invest in Stocks: A Beginner’s Guide

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Related Terms

What Is a Financial Planner? What They Do and How to Find One

A financial planner is an advisor who helps clients manage their financial affairs and work toward their long-term financial goals. Many hold a professional designation.

Financial Advisor: Overview, FAQ, How to Choose One

Financial advisors are responsible for every aspect of their customer's financial life, from estate planning to tax planning to saving for retirement, and more.

B2b Robo-Advisor: What It is, How It Works, In Practice

A B2B robo-advisor is a digital automated portfolio management platform that is used by financial advisors and institutions to offer financial guidance and investment management services to other businesses.

Fee-Based Investment: What it is, How it Works, Example

A fee-based investment is recommended by a financial advisor who earns a commission for selling it as well as fees from the investor.

Personal Financial Advisor: What It Is, What They Do

A personal financial advisor is a professional who provides financial advice and services to clients according to their specific needs.

Advisor: What They are, What They do, Investment Companies

An advisor is any person or company involved in advising or investing capital for investors.

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What Is a Financial Advisor?

Understanding Financial Advisors

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What Is a Financial Advisor?

A financial advisor provides financial advice or guidance to customers for compensation. Financial advisors (sometimes spelled as advisers) can provide many different services, such as investment management, tax planning, and estate planning. Increasingly, financial advisors are acting as a "one-stop-shop" by providing everything from portfolio management to insurance products.

Registered advisors must carry the Series 65 license to conduct business with the public. A wide variety of other licenses and certifications may be required depending on the services provided by a given financial advisor.

Key Takeaways

A financial advisor is a professional who provides expertise for clients' decisions around money matters, personal finances, and investments.Financial advisors may work as independent agents or they may be employed by a larger financial firm.Registered advisors must pass one or more exams and be properly licensed in order to carry out business with clients.Unlike stockbrokers who simply execute orders in the market, financial advisors provide guidance and make informed decisions on behalf of their clients.Financial advisor's pay can be based on a fee, commission, profit-percentage structure, or a combination thereof.

Understanding Financial Advisors

"Financial advisor" is a generic term with no precise industry definition. As a result, this title can describe many different types of financial professionals. Stockbrokers, insurance agents, tax preparers, investment managers, and financial planners can all be considered financial advisors. Estate planners and bankers may also fall under this umbrella.

Still, an important distinction can be made: that is, a financial advisor must provide guidance and advice. A financial advisor can be distinguished from an execution stockbroker that simply places trades for clients or a tax accountant who simply prepares tax returns without providing advice on how to maximize tax advantages.

Furthermore, what may pass as a financial advisor in some instances may simply be a product salesperson, such as a stockbroker or a life insurance agent. A true financial advisor should be a well-educated, credentialed, experienced, financial professional who works on behalf of their clients, as opposed to serving the interests of a financial institution by maximizing the sales of certain products or capitalizing on commissions from sales.

330,300

There were 330,300 professional financial advisors in the U.S. as of 2021, according to the Bureau of Labor Statistics.

Generally, a financial advisor is an independent practitioner who operates in a fiduciary capacity in which a client’s interests come before their own. However, only Registered Investment Advisors (RIAs), who are governed by the Investment Advisers Act of 1940, are held to a true fiduciary standard. This fiduciary standard mandates that an RIA must always unconditionally put the client's best interests ahead of their own, regardless of all other circumstances.

There are some agents and brokers who elect to practice in this capacity, as a fiduciary, as a way of attracting clients. However, their compensation structure is such that they are bound by the contracts of the companies where they work.

The Fiduciary Distinction

Since the enactment of the Investment Adviser Act of 1940, two types of relationships have existed between financial intermediaries and their clients. These are the reasonableness standard and the stricter fiduciary standard. These relationships characterize the nature of the transactions between registered representatives and clients in the broker-dealer space. There is a fiduciary relationship that requires advisors registered with the Securities and Exchange Commission (SEC) as Registered Investment Advisors to exercise duties of loyalty, care, and full disclosure in their interactions with clients.

While the former is based on the principle of "caveat emptor" guided by self-governed rules of "suitability" and "reasonableness" in recommending an investment product or strategy, the latter is grounded in federal laws that impose the highest ethical standards. At its core, the fiduciary relationship relies on the necessity that a financial advisor must act on behalf of a client in a way the client would act for themself if they had the requisite knowledge and skills to do so.

Financial Advisors vs. Financial Planners

The financial planner is one particular type of financial advisor who specializes in helping companies and individuals create a program to meet long-term financial goals.

A financial planner might have a specialty in investments, taxes, retirement, and/or estate planning. Further, the financial planner may hold various licenses or designations, such as the Certified Financial Planner (CFP) designation. Financial planners may specialize in tax planning, asset allocation, risk management, retirement planning, and/or estate planning.

How Do You Become a Financial Advisor?

To become a financial advisor, one first needs to complete a bachelor's degree. A degree in finance or economics is not needed, but this does help. From there, you would look to be hired by a financial institution, most often joining through an internship. It is recommended to work at an institution as it will sponsor you for the industry licenses you need to complete before being able to practice as a financial advisor. You can do these on your own; however, it is easier to do through a company. An internship or entry-level job will also help you understand the industry and what is required for the career. The licenses you will need to complete may include Series 7, Series 63, Series 65, and Series 6. Once you obtain the licenses, you can work as a financial advisor.

What Do Financial Advisors Do?

Financial advisors are tasked with managing every aspect of your financial life, from retirement planning to estate planning to savings and investing. They are responsible for more than just suggesting investment choices or selling financial products. They assess your financial status and understand your financial goals and create a tailored financial plan to achieve those goals. They can help reduce the taxes you pay and maximize the returns on any financial assets you may own.

How Much Does a Financial Advisor Cost?

The cost of a financial advisor depends on the services you hire them for. Generally, the average fee a financial advisor charges is 1% on assets under management (AUM); however, many financial advisors operate on a sliding scale, so the more business you do, the lower this fee will be. There are also different fees for the different tasks that a financial advisor will perform. Many financial advisors charge a flat annual fee between $2,000 and $7,500; between $1,000 and $3,000 for creating a tailored financial plan and depending on the agreement, commissions of 3% to 6% on the account.

How Much Does a Financial Advisor Make?

The amount that a financial advisor makes depends on a variety of factors, such as their experience, the region in which they work, their types of clients, the types of products they sell, and the type of financial advice they provide. According to the Bureau of Labor Statistics, in 2021, the median pay of a financial advisor was $94,170 per year/$45.27 an hour.

The Bottom Line

Financial advisors help their clients achieve financial independence and security. They are instrumental during your annual financial review to help you determine if you are on track. Advisors can work independently or as part of a larger firm, and generally pursue professional designations proving their knowledge. Their pay is based on a number of factors, and the average starting salary is well above the national average.

Article Sources

editorial policy.

Financial Industry Regulatory Authority. "Qualification Exams."

North American Securities Administrators Association. "Series 65 Exam Content Outline."

U.S. Bureau of Labor Statistics. "How to Become a Personal Financial Advisor."

U.S. Bureau of Labor Statistics. "What Personal Financial Advisors Do."

U.S. Bureau of Labor Statistics. "Personal Financial Advisors: Summary."

U.S. Securities and Exchange Commission. "General Information on the Regulation of Investment Advisers."

Financial Industry Regulatory Authority. "Financial Planners."

Personal Capital. "How Much Does a Financial Advisor Cost?"

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Part Of

Guide to Hiring a Financial Advisor

Financial Advisor: Overview, FAQ, How to Choose One

1 of 28

What Does a Financial Advisor Do?

2 of 28

Qualifications That Every Financial Advisor Needs

3 of 28

What Does Your Advisor's Designation Mean?

4 of 28

Do I Need a Financial Advisor?

5 of 28

The Real Cost of a Financial Advisor

6 of 28

Financial Planner vs. Financial Advisor: What’s the Difference?

7 of 28

What You Need to Know About Fee-Only Financial Advisors

8 of 28

Fee- vs. Commission-Based Advisor: What's The Difference?

9 of 28

Registered Investment Advisor (RIA) Definition

10 of 28

Investment Advisory Representative (IAR): Definition and Duties

11 of 28

Personal Financial Advisor: What It Is, What They Do

12 of 28

How Do I Find a Financial Advisor?

13 of 28

How to Find an LGBTQ+-Friendly Financial Planner

14 of 28

How to Find a BIPOC Financial Advisor or Planner

15 of 28

How to Find a Woman Financial Advisor or Planner

16 of 28

How to Find a Financial Advisor or Planner at Any Age

17 of 28

How To Find a Socially Responsible Financial Advisor or Planner

18 of 28

Investopedia 100 Top Financial Advisors of 2023

19 of 28

The Leading Women Financial Advisors of 2023

20 of 28

Standout Financial Literacy Efforts by Independent Advisors

21 of 28

What 5 Top Financial Advisors Wish They Knew as Young Investors

22 of 28

10 Key Questions To Ask Your Financial Advisor

23 of 28

Ethical Standards You Should Expect From a Financial Advisor

24 of 28

Does Your Financial Advisor Speak Crypto?

25 of 28

What Fees Do Financial Advisors Charge?

26 of 28

Resolving Disputes With Your Financial Advisor

27 of 28

The Smart Way to Switch Financial Advisors

28 of 28

Related Terms

What Is a Financial Planner? What They Do and How to Find One

A financial planner is an advisor who helps clients manage their financial affairs and work toward their long-term financial goals. Many hold a professional designation.

Personal Financial Advisor: What It Is, What They Do

A personal financial advisor is a professional who provides financial advice and services to clients according to their specific needs.

Advisor: What They are, What They do, Investment Companies

An advisor is any person or company involved in advising or investing capital for investors.

Personal Financial Specialists: Overview, Requirements, Benefits

Personal Financial Specialist (PFS) is a specialty credential for CPAs who are experts at helping individuals with all aspects of wealth management.

Stockbroker: Definition, Types, Job Requirements, and Salaries

A stockbroker is an agent or firm that charges a fee or commission for executing buy and sell orders for an investor.

Fiduciary Definition: Examples and Why They Are Important

A fiduciary is a person or organization that acts on behalf of others and is legally bound to act in their best interests.

What Is a Financial Planner? What They Do and How to Find One

Stockbroker vs. Financial Advisor Careers: What's the Difference?

What Does a Financial Advisor Do?

How to Get Free Professional Financial Advice

A Day in the Life of a Financial Advisor

Is a Career in Financial Planning in Your Future?

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