Description
In a society where people turn to social media for help deciding between paint colors, it’s unthinkable that so many of us continue to entrust our financial futures to... ourselves.
According to a Fidelity Study, financial advice can add between 1.5% and 4% to account growth over extended periods.¹
So, why do some Americans continue to walk the financial road alone?
For some, the excuse is the false assumption that they can’t afford it. In actuality, the fees financial advisors charge can potentially be less than most people think, and the insights they add could potentially surpass an advisor's cost.
The truth is, financial advisors often charge a percentage fee for Assets Under Management (AUM) of between 0.59 - 1.18%. A 2021 AdvisoryHQ study found that the average AUM fee for a $50,000 account was about 1.18% or $590.²
Average Financial Advisor Fees
Common Fee Types & Costs
- Percentage of Assets Under Management: 0.59% - 1.18% per year
- Fixed Fees: $7,500 for portfolios under $500K
- Hourly Fees: $120 - $300 per hour
The figures above are examples only and used to illustrate what typical fees for financial advisors and their structure looks like. Please carefully review fee structures with your investment advisor and review your advisor’s form ADV and CRS.
Why Speak With a Financial Advisor
Consulting a fiduciary financial advisor could help you determine a plan that factors your assets and taxes into your overall retirement and estate-planning goals. Fiduciaries are obligated by law to act in your best interest and any potential conflicts of interest must be disclosed.
Yet knowing how to find a vetted fiduciary advisor is, for many, the most confusing task of all.
Common Google searches related to the topic reveal a desperate search for direction.
"Fiduciary financial advisors near me,” "best fiduciary financial advisor,” and "financial investment advisors near me” are searched hundreds of times per day.
Finding a fiduciary shouldn't be that hard. Thankfully, now it isn't.
Our free matching quiz helps Americans get matched with up to three fiduciary advisors who serve their area so they can compare and decide which advisor to work with. All advisors on the matching platform have been rigorously vetted through our proprietary due diligence process.
The quiz takes just a few minutes, and in many cases, you can be connected instantly with an advisor to have an introductory call.
Sources:
The SmartAsset quiz matches you with up to 3 financial advisors to which you can compare and decide which to work with. You can consult with a financial advisor about your finances. The SmartAsset quiz can't make a determination regarding your finances.
This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.
SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset receives compensation from Advisers for our services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user’s account by an Adviser or provide advice regarding specific investments. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.
SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.
News Source : https://patch.com/us/across-america/nodx-true-cost-financial-advisor-revealed
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