Financial Planners Near Me

Some of the questions individuals and businesses ask about investments and wealth encompass protecting their wealth, diversifying their portfolios, and managing their finances appropriately to achieve their set financial targets. Where do you go if you want answers to these questions?

Like most, you might resort to using Google search results, when you type “financial planner near me,” but the answers you find may not guide you in the right direction.

As a wealthy individual with assets ranging from $5 million to $500 million, you need to identify financial planners near you and how to utilize them to your benefit. If you are a wealthy investor with an investment portfolio of more than $10 million, you should access free material tailored specially for you here.

Here, we will explore the characteristics of financial planners, their categories, and why you need them, with info from our team at Pillar Wealth Management LLC. Pillar Wealth Management is a financial advisory firm that provides stellar services to high net worth individuals with $5 million to $500 million in liquid investments. To speak to the co-founders, Chris Snyder and Hutch Ashoo, about preserving your wealth, you can reach out to us for an obligation-free consultation call.

How to Find a Financial Planner 

Using an advisor matching service that enables you to filter advisors according to criteria about what matters most to you and any financial goals you have is key to finding the right financial planner for you, in a structured way. Generally, these services ask you a bunch of questions about your financial situation, preferences, and goals, and then, they match your criteria against the vetted financial advisors they work with. This is an easy and efficient way to begin selecting the right people to help you organize your investments, savings, and other assets.

The CFP Board of Standards also allows you to search for certified professionals in your area through their website. The CFP Board maintains a directory of advisers who meet very high standards for education, experience, and ethics. A CFP has the skill set and credentials to put you on a firm footing from the start, with comprehensive financial planning as opposed to a generic situation. You may want to consider other professional organizations with directories of members, such as the National Association of Personal Financial Advisors (NAPFA), and the Financial Planning Association (FPA).

You can access a financial planning network or request referrals from people close to you, such as family, friends, and colleagues. Personal referrals can give you an idea about an advisor’s working style, effectiveness, and reliability, thereby assisting you with decision-making. Moreover, it is generally much cheaper to use a robo-advisor for basic investment management and in some cases for financial planning. Robo-advisors leverage technology to deliver financial advice and manage your investments at a much lower cost than traditional advisors. Yet when it comes to specialized or holistic planning, human advisors are still necessary.

1. Use an online financial advisor matching service

Many online matching services vet their advisors rigorously, ensuring they have the necessary credentials, experience, and a clean regulatory history. This adds an extra layer of confidence and security, knowing that the advisors recommended to you have been thoroughly screened. These platforms can often supply you with reviews and ratings from other clients, which may help you form an idea about the advisor, how they perform, and if their clients are happy. The overall financial planning experience can be improved by using an online financial advisor matching service that connects you with the right type of professional, who shares your financial goals and values.

2. Check the CFP Board website

You can find a highly skilled financial planner ont the CFP Board website. It maintains a directory of Certified Financial Planner™ (CFP®) professionals, who are individuals who have met the CFP Board’s education, examination, experience, and ethics standards. Through this directory, individuals can be assured that the financial planner they select has gone through a rigorous vetting process and is held to stringent industry requirements regarding ethical standards for competence and ethics in managing your financial affairs.

The CFP Board website gives you access to in-depth information on credentials, specialties, and contact information for each planner, so you can find a professional who best fits your financial goals and needs. This transparency and availability allow you to be informed about and choose a financial planner, safe in the knowledge that they are capable of taking you on a path toward meeting your goals with a sense of security regarding their abilities.

3. Look into professional financial planner organizations

Use the FPA and NAPFA websites to find directories of their members, educational materials, and best practices in financial planning. Using these resources, you may identify a financial planner that is not only right for your unique situation but also has the necessary credentials and expertise to guide you in achieving your financial goals.

4. Consider robo-advisors

Robo-advisors offer what is essentially a new-age, technology-enabled answer to investing where they employ algorithms and automated portfolio management strategies. Using advanced algorithms, robo-advisor platforms will allocate your funds into a broadly diversified portfolio based on your individual goals and risk tolerance. As such, they can provide investment management for far lower cost than human financial advisors and have emerged as an option for cost-conscious investors. A few robo-advisors provide human financial advisors you can speak with in person, so that way you get the best of both worlds: automation and a human touch.

For those with more complicated financial needs or significant assets, this may not be sufficient. While they are good for those tasks, traditional wealth managers typically offer more strategic guidance and specialized advice to high-net-worth clients than robo-advisors. Every investor should assess their own needs and financial goals when looking at robo-advisors as they are a useful tool for the right person. Even so, it might not go far enough in catering to the full needs of wealthier investors.

6. Ask for a recommendation

This is definitely one of the best ways to get a reliable financial planner—talk about it with your friends, family, and colleagues. A trusted friend, relative, or coworker could offer highly personalized feedback regarding their experience with a financial planner, filling you in on the specifics of how responsive and professional their financial planner is. They can also share any obstacles they overcame, giving you a 360-degree view of their experience. That said, irrespective of how flawless the credentials and recommendations sound, you should do your own digging. This ensures that the advisor’s certification and service provision align with your financial needs and objectives.

When seeking recommendations, be sure to inquire about the specific services provided by the financial planner, their approach to managing investments, and their responsiveness and communication skills. While personal testimonials are a good measure of the trustworthiness and competence of a planner, they should always be supplemented with your own independent diligence. Check their credentials and if they have had any regulatory scrutiny before trusting them with your money.

Understand the Different Professional Designations

There are over 200 designations for financial professionals, like Certified Financial Planner, Certified Financial Fiduciary, Certified Public Account, Certified Risk Analyst, and many more, all listed on the FINRA website. The requirements for a certified risk specialist, for example, include having a degree in finance, economics, business, or law, or three years of full-time work experience and three hours of continuing education per year.

No matter the title, if an advisor sells stocks, bonds, and other investor securities, they have to be registered with FINRA and the SEC, and those organizations can alert you about the investment advisor’s regulatory record.

What to keep in mind when finding a local financial planner

Financial planning is a must to achieve maximum financial well-being and requires getting help from a local financial planner to manage your wealth. Whether it be retirement planning, investment strategies, or tax optimization, finding the right advisor can take some time. Understanding the services that matter most to you, checking that advisors are credentialed in certain professional certifications, and preparing questions will help ensure that the financial planner you choose meets your individual financial needs and has expertise in key areas of financial planning.

Choosing a local financial planner is a decision that can significantly affect your financial future. So, the first thing you need to figure out is what specific services you need, such as estate planning, investment management, or retirement planning. Proper due diligence to verify that an individual really is who they say and asking the right questions when you first sit down with them will go a long way toward selecting the planner whom you believe can help you meet your financial objectives.

It’s essential to keep several factors in mind to make an informed decision. Begin by defining the financial services you need, from portfolio management to tax planning. Find out if the advisor has the requisite qualifications and certifications that can help him handle your financial apprehensions. Lastly, you will want to compile a list of questions to enquire with the candidate during your consultation phase in terms of how they do business and whether that is aligned with what you are trying to accomplish financially. By taking these steps, you can confidently select a financial planner who will support your wealth management needs.

Know which services you’ll need

When you look for a financial planner, it is very important that you keep in mind the services that meet your goals. If you are primarily interested in retirement planning, tax optimization, estate planning, investing, or other services, you can create a shortlist of advisors based on actual needs. By determining your needs—whether it be securing your retirement, saving for college on behalf of a child, or protecting your capital from market fluctuations—you will be in a better position to assess how these areas can effectively be addressed by potential planners. This will make sure that you choose someone who can provide the financial advice and strategies designed to align perfectly with your financial dreams.

Double-check an advisor’s certifications

Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), and Certified Public Accountant (CPA) are a few of the designations that you should be able to identify, which hold professionals to rigorous ethical standards and require extensive training and experience. They require continuing education to ensure the advisor remains current with the latest financial strategies and regulations. As always with any professional service, verifying these credentials can give you confidence that the advisor is competent to deliver reliable financial guidance that caters to your specific needs.

Show up with questions

Questions to take with you when meeting a financial planner are of the utmost importance to help you decide if they have the knowledge and expertise levels that meet your needs. You can ask them about their investment approach, how long they have been advising clients like you, with similar financial goals and circumstances, and how they stay on top of relevant market trends and financial regulations. Additionally, clarify their fee structure and any potential conflicts of interest. By showing up with thoughtful questions, you can ensure a more productive meeting and a better assessment of whether the planner is the right fit for your financial journey.

Verify their fee

It’s crucial to verify their fee structure to ensure transparency and alignment with your financial goals. Financial planners may be paid in different ways: a flat fee, a percent of assets under management, or simply through commissioned sales. Knowing how they are paid allows you to recognize potential conflicts of interest and confirm whether their guidance is impartial and works in your favor. Ideally, select a fee-only planner who receives payment only from the fees you pay, as opposed to incentives or commissions that may lead to conflicts. Ask if there are any other charges.

Benefits of Using a Financial Planner

Research suggests that individuals with an advisor are more comfortable financially. A financial planner can be helpful to determine where you are and where you need to go and prepare you for realizing your goals. Your planner will execute your plan and monitor it to make sure you are on track. You need a plan that is flexible and able to evolve with your life circumstances.

Choosing a Financial Planner

You need a financial planner who works with your best interests in mind. They should have the experience and training to do what you need them to do. You may find a planner that has the right area of expertise—whether it’s retirement planning, tax planning, or asset management—in which case, finding the right person is worth the search.

How Do Financial Planners Charge?

A fee-only advisor is paid solely by the fees clients pay. Some may be commission-only, making their money on the sales of products. Conflict of interest is possible in this case, such as from unintended external incentives or even kickbacks. Investors should ask an advisor how they manage conflicts of interest.

Is It Worth Hiring a Financial Advisor?

At this point, you are likely to be serious about hiring a financial advisor. If you are, then I say that it might serve you well to consider what the cost is of not hiring one. What creative strategies can you implement to manage your investment portfolio if you do not use the services of a financial advisor?

The most likely response may be to manage your investments personally. It’s the cheapest course of action, but it can be very challenging. You wouldn’t have to pay a financial advisor. However, it can have a considerable cost if you mismanage your portfolio due to a lack of experience, so most high net-worth individuals prefer to avoid managing their investments themselves; it requires an extensive understanding of financial planning, financial, markets, and a wide range of investment vehicles.

Individuals who manage their assets personally should know about investment options, estate planning, accounting, and tax planning and should possess fiscal management skills.

Financial Advisor Experience

A good financial advisor should have training and experience in all areas of finance so they can give you long-term professional advice on every aspect of your financial life.

The benefits of hiring a financial advisor are often more significant than the costs for high-net-worth individuals because they have unique demands. They have distinct investment and financial needs that significantly differ from those of a middle-class family.

They are advised to refrain from managing their investments themselves, as most advice on the internet is meant for general use cases. For information on wealth management that distinctly applies to high-net-worth individuals, schedule a free, non-obligatory consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo. They will give you all the necessary information and data regarding wealth management.

Why You Need a Financial Advisor

I know that what comes to mind when you think about hiring a “financial planner near me” is “Do I really need it?” Yet, the range of a financial advisor’s expertise includes the full spectrum of services, from intergenerational wealth planning and insurance to estate and tax planning and investment management. A financial advisor is there to help you navigate all these complicated subjects in order to achieve your investing and financial goals.

Some reasons why you may need a financial advisor include the following.

Ease of Management

When you hire a financial advisor, managing and increasing your wealth is easy. You have to possess complex skills if you want to manage your wealth personally, and it would require a lot of time and energy to become sufficiently skilled to manage your wealth properly. So, it is much easier to hire an expert who has all the necessary skills and let them manage your portfolio. Your time is better utilized by spending time with your family or researching new business opportunities.

Safety

A financial advisor can secure the safety of your wealth. Financial experts, chiefly wealth advisors, have the requisite training and experience to help you safeguard your investments and avoid breaking the law. For example, without proper knowledge of tax planning, you could make mistakes when filing your taxes and wonder why you’re charged with tax evasion when the IRS comes calling.

Moreover, you may miss out on tax minimization benefits because you lack the experience to detect such benefits, and you avoid that scenario if you employ the services of a professional financial advisor.

Types of Financial Advisor or Planner

Now you know why having a financial advisor is important, but many people call themselves financial advisors. So, which one do you go for?

Let’s review the main types of financial advisors available, which can help you determine which is best for you.

CFPs

The official tasks of a certified financial planner are to provide investment management services and develop a comprehensive financial plan that will help you reach your investment and money management goals. To be successful, every investment requires a plan and this is where the financial planner plays a role. Each investment goal fits in the overall financial plan, specifying how much you invest and how much you save.

Having a solid financial plan is an excellent initial step, but you’re likely to face some critical challenges if you rely solely on a financial planner. This is because most CFPs give advice that is best suited for middle-class individuals and not those who might need other information about securities and investment opportunities available, particularly high-wealth individuals like you.

Secondly, some low-budget financial planners are not qualified to purchase the securities or investments you require to execute your plan. You would have to employ the service of a broker-dealer to obtain those assets. For more detailed information on how to correctly manage your portfolio, schedule a free conversation with the co-founders of Pillar Wealth Management LLC, Hutch Ashoo and Chris Snyder.

Investment Brokers

Stockbrokers are financial experts who manage investment portfolios for their clients, being knowledgeable about investments that will help you achieve your objectives.

Follow the guidelines in your financial plan and put together an investment portfolio, and you’ll be set.

There is an element of risk when you employ more than one financial expert to manage your wealth. You will have to go the extra mile to find experts who understand you and can work well together. The whole team is at risk of breaking down if you can’t achieve this.

Wealth Managers

Wealth managers focus their services on managing wealth effectively for wealthy individuals. They should have a dual competency as an investment broker and financial planner. The best financial advisors are bound by the fiduciary standard, which means that wealth managers place their affluent clients’ interests above their own.

Fiduciary Duty

Fiduciary duty means that wealth managers are required by law to provide investment and financial advice designed to benefit the client. This is a significant advantage of wealth managers over brokers.

The investment broker is rewarded by commissions, which means they earn a certain percentage each time you use them to sell or buy securities. For instance, if your retirement aim is to invest, then you meet with your stockbroker to learn about assets that can help you increase your investment holdings. Let’s say you have a good investment broker; they will offer you the best investment, which will help you reach your goal, and the broker will earn a good commission on its purchase.

Apart from that, what if a different investment offers your stockbroker increased commission, but some other investment could be better for you? Sadly, no agreement says your investment broker shouldn’t recommend such an investment. They are free to sell it as long as it is suitable to your needs. At the same time, we hope that your investment broker will be truthful about selling you the most suitable financial products.

The situation with a wealth manager differs from that of an investment broker because, by law, they are bound to give you the best investment guidance according to their understanding. You can always expect your wealth manager to provide investment counseling that is best able to achieve your financial targets.

If you are an investor with a $5-million or more investment portfolio, you may have questions on diversification, allocation, or risk mitigation. Feel free to schedule your free consultation with Pillar Wealth Management, LLC co-founders Chris Snyder and Hutch Ashoo.

What Pillar Wealth Management LLC as a financial planner can do for a high net worth individual like you

Choosing from among the best financial advisors in reviews may be tricky. If you need help finding the best match for your unique situation, or a wealth management company with over 30 years of financial management experience, to help efficiently manage your considerable assets, consider working with us at Pillar Wealth Management, LLC. Our co-founders, Hutch Ashoo and Chris Snyder, provide no-obligation consultations for high-net-worth individuals who need wealth management services. Schedule your consultation with our wealth management company today.

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