How To Find A Financial Planner Near Me – PillarWM

Managing personal finances is not an easy task, and it is simply impractical if your liquid assets are worth $5 million to $500 million. If that’s you, it’s natural to wonder about “how to find a financial planner” who can safely, securely, and productively grow your wealth.

Typically, financial planners offer high- and ultra-high-net-worth individuals a full range of services to assist them in achieving their goals. You can also read our detailed guide on why you must hire a financial planner.

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

Our financial planners have been working to support a clientele with $5 million to $500 million in liquid assets for the past 30 years, meaning we have a long history of success in the field, which ensures that we understand how the market operates and can integrate its movements into our methodology for better results and bigger gains in investment.

Table of Contents
What Does A Financial Planner Do? Are Financial Planners Worth It? Who Are the Best Financial Planners? How to Find a Financial Planner for Ultra-High Net Worth

How Do I Find a Financial Planner?

Whatever your budget and financial situation are, you can find a financial advisor to meet your needs. Specialized financial advisors can assist with budgets or more complex needs, so understanding the types and specializations of advisors can help you make an informed decision.

Financial advisors offer services such as money management, budgeting advice, and investment management. Engaging a specific advisor for loan applications provides techniques and insights to enhance financial health, make informed investment decisions, and plan for the future.

Advisors offer tailor-made advice based on individual financial situations, with some specializing in areas like estate planning, insurance, or tax preparation. It’s essential to choose an advisor who fits your unique financial situation to avoid paying for unnecessary services and ensure you receive the support you need.

Identify your financial needs

Before you go looking for an advisor, first think about the one thing you really want to get out of the relationship. Being cognizant of what exactly you really need enables you to be specific about the right advisor for you, as financial advisors offer quite a wide variety of services.

Some financial advisors have very specific specialties, such as debt management, investment advice, or tax preparation, while some are more general, such as meeting savings goals and retirement or estate planning. This means that knowledge of your needs can make your search easier and ensure that you find an advisor who can address your unique financial situation.

Consider why it is you need financial help—maybe it’s budgeting, maybe investment strategies, maybe financial planning in general, or maybe things such as setting goals for things like buying a home or funding education, estate planning, tax preparation, and so on. With your answers, you can now determine what type of financial advisor you need and whether you need an advisor at all, such as considering a robo-advisor for investing help if cost is a concern.

Understand the types of financial advisors

Some alternate terms for financial advisors are investment advisor, broker, CFP, and financial coach. Some financial advisors call themselves portfolio managers or financial therapists. These titles can be confusing as they don’t necessarily indicate experience or education, so it’s crucial to thoroughly check an advisor’s background and credentials. Ensure they have qualifications such as CFP, CFA, or CPA, indicating rigorous training and ethical standards. Verify their registration and discipline through regulators like the SEC or FINRA. Lastly, seek referrals or client reviews to gauge their reputation. These steps will help you find a qualified advisor who can assist you in achieving your financial goals.

Fee-Only Financial Advisors

Fee-only advisors charge clients a service fee but do not earn commissions on the sale of products. In general, advisors charge fees as a percentage of the value of the assets they manage, or they charge an hourly rate or a flat fee for different services or even a complete financial plan. There should be transparency and clarity regarding fees to be paid so clients know what they’re paying for and the nature of the advisor’s remuneration in general.

Fee-only advisors are fiduciaries, and their interests are aligned with the best interests of their clients, which removes potential conflicts of interest resulting from earning commissions. The advisors are motivated to provide the clients with plans and products that are optimal for the clients. This fee structure fosters trust, and the advisor’s success is tied to the client’s financial well-being, leading to advice that fits in well with a client’s objectives and goals.

Financial Advisors Who Earn Commissions

Some financial advisors receive commissions for selling third-party products and may call themselves “free” because they don’t charge for giving advice. Others earn both service fees and third-party commissions, creating a confusing dual-compensation model. Knowing how your advisor is paid ensures that the advice is for your benefit and not just for filling the advisor’s pocket.

An advisor paid by commission is, in essence, a broker and is not a fiduciary who must act in your best interest, but rather must only provide products that are deemed suitable but not necessarily best for you. Commissions aren’t inherently bad; some products, like life insurance, are sold this way, and buying through a commission-based advisor might be convenient if the commission is unavoidable. The key is knowing the difference and ensuring your advisor is a fiduciary.

Registered Investment Advisors (RIAs)

RIAs represent companies that provide fiduciary financial advice, with a mandate of working in the best interests of their customers in compliance with the law, that is, according to fiduciary standards. They range from small firms with one advisor to large ones with hundreds, all aiming to prioritize their clients’ financial well-being. RIAs, known as financial advisors, may work as fee-only or fee-based advisors, with the former earning solely from client fees and the latter possibly receiving commissions.

Many RIAs hold professional qualifications like CFP, a highly respected accreditation in the financial planning industry, indicating expertise in areas such as estate, investment, and insurance planning. According to Van Voorhis, “The Certified Financial Planner designation is really the gold standard in the financial planning industry,” highlighting their ability to assist clients with complex financial situations through comprehensive, tailored advice.

Robo-Advisors

Digital robo-advisors are affordable, online alternatives that rely on complicated algorithms to diversify portfolios, making them suitable for long-term investment, such as retirement funds. Brian Behl, CFP, says, “Robo-advisors are great for the tech-savvy millennial client, but they may not provide the sort of all-around advice most human advisors offer, especially for complex financial backgrounds.” Generally, old-school human advisors are better for the financially complicated.

Review the range of options for financial advisors

There is virtually no end to the ways you can get financial advice today. Advisors are not located only in a local office or a bank. The best option really depends on personal preferences, the exact services you need, and the budget you have at your disposal. Here is a brief overview of types of services, which run from the inexpensive super-automated robo-advisors right up to the more expensive high-touch old-school financial advisors:

Robo-advisors

A robo-advisor is a software application that applies a pre-defined algorithm to directly invest the client’s portfolio with the least amount of human involvement. It starts by asking you questions online, then builds and manages a diversified portfolio consistent with your financial goals and risk tolerance. It builds your portfolio, usually from exchange-traded funds, and takes care of tasks such as rebalancing and tax optimization. Affordable robotic advisors offer low to no management fees and often have low minimum account balances, thus making them great for beginner investors. However, they may not suit individuals needing detailed financial plans, such as estate planning or tax strategy. In such cases, traditional human financial advisors or hybrid services, combining human and robo-technology, are recommended.

Online financial planning services and advisors

Online financial planning sits just above robo-advisors, offering virtual access to a human financial advisor with automated investment management. It caters to those wanting a human touch in the process but not necessarily face-to-face. The most basic services provide automated investment management, with the ability to consult with financial advisors. For a more holistic planning approach, solutions like Facet Wealth or Empower offer matched human advisors, offering personalized advice. Generally, their costs sit between traditional advisors and robo-advisors, with investment minimums that start at $25,000 or possibly at zero. These services will appeal to those satisfied with virtual meetings, looking for well-rounded planning but without costly investment expenses. For example, they may want to utilize online marketplaces, such as Harness Wealth and Zoe Financial, which vet the advisors, resulting in direct matches, and may offer in-person meetings for those clients who seek a more traditional service.

Traditional financial advisors

Traditional financial advisors hold promise because of the direct contact that they have with their clientele. They provide financial services, such as custom retirement planning, investment management, estate planning, and tax strategies, among others, offering tailored recommendations in the context of a trusting relationship. Financial advisors typically charge around 1% of the value of the assets they manage and usually require relatively high minimum account balances, which can be prohibitive for some. They are best for those with specialized needs or complex financial situations, along with those who feel personal relationships make a big difference. There are many others who like those services but want to pay less, and in this case, they can choose robo-advisors or hybrid advisory models that automate asset management combined with human advisor access.

Consider how much you can afford to pay an advisor

Financial advisors are often seen as expensive, but affordable alternatives are available. And understanding the cost structures of various advisory services can be helpful. There are three general levels of cost: robo-advisors, online financial planning services, and traditional financial advisors. Robo-advisors typically charge about 0.25% a year of your account balance and are most effective for plain vanilla-type investing. Generally, online financial planning services charge a flat fee or percentage of assets. Empower costs 0.49% to 0.89% a year, and Facet Wealth charges a low fee starting at $2,000 per year, combining human advisors with its low fee to offer personalized advice. Traditional financial advisors charge about 1% on average of assets under management—but that personalized touch can be a huge help for those who have more complicated financial needs. What’s best for you really depends on your budget, asset size, and guidance needs.

Determine What Kind of Financial Advice You Need

A financial advisor typically offers a range of services, and one of the significant services is investment advice. They conduct intensive research on the available investment options, which will leave your investment portfolio aligned with the level of risk you are willing to take and your long-term target. They monitor your investments closely and make necessary changes according to market performance to maintain a well-balanced portfolio. This service is beneficial for investors seeking to increase their wealth over time while effectively managing the risk involved.

Debt Management and Budgeting

A financial advisor can help with debt management and budgeting. If you are indebted through credit cards, student loans, car loans, or house mortgages, they can create a repayment plan for you. They study your spending patterns and help you design a realistic budget whereby you can repay your debts while at the same time saving and investing for your future. The advisor helps you meet targets with ease by creating a budget that is both workable and realistic.

Insurance Coverage and Tax Planning

Insurance coverage is another vital area in which financial advisors can advise you. They can analyze your current policy and point out the gaps in the policy, recommending the incorporation of disability insurance or long-term care depending on your needs. The benefits of tax-advantaged accounts may drive financial advisors to include tax planning services in their offices to help their clients minimize their tax liabilities. However, tax planning services do not replace tax preparation. For tax preparation services, you would still require a certified public accountant or tax software to help you prepare and file your return.

Retirement, Estate, and College Planning

Financial advisors can help you plan for significant life situations such as retirement, estate transfer, and education financing. They help you build and manage your retirement funds to secure your finances in the latter part of your life. For those who want to leave a legacy, proper estate planning will help in the efficient transfer of wealth to family, friends, or good causes. Moreover, if you want to save for a loved one’s education, an advisor can help you with the right college savings plan to achieve those goals. Financial advisors also act as emotional support and a source of perspective amid economic chaos. For instance, in March 2020, during the early days of the pandemic, contact with advisors went up by nearly 50%, showing there was quite a need for reassurance and guidance through uncertain times. Combining these roles, a financial advisor will give you confidence and clarity for your financial journey.

Where Can I Find a Financial Planner?

Armed now with a better idea of how an advisor may be compensated and the value of having a complete financial plan developed, let’s move on to how you can find a quality advisor. Obviously, some of the best places to start are recommendations from friends, family members, or co-workers, who are happy with their advisors. Also, professional organizations like FPA or NAPFA have directories of certified, well-reviewed advisors.

Review sites and other platforms can guide you in narrowing your selection to an advisor that’s particularly suited to your needs and goals. With the Internet at your fingertips, geography matters less and less, and the discovery process is wide open for finding the right financial advisor. You can find an advisor anywhere in the country as long as they are properly licensed to serve in your state. These days, many financial advisors, especially those working with smaller investors, can serve your needs over the phone, or even better, through virtual meetings and video chat. This flexibility makes it possible to find a best-in-class financial advisor without having to travel to meet them in person. This is particularly true for those who would like the convenience of doing business at home or are especially looking for a particular expertise that isn’t available locally.

Ask friends, family or colleagues for recommendations

You can find a good financial advisor through recommendations. Friends, relatives, and workmates will have had a good experience with the one they recommend. You’ll want them to tell you whether the advisor is a good communicator, providing clear and thorough explanations of difficult financial topics, and whether they have had any problems or been dissatisfied with their services. Recommendations can include whether the advisor is trustworthy and professional. Also, ask about the advisor’s responsiveness, communication skills, and ability to help with financial goals. Such insights may help you ascertain if the advisor’s approach and methods fit your needs. In many cases, a personal recommendation is more valuable than an anonymous online review because the person making it has your best interests at heart.

Ask other professionals for recommendations

Ask other professionals for referrals. Your accounting professional, who prepared your taxes, could be an excellent resource for referrals. Other solid sources include lawyers, insurance agents, and mortgage brokers, who often work together to form a “center of influence.” These referrals are valuable because the referring professional has firsthand knowledge of your financial circumstances and can better match you with an advisor whose personality and approach align with yours. For example, this kind of collaboration allows your tax accountant to oversee tax efficiencies while your advisor focuses on investment strategies, resulting in a cohesive, tax-optimized financial plan.

Use an online advisor search

You may want to use online advisor search platforms to find the right financial advisor. These databases include various types of financial advisors, including those working with smaller clients or serving the next generation, and many focus on being fee-only planners, which means the advisor is not paid a commission for selling financial products but, instead, a percentage of your assets under management or a flat fee. Thus they have an incentive to be fully implicated in your financial success. These platforms provide in-depth profiles, qualifications, areas of expertise, and fee structures for you to compare and choose the best fit for your situation. They also feature reviews and ratings from other clients and offer user-friendly filters to match your specific needs and preferences, connecting you with a qualified, fee-only advisor to help you meet your financial goals.

Get matched with an advisor by a business-to-client (B2C) service provider

Get matched with an advisor through a business-to-consumer service provider. The internet is full of companies that connect consumers with financial advisors online. Searching “financial advisor near me” will yield numerous options for matching services, typically free for investors as advisors pay to be listed. This process provides instant access to a vast network of advisors, often resulting in multiple responses from professionals eager to help. You can specify preferences, such as a fee-only advisor operating according to a fiduciary standard, to ensure trust and transparency. Digital matching services simplify finding a financial advisor, making it easy to check credentials, services, and prices, and helping you find the right advisor to meet your personal needs and goals.

Check out a robo-advisor

Consider a robo-advisor for cost-effective financial management. Many financial firms and banks offer automated online portfolio management services for small financial planning budgets. Utilizing complex algorithms and artificial intelligence, robo advisors build and manage diversified investment portfolios, ensuring access and convenience for all investors. These platforms require minimal initial investment, making them ideal for new investors or those with simple financial goals. However, robo-advisor advice is general and may not address specific financial situations, with personalized services often costing extra. For complex financial needs, a human advisor may be more beneficial, emphasizing the importance of understanding your financial requirements and preferences beforehand.

What to Consider When Seeking a Financial Advisor

The Bureau of Labor Statistics data, posted in 2023, showed that there were 330.300 financial advisors in the United States, leaving plenty of room to narrow down the selection of professionals to suit your needs and goals. Although you need to ensure that any advisor on your list has a license to operate in your state, more has to be considered in order to finalize your selection:

You will want to research the advisor’s credentials, specialization, fee structure, and status as a fiduciary, which generally implies a higher level of credentialed expertise, such as Certified Financial Planner or Chartered Financial Analyst, for which standards for ethical practices are monitored. You should also determine if the advisor specializes in an area that is pertinent to your financial situation, such as retirement planning, tax strategies, or estate planning. Compare their fee structures—some charge a percentage of the assets managed, whereas others may work on an hourly or flat-fee basis. Lastly, being a fiduciary advisor ensures an extra level of trust and safety in financial planning. By considering these aspects, you can more effectively winnow down this gargantuan list to find the advisor that you, specifically, need—with the best probability of a successful financial partnership.

Firm size

Financial advisors can operate in various settings, from solo practitioners to small boutique practices or as part of larger firms. There is no perfect size for a financial advisory firm; each comes with its pluses. Bigger generally being better in the industry means that larger firms may offer a broader range of services and economies of scale that can, in turn, be passed on to clients, and give them access to a more diverse team of specialists and more resources. Smaller firms and solo practitioners generally offer a more personal service, which can be particularly comforting to a new investor who may appreciate a bit of hand-holding in the process. Your choice of a large firm or a small firm would depend on your specific needs and preferences.

Credentials and expertise

Designations are professional awards for completing higher education and passing tests related to the financial services industry. Among the most common of these designations are Certified Financial Planner, Chartered Financial Analyst, and Certified Public Accountant. The designations imply a certain level of expertise and an insistence on high professional standards.

Niche market

Some financial advisors keep a relatively small niche clientele, guaranteeing that the services offered are more personal and specifically tailored. The advisor can go deep into the financial situation, goals, and problems of their client and provide advice and strategies that are specifically for their niche and not available in a larger-scale or more general practice. A profitable, niche-based practice provides more room and resources for advisors to understand the individual needs of each client and serve each one with personal attention and care. This often results in a low-key business model with an emphasis on the quality of both relationships and advice rather than the raw number of managed accounts—something that may appeal to those looking for detailed, specialized financial guidance.

Online presence

A website and social media profiles can advertise an advisor or firm’s investment philosophy, values, and background. A website provides an opportunity to share a cohesive and positive message regarding their approach to financial management and their commitment to clients.

If a LinkedIn page is about thought leadership, this will bring you closer to their sources of information and how they contribute to the general dialogue in any industry. A personal social media profile can demonstrate the person’s lifestyle and values and whether these values match those of the client.

Good financial relationships are intimate, like a doctor-patient relationship. Understanding the advisor as a total person is important to bring about trust and an effective and supportive financial partnership.

Demographics

While the financial services industry is still dominated by White men, it is increasingly seeing an influx of women and minorities and the different perspectives they bring to diverse occupations. This goes a step further to include the rise of advisors who specialize in the needs of specific populations, such as the LGBTQ+ community, to ensure that the financial advice offered to such populations is more inclusive, considering their varied needs and experiences. This advanced level of representation makes it possible for certain knowledge gaps to be bridged and for more personalized and relevant guidance to be provided to a greater number of people in a way that nurtures a more just and holistic advisory space.

Regulatory record

Each financial advisor should disclose relevant events, including personal bankruptcy, criminal background, and whether or not they have been subject to disciplinary action, making them open to scrutiny, liable, and accountable. You should have access to an advisor’s record of relevant activity, available from the SEC and FINRA (BrokerCheck) databases. These websites offer the information you may want concerning the professional background of the advisor so as to help you make an informed decision about an advisor to whom you can entrust your financial future.

What Does a Financial Planner Do?

A financial planner has the skills to help others realize their financial goals. Financial planners achieve their mission through productive discussions with their clients, who reveal their financial goals and attitudes to taking risks. 

Once financial planners have obtained comprehensive information regarding their client’s needs, they choose a relevant class of investments in which their clients can invest their wealth. Financial planners may even administer a plan to ensure that their clients attain their financial goals. Financial planners usually accomplish this by investing their client’s wealth in a categorized bundle of investments that generate a consistent stream of income. Following is a comprehensive list of services that a financial planner generally offers to their clients:

• Balance Sheet Optimization
• Retirement Income Planning
• Wealth Handover
• Cash Flow Planning
• Risk Management
• Tax Management

Sign up for a meeting with Pillar Wealth Management’s financial planners to know more about the financial planning services we provide.

Balance Sheet Optimization

Real assets are crucial for building wealth but purchasing goods and services requires liquid assets. Insufficient liquidity may force you to sell real assets at low prices, while high liquidity exposes you to counterparty risk. To maintain optimal liquidity and minimize risks, it’s essential to diversify your balance sheet. Balance sheet optimization involves adjusting it to reflect changing financial circumstances and priorities. As a financial planner at Pillar Wealth Management, I will thoroughly analyze your balance sheet and help you balance financial assets, real assets, and debts, ensuring you have the necessary liquidity to meet your needs.

Retirement Income Planning

A comprehensive retirement plan is one of the most critical services our financial planners provide. At retirement, active income stops, and financial needs must be met through returns on investments, which are passive income sources. Many high net worth and ultra-high net worth investors set specific retirement goals, such as achieving new financial objectives or living comfortably off their savings. Our financial planners specialize in creating retirement plans to ensure a steady income stream post-retirement and assist in achieving any additional financial goals you may have. We highly recommend you read this guide to know the five critical shifts you should make to maximize your investment performance.

Wealth Handover

As they grow older, many affluent individuals opt to hand over a percentage of their assets and wealth to their children and other heirs or beneficiaries. Wealth transfer theoretically sounds quite easy and simple. But the truth is that this process is extremely complex, and people who try to execute it themselves often face various problems. For instance, they end up losing a lot of their wealth in taxes. In our recently published book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million, we talk about the complexities of wealth transfer.

Qualified professional planners include wealth transfer in the list of services they provide, which combines financial planning instruments such as life insurance, trusts, and wills. At Pillar Wealth Management, we are skilled at assisting our clients with wealth transfer, where we create a transference plan that ensures your wealth goes to the right organizations or individuals in a way that minimizes taxes.

Cash Flow Management

Cash flow planning is one of the core services that a good financial planner should provide. With good asset and cash management, the client can be on track regarding their financial goals, such as purchasing a vacation home, paying off a mortgage, retiring at the desired age, and even living comfortably after retirement. You cannot forecast or imagine an emergency that compels you to spend your money, such as an extended illness or inability to work. At Pillar Wealth Management, we help you manage your cash flow and ensure that you never run out of money. We identify your sources of income and the way you spend it. We analyze your assets and liabilities and highlight the latest effective ways to boost and make use of cash flow. With our meticulous cash-flow planning services, you can make smarter decisions with your money, identify any future cash problem, and rectify it before it takes place.

Risk Management

Wealthy individuals such as yourself often invest in a number of financial markets. While this is a great way to manage your assets, it does come with plenty of risks. The most common example is that market trends can change unpredictably and undo all your long-term gains instantly!

It is impossible to predict when a market will crash. If you are going to have financial planners on your side, may as well work with Pillar Wealth Management. We are proficient at creating risk-minimizing strategies for our clients to handle any market shift. To learn more about how you can achieve the highest investment return, read our special guide – Improving Portfolio Performance.

Tax Management

The main drawback to making a profit on investment is the taxes that come with it. However, financial planners offer tax management services to help you lower your tax obligation. Tax management involves various strategies to minimize your tax bill, considering factors like the timing and amount of your income and purchases. Our experienced financial planners specialize in creating and implementing tax-efficient plans, analyzing your investments to find ways to reduce your taxes. Visit our financial planners today to learn how you can pay less in taxes.

Are Financial Planners Worth It?

Now, if you are still wondering, “Is a financial planner even worth it?”, then check out some other pluses of having a financial planner manage your money.

Customized Financial Plans

Although most private banks and major Wall Street firms are only too happy to provide a plain-vanilla, cookie-cutter plan for all their clients, our advisors don’t believe in that policy. We believe in offering high-net-worth and ultra-high-net-worth individuals unique financial plans. We know that unlike others’, you will have your own financial aspirations, your own risk tolerance, and your own time horizons. Thus, we will have extensive discussions with you to understand your requirements and create a financial plan that is completely suited to your particular needs.

Expert Advice

An expert in the field knows the meaning of comprehensive financial planning and is able to guide you with comprehensive advice. Our financial planners at Pillar Wealth Management have been working in the industry for over thirty years and know all the nitty-gritty details of financial planning. Click here to read our ultimate guide for how to select the best financial planner to get expert guidance.

Fiduciary Services

Our financial planners are fiduciaries so we reduce or eliminate, whenever possible, any conflict of interest. We fully dedicate ourselves to helping you to accomplish your financial objectives. We also protect you by offering you advice in your best interest, even recommendations that aren’t always in our best interest.

Who Are the Best Financial Planners?

Although you see many financial planners available in the market, opt for one that can manage your wealth optimally. But who are the best financial planners to manage and grow your wealth? Here is a checklist you can use to ensure your financial planner is one in a million.

Experience and Track Record

An employee’s experience and track record speak volumes for their skills and abilities. So, you need to look at not only how they can be of use in the future but also what they have done in the past. Some very intricate skills, like defining asset allocation strategies, are only developed with time, so you need to be cautious to ensure that your financial planner has adequate experience in the field of financial planning.

Pillar Wealth Management has been providing fee-based financial planning services to high net worth individuals for over thirty years. Please schedule an appointment with our highly experienced team to get detailed insights into how we can help you increase your wealth.

Active and Passive Investment Management

Active investment management means planners are involved in frequent transactions to get you the most from trending products or hot buys. Though active investment strategies have their importance in making short-term gains, they have high management fees and taxes. 

Passive investment management means that literally, letting your wealth increase gradually in the long run. Your advisor has to watch the financial market indices, study the data, and conduct research; there are low management fees in passive investment management. 

At Pillar Wealth Management, our professional financial planners know how to balance active and passive approaches in such a manner that you achieve your financial goals yet pay low management fees.