What Does a Financial Advisor Do? Role and Services Explained

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"%3Cscript%20src%3D%22https%3A%2F%2Fwww.googletagmanager.com%2Fgtm.js%3Fid%3DGTM-MP6F46L%22%20data-consent%3D%22ANALYTICS%22%20data-track-load%3D%22gtm%22%3E%3C%2Fscript%3E" });</script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.businessinsider.com/personal-finance/investing/what-does-a-financial-advisor-do"},"editor":{"@type":"Person","name":"Libby Kane, CFEI"},"author":[{"@type":"Person","name":"Tessa Campbell","sameAs":"https://www.businessinsider.com/author/tessa-campbell"},{"@type":"Person","name":"Robin Kavanagh","sameAs":"https://www.businessinsider.com/author/robin-kavanagh"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"What does a financial advisor do? Role and services explained","alternativeHeadline":"What does a financial advisor do?","image":{"@type":"ImageObject","url":"https://i.insider.com/649b11396eb0a800194d5836?width=1200&format=jpeg","width":1200,"height":900,"caption":"Financial advisors provide expert advice, planning, and investment managing skill to help folks reach their financial goals"},"name":"What does a financial advisor do?","datePublished":"2024-11-21T21:51:02Z","dateModified":"2024-11-21T21:51:02Z","description":"Learn how a financial advisor can help you achieve your goals. Discover the services they offer, from investment management to estate planning,","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.Do you plan to retire one day? Maybe get married or go to college? How about paying down some debt? These are all reasonable and attainable financial goals. For many of us, however, it's not always clear how to make these dreams come true. And that's why it might be a good idea to enlist some professional help.A financial advisor is a paid professional who provides insight and guidance to clients on various money-related topics. While some advisors offer a wide range of services, many specialize only in making and managing investments. A good advisor should be able to offer guidance on every aspect of your financial situation, though they may specialize in a certain area, like retirement planning or wealth management. Make sure it's clear from the get-go what the cost includes and whether they'll spend more time focusing on any area.Not every financial advisor is qualified to offer all kinds of financial services. At the very least, an advisor should be willing to work with your accountant or tax attorney to ensure your financial plan keeps your tax liability at a minimum and does not create new issues. The best financial advisors are certified fiduciaries specializing in personal finance topics such as retirement, tax, and investment strategies.\"I became a financial advisor to mentor my clients through all financial aspects of their lives,\" says John Stoj, founder of Verbatim Financial. \"This can include investments and questions surrounding careers, business ownership, estate planning, insurance, and taxes.\"Just about anyone can benefit from working with a financial advisor. Some of the more common services offered include the following.Financial advisors work with clients to create and execute custom financial plans for short- and long-term goals. For example, you might work with a financial advisor to review your debt and create a plan to reduce the amount you owe this year. At the same time, you may also want to create a college savings account for your new baby. A financial advisor could work with you to create a month-to-month budget that targets reducing your debt while funneling deposits to one of the best 529 plans.Many financial advisors who work at some of the best online brokerages adopt a holistic approach to personalized financial planning. This approach considers a person's entire financial situation when determining a budget, investment strategies, and debt consolidation. Financial advisors can provide personalized investment management services. To create a customized investment strategy, advisors analyze your:Based on that information, advisors select suitable investment opportunities to diversify your portfolio further and mitigate risk and volatility. \"A financial advisor should help you determine how much fluctuation you can tolerate in your daily balances as well as during outlying events like 2008 or even the first part of 2020,\" says Mary Lyons, financial advisor and founder of Benchmark Income Group. \"They should address concepts like maximum drawdown and the amount of return you can expect for the risk you are taking.\"Securing a comfortable retirement is a top priority for many, so it's common for people to seek advice from financial advisors specializing in the subject. Advisors help people navigate the complexities of retirement planning through tax-advantaged accounts and create a custom long-term plan and investment strategy. While in retirement, a financial advisor ensures that the individual(s) don't run out of funds. This can include investing in fixed-income assets like bonds, purchasing an annuity, and establishing a realistic budget.Many financial advisors provide tax planning services. This doesn't mean they'll help you file your tax returns or are fully trained in tax law like a certified public accountant (CPA). Instead, financial advisors help manage your tax liability that results from your investment strategies. They assist you in building wealth by taking advantage of rules that may lower your tax income. A financial advisor can help you plan for what you want to pass on to your heirs when you die. Money professionals may be trained in estate planning or be willing to work with your estate attorney to determine:\"It's critical that all of your team – CPA, attorney, banker, advisor — is communicating at least annually,\" Lyons says. \"If not, they could be working against each other instead of all pulling in the right direction.\"Investing in a life or disability insurance policy can be a good strategy for reaching long-term financial goals. Many financial advisors are licensed to sell insurance. Ask if your advisor offers this service and how insurance might enhance your long-term economic plan. However, it's important to note that many insurance sales are commissioned, so advisors may be incentivized to sell certain plans. If you're not working with a fiduciary, make sure to do your research on potential insurance plans before signing up. A financial advisor may also offer services like:You can talk to a financial advisor anytime for any reason, regardless of how much money is in your account. It doesn't matter if you're young and saving for future tuition expenses, just got married, are employed at a new job, or are saving for retirement — a financial advisor can help you. Common reasons to consider a financial advisor are:Some advisors focus only on a handful of services, while others offer more comprehensive planning and management options. New technology has led to more comprehensive automated financial tools, like robo-advisors. It's up to you to investigate and determine the right fit.Ultimately, a good financial advisor should be as mindful of your investments as they are with their own, avoiding excessive fees, saving money on taxes, and being as transparent as possible about your gains and losses.Almost anyone can market themselves as a financial advisor. So, looking into a potential advisor's credentials and experience is crucial to ensure they fit your financial needs well.Common credentials used by financial advisors are:Financial advisors generally have some kind of background related to finance, like a degree in business, economics, or accounting. They must take and pass the NASAA Investment Adviser Law Examination — also known as the Series 65 exam — and register with state and/or federal regulators to initiate trades on investments. Financial advisors use various fee structures, such as: Earning a commission on product recommendations doesn't necessarily mean your fee-based advisor works against your best interests. But they may be more inclined to recommend products and services on which they earn a commission, which may or may not be in your best interest. A fiduciary is legally bound to put their client's interests first. Not all financial advisors are fiduciaries.They may follow a loosely monitored \"suitability\" standard if they're not registered fiduciaries. This standard allows them to make recommendations for investments and services as long as they suit their client's goals, risk tolerance, and financial situation. This can translate to recommendations that will also earn them money.On the other hand, fiduciary advisors are legally obligated to act in their client's best interest rather than their own. The fiduciary duty was established in 1940 by the Investment Advisor Act, which requires fiduciaries to uphold duties of loyalty and care. It can be scary putting your money in someone else's hands, so an open line of communication is essential. Ask the financial advisor how they're best reached — by text, email, or phone — for urgent and non-urgent matters.Also, if you're handing over control of your investments, ensure the advisor's investing approach is aligned with your risk tolerance. For example, an advisor may prefer aggressive growth strategies to preservation. That usually means they'll risk more of your money to (hopefully) score a bigger return.The difference between a financial advisor and a financial planner is that a financial advisor is often used as an umbrella term for financial experts who offer various money-planning services, such as tax planning or estate planning. On the other hand, \"financial planner\" is often a way to refer to CFPs, who are fiduciaries. How much a financial advisor costs depends on the fee structure: fee-only or fee-based. Fee-only can mean a flat fee, such as an hourly or per-session rate, but it can also mean charging a set percentage of the assets under management (AUM). Fee-based advisors can earn commissions from selling certain products or services. The cost of a financial advisor also depends on their credentials and certification. You can find a reputable financial advisor using online databases like FINRA BrokerCheck or the SEC's Investment Advisor Public Disclosure (IAPD) website. You may also find a reputable financial advisor on investment platforms that offer a range of fiduciary CFPs, such as Facet and Wealthramp.","articleSection":"Personal Finance, Financial Planning, Financial Advisors","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is the difference between a financial advisor and a financial planner?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The difference between a financial advisor and a financial planner is that a financial advisor is often used as an umbrella term for financial experts who offer various money-planning services, such as tax planning or estate planning. On the other hand, \"financial planner\" is often a way to refer to CFPs, who are fiduciaries. </p>"}},{"@type":"Question","name":"How much does a financial advisor cost?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">How much a financial advisor costs depends on the fee structure: fee-only or fee-based. Fee-only can mean a flat fee, such as an hourly or per-session rate, but it can also mean charging a set percentage of the assets under management (AUM). Fee-based advisors can earn commissions from selling certain products or services. The cost of a financial advisor also depends on their credentials and certification. </p>"}},{"@type":"Question","name":"How do I find a reputable financial advisor?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">You can find a reputable financial advisor using online databases like FINRA BrokerCheck or the SEC's Investment Advisor Public Disclosure (IAPD) website. You may also find a reputable financial advisor on investment platforms that offer a range of fiduciary CFPs, such as <a href=\"https://www.businessinsider.com/personal-finance/investing/facet-wealth-review\" data-analytics-product-module=\"body_link\" rel=\"\">Facet</a> and <a href=\"https://www.businessinsider.com/personal-finance/investing/wealthramp-financial-advisor-review\" data-analytics-product-module=\"body_link\" rel=\"\">Wealthramp</a>. </p>"}}]} </script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.businessinsider.com/personal-finance","name":"Personal Finance"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.businessinsider.com/personal-finance/financial-planning","name":"Financial Planning"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.businessinsider.com/personal-finance/financial-advisors","name":"Financial 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class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/tessa-campbell" >Tessa Campbell</a></span> and <span class="" data-e2e-name="Robin Kavanagh" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/robin-kavanagh" >Robin Kavanagh</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/libby-kane" >Libby Kane</a> </div> <div class="byline-updated"> Updated </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-11-21T21:51:02Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-11-21T21:51:02Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="legacy-share" data-load-strategy="interaction" data-location="" > <div 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See <a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate products and services</a> to help you make smart decisions with your money.</aside> <div class="col-12"> </div> <figure class="figure image-figure-image as-notched" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope itemtype="https://schema.org/ImageObject" > <div class="aspect-ratio" style="padding-top: calc(100% / (2040 / 1020))" > <meta itemprop="contentUrl" content="https://i.insider.com/649b113f6eb0a800194d583b?width=700"/> <img src="https://i.insider.com/649b113f6eb0a800194d583b?width=700" srcset="https://i.insider.com/649b113f6eb0a800194d583b?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/649b113f6eb0a800194d583b?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/649b113f6eb0a800194d583b?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/649b113f6eb0a800194d583b?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/649b113f6eb0a800194d583b?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/649b113f6eb0a800194d583b?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="A couple shaking hands with a financial advisor talk about what he does." decoding="sync" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon chevron-down-icon caption-drawer-icon" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" > <path fill="currentColor" fill-rule="evenodd" d="m19.44 5.5-7.486 7.72L4.56 5.594 2 8.234 11.954 18.5 22 8.14 19.44 5.5Z"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">Financial advisors provide expert advice, planning, and investment managing skill to help folks reach their financial goals.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > Morsa Images/Getty Images </span> </span> </figcaption> </span> </figure> <div class="sticky-toc-content-wrapper"> <aside class="sticky-toc as-aside" data-component-type="sticky-toc"> <nav class="sticky-toc-aside js-sticky-toc-aside"> <menu class="sticky-toc-menu"> <li> <a href="#what-does-a-financial-advisor-do?-" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What does a financial advisor do? </a> </li> <li> <a href="#core-services-of-a-financial-advisor" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Core services of a financial advisor </a> </li> <li> <a href="#when-to-consider-a-financial-advisor" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > When to consider a financial advisor </a> </li> <li> <a href="#choosing-the-right-financial-advisor" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Choosing the right financial advisor </a> </li> <li> <a href="#faqs" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </nav> </aside> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li>A financial advisor is a professional who helps manage your money to reach your goals.</li> <li>Certain advisory services require advisors to register with state or federal regulatory bodies.</li> <li>Financial advisors offer various services, like portfolio building, estate planning, and budgeting.</li> </ul><p>Do you plan to retire one day? Maybe get married or go to college? How about paying down some debt? These are all reasonable and attainable financial goals. For many of us, however, it's not always clear how to make these dreams come true. And that's why it might be a good idea to enlist some professional help.</p><h2 data-toc-label="What does a financial advisor do? " id="what-does-a-financial-advisor-do?-" class="toc-anchor">What does a financial advisor do? </h2><p>A financial advisor is a paid professional who provides insight and guidance to clients on various money-related topics. While some advisors offer a wide range of services, many specialize only in making and managing investments. </p><p>A good advisor should be able to offer guidance on every aspect of your financial situation, though they may specialize in a certain area, like retirement planning or wealth management. Make sure it's clear from the get-go what the cost includes and whether they'll spend more time focusing on any area.</p><p>Not every financial advisor is qualified to offer all kinds of financial services. At the very least, an advisor should be willing to work with your accountant or tax attorney to ensure your <a href="https://www.businessinsider.com/personal-finance/investing/financial-plan" data-analytics-product-module="body_link" rel="">financial plan</a> keeps your tax liability at a minimum and does not create new issues.   </p><p>The <a href="https://www.businessinsider.com/personal-finance/investing/best-online-financial-advisors" data-analytics-product-module="body_link" rel="">best financial advisors</a> are certified fiduciaries specializing in personal finance topics such as retirement, tax, and investment strategies.</p><h2 data-toc-label="Core services of a financial advisor" id="core-services-of-a-financial-advisor" class="toc-anchor">Core services of a financial advisor</h2><p>"I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, founder of <a href="https://www.verbatimfinancial.com/" target="_blank" rel="nofollow noopener sponsored" data-analytics-product-module="body_link">Verbatim Financial</a>. "This can include investments and questions surrounding careers, business ownership, estate planning, insurance, and taxes."</p><p>Just about anyone can benefit from working with a financial advisor. Some of the more common services offered include the following.</p><h3>Financial planning</h3><p>Financial advisors work with clients to create and execute custom financial plans for short- and long-term goals. For example, you might work with a financial advisor to review your debt and create a plan to reduce the amount you owe this year. </p><p>At the same time, you may also want to create a college savings account for your new baby. A financial advisor could work with you to create a month-to-month budget that targets reducing your debt while funneling deposits to one of the <a href="https://www.businessinsider.com/personal-finance/investing/best-529-plans" data-analytics-product-module="body_link" rel="">best 529 plans</a>.</p><p>Many financial advisors who work at some of the <a href="https://www.businessinsider.com/personal-finance/investing/best-online-brokerage" target="_blank" rel="noopener" data-analytics-product-module="body_link">best </a><a href="https://www.businessinsider.com/personal-finance/investing/best-online-brokerage" data-analytics-product-module="body_link" rel="">online brokerages</a> adopt a holistic approach to personalized financial planning. This approach considers a person's entire financial situation when determining a budget, investment strategies, and debt consolidation. </p><h3>Investment management</h3><p>Financial advisors can provide personalized investment management services. To create a customized investment strategy, advisors analyze your:</p><ul><li>Current financial situation</li><li>Risk tolerance</li><li>Time horizon</li><li>Short and long-term goals</li></ul><p>Based on that information, advisors select suitable investment opportunities to diversify your portfolio further and mitigate risk and volatility. </p><p>"A financial advisor should help you determine how much fluctuation you can tolerate in your daily balances as well as during outlying events like 2008 or even the first part of 2020," says Mary Lyons, financial advisor and founder of <a href="https://benchmarkincome.com/" target="_blank" rel="nofollow noopener sponsored" data-analytics-product-module="body_link">Benchmark Income Group</a>. "They should address concepts like maximum drawdown and the amount of return you can expect for the risk you are taking."</p><h3>Retirement planning</h3><p>Securing a comfortable retirement is a top priority for many, so it's common for people to seek advice from financial advisors specializing in the subject. Advisors help people navigate the complexities of retirement planning through tax-advantaged accounts and create a custom long-term plan and investment strategy. </p><p>While in retirement, a financial advisor ensures that the individual(s) don't run out of funds. This can include investing in fixed-income assets like bonds, purchasing an <a href="https://www.businessinsider.com/personal-finance/investing/what-is-an-annuity" data-analytics-product-module="body_link" rel="">annuity</a>, and establishing a realistic budget.</p><h3>Tax planning</h3><p>Many financial advisors provide tax planning services. This doesn't mean they'll help you file your tax returns or are fully trained in tax law like a certified public accountant (CPA). Instead, financial advisors help manage your tax liability that results from your investment strategies. They assist you in building wealth by taking advantage of rules that may lower your tax income. </p><h3>Estate planning</h3><p>A financial advisor can help you plan for what you want to pass on to your heirs when you die. Money professionals may be trained in estate planning or be willing to work with your estate attorney to determine:</p><ul><li>What kind of insurance you need</li><li>What types of financial products you might want to pass on (such as a <a href="https://www.businessinsider.com/personal-finance/investing/how-does-a-trust-fund-work-basics" rel="">trust</a> or giving fund)</li><li>What should be done with your remaining investments</li></ul><p>"It's critical that all of your team – CPA, attorney, banker, advisor — is communicating at least annually," Lyons says. "If not, they could be working against each other instead of all pulling in the right direction."</p><h3>Insurance planning</h3><p>Investing in a life or disability insurance policy can be a good strategy for reaching long-term financial goals. Many financial advisors are licensed to sell insurance. Ask if your advisor offers this service and how insurance might enhance your long-term economic plan.   </p><p>However, it's important to note that many insurance sales are commissioned, so advisors may be incentivized to sell certain plans. If you're not working with a fiduciary, make sure to do your research on potential insurance plans before signing up. </p><h3>Additional services offered by financial advisors</h3><p>A financial advisor may also offer services like:</p><ul><li><strong>Debt management:</strong> An advisor can help you create a realistic repayment strategy to pay down existing debt, such as credit card debt, student loans, personal loans, and car loans. </li><li><strong>Education planning:</strong> Get guidance on saving for higher education costs like college or grad school. </li><li><strong>Major purchase planning:</strong> An advisor can guide how to build long-term savings toward larger purchases like a new car, house, or wedding. </li></ul><h2 data-toc-label="When to consider a financial advisor" id="when-to-consider-a-financial-advisor" class="toc-anchor">When to consider a financial advisor</h2><p>You can talk to a financial advisor anytime for any reason, regardless of how much money is in your account. It doesn't matter if you're young and saving for future tuition expenses, just got married, are employed at a new job, or are saving for retirement — a financial advisor can help you. </p><p>Common reasons to consider a financial advisor are:</p><ul><li><strong>Overwhelmed by financial decisions:</strong> If your financial situation has become more complex, or you lack confidence in your money-managing skills. </li><li><strong>Major life events:</strong> Saving or navigating major life events like marriage, divorce, children, inheritance, or job change that may significantly impact your financial situation.</li><li><strong>Nearing retirement:</strong> Navigating the transition from saving for retirement to preserving wealth during retirement and how to create a solid retirement income plan. </li></ul><p>Some advisors focus only on a handful of services, while others offer more comprehensive planning and management options. New technology has led to more comprehensive automated financial tools, like <a href="https://www.businessinsider.com/personal-finance/investing/best-robo-advisors" data-analytics-product-module="body_link" rel="">robo-advisors</a>. It's up to you to investigate and determine the right fit.</p><h2 data-toc-label="Choosing the right financial advisor" id="choosing-the-right-financial-advisor" class="toc-anchor">Choosing the right financial advisor</h2><p>Ultimately, a good financial advisor should be as mindful of your investments as they are with their own, avoiding excessive fees, saving money on taxes, and being as transparent as possible about your gains and losses.</p><h3>Credentials and experience</h3><p>Almost anyone can market themselves as a financial advisor. So, looking into a potential advisor's credentials and experience is crucial to ensure they fit your financial needs well.</p><p>Common credentials used by financial advisors are:</p><ul><li><strong>Certified Financial Planner (CFP):</strong> Use a holistic approach to financial planning and are often fiduciaries. To become a CFP, you must undergo at least 6,000 hours of professional financial planning experience, take several financial advising courses, and pass the CFP® exam — 170-question, multiple-chose test. </li><li><strong>Chartered Financial Analyst (CFA):</strong> CFAs specialize in private client asset management and ethical trading practices. CFA's typically manage assets for private clients, pensions, and large institutional accounts. To be a CFP, advisors complete 1,000 hours of study and have at least four years of experience. The qualifying exam has a historical pass rate of 20%. </li><li><strong>Certified Public Accountant (CPA):</strong> CPA licenses are recognized nationwide and issued by state accountancy boards. Requirements vary by state but generally require 150 hours of studying and passing a four-part exam with a historical passing rate of 45% and 55%.</li><li><strong>Personal Financial Specialist (PFS):</strong> PFSs specialize in retirement strategies, insurance solutions, and estate planning. To acquire a PFS certification, you must pass a rigorous exam, have 3,000 hours of personal financial planning experience, and meet a minimum of 75 hours of financial planning education.</li><li><strong>Retirement Income Certified Professional (RICP):</strong> This certification specializes in Social Security benefits, Medicare, retirement saving strategies, and risk identification. It can be acquired through the American College of Financial Services and requires three years of relevant professional experience. </li></ul><p>Financial advisors generally have some kind of background related to finance, like a degree in business, economics, or accounting. They must take and pass the NASAA Investment Adviser Law Examination — also known as the Series 65 exam — and register with state and/or federal regulators to initiate trades on investments. </p><h3>Fee structure</h3><p>Financial advisors use various fee structures, such as: </p><ul><li>Fee-based advisors: Fee-based financial advisors earn commissions based on where you put your money and may charge a fee for their time or an asset under management fee. </li><li>Fee-only advisors: Fee-only advisors do not receive an additional commission when a client invests in a certain fund or financial product. </li></ul><p>Earning a commission on product recommendations doesn't necessarily mean your fee-based advisor works against your best interests. But they may be more inclined to recommend products and services on which they earn a commission, which may or may not be in your best interest. </p><h3>Fiduciary duty</h3><p>A fiduciary is legally bound to put their client's interests first. Not all <a href="https://www.businessinsider.com/personal-finance/investing/fiduciary-vs-financial-advisor" data-analytics-product-module="body_link" rel="">financial advisors are fiduciaries</a>.</p><p>They may follow a loosely monitored "suitability" standard if they're not registered fiduciaries. This standard allows them to make recommendations for investments and services as long as they suit their client's goals, risk tolerance, and financial situation. This can translate to recommendations that will also earn <em>them</em> money.</p><p>On the other hand, fiduciary advisors are legally obligated to act in their client's best interest rather than their own. The <a href="https://www.businessinsider.com/personal-finance/investing/fiduciary-duty" data-analytics-product-module="body_link" rel="">fiduciary duty</a> was established in 1940 by the Investment Advisor Act, which requires fiduciaries to uphold duties of loyalty and care. </p><h3>Communication and compatibility</h3><p>It can be scary putting your money in someone else's hands, so an open line of communication is essential. Ask the financial advisor how they're best reached — by text, email, or phone — for urgent and non-urgent matters.</p><p>Also, if you're handing over control of your investments, ensure the advisor's investing approach is aligned with your risk tolerance. For example, an advisor may prefer aggressive growth strategies to preservation. That usually means they'll risk more of your money to (hopefully) score a bigger return.</p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">Financial advisor FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is the difference between a financial advisor and a financial planner? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The difference between a financial advisor and a financial planner is that a financial advisor is often used as an umbrella term for financial experts who offer various money-planning services, such as tax planning or estate planning. On the other hand, "financial planner" is often a way to refer to CFPs, who are fiduciaries. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How much does a financial advisor cost? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">How much a financial advisor costs depends on the fee structure: fee-only or fee-based. Fee-only can mean a flat fee, such as an hourly or per-session rate, but it can also mean charging a set percentage of the assets under management (AUM). Fee-based advisors can earn commissions from selling certain products or services. The cost of a financial advisor also depends on their credentials and certification. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How do I find a reputable financial advisor? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You can find a reputable financial advisor using online databases like FINRA BrokerCheck or the SEC's Investment Advisor Public Disclosure (IAPD) website. You may also find a reputable financial advisor on investment platforms that offer a range of fiduciary CFPs, such as <a href="https://www.businessinsider.com/personal-finance/investing/facet-wealth-review" data-analytics-product-module="body_link" rel="">Facet</a> and <a href="https://www.businessinsider.com/personal-finance/investing/wealthramp-financial-advisor-review" data-analytics-product-module="body_link" rel="">Wealthramp</a>. </p> </div> </div> </div><iframe data-src="https://smartasset.com/captivate/frame/na8gsflv" width="100%" height="650px" scrolling="auto" style="border: none;"></iframe><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/tessa-campbell" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="tessa-campbell"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/6494561e65b9ce0018a46b81?crop=1:1&width=256&format=jpeg&auto=webp" alt="Tessa Campbell"> <noscript> <img class="no-script" src="https://i.insider.com/6494561e65b9ce0018a46b81?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/tessa-campbell" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Tessa Campbell</div> </a> <div class="post-author_title headline-regular">Investing and Retirement Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.</span>Experience<span>Tessa currently reports on all things investing — deep-diving into complex financial topics,  shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.</span><span></span><span>As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.</span>Expertise: <span>Tessa’s expertise includes:</span><ul><li><span>Credit cards</span></li><li><span>Investing apps</span></li><li><span>Retirement savings</span></li><li><span>Cryptocurrency</span></li><li><span>The stock market</span></li><li><span>Retail investing</span></li></ul>Education: <span>Tessa graduated from Susquehanna University with a creative writing degree and a psychology minor.</span><span>When she’s not digging into a financial topic, you’ll find Tessa waist-deep in her second cup of coffee. She currently drinks Kitty Town coffee, which blends her love of coffee with her love for her two cats: Keekee and Dumpling. It was a targeted advertisement, and it worked.</span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/robin-kavanagh" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="robin-kavanagh"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/5ed694812618b918a53510f3?crop=1:1&width=256&format=jpeg&auto=webp" alt="Robin Kavanagh Headshot"> <noscript> <img class="no-script" src="https://i.insider.com/5ed694812618b918a53510f3?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/robin-kavanagh" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Robin Kavanagh</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Robin Kavanagh is a freelance writer based in South Carolina. She has spent the last 20 years writing about personal finance, health, business and lifestyle topics for The New York Times, Yes! Magazine, Next Tribe, Parenting and various trade magazines.   </span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/654be4c936d588dc55cd46e3":{"contentType":"image/png","aspectRatioW":1150,"aspectRatioH":304}}" alt="Sofi logo"> <noscript> <img class="no-script" src="https://i.insider.com/654be4c936d588dc55cd46e3?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> SoFi® Checking and Savings (Member FDIC) </a> <span class="headline-semibold featured-product-sub-heading"> Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. 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