The post Best Online Financial Advisors in June 2024 by Alison Plaut appeared first on Benzinga. Visit Benzinga to get more great content like this.
Online financial advisors provide accessible and affordable assistance for managing your finances and planning for the future. Try the Benzinga’s favorite free matching tool from SmartAsset or a free video call with vetted financial advisor from Money Pickle to get started with no fees.
Choosing the right financial advisor is crucial when it comes to managing your finances and planning for the future. With the advancement of technology, online financial advisors have become a popular choice for those looking for financial guidance.
Check out Benzinga’s top picks for the best online financial advisors this year to help guide you through the process and help you manage your investments better — all from the convenience of your phone or home computer.
Quick Look: 10 Best Online Financial Advisors
- Best for Local Advisors: SmartAsset
- Best for New Investors: Playbook
- Best for Quick and Convenient Financial Guidance: Money Pickle
- Best for Retirement Advice: Datalign
- Best for High Net Worth Investors: Empower
- Best for Low-Cost Financial Advice: Facet Wealth
- Best for Financial Planning: Domain Money
- Best for Customer Care: Charles Schwab
- Best for ESG Robo-Investing: Wealthsimple
- Best for New Women Investors: Ellevest
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Best Online Financial Advisors
Take a look at some of the top contenders for the best online financial advisor this year.
1. Best for Local Advisors: SmartAsset
get started
securely through SmartAsset’s
website
SmartAsset’s SmartAdvisor Match tool is an online resource for consumers looking for a financial adviser. All you have to do is complete a survey regarding your age, income, investments and future goals. Once completed, you’ll be matched with up to 3 financial advisors based on geography, investable assets, and willingness to work with a remote advisor. In addition, SmartAsset reaches approximately 75 million people each month (as of September 2021) through its editorial content paired with its interactive calculator tools to help people navigate life’s big personal finance decisions.
Best For
- Consumers seeking actionable advice from a financial advisor
- Working adults ages 45 and older with household income more than $100,000
- Curious, savvy consumers looking for higher financial literacy
- People who want to feel more confident about their financial future
- The ability for an individual investor to be paired with a financial advisor based onbased on geography, investable assets, and willingness to work with a remote advisor
- A quick 10-minute questionnaire lets you be paired with up to 3 financial advisors
- No mobile app
- Little to no information on cryptocurrency, alternative investments or decentralized finance (DeFi)
If you want the option to meet with your advisor face-to-face, Smart Asset is a great resource. It links you to your top three local financial advisor matches.
Choose from investment planning, tax advice, retirement planning, estate planning or other financial concerns to be routed to the best-fit advisors in your area.
Pros
- Quick connection to a financial advisor in your area helps you learn more about the options that are around you
- The financial advice you get can be wide-ranging from taxes to retirement and many things in between
Cons
- Keep in mind that not all online financial advisors will be a good match the first time
2. Best for New Investors: Playbook
get started
securely through Playbook’s
website
Playbook is a financial planning application that helps you maximize tax advantages. Create an account, input your financial information, link your investment and savings accounts and watch Playbook assist you in working towards your financial future. You can adjust your risk tolerance and growth portfolio to fit your risk tolerance, and you can input and save towards multiple goals on various timelines.
Unlike most other financial planning tools and applications, Playbook does not charge you a percentage of your assets under management. Instead, you’ll pay $29 a month in exchange for Playbook’s services, no matter the total value of all of your combined accounts. This feature can be especially advantageous for investors with a higher net worth.
Best For
- New investors
- American investors earning at least $100,000 or more annually
- Anyone with multiple investing and retirement accounts
- Straightforward account creation process
- Analyzes your retirement savings accounts to help you save more
- Allows users to cancel at any time
- Limited FAQ and tax education information
Looking for a comprehensive solution? Playbook connects your accounts to help you build long-term financial planning. As one of the lowest cost options, you’ll pay just $29 per month for Playbook Essential or $59 per month for Playbook Plus. The platform allows you to adapt the settings based on your financial goals. Where Playbook stands out is for high earners. It could help you automate the process of optimizing savings to reduce total taxes.
Pros
- No account under management (AUM) fees
- Good value and low cost
- Automates investments
- Automates tax-reducing investments
- Includes visualizations of your progress
Cons
- Seven-day free trial
- Less user documentation
3. Best for Quick and Convenient Financial Guidance: Money Pickle
Get Matched
securely through Money Pickle’s
website
Money Pickle was founded in 2021 by three Michigan State graduates who wanted to make financial education more accessible and convenient for everyone. The company is registered with the Securities and Exchange Commission (SEC) as an investment adviser, and its CEO is Brenton Thurman. The only advice Money Pickle directly provides is guidance on selecting an investment adviser.
Essentially, Money Pickle is a referral service for its network of 3rd-party financial advisors. Each advisor are pre-screened to align with specific qualifications. Advisors are expected to follow a code of conduct that emphasizes high ethical standards. Money Pickle-referred professionals are matched to you based on your unique situation, to help you navigate your most pressing financial needs, including retirement planning, investment strategies, estate planning, tax planning, debt management, insurance, wealth preservation and risk management.
The platform matches users with financial advisors most suitable for their needs and goals utilizing a matchmaking algorithm. Users can conveniently choose the meeting time and receive a video chat link for their scheduled appointment. During the appointment, users are encouraged to ask questions or express concerns, receiving personalized professional guidance regarding their unique financial situation without pressure or obligation to purchase products or services.
Best For
- People seeking a convenient way to meet with a financial advisor
- People who want unbiased and ethical advice from a fiduciary
- People trying financial advisors for the first time without paying hefty fees
- Easy to use and access from any device
- No subscription or membership fees required
- No minimum account balance or income level needed
- Wide range of topics covered, from investing to retirement planning
- Financial advisors who meet strict criteria and standards
- Lack of visibility into the cost of ongoing financial advisor services
- Financial advisor pool may be limited
Money Pickle is a renowned financial advising platform that offers expert guidance and personalized solutions to individuals seeking to enhance their financial well-being. Whether you’re just starting to build your wealth, planning for retirement or facing complex financial decisions, Money Pickle has you covered with their team of experienced financial advisors. They offer a comprehensive suite of financial product and services, including retirement planning, tax strategies, estate planning, insurance solutions, investment advisory services and much more. Their advisors are well-versed in the latest financial trends and strategies, ensuring you receive the best advice possible.
Money Pickle does not charge a fee to match users with a third-party financial advisor or to book a video conference call with them. However, if you decide to work with the advisor beyond the initial call, you will have to pay for their services according to their rates and terms. This is a great way to get your feet in the water before signing any long term commitments.
Pros
- Offers a user-friendly interface and easy navigation
- No membership or subscription fees
- Access to various features such as expense categorization, savings goal tracking and bill reminders
Cons
- Lack of transparency regarding the cost of ongoing financial services
4. Best for Retirement Advice: Datalign
get started
securely through Datalign’s
website
Datalign Advisory is an online platform that matches people with financial advisers in a way that meets their individual needs. Too many people look online for financial advisers and spend time speaking with advisers who don’t match their needs.
For instance, someone who has a small amount of money to invest may not work well with an adviser who primarily advises high-net worth clients. Likewise, someone who needs advice on retirement goals will not see much value in a financial adviser who specializes in high-risk investments.
Datalign Advisory solves this issue by thoroughly vetting both the advisers and clients looking for financial advisers, then matching them based on detailed information.
If you’re looking for a financial adviser, it only makes sense to use a platform like Datalign Advisory to find them. The no cost platform will match you with an adviser who can successfully address your needs. But with every platform, there are pros and cons to using it. Here are the pros and cons of the Datalign Advisory platform.
Best For
- People who need investment advice or need help with investments
- People who need advice about retirement
- People who need help arranging their finances
- People who want to work with a financial adviser
- Saves time and money by matching you with a suitable financial adviser
- Preserves your privacy
- The questions the platform asks don’t allow you to go into detail or skip the question if it doesn’t apply to you.
Datalign Advisory is an online financial advisory company that aims to connect clients with suitable financial advisors based on their specific needs and preferences. The company uses a platform that programmatically connects users in the market with financial advisors from their network of vetted fiduciaries.
Datalign Advisory values partner focus, transparency, user-centricity and action-oriented approaches. It believes in starting with partner needs and providing control over site experiences, data and monetization. Transparency is emphasized, and the platform is designed to be free from hidden fees and fine print. By leveraging data-driven intuitive guidance, it empowers consumers to make informed decisions.
Pros
- Access to thousands of pre-screened and licensed financial advisors with expertise in various areas such as retirement planning, estate planning, tax planning and more.
- Uses a detailed questionnaire to match users with a financial advisor who best meets their specific needs and criteria.
- Provides users a free, no-obligation phone call with their matched financial advisor online to discuss their needs and determine if it’s a good fit.
- Has a positive reputation and quality service.
Cons
- There is no option to research potential advisors in the network ahead of time, which may restrict the ability to evaluate advisors’ backgrounds and expertise.
- Lack of online resources such as online calculators or educational resources
5. Best for High-Net-Worth Investors: Empower
get started
securely through Empower (formerly Personal Capital)’s
website
Empower is a digital financial advisory service that offers tools and services beyond the norm. The crux of Empower’s power lies in the intersection of smart financial strategy and state-of-the-art financial technology.
Its high-powered investment management technology makes it an ideal virtual financial advisor and portfolio manager for high-net-worth individuals. But its financial tools and services can benefit anyone.
Best For
- High-net-worth individuals looking for a comprehensive digital financial manager
- Retirement planning
- Self-starters who can use the Personal Capital Financial Tools to track finances and set long-term financial goals
- Handle your portfolio, financial planning and spending accounts with cutting edge digital financial management technology
- Panoramic view of your finances on display 24/7 using precise analytics and a dashboard that displays all your accounts together
- Executive-level financial planning and investment management
- Relatively high minimum balance for investment management services
- Fully-comprehensive financial management, including a dedicated relationship with a financial planner
- Portfolio customization and estate, legacy and tax services only available at higher tiers that require $200,000 to $1 million minimum in investments
If you’re someone looking to invest larger amounts of capital (think $100,000+), Empower is a great choice. Personal Capital (now Empower) delivers executive-level holistic wealth management.
You’ll integrate all your financial accounts, from your savings account to your mortgage and retirement investment accounts, to get a wide view of both your net worth and your always-shifting financials. This panoramic view of your finances empowers you to successfully budget, plan and invest to meet your money goals.
Empower makes it possible to build a relationship with your online financial advisors. Together, you’ll develop a comprehensive plan to support your financial security now and in the future. Empower builds your investment strategy from this plan, focusing on tax optimization.
Although you do need at least $100,000 in investable assets to unlock your free consultation, Empower provides free, personalized financial insights, education and management resources to all of its members through its suite of financial tools.
Pros
- You can integrate your finances all in one place, especially as the bank continues to grow
- Empower will likely continue to increase its offerings over time
- Tax optimization is a key component of its support structure
Cons
- While Empower works hard to empower customers, you will need to spend quite a lot of money to get that free financial advice and consultation
6. Best for Affordable Financial Advice: Facet Wealth
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Facet Wealth’s approach is their focus on providing high-quality, unbiased financial advice. Unlike traditional financial advisors who may have conflicts of interest due to commissions or incentives, Facet Wealth advisors are fiduciaries who are legally required to act in their clients’ best interests. This means that you can trust that the advice you receive is truly in your best interest, not someone else’s.
Facet Wealth utilizes technology to simplify financial planning for clients, providing easy access to personalized plans and progress tracking through an online portal.
Pros
- Tailored financial planning and investment management services
- Offers transparent pricing with flat fees, rather than commission-based fees
Cons
- May not be suitable for individuals with very complex financial situations
7. Best for Financial Planning: Domain Money
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securely through Domain Money’s
website
Domain Money is an all-in-one wealth management program that is notable for managing customers’ entire financial life with a dedicated financial adviser. Unlike traditional advisors, Domain Money advisors provide members with a simple, judgment-free, financial plan covering investing, saving, and insurance. They don’t want you to transfer your assets, they don’t want to sell you funds and they don’t want to charge recurring fees, Domain Money simply wants to provide great advice at an affordable cost.
Domain Money reviews your existing investments, no matter where you hold them. They put the pieces of your financial puzzle together and provide you with a clear, actionable plan to take the stress out of money. All while charging customers a one time fee of $2500 which in comparison to the industry standard of charging a fee equal 1% of your assets per year is great value.
The service is a bit like having your own personal CFO, or what they call a “wealth management concierge”. Their human advisers take the time to get to know their clients and build financial plans around their goals.
The offering is an affordable, tech forward and convenient way to get your financial life in order, all from the palm of your hand.
At $2500, Domain may not be the cheapest option when it comes to planning for your financial future. However, for those who are ready for a more hands-on approach than those offered by DIY tools or robos, customers will find that the cost of this five-star platform is far less expensive than traditional financial advisors.
Best For
- Millennials looking for holistic financial planning at an affordable price point
- Customers seeking a digitally native human financial advisor service
- Those looking for on-demand advice on a particular topic or a general financial tune-up
- Customers connect with a personal financial advisor to help with investment and money management
- Domain Money advisors are CFP certified professionals & experts in their field having worked at household names like Goldman Sachs & Morgan Stanley.
- Easy-to-use concise financial page plans make it easy to work towards multiple goals.
- No minimum investment amount is required.
- Moving assets to Domain Money is not required
- Bank-grade security & an excellent in-app experience
- $2500 one-time fee can be uncomfortable for some users, but is still less than paying 1% over the lifetime of the portfolio
Domain Money is a team of deeply experienced industry experts, including the team that developed Marcus by Goldman Sachs, SoFi, and Clarity Money.
Devoted to putting its customers first and taking an empathetic approach to financial planning, Domain Money is a truly one-of-a-kind service.
With no minimum investment, you can unlock financial peace of mind without paying 1% per year. Domain Money charges a one-time fee, and 100% satisfaction is guaranteed. Plans start as low as $2,500
Pros
- On-demand access to a financial advisor without limits
- Expert-built investment portfolios
- No management fees
- Can also manage external investments
- Satisfaction guaranteed
Cons
- No joint account options
8. Best for Customer Care: Charles Schwab
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securely through Charles Schwab’s
website
Charles Schwab is a solid choice for traders of all skill levels. It offers full access to the U.S. equity and options markets as well as 30 international markets. Traders can create a diverse portfolio with $0 commissions and no account minimums. Schwab’s margin trading is expensive but Schwab makes up for it with affordable futures and options trades, along with a comprehensive mobile offering.
Best For
- 3 trading platforms perfectly in sync makes matching your platform to your skill level a snap
- Excellent futures trading education for new traders
- $0 account minimum means anyone can start trading
- Wide range of available assets to trade, including futures and 30 global markets
- SmartStreet Edge platform is powerful enough for advanced traders, yet easy enough for new traders to utilize
- Unique educational resources (like infographics and podcasts) make learning fun
- Margin rates are more expensive than competitors
- More limitations on available margin than competitors
- Expensive mutual funds
As one of the biggest names in the financial industry, Charles Schwab’s financial advisors have built an excellent reputation over decades. If you’re a Charles Schwab client, you could make an appointment at any of the U.S. branches. You also have the option to attend one of the many free workshops and seminars offered throughout the year. Schwab financial consultants are generally only available for free to clients with at least $500,000 in assets. However, Charles Schwab’s Intelligent Portfolios service only requires a minimum balance of $5,000.
Pros
- Leader in retirement planning and personal financing sector
- $0 minimum to open a brokerage account
- Many local branches around the U.S.
Cons
- Higher minimum balances needed for free financial consultants or Intelligent Portfolios.
Why We Like It
If you meet minimums, Charles Schwab has a strong reputation for guiding families to optimize long-term wealth management and can be an excellent choice to start building assets.
9. Best for ESG Robo-Investing: Wealthsimple
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securely through Wealthsimple’s
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Wealthsimple is a hybrid robo-advisor with a set-it-and-forget-it approach to investing. Automate your investments, authorize Wealthsimple to round up your credit card purchases to the nearest dollar and watch your long-term savings build up with 1 of Wealthsimple’s comprehensive prebuilt portfolios. Socially responsible and halal investment portfolios are available as well if you prefer to invest a specific way.
Wealthsimple’s investing choices are limited and the platform is geared toward completely new investors who could be overwhelmed by too many technical options. Its education and customer service options need a bit of work, but we recommend Wealthsimple if you’re looking for a simple way to start investing from your desktop or mobile device.
Best For
- New investors
- Those concerned with the social implications of portfolio choices
- Anyone who wants to automate investing
- Simple questionnaire to find your perfect asset mix
- Socially responsible and halal portfolios
- Higher-level accounts come with perks like airport lounge access and human financial advisor reviews
- Lack of choice could frustrate more experienced investors
- Limited analysis tools and no charting functions available
- Human advising isn’t free with all account types
Wealthsimple is an interesting great robo-advising choice that lets you select socially responsible investments. The automated investing service offers clear prices, no hidden fees and access to financial advisors. Choose from three weighted socially responsible portfolios or a customized portfolio based on your beliefs, such as a halal portfolio.
Pros
- Halal investment accounts for Muslims
- Low-fee ESG investing
- Weighted portfolio settings to diversify investments
- Access to financial planners
- Low cost
- Get a $25 bonus when you open an account and deposit at least $500.
Cons
- You’ll still need to check that your accounts are set up according to your socially responsible criteria.
Why We Like It
One of the only robo advisors that offers pre-set portfolios according to your socially responsible beliefs. With low costs and customized possibilities, it can be a wealth-building solution that lets you do good at the same time.
10. Best for New Women Investors: Ellevest
Get started
securely through Ellevest’s
website
**Domestic ATM transaction fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply.
***If you opt in to the Roundup Program for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole U.S. dollar. The Roundup amount will be transferred from your Spend account to your Save account. Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00 are excluded from the Roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Roundup transfer, the Roundup Transfer will not be made.
If a purchase is canceled or reversed for any reason (including disputes), the corresponding Roundup Transfer will not be reversed. You can opt out of the Roundup Program at any time.
Billing itself as the 1st investing platform & money membership for women, by women, Ellevest takes a uniquely female approach to investing. The robo-advising platform takes into account wage gaps, saving discrepancies and women’s longer lifespans when calculating an ideal portfolio mix. After completing a quick questionnaire, Ellevest will create a portfolio ratio customized to your needs. The company’s primary investments are in low-cost stock and bond ETFs.
In addition to investing services, an Ellevest membership also offers comprehensive no-fee banking services*, discounted career and financial coaching, learning resources. and retirement planning services. Though some options, like retirement, are exclusive to higher-tier users, Ellevest’s 1-stop-shop for investing can be a welcome change of pace for new investors.
Best For
- New women investors
- Investors looking for career planning and banking services
- Goal-based investing
- Unique investing methods aims to bridge gap between the sexes
- Easy-to-operate platform and mobile app
- Low-cost pricing
- Retirement and multi-goal investing only available at higher-priced tiers
- No app available for Android users
Ellevest is a financial advisory platform specifically targeted towards women, with the mission of closing the gender investing gap. Ellevest offers a goal-based investment approach where users can set financial goals and receive a personalized investment plan. The platform takes into account factors like salary, age, and risk tolerance to create a customized portfolio. Ellevest also offers banking products and aims to provide a holistic approach to women’s financial wellness.
Pros
- Specializes in financial planning for women
- Offers a variety of educational resources
- User-friendly platform and mobile app
Cons
- Limited financial services offered compared to more traditional financial advisors
- Limited customer service options for clients
Why We Like It
Ellevest is empowering women to make informed decisions about their money and build a secure financial future. Ellevest offers one-on-one coaching sessions with certified financial pl
How to Choose an Online Financial Advisor
Choosing the best online financial advisor is crucial for your financial success. It’s not enough to simply pick one at random or solely based on their advertising. By understanding the key factors to consider, you can ensure that you are entrusting your financial future to a reputable and capable financial advisor.
Types of Accounts Managed
The types of accounts managed vary between platforms, but online financial advisors generally offer advice and investment management for some or all of the following accounts:
- Individual accounts
- Joint accounts
- IRAs
- 401(k)
- Trusts and estates
This is by no means an exhaustive list. Be sure to find out more from your prospective financial advisors about which accounts they manage. Types of advisors that might be presented to you:
- Investment advisors: Those who provide investment advice or manage client assets directly.
- Broker-dealers and brokers: An individual or company that buys and sells securities such as stocks, bonds and mutual funds on behalf of a client or themselves.
- Certified financial planner®: These are certified professionals who meet the requirements of the CFP Board and have a fiduciary responsibility.
- Financial consultant: While this is a general term, look for a chartered financial consultant or ChFC.
- Financial coach: This is not a regulated term. Financial coaches may focus on the basic financial planning points, such as how to save money or reduce spending,
- Portfolio, investment and asset managers: These professionals manage clients’ assets or investment portfolios.
- Wealth advisors: Work with wealthy clients to offer holistic financial planning and investment guidance.
- Robo-advisor: These inexpensive automated investment management services usually come as a low-cost subscription or a small percentage of assets under management.
Account Minimums
Some financial advisors online require no account minimums, while others only work with clients who can invest $100,000, $500,000 or more. You should be able to find an advisor within your investable assets range who is fully capable of navigating your specific financial situation.
Online financial advisors are known for offering reasonably priced or free services and low account minimums compared to more traditional firms. If you’re retired, looking to retire or planning for retirement, you may be more confused than ever. That’s why it helps to learn all these things upfront before committing any of your funds.
Investment Options
Your advisor will choose the best investment products for your portfolio from a wide range of options based on your goals, risk tolerance and other unique characteristics. That being said, the most prevalently used asset classes are stocks, bonds, mutual funds and ETFs.
An investment manager may also recommend annuities, money market funds, real estate, Bitcoin or other virtual currencies, precious metals and other asset categories. Remember, you’re looking for investments that will grow over time
Find the Best Online Financial Advisor Today
Streamline your investment management by enlisting the professional help of an online financial advisor. With so many world-class options, it’s nearly guaranteed that there’s a digital advisor out there who can help you design the perfect financial plan.
Take your time to research and compare options to find the best online financial advisor for you. Get in touch with any of the financial advisors on this list to get started today. Learn more about how much financial advice costs, questions to ask a financial advisor and what to know about investment advisors to choose the best option for your situation.
Frequently Asked Questions
Who is the most trustworthy financial advisor?
There are many trustworthy financial advisors out there. You can check the list above for trusted financial advisors or also consider major banks’ financial advisor services like Vanguard Digital Advisor, Charles Schwab Corporation, Fidelity Investments, and J.P. Morgan Private Client Advisor.
Answer Link
Is it worth paying for a financial advisor?
If you want to balance costs with investment growth, choosing an online financial advisor can make sense. For high-net-worth individuals, a financial advisor can help optimize portfolio growth.
Answer Link
At what net worth should I get a financial advisor?
Anyone can get a financial advisor. Some suggest that once you have $50,000 or more in savings for investment, you should work with a financial advisor, but that depends on your personal circumstances and investment goals.
Answer Link
How much money should you have to see a financial advisor?
The amount of money required to see a financial advisor can vary depending on the advisor and their fee structure. Some advisors may have minimum asset requirements, while others may charge a flat fee or hourly rate for their services. It is best to research and contact different financial advisors to inquire about their fees and find one that fits your budget and financial needs.
Answer Link
The post Best Online Financial Advisors in June 2024 by Alison Plaut appeared first on Benzinga. Visit Benzinga to get more great content like this.