Overview: Financial Advisors
A financial adviser is who you call when the money questions stop being about this month. Whether you can retire when you planned. What to do with a lump sum, a pension buyout, an inheritance or the proceeds of a business sale. How to hold accounts so the tax position in retirement is not a surprise. Part of that is planning. Part of it is managing a portfolio. The two are usually sold together and they are not the same service.
How an adviser is paid shapes the advice, so ask plainly. Fee-only advisers charge a flat, hourly or asset-based fee and sell nothing else. Others earn commission on the products they place, and some do both. Ask in writing whether they act as a fiduciary at all times or only when giving certain advice, and what conflicts they are required to disclose.
Check registration before the first meeting. Advisers and firms register with securities regulators, and the public disclosure record sets out their history, their services and their fee schedule. Bring account statements, your employer plan details, your debts, and a plain description of what you want the money to do.
Each listing reflects what a firm publishes about its services and the clients it serves. The state and city lists lead to advisers near you, and each city page shows which are based in that city.
What does financial advice cost?
Choose between a defined planning project, ongoing advice and investment management. These are alternative service models. Compare the same assets and services, including minimum annual fees, before comparing percentages.
| Service or situation | Estimated cost or fee basis | Scope and conditions |
|---|---|---|
| Advice on a specific financial question | $300–$400/hour; minimum bookings may apply | Targeted advice or a planning update. Ask for the minimum dollar commitment and expected hours before booking. |
| One-time comprehensive financial plan | $3,000–$7,000/plan; complex work can cost more | Written recommendations across your finances. Confirm analysis, meetings, implementation help and whether later updates are included. |
| Ongoing advice without managed investments | $150–$250/month | Periodic planning reviews while you retain control of investments. Compare meeting frequency, access and any separately required initial plan. |
| Planning and management of a $1 million portfolio | $6,500–$10,000/year in this example | Personal planning plus managed investments at the stated balance. Smaller portfolios can face annual minimums; other balances need a fresh calculation. |
What changes the cost
- Planning complexity and ongoing service scope
- Managed assets, tiered percentages and annual minimums
Other costs to budget for
- Fund expenses, trading/custody costs or product charges
- Tax preparation and legal document drafting if separate
Ask before hiring
What is my full first-year and recurring cost in dollars, including minimums, initial planning, investment expenses and any commissions?
An annual minimum can make the effective percentage higher on a smaller account. Ask which services are included before comparing fees.
Frequently asked questions
What does a financial adviser actually do?
Builds a plan around what you want to happen and then keeps it current: retirement income, account types and the order you draw from them, insurance gaps, education funding, and how the portfolio is invested. Some firms only plan, some only manage money, and many do both. Establish which you are buying before the fee conversation.
How are financial advisers paid?
Three broad ways: a percentage of the assets they manage, a flat or hourly planning fee, or commission on products placed. Some combine them. None is automatically wrong, but each creates a different pull on the advice. Ask for the fee schedule in writing and ask what you would pay in a year with no changes.
What does fiduciary or independent actually mean?
A fiduciary must put your interests ahead of their own and disclose conflicts rather than manage around them quietly. Registered investment advisers carry that duty; brokers work to a different conduct standard that is not identical. Ask whether the duty applies to every recommendation or only to part of the relationship, and get the answer in writing.
How do I check an adviser's registration?
Search the public regulator databases by name and by firm. They show registration status, the services offered, the fee schedule, and any disciplinary history. Read the firm's disclosure brochure, which spells out conflicts in plain language. Do it before the meeting rather than after, because the reading takes minutes.
What should I bring to a first financial meeting?
Recent statements for every account, details of your employer retirement plan, pension or annuity paperwork, insurance policies, mortgage and other debts, your last tax return, and a short written list of what you want the money to do. The list matters more than the statements. An adviser cannot plan around goals you have not named.
