Assessment
Do You Need an Advisor or a Coach?
See which type of support may be the best fit for your needs.
Learn about different types of financial professionals, what they do, and how to choose the right fit for you.
You Don’t Have to Figure Out Investing Alone
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Source: The National Study of Millionaires
Find a Pro Who Knows Ramsey Values
Pro Support
Get an Advisor Who Values Serving Over Selling
There’s no need to leave important financial decisions to guesswork. SmartVestor Pros are investment professionals who can help with retirement planning, wealth management and more. Ready to work with a pro who leads with the heart of a teacher?
Ramsey Solutions is a paid, non-client promoter of participating pros.
What Is a Financial Advisor?
Financial advisor is actually an umbrella title for several different types of pros who can help you create a plan for your money—usually through investing and financial planning. Which mixture of services an advisor offers depends on their unique specialties.
Tools to Help You Get a Pro in Your Corner
Find the right type of support for your financial goals.
Working With a Financial Advisor
Are You Ready to Work With an Advisor?
We always recommend working with a financial advisor whenever you're facing a large financial decision or investing. Just make sure you’re out of debt (except for your mortgage) and have a fully funded emergency fund before you start your investing journey!
On the other hand, if you're looking for support with budgeting, getting out of debt, or building strong financial habits, a financial coach is a great place to start.
How to Hire a Financial Advisor
Finding the best financial advisor for your needs may seem intimidating—but it doesn’t have to be!
Get a step-by-step guide that will walk you through what you need to know to find the right professional for your goals.
How Much Does a Financial Advisor Cost?
The price of working with a pro can vary, depending on the services they offer and the type of pricing structure they use. Some of the most common fee structures advisors use include:
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AUM-Based
Assets Under Management or AUM-based advisors charge a percentage (usually around 1%) of the assets they manage for you.
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Flat Fee
Flat-free advisors charge a fixed rate for their services, which can range from several hundred to several thousand dollars.
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Commission
Commission-based advisors only charge you a percentage (usually between 3–6%) of each investment they make on your behalf.
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Hourly Fee
Some advisors charge hourly rates that can average anywhere from $200–400, depending on their location and specialties.
Learn More About Financial Advisors
Watch our experts weigh in on questions about working with a financial pro.
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Should I Fire My Financial Advisor?
Find out why it’s important to get an advisor who teaches you to make your own best choices.
How to Pick The Right Advisor
Get actionable tips on how to find an advisor who aligns with your goals and values.
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SmartVestor™ is an advertising and referral service for investment professionals operated by The Lampo Group, LLC d/b/a Ramsey Solutions (“Ramsey Solutions”). When you provide your contact information through the SmartVestor site, Ramsey Solutions will introduce you to up to five (5) investment professionals (“Pros”) that cover your geographic area. Each Pro has entered into an agreement with Ramsey Solutions under which the Pro pays Ramsey Solutions a combination of fees, including a flat monthly membership fee and a flat monthly territory fee to advertise the Pro’s services through SmartVestor and to receive client referrals from interested consumers who are located in the Pro’s geographic area. Each Pro may also, if applicable, pay Ramsey Solutions a one-time training fee.
The fees paid by the Pros to Ramsey Solutions are paid irrespective of whether you become a client of a Pro and are not passed along to you. However, you should understand that all of the Pros that are available through SmartVestor pay Ramsey Solutions fees to participate in the program. Further, the amount of compensation each Pro pays to Ramsey Solutions will vary based on certain factors, including whether the Pros choose to advertise in local or national markets. Ramsey Solutions has a financial incentive to present certain Pros that offer their services on a national basis (“National Pros”) more often than other National Pros that pay lower fees.
It is up to you to interview each Pro and decide whether you want to hire them. If you decide to hire a Pro, you will enter into an agreement directly with that Pro to provide you with investment services. Ramsey Solutions is not affiliated with the Pros and neither Ramsey Solutions nor any of its representatives are authorized to provide investment advice on behalf of a Pro or to act for or bind a Pro. Ramsey Solutions introduces you to Pros that cover your geographic area based on your zip code. Neither Ramsey Solutions nor its affiliates provide investment advice or recommendations as to the selection or retention of any Pro, nor does Ramsey Solutions evaluate whether any particular Pro is appropriate for you based on your investment objectives, financial situation, investment needs or other individual circumstances.
No investment advisory agreement with a Pro will become effective until accepted by that Pro. Ramsey Solutions does not warrant any services of any SmartVestor Pro and makes no claim or promise of any result or success by retaining a Pro. Your use of SmartVestor, including the decision to retain the services of a Pro, is at your sole discretion and risk. Any services rendered by a Pro are solely that of the Pro. The contact links provided connect to third-party websites. Ramsey Solutions and its affiliates are not responsible for the accuracy or reliability of any information contained on third-party websites. Each Pro has signed a Code of Conduct under which they have agreed to certain general investment principles, such as eliminating debt and investing for the longer-term, and, if applicable, have completed Ramsey Pro Training. However, Ramsey Solutions does not monitor or control the investment services the Pros provide.
Different Types of Financial Advisors
The term financial advisor covers a wide range of specialties. The good news? The credentials after an advisor’s name offer clear clues about the services they provide.
Here’s a quick guide to some of the most common credentials and what they mean.
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Chartered Financial Analyst (CFA)
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CFAs have extensive training in investment analysis. They usually work with large institutions, but some do take on individual (usually high-net-worth) clients.
What they can help with:
- Investment research: Deep research into market and economic trends
- Portfolio management: Investing strategy, monitoring and risk management
- Institutional investment services: Investing services for organizations like banks, pension plans or hedge funds
- Data-driven analysis: Making financial decisions based on complex financial models.
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Certified Financial Planner (CFP)
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CFPs have to pass a thorough exam, complete thousands of hours of work experience, and operate under a code of ethics.
What they can help with:
- Wealth management: Financial planning and full-picture financial guidance
- Retirement planning: Retirement saving, income and withdrawal strategies
- Investment management: Building and maintaining your portfolio
- Investment strategy: Rebalancing, diversification and risk management
- Tax services: Tax prep, filing and strategies
- Estate planning: Trusts, wills and wealth transfers
- Insurance planning: Creating coverage plans based on your needs
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Certified Public Accountant (CPA)
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CPAs have to pass a tough exam to earn their title and tend to be experts in things like taxes and business finance.
They can help with:
- Tax services: Tax prep, filing and strategies
- Accounting: Bookkeeping, audits and financial reviews
- Business guidance: Acquisitions and mergers, company structuring, and cash flow
- Consulting: Financial analysis, forecasting and regulatory compliance
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Investment Advisor Representative (IAR)
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IARs work under RIAs and will often be the ones you work with directly.
They can help with:
- Investment advice: Personalized strategy and investment recommendations
- Portfolio building: Implementing your investment plan
- Portfolio monitoring: Rebalancing and adjusting your portfolio
- Financial consulting: Advice about financial issues—possibly including additional services, depending on the firm
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Personal Finance Specialist (PFS)
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A PFS is a CPA who has taken it to the next level. They’ve fine-tuned their skills with even more education—and proven it by passing more exams.
They can help with:
- Financial planning: Retirement planning, taxes and estate planning
- Investment planning: Investment strategy and diversification
- Retirement planning: Retirement saving, income and withdrawal strategies
- Estate planning: Trusts, wills and wealth transfers
- Insurance and risk: Creating coverage that helps you plan for the unexpected
- Education savings: College saving strategies like 529 plans or ESAs
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Registered Investment Advisor (RIA)
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RIAs are financial advisors or firms that are registered with the Securities and Exchange Commission (SEC) and held to a fiduciary standard. That means they’re legally bound to act in your best interest.
They can help with:
- Investment management: Building and maintaining your portfolio
- Investment strategy: Rebalancing, diversification and risk management
- Financial planning: Retirement planning, taxes and estate planning
*RIAs usually operate on a fee-only or fee-based pricing structure. This helps avoid commission-driven sales that could conflict with their fiduciary standard.
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Registered Representative (RR)
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Registered representatives work for (or are affiliated with) a broker-dealer firm. They often work on commission and are licensed to buy and sell investment products on your behalf.
What they can help with:
- Investment strategy: Rebalancing, diversification and risk management
- Executing trades: Buying and selling investments on your behalf
- Portfolio management: Investing strategy, monitoring and risk management