Finding a Financial Advisor in Florida: Everything You Need to Know

Learn about different types of financial advisors in Florida, their services, what they cost, and how to find the right one for you.

  • Stop Stressing. You don't have to figure out investing and retirement alone.
  • CutCut Confusion. Investing and retirement planning can be tricky. Finding a pro who can help doesn’t have to be.
  • Take Control. Not all investment strategies are created equal. Learn what you need to know to create a customized plan for your goals.
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Florida is home to plenty of advisors, who can help with anything from investment and retirement planning to wealth management. These free tools are designed to help you find the right type of pro at the right time.

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Different Types of Financial Advisors
Terms

Financial Advisor Credentials 101

From CFPs to IARs, find out what all those advisor terms mean.

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Living in Florida: Median Household Income: $74,5681, Annual Cost of Living: $60,204, Median Home Price: $439,000
Retiring in Florida: Median Household Income 65+: $57,397.00 , Average Monthly Social Security Payment: $704.94, State Income Taxes: 0%

 

Sources: 1Census.gov 2Consumer Affairs 3Realtor.com 4FLHealthCharts 5SSA.gov

How Much Does a Financial Advisor Cost in Florida?

Florida financial advisors charge a variety of prices depending on the services they offer and the pricing structure they use. Some of the most common fee structures include:

  • AUM-Based

    Assets Under Management or AUM-based advisors charge a percentage (usually around 1%) of the assets they manage for you.

  • Flat Fee

    Flat-fee advisors charge a fixed rate for their services, which can range from several hundred to several thousand dollars.

  • Commission

    Commission-based advisors charge you a percentage (usually 3–6%) of each investment they make on your behalf.

  • Hourly Fee

    Some advisors charge hourly rates that can average anywhere from $200–400, depending on their location and specialties.

Learn More About Living and Retiring in Florida

Cost of Living in Florida

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The Best Places to Retire in Florida

Whether you’d like an ocean view or just an affordable place to retire in Florida, we’ll point you in the right direction.

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Florida Tax Guide

A Guide to Florida Taxes

One of the advantages of retiring in Florida is that there’s no income tax! Learn more about taxes in the Sunshine State.

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FAQs

Financial advisors in Florida charge a variety of rates and even use different types of pricing structures. Here’s a breakdown of some of the most common ways financial advisors charge for their services—and a rough estimate of how much you could expect to pay under each:

Assets-under-management (AUM) pricing: Advisors who use an AUM pricing model charge you a percentage (usually around 1%) of the value of the assets they manage for you. For example, an advisor who charged an annual 1% AUM fee would get paid $1,000 a year for every $100,000 worth of assets they managed for you

  • Typical rate: Between 0.5% and 1.5% of assets under management.

Flat-Fee Pricing: This type of advisor pricing model is more like a subscription. As a client, you agreed to pay a fixed price that doesn’t change with the size of your portfolio. Depending on the services you need, these prices usually cost anywhere from several hundred to several thousand dollars a year.

  • Typical rate: $1,000 to $10,000 dollars annually

Commission-based pricing: Commission-based advisors don’t typically charge for their advice but earn money from fees that are built into products they sell you. For example, if you gave an advisor $10,000 to invest in a mutual fund and their commission fee is 5%, they’d take a $500 fee and invest the remaining $9,500 into the fund for you.

  • Typical rate: 3-6% of each investment made on your behalf.

Hourly pricing: Financial advisors who charge by the hour tend to only provide advice instead of ongoing financial management. Their fees are usually determined based on the services you need and their specialties.

  • Typical rate: Between $150 to $400/hour What is the average fee for a wealth manager?

Most wealth managers use an Assets Under Management (AUM) pricing model. That means that they charge you a percentage (usually around 1%) of the assets they manage for you.

Is there a difference between a financial planner and a retirement planner?

While there is a difference between a financial planner and a retirement planner, it is possible for a financial professional to be both.

Many financial planners do offer retirement planning services, but can also help with things like taxes, wealth management, insurance, budgeting and investment management. They usually hold certifications like Certified Financial Planner (CFP®).

Retirement planners hold certifications like Retirement Income Specialist (RICP®). They specialize in helping clients create a retirement financial plan that includes everything from withdrawals to Social Security and Medicare.

While everyone’s situation is different, there can be plenty of advantages to working with a financial advisor during retirement. When you’re nearing or in retirement, a financial advisor can help with things like:

  • Retirement income planning
  • Tax-efficiency
  • 401(k) rollovers
  • Withdrawal strategy
  • Inflation adjustment planning
  • Investment management and rebalancing
  • Social Security and pension decisions
  • Heathcare and long-term care planning
  • Estate and legacy planning

Red flags for financial advisors include things like guaranteeing returns, pressuring you to invest in things you don’t understand, and lack of clarity about their qualifications or how they get paid.

A good financial advisor:

  • Guides you with the heart of a teacher
  • Takes the time to explain your options in a way you understand
  • Is happy to answer your questions
  • Values serving over selling
  • Puts your best interests first
  • Understands and respects your financial values
  • Clearly explains how they get paid

Keep in mind that a financial advisor works for you, not the other way around. A good financial advisor should leave you feeling empowered, not intimidated.

The average cost of living for Florida retirees can vary based on lifestyle choices, whether you own your home, and even the area you choose to live. But all things considered, the median cost of living in Florida is around $60,000.

In addition to the year-round sun, retiring in Florida comes with several nice financial perks. The sunshine state is considered one of the tax-friendliest places for seniors in U.S.

Florida is one of the few U.S. states with no state income tax—which means retirees get to keep more of their income from retirement accounts, Social Security and pensions.

Florida doesn’t do estate or inheritance taxes either. It also offers several sweet property tax exemptions for residents over 65.  

The content on this page provides general guidelines about investing topics. Your situation may be unique.
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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.

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.

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

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

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

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

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.

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