Find the Best Financial Advisors in Phoenix, AZ

Choosing a financial advisor in Phoenix

Hiring a financial advisor in Phoenix is a good idea for life changes like retirement, inheriting money or marriage. Money advisors use their expertise to help you with asset management, goal setting, savings strategizing and investing.

Some financial advisors in Phoenix take on clients with any amount of assets; however, most investment advisors are only willing to help clients with minimum accounts of $100,000 or more. If your assets don’t match up, look for money advisors that charge fees instead.

Types of financial advisors

There are several types of financial advisors in Phoenix to help with your financial planning, such as:

• Robo-advisors. These are digital platforms that provide automated, algorithm-driven financial planning with little to no human supervision.
• Human advisors. You can hire these professionals to help manage aspects of your finances, such as investing and estate planning.
• Fiduciary financial advisors. This type of money advisor honors the fiduciary standard, which is a legal and ethical obligation to act in their client’s best interest.
• Non-fiduciary advisor. Non-fiduciary advisors maintain a looser standard that only forces them to provide suitable instruction to their clients. As a result, non-fiduciary advisors may have conflicts of interest related to third-party deals or incentives.

What is the cost of a financial advisor in Phoenix?

The cost of a financial advisor in Phoenix depends on whether they charge fees or a commission. Depending on the type of service you are looking for, a fee-only advisor may charge a flat fee, hourly rate or retainer fee. Typically, fee-only money advisors average $150 to $300 per hour, while commission-based advisors receive a percentage of the investment transactions you make.

It’s critical to ask about pay structure and transaction fees prior to hiring someone to manage your money. Even for fiduciaries, payment structures cause certain biases and behaviors, so be aware of how this factor influences your financial advisor in Phoenix.

What qualifications should a financial advisor have?

There are several qualifications you should be aware of before hiring a money advisor, including their licenses, certifications and education. Some of the most popular certifications are for Certified Financial Planners, Accredited Investment Fiduciaries and Chartered Financial Analysts.

Before hiring a money advisor, ask questions such as:

• How many clients do you have?
• How do you get paid?
• Are you a fiduciary?
• How do you meet with clients?
• What’s your investment philosophy?
• What investment benchmarks do you use?

While there are plenty of legitimate financial advisors in Phoenix, there are also frauds posing as honest money advisors. When considering an asset management professional, verify their credentials by looking them up through the Securities and Exchange Commission or BrokerCheck to avoid a scam. The SEC also has resources to help you determine if a fake advisor is targeting you.