Special thanks to this week’s sponsor Set for Life Insurance! Check them out for all your term and disability insurance needs. 



What is a Financial Advisor?

  • Who can call themselves a FA? 
  • Read more on Bonnie’s Blog 
    1. Certified Financial Planner™ or CFP®
    2. Chartered Financial Consultant or ChFC
    3. Certified Public Accountant/Personal Finance Specialist or CPA/PFS

What is fee-only vs Fee-based?

  • We recommend FLAT FEE only –  a step beyond fee only which can also include AUM fees
  • Read more on Bonnie’s Blog

What is the fiduciary standard?

  • What does this mean? Like hippocratic oath for FAs
  • What is NAPFA?
    • National Association of Personal Financial Advisors. NAPFA is the most recognized national organization of true fee-only FAs. To qualify for NAPFA membership, the applicant must submit a financial plan for review, take an oath to be a fiduciary in all client relationships, and comply with annual continuing education requirements.

What’s the difference between Financial advisor and financial planner?

  • Seems like most FAs really don’t do much but manage portfolios. And this leads many ppl to believe the retirement portfolio IS the plan…it’s a tool not the plan
  • A typical financial advisor is like a doctor who always writes the same prescription to every patient. No history, no vitals, no work up and no follow up.
    A financial planner, on the other hand, never prescribes without a complete history (your money history and habits – your psychology) and work-up. Expect to spend the first several meetings with your FP to delve into you and your goals and then together, develop the right plan for you.
  • What real FPs (see Bonnie’s Blog for list)

How to find and vet a financial advisor:

Other ways people plan:

    • Robo-Advisors
      • Lower fees because there aren’t human advisors helping you
      • A robo-advisor is an online, automated portfolio management service. Because these companies use computer algorithms to manage client investments, robo-advisors can offer their services for a fraction of the cost of a human financial advisor.
      • Lower fees because there aren’t human advisors helping you
      • Taxable accounts
    • Hybrid Services
      • Personal Capital is an example
      • Services provide access to a human, but not personalized service
      • Taxable account
    • Sofi Wealth Management
      • Humans manage portfolios
      • Excellent fees rates (Free for SOFI borrowers)
      • Taxable account

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3 Thoughts on “Friends Talk Finance: How to Choose a Financial Advisor”

  • Awesome works. Thanks for putting this together. By far the best thing I have View in a long time.
    I especially enjoyed your point “What’s the difference between Financial advisor and financial planner?”

    Keep up the awesome work!

  • I appreciate how you say that you would want to consider if a financial advisor is properly certified. It would make sense to choose a certified advisor because that would show their experience. I’ve been looking into investing my money for a while, so I’ll have to find an advisor to help me out.

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