10 Best Online Financial Advisors of August 2024

Discover the top financial advisors of August 2024. Compare options like SmartAsset and Money Pickle to find expert advice.

Choosing the right financial advisor can make a significant difference in how effectively you manage and grow your finances. By opting for online financial advisors, you get to pick the best of the best from anywhere in the country. This way, you can rest assured that your finances are in good hands. Working with an online professional saves you time from in-person meetings, eliminating travel time and waiting in the lobby.

Benzinga has compiled a list of financial advisors to help you find your ideal advisor and build wealth.

Quick Look at the Best Financial Advisors:

• Best for Comparing Advisors: SmartAsset
• Best for Video Matching: Money Pickle
• Best for Retirement Advice: Datalign
• Best for Self-Directed/Automated Advice: Empower
• Best for Low-Cost Financial Advice: Facet Wealth
• Best for Financial Planning: Domain Money
• Best for Customer Care: Charles Schwab
• Best for ESG Robo-Investing: Wealthsimple
• Best for New Investors: Playbook
• Best for New Women Investors: Ellevest

Best Financial Advisors

Look at some top contenders for the best financial advisors this year.

1. Best for Comparing Advisors: SmartAsset

SmartAsset makes it easy to compare the best financial planners. Provide some basic information about how much you have to invest, what your goals are and how you want to communicate with your advisor to find ideal pairings. You’ll then see a list of advisors that match your criteria to interview and meet with to ensure your finances are off to a great start.

• Fees: Varies based on the advisor you select
• Account Minimum: Varies based on the advisor you select
• Investment Approach: Varies based on the advisor you select

Why We Picked It: By using Smartasset, you can easily find, compare, and select the right advisor to help you reach your financial goals. Take the stress out of managing your finances and let Smartasset guide you to the perfect financial advisor for you.

2. Best for Video Matching: Money Pickle

Find a financial advisor who can help you get on the right path toward retirement, investing, handling life events and more. Money Pickle lets you input important details about your finances or questions and get paired with a financial advisor. The initial video call is free because the advisor covers the expense. Then you can decide whether to keep working with the advisor after that.

All advisors on the platform must be in good standing and have five years of experience. Money Pickle screens each advisor to ensure they are a good fit for its clients.

• Fees: Free for initial consultation
• Account Minimum: None
• Investment Approach: Varies

Why We Picked It: Money Pickle offers a user-friendly platform that makes financial planning more convenient and accessible. With free video consultations, no pressure to commit, and convenient call scheduling, you can take the first step towards securing your financial future with confidence.

3. Best for Retirement Advice: Datalign

Enjoy a personalized approach to retirement planning. Get paired with prescreened licensed financial advisors in the USA. Instead of focusing only on your portfolio size and location, Datalign uses various factors to help you find the financial advisor that will best meet your needs.

Instead of creating a list, Datalign provides the top financial advisor based on your unique financial factors to reduce the burden of making your selection. Once you have been paired with a financial advisor, you will start with a free consultation to discuss your financial situation and goals. This initial consultation is a great opportunity to get to know your advisor, ask any questions you may have, and ensure that they are the right fit for you.

• Fees: Free initial consultation; then variable based on the advisor’s fee schedule
• Account Minimum: None
• Investment Approach: Variable based on the ideal advisor for you

Why We Picked It: With Datalign, you can rest assured that you will be connected with a financial advisor who has the expertise and experience to help you achieve your financial goals.

4. Best for Self-Directed/Automated Advice: Empower

Empower is the strongest in two areas: hands-off investors and those looking for tax optimization. While the fees are somewhat high and will reduce the total ROI from your investments, the money is worth it if you have the assets to place under Empower’s watchful eye.

If your assets are $100,000-$250,000, you’ll have a team of advisors. Once your assets exceed $250,000, you’ll have dedicated advisors. Regardless, you can reach your advisors via phone during normal business hours or digitally through your dashboard.

• Fees: 0.89%
• Account Minimum: $100,000
• Investment Approach: Dynamic portfolio allocation

Why We Picked It: With a range of features, including tax optimization strategies, individual security selection and comprehensive portfolio management, Empower offers a comprehensive solution for managing your investments effectively.

5. Best for Low-Cost Financial Advice: Facet Wealth

Using low-cost ETFs, Facet Wealth helps you grow your wealth through smart investments. While the flat-rate fee structure makes budgeting somewhat complex for investors, it also translates to a competitive 0.8% for those with $300,000 or more investments.

• Fees: Starts at $2,000 per year
• Account Minimum: $250
• Investment Approach: Diversified investments with smart risks

Why We Picked It: With their affordable pricing, access to certified financial planners and user-friendly platform, Facet Wealth is a great option for anyone looking to take control of their financial well-being without breaking the bank.

6. Best for Financial Planning: Domain Money

Domain Money is unique among financial advisor companies because it writes a plan based on your goals and then puts you in charge of implementing it. You can request a plan at any time that is convenient for you. Plans are customized based on the information you give Domain Money about your finances and goals.

• Fees: Starting at $2,500
• Account Minimum: None
• Investment Approach: Varies based on the information you provide

Why We Picked It: With Domain Money, you are in control of your money management without any ongoing fees. This means that you can access their platform and tools to track your financial progress, make adjustments to your plan and receive personalized recommendations without having to worry about additional costs.

7. Best for Customer Care: Charles Schwab

Charles Schwab frequently gets high ratings for customer care. And the best part is, you don’t have to pay for fees or services you don’t need. You’ll see a full breakdown of fees and commissions for working with a financial advisor based on the investment strategy that meets your goals. 

• Fees: 0.8%
• Account Minimum: $500,000
• Investment Approach: Varies based on your goals

Why We Picked It: With competitive management fees, customizable services and a strong focus on customer service, Charles Schwab sets the bar high for what a financial company should be. 

8. Best for ESG Robo-Investing: Wealthsimple

If you’re unsure where to start investing but want a simple platform that keeps you in control, Wealthsimple is a wise choice. This is one of the best financial advisor firms for robo-investing. That means you can set up your account, provide some basic information and allow the tool to make investment decisions based on that information.

• Fees: 0.5% management fees for managed accounts; 1.5% currency conversion; $10/month upgraded account; $45 broker-assisted trades
• Account Minimum: None
• Investment Approach: Robo-advisor

Why We Picked It: Wealthsimple is a top choice for investors looking to incorporate ESG principles into their investment strategy. With its automated investing platform, access to fractional shares, user-friendly interface, and no commissions on trades, Wealthsimple makes it easy for investors to build a sustainable and impactful investment portfolio.

9. Best for New Investors: Playbook

Playbook is one of the top advisory firms for tax advantages. It will help you grow your money while paying less in taxes by helping you learn where to put your money and what actions you should take in each account. Playbook focuses on helping you increase returns while lowering your taxes to maximize the money that you have. 

• Fees: Starts at $9/month
• Account Minimum: None
• Investment Approach: Taking advantage of tax strategies

Why We Picked It: Playbook is an excellent option for new investors looking to start investing with a clear plan in mind. By investing based on long and short-term goals, utilizing automated financial decision-making and maximizing tax advantages, investors can set themselves up for success in the world of investing.

10. Best for New Women Investors: Ellevest

If you’re looking for the best investment advisors for women, Ellevest is a smart choice. The platform is designed to help women navigate the unique complexities they face when investing. Whether you’re headed toward retirement, navigating a career, or needing advice about buying a second home, Ellevest’s advisors can guide you. The advisory team comprises all women who help bring clients perspective and a sense of ease.

• Fees: $12/month
• Account Minimum: None
• Investment Approach: Diversification is key, so much so that Ellevest does not allow you to invest in individual stocks but instead invests in various companies on your behalf.

Why We Picked It: With its user-friendly platform, no minimum investment requirement, access to financial planners, and private wealth management services, Ellevest provides a comprehensive solution for women looking to grow their wealth and secure their financial future.

How to Determine What Financial Advisor is Best for You

1. Determine What Aspect of Your Financial Life You Need Help With

It's important to consider your current financial situation and what aspects of your financial life you might need help with. Consider whether you need financial guidance to set up long-term systems or help to reach specific goals. 

Are you planning for retirement and wonder whether you're saving enough? Are you dreaming of a second home and want to know if it's possible with your current income? In these cases and others, a financial advisor can help you align your financial actions to specific goals.

2. Know the Different Types of Financial Advisors

Familiarize yourself with the various types of financial advisors. But before choosing to work with a professional, check your investment professional with the SEC to ensure they are in good standing.

• Investment advisors: Those who provide investment advice or manage client assets directly.
• Broker-dealers and brokers: Individuals or companies that buy and sell securities such as stocks, bonds and mutual funds on behalf of a client or themselves.
• Certified financial planner®: Certified professionals who meet the requirements of the CFP Board and have a fiduciary responsibility.
• Financial consultant: A general term; look for a chartered financial consultant or CHFC.
• Financial coach: This is not a regulated term. Financial coaches may focus on basic financial planning points, such as how to save money or reduce spending.
• Portfolio, investment and asset managers: These professionals manage clients' assets or portfolios. 
• Wealth advisors: Work with wealthy clients to offer holistic financial planning and investment guidance.
• Robo-advisor: Inexpensive automated investment management services, usually available as a low-cost subscription or a small percentage of assets under management. 

3. Choose What Type of Financial Service You Need

You can choose from various financial services, including investment advice, budgeting, retirement planning, tax planning, estate planning, and more. Financial advisors can offer diverse services to meet specific needs or holistic services.

4. Determine the Cost and Fees of Financial Advisors

The cost of hiring financial advisors can vary based on the fee structure. They may charge a flat monthly fee, a percentage of assets under management (AUM) or another fee structure.

5. Research and Compare Financial Advisors

Research and compare the credentials and qualifications of several financial advisors before hiring one. Look for a financial advisor with a fiduciary responsibility to ensure they have your best interests in mind. Read financial advisor ratings to learn from other customers’ experiences.

6. Important Questions to Ask a Financial Advisor

Be sure to speak with the financial advisor and take advantage of a free initial consultation to understand if the financial advisor is a good fit. When selecting a financial advisor, you will want to ask them about:

• Whether they are a fiduciary and have fiduciary responsibility?
• What is their fee structure?
• What are their average returns in the case of investment management?
• How do they get paid? 
• What are the all-in costs?
• What are their qualifications or certifications?
• How will the relationship work? 
• What is the financial advisor's investment philosophy?
• What custodian do they use?
• What resources will you have?
• What asset allocation do they use?
• In the case of investments, what investment benchmarks are used?

Best Financial Advisors Alternatives

If you decide that working with a financial advisor is not right, consider one of these alternatives.

• Robo-advisors: When you open a robo-advisor account, you can access an algorithm that makes financial decisions without human intervention. The algorithm works on input information, such as goals and risk tolerance. While the fees on these accounts are minimal, they also don’t earn as high as human-led accounts in most cases. But if you’re cost-sensitive and don’t know how to select your investments, a robo-advisor might be right.
• DIY investing platforms: You don’t need a financial advisor to get started investing. You can choose your investments and be your portfolio manager. Individuals who know their way around investments should consider using a DIY program because you won’t have to give up any of your earnings to pay an advisor or a robo-advisor program. However, you do need to have the time to devote to managing your account.
• Fee-only financial planners: You don’t have to share your investment proceeds with a fee-only financial planner. Instead, you’ll pay a flat fee or a percentage of the assets under management to your fee-only financial planner. This can benefit individuals with a great deal of assets to invest, which could mean thousands of dollars in earnings each year.

Setting Up Your Financial Future

Financial advisors can offer valuable insight and strategies to optimize tax savings, set up long-term investment accounts and plan for short- and long-term goals. You can help protect your family's future and retirement with the right advice. Review the top wealth managers by performance to find a good fit based on your needs. All the options above offer personalized solutions at various price points to take you from where you are to your next goals. Take the first step toward financial security and schedule a consultation with one of these trusted advisors today.

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