WiserAdvisor Review: A Legit Way to Find an Advisor?
Product Name: WiserAdvisor
Product Description: WiserAdvisor is an online financial advisor matching service that’s been in business since 1998.
Summary
WiserAdvisor is an online financial advisor matching service that’s been in business since 1998. Its service is free to use and there is no obligation to continue working with an advisor after the initial consultation.
Pros
Cons
Are you having trouble finding an advisor you can trust? WiserAdvisor is a financial advisor matching service that can help you find professional advisors they have vetted in advance in their network. Their service is free, and there’s no obligation to become a client after an initial consultation.
WiserAdvisor is best suited for individuals looking for professional financial advice but having trouble finding a trustworthy financial advisor. It could be that they’ve never worked with an advisor or may be dissatisfied with their current advisor.
WiserAdvisor works with fee-only and fee-based advisors, something to be mindful of as you search for an advisor. In addition to advisor matching, the company also offers a large online directory where you can broaden your search.
Launched in 1998, WiserAdvisor provides users with a directory of qualified financial advisors across the USA. It also offers a free service that matches clients to up to three advisors based on their requirements and preferences. According to WiserAdvisor, its goal is to “help consumers gain fundamental financial knowledge that may enrich their lives.”
In addition to the directory and matching service, WiserAdvisor publishes educational articles and blog posts on its website and provides users access to various financial calculators.
WiserAdvisor offers four primary services to its users: a financial advisor directory, an advisor matching service, a financial learning center, and free financial calculators. Here are some key features of each service.
WiserAdvisor maintains a list of qualified and thoroughly vetted financial advisors throughout the United States. The list includes advisors from well-known Fortune 500 companies and small, independent firms.
As you scroll through the list of advisors on the WiserAdvisor website, you’ll find information such as:
Each advisor is registered with FINRA/SEC and has a clean record. WiserAdvisor calls its network independent, unbiased, and trusted.
WiserAdvisor matches investors with advisors located near them. According to WiserAdvisor, all advisors on their list undergo an interview process before approval.
To use their service, you simply fill out a form that asks a few questions about your financial situation. Your responses give WiserAdvisor an idea of when you want to retire, how much money you have invested, etc.
Once you’ve completed the form, WiserAdvisor will match you with 1-3 vetted advisors. From there, you can interview each advisor and decide which one, if any, is a good fit.
Note that WiserAdvisor does match clients with fee-only and fee-based advisors. You can’t necessarily request one or the other.
That said, WiserAdvisor is transparent about fees, so you can simply turn down advisor recommendations if you don’t like the compensation model.
WiserAdvisor has a financial learning center with blog posts and articles regarding money management.
Some of the articles listed on the site as of this writing include:
The articles are geared toward readers with varying levels of personal financial management knowledge, from beginner to experienced.
For example, you’ll find tips to improve your financial literacy if you’re new to personal finance and investing.
Conversely, the site also has an article on investing $1 million in today’s market. The site’s commitment to serving those with all levels of wealth means that there’s something for everyone.
WiserAdvisor publishes financial calculators on its site so you can determine whether you’re on track to retire or make investment projections based on product type, time horizon, rate of return, etc.
WiserAdvisor is free to use, as it doesn’t charge visitors for its services. Instead, it makes its money by charging the advisors listed in its directory.
However, if you hire a financial advisor through WiserAdvisor, they will charge you fees to manage your portfolio. Depending on the advisor, you may be required to pay a fee based on a percentage of assets under management, a flat fee, or commissions.
It’s important to understand the impact of fees on investment returns before signing on with any advisor.
WiserAdvisor can benefit a wide range of investors. It might be a good choice if you’re looking for a financial advisor but are unsure where to start.
As mentioned earlier, the company screens advisors before adding them to its list of recommended advisors. This could make the screening process much easier for you. WiserAdvisor could also benefit you if you simply like learning more about money and playing with numbers.
Between the blog articles and the financial calculators, there’s plenty of education available. And because the site doesn’t charge consumers, you can use one or all of the services at no cost.
WiserAdvisor matches you with advisors by asking you a series of questions about your financial situation and goals:
– What is your zip code?
– When do you want to retire?
– Do you own a home?
– Do you own a business?
– What is your current income?
– Do you want your advisor to be within commuting distance?
– What is your email address?
From there, the company recommends between one and three advisors that fit your criteria.
Advisors pay to join the WiserAdvisor network. However, not every advisor who makes that request is accepted. Each advisor is subject to a thorough vetting interview. They may be accepted if they pass the interview and have a clean record with the SEC/FINRA.
WiserAdvisor works with both fee-based and fee-only advisors. Fee-only advisors charge a set fee and do not receive commissions for selling certain products.
Fee-based advisors charge a set fee but may also be paid commissions for selling certain products. Because of that, their charges will vary. You should discuss fee schedules with advisors before agreeing to work with one.
Yes, the WiserAdvisor platform is safe to use. The company promises not to share your personal information with anyone unless you consent. It also uses SSL technology to help keep your information safe.
Before signing up with WiserAdvisor, it makes sense to look at the alternatives. Here are a couple of companies I found that provide a similar service to WiserAdvisor.
Money Pickle is an online financial advisor matching service similar to WiserAdvisor. It uses technology to match you with a vetted, trusted advisor in the Money Pickle network. You can get started almost immediately by completing a short survey. You’ll be asked standard questions, such as your age, income, how you currently invest, your portfolio size, and which financial topics are the most important to you. From there, you’ll be paired with an advisor and can book a free, no-obligation consultation. These meetings are done virtually, so you must be comfortable with a telephone or video conversation with your advisor.
Smartasset is a website packed with free financial resources, including mortgage and investment calculators, reviews and guides, and a free advisor matching service. Smartassets fee-only and fee-based advisors have been vetted and are considered trusted advisors with solid reputations. There is no fee to use Smartasset’s matching service and no minimum investment requirement. However, note that if you decide to hire a financial advisor, they may have an investment minimum.
NAPFA stands for the National Association of Personal Finance Advisors. Its website offers a directory of fee-only financial advisors. Unlike many WiserAdvisor and Money Pickle advisors, NAPFA-registered advisors do not sell financial products on commission. This means that they can be more objective, as they don’t personally benefit from selling you certain types of investments over others.
The NAPFA directory is more “self-serve” than the matching service WiserAdvisor and Money Pickle offer. You can search for an advisor by location and add multiple advisors to a favorites list. If you are interested, you can contact the advisor and book a consultation.
If you need a financial advisor but are struggling to find one on your own, WiserAdvisor might be worth a shot. Like some of the competition, their service is free and not restricted to high-net-worth investors.
If you aren’t satisfied with their recommendations, there is no obligation to continue. Just be mindful of the fees that will eventually be charged by any advisor you deal with. There’s a reason that more people choose to manage their investments through online brokers or deal with a robo-advisor.
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