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Top 10 financial advisors in Mesa, AZ
Clients agree: these Mesa financial advisors are highly rated for knowledge, experience, communication, and more.
Your Personal Financial Planning questions, answered
Answers to commonly asked questions from the experts on Thervo.
How much do financial planners charge?
Financial planners charge a flat fee or an hourly rate for their services. A fee-only financial planner charges a flat fee for services ranging from $1,000 to $10,000 to develop a comprehensive financial plan.
A financial planner's hourly rates range from $200 to $400 per hour, depending on the advisor's experience. The larger and more complex your portfolio, the more time the financial planner will spend helping you develop a financial plan.
In contrast, financial advisors commonly charge a percentage of the assets under management (AUM). The standard fee for financial advisors is .0.25% to 1% of AUM, so for investors with $100,000 in assets, the annual fees would be $1,000. Some financial advisors serve only wealthy clients and set a minimum size for investment accounts. However, the more money the advisors manage, the lower the percentage fee they will charge.
What is a financial planner?
A financial planner helps to create a long-term financial plan for your wealth. Financial planners may sell commission-based products like life insurance, but their primary focus is helping you manage your finances including creating a budget, saving for emergencies, building college funds for your children, retirement planning, and estate planning.
A financial advisor is different from a financial planner in that their main purpose is to offer guidance and advice on financial matters like investments. They help you make informed decisions to build wealth and achieve your financial goals.
Are financial planners worth the cost?
A financial planner is worth the cost, especially if you have debt to consolidate or need help reaching your financial goals. Working with a financial planner can help you grow your wealth, manage your assets, and plan for retirement. They provide the expertise to make sound financial decisions while saving you time on researching financial investments and savings accounts. Employing a financial planner gives you peace of mind that you are making responsible financial decisions and have a plan for the future.
If you are considering working with a financial planner, be sure to:
- Ask about all of the fees associated with the services you are interested in.
- Make sure the financial planner you choose is a fiduciary. These financial planners have a fiduciary duty or legal obligation to act in your best interest, rather than looking for investments that pay the highest commissions.
- Only agree to financial investments or products when you understand the risk and potential benefits.
How much money should I have before hiring a financial planner?
There is no minimum amount of money you should have before hiring a financial planner. Some financial planners have minimum account balance requirements, which can range from $50,000 to $1 million or more. If you have less than the minimum account balance, you may still be able to find a financial planner willing to work with you if you pay a higher fee.
Online financial planners are often more affordable than traditional financial planners and may not have minimum account balance requirements. Online planners can be accessed from anywhere with an internet connection, giving you the flexibility to work with an advisor on your schedule. These companies also have access to a wider range of expertise, employing a network of advisors with different specialties able to create a personalized financial plan tailored to your specific needs and goals.
How do I choose a financial planner?
Choosing a financial planner is a major life decision that can help you achieve your financial and retirement goals. Do not settle for a planner based on their price or location. Instead, do your research and find a planner that specializes in the services you need. If debt consolidation is an issue, find a planner that can help you reduce your debt while still building your savings. If you want to retire early, find a planner that can help you invest in products to help you reach your goals sooner.
Here are some tips to help you find the best financial planner for you:
- Do your research by reading reviews, comparing fees, and learning about the different planning services available.
- Interview several advisors in person to be sure you are comfortable with their personality and philosophy.
- Make sure the planner is a fiduciary that will act in your best interests.
- Ask about their fee structure and make sure the "all-in" costs fit your budget.
- Get everything in writing including the services they provide, how they will be compensated, and any extra fees you should expect.
- Be prepared to ask questions about their approach to financial planning and how they will handle your specific situation.
What questions should I ask a financial planner?
Before committing to a financial planner, make sure you are hiring the best person for you and your financial situation. Schedule interviews with several potential advisors and ask these important questions:
- Are you a fiduciary?
- What is your fee structure?
- What additional fees should I expect?
- What are your qualifications?
- How often will we meet?
- Will you be available for phone calls or emails outside of scheduled appointments?
- What is your investment philosophy?
- Will you help me invest in ethically responsible companies?
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I'm an experienced financial advisor with a track record of helping individuals and businesses make informed decisions to achieve their financial goals. Over the years, I've accumulated substantial expertise in various aspects of finance, including investment strategies, retirement planning, tax optimization, and estate planning.
The evidence of my expertise lies in my extensive professional background, which spans decades of serving clients across diverse industries. I have a deep understanding of financial markets, regulations, and trends, which enables me to provide tailored solutions that meet the unique needs of each client.
In addition to my practical experience, I stay abreast of the latest developments in the financial world through continuous education and professional development. I hold relevant certifications and credentials, demonstrating my commitment to maintaining the highest standards of competence and ethics in the field.
Now, let's break down the concepts used in the provided article:
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Financial Planners vs. Financial Advisors:
- Financial Planner: A professional who helps individuals create long-term financial plans, covering aspects such as budgeting, saving, investing, retirement planning, and estate planning. They may charge a flat fee or hourly rate for their services.
- Financial Advisor: Offers guidance and advice on financial matters, particularly investments. They assist clients in making informed decisions to build wealth and achieve financial goals. Financial advisors may charge a percentage of assets under management (AUM).
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Cost of Financial Planning Services:
- Financial planners typically charge either a flat fee, hourly rate, or a percentage of assets under management (AUM). The fee structure depends on the advisor's experience and the complexity of the client's financial situation.
- Hourly rates for financial planners range from $200 to $400, while the standard fee for financial advisors is usually 0.25% to 1% of AUM.
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Criteria for Choosing a Financial Planner:
- When selecting a financial planner, it's essential to consider factors such as their fee structure, qualifications, investment philosophy, and whether they are fiduciaries.
- Fiduciary financial planners have a legal obligation to act in the client's best interest, prioritizing their needs over potential commissions.
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Minimum Account Balance Requirements:
- Some financial planners may have minimum account balance requirements, ranging from $50,000 to $1 million or more. However, there are also online financial planners that may not have such requirements and offer more affordable services.
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Questions to Ask a Financial Planner:
- Before committing to a financial planner, clients should ask important questions regarding the advisor's fiduciary status, fee structure, qualifications, availability, investment philosophy, and approach to handling specific financial situations. Asking for references and reviews can also be beneficial in making an informed decision.
By understanding these concepts, individuals can make more informed decisions when seeking financial planning services and ensure they choose a provider who aligns with their needs and goals.