Find the Best Financial Advisors in West Palm Beach, FL

Choosing a financial advisor in West Palm Beach

There are benefits to working with financial advisors for West Palm Beach residents at all income levels and stages of life. Fiduciary financial advisors plan your financial future, manage your money, invest to grow your account and give expert, impartial advice on how to make your financial goals a reality.

Thanks to the wide variety of financial advisory services available in West Palm Beach, professional asset management is no longer just an option for the wealthy. While some money advisors require a minimum account size, normally $100,000, many financial planners are willing to work with smaller accounts.

Types of financial advisors

When it comes to the different types of financial advisors in West Palm Beach, there are two key distinctions you’ll want to keep in mind:

• Robo-advisors vs. traditional advisors. Robo-advisors are software systems that use algorithms to recommend financial plans and investments that fit the information you provide. Robo-advisors are the most affordable type of financial advisor and have low account minimums. Traditional advisors are more expensive, but these asset management professionals have degrees, certifications and experience they use to craft personalized financial advice for you.
• Fiduciaries vs. non-fiduciaries. A fiduciary in West Palm Beach is bound by law to make the best possible decisions and recommendations for your finances. Non-fiduciary advisors are only obligated to make recommendations that are suitable for someone in circumstances similar to yours. It’s a subtle distinction, but non-fiduciary financial advisors cost investors an average of $17 billion each year due to providing advice that isn’t in their clients best interest.

What is the cost of a financial advisor in West Palm Beach?

Costs vary, but a traditional financial planner will charge approximately $1,000 to $2,000 for a comprehensive financial plan. For ongoing asset management, West Palm Beach residents typically pay a few hundred dollars in monthly retainer fees. Investment advisors typically charge an unofficial industry standard rate of around 1 percent of your assets under management.

Robo-advisors typically work with minimum account sizes of $500 - $10,000, with average fees of about 0.25 percent up to 0.89 percent. Some robo-advisors are add-on services without any fees at all.

Your financial advisor in West Palm Beach should be transparent about how they make money. Fee-only advisors make profits exclusively from charging their clients fees, while fee-based advisors charge fees along with earning a commission from selling financial products and securities to clients. Unfortunately, commissions can influence these non-fiduciary advisors to favor certain products or recommend more frequent sales and trades.

What qualifications should a financial advisor have?

Consider the following when choosing your West Palm Beach financial advisor:

• What are their qualifications? Organizations granting credentials require advisors to stay up-to-date on the latest offerings and practices. One of the most important qualifications for financial advisors is that they are a Certified Financial Planner and join the Financial Planning Association. A CFP certification means that your financial advisor has met rigorous additional qualifications to ensure their competency.
• Are they licensed and registered? In order to give financial advice, money advisors typically register with state and national authorities and need a license to sell securities products or specific types of insurance.
• What types of clients do they work with? Advisors are often better suited to serve you if they’re familiar with the challenges and opportunities of someone in your position
• How many advisors will they work with? It’s important to personally know whom you’re trusting with your money and how much attention they’re paying to your account.
• How do they make money? Ensuring there is no conflict of interests is a major factor when selecting a financial advisor. Fiduciary status and a fee-only pricing structure help with transparency.
• How much do they typically charge and how will I pay? Determine whether their time and assistance are worth the costs involved.

Scams are unfortunately common in this industry, so ask your West Palm Beach financial advisor whether they’ve ever been disciplined for any illegal or unethical actions in their career. You can check the background of potential financial advisors using the Financial Industry Regulatory Authority’s BrokerCheck.