When searching for the best financial advisors, you’ll find options that range from automated investment management services called robo-advisors to traditional, in-person financial advisors. In the middle are online financial advisors and financial planning services: These companies offer many of the services of a traditional financial advisor, but operate online to reduce fees.
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Facet Wealth
Pros
- Comprehensive, full-service financial planning.
- No additional fee for investment management.
- Fee-only advice from a fiduciary.
- Each client gets a designated certified financial planner.
- No upfront setup fee.
- Manages investments directly through four brokerage firms.
Cons
- Wide fee range makes it difficult for potential customers to estimate costs.
- No in-person meeting option.
Vanguard Personal Advisor Services
Pros
- Low management fee for an online planning service
- Large investment selection.
- Comprehensive management.
- Access to financial advisors.
Cons
- High account minimum.
- Website offers less of a guiding hand than some competitors.
Personal Capital
Pros
- Individual securities available.
- Free, comprehensive investment management tools.
- Dedicated financial advisors.
- Advanced tax optimization strategy.
Cons
- $100,000 account minimum.
- High management fee.
Harness Wealth
Pros
- Reduces uncertainty when selecting a financial advisor.
- Access to a range of services, including investment management and financial, tax and estate planning.
- Easy to get started.
- Advisors offer complimentary consultations.
- No fee for using Harness Wealth to find an advisor.
Cons
- The firms Harness works with may have higher fees.
- Firms require $250,000 asset minimum for investment management. (No minimum for a one-time financial plan.)
Wealthfront
Pros
- First $5,000 managed free (NerdWallet promotion).
- Low ETF expense ratios.
- Daily tax-loss harvesting.
- Automatic rebalancing.
Cons
- No fractional shares.
- No large-balance discounts.
Betterment
Pros
- Multiple investment options.
- Fractional shares mean all your cash is invested.
- Robust goal-based tools.
Cons
- No direct indexing.
SoFi Automated Investing
Pros
- Broad range of low-cost investments.
- Free management.
- Automatic rebalancing.
- Customer support.
- Access to certified financial planners.
Cons
- Limited account types.
- No tax-loss harvesting.
Ellevest
Pros
- Low account minimum and fees.
- Goal-focused investing approach.
- Portfolio mix that factors women’s needs.
- A la carte sessions with coaches and CFPs.
Cons
- Essential members can’t open an IRA.
- No tax-loss harvesting.
Schwab Intelligent Portfolios
Pros
- No management fee.
- Wide ETF selection.
- Automatic rebalancing.
- Customizable portfolio.
Cons
- High account minimum.
- Large cash allocation and low default sweep rate.
- Tax-loss harvesting only available on balances of $50,000 or more.
Rebalance 360
Pros
- Clients get two dedicated advisors.
- Comprehensive financial planning.
- Diverse portfolio mix and low fund costs.
Cons
- $250 one-time account setup fee.
- $100,000 account minimum.
- High management fee.
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