Best Financial Advisors of 2020 in USA

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

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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

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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

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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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