Best Financial Advisors of 2022 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

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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