### WordPress - Web publishing software
Copyright 2011-2019 by the contributors
This program is free software; you can redistribute it and/or modify
it under the terms of the GNU General Public License as published by
the Free Software Foundation; either version 2 of the License, or
(at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin St, Fifth Floor, Boston, MA 02110-1301 USA
This program incorporates work covered by the following copyright and
permission notices:
b2 is (c) 2001, 2002 Michel Valdrighi - m@tidakada.com -
http://tidakada.com
Wherever third party code has been used, credit has been given in the code's
comments.
b2 is released under the GPL
and
WordPress - Web publishing software
Copyright 2003-2010 by the contributors
WordPress is released under the GPL
---
### GNU GENERAL PUBLIC LICENSE
Version 2, June 1991
Copyright (C) 1989, 1991 Free Software Foundation, Inc.
51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA
Everyone is permitted to copy and distribute verbatim copies
of this license document, but changing it is not allowed.
### Preamble
The licenses for most software are designed to take away your freedom
to share and change it. By contrast, the GNU General Public License is
intended to guarantee your freedom to share and change free
software--to make sure the software is free for all its users. This
General Public License applies to most of the Free Software
Foundation's software and to any other program whose authors commit to
using it. (Some other Free Software Foundation software is covered by
the GNU Lesser General Public License instead.) You can apply it to
your programs, too.
When we speak of free software, we are referring to freedom, not
price. Our General Public Licenses are designed to make sure that you
have the freedom to distribute copies of free software (and charge for
this service if you wish), that you receive source code or can get it
if you want it, that you can change the software or use pieces of it
in new free programs; and that you know you can do these things.
To protect your rights, we need to make restrictions that forbid
anyone to deny you these rights or to ask you to surrender the rights.
These restrictions translate to certain responsibilities for you if
you distribute copies of the software, or if you modify it.
For example, if you distribute copies of such a program, whether
gratis or for a fee, you must give the recipients all the rights that
you have. You must make sure that they, too, receive or can get the
source code. And you must show them these terms so they know their
rights.
We protect your rights with two steps: (1) copyright the software, and
(2) offer you this license which gives you legal permission to copy,
distribute and/or modify the software.
Also, for each author's protection and ours, we want to make certain
that everyone understands that there is no warranty for this free
software. If the software is modified by someone else and passed on,
we want its recipients to know that what they have is not the
original, so that any problems introduced by others will not reflect
on the original authors' reputations.
Finally, any free program is threatened constantly by software
patents. We wish to avoid the danger that redistributors of a free
program will individually obtain patent licenses, in effect making the
program proprietary. To prevent this, we have made it clear that any
patent must be licensed for everyone's free use or not licensed at
all.
The precise terms and conditions for copying, distribution and
modification follow.
### TERMS AND CONDITIONS FOR COPYING, DISTRIBUTION AND MODIFICATION
**0.** This License applies to any program or other work which
contains a notice placed by the copyright holder saying it may be
distributed under the terms of this General Public License. The
"Program", below, refers to any such program or work, and a "work
based on the Program" means either the Program or any derivative work
under copyright law: that is to say, a work containing the Program or
a portion of it, either verbatim or with modifications and/or
translated into another language. (Hereinafter, translation is
included without limitation in the term "modification".) Each licensee
is addressed as "you".
Activities other than copying, distribution and modification are not
covered by this License; they are outside its scope. The act of
running the Program is not restricted, and the output from the Program
is covered only if its contents constitute a work based on the Program
(independent of having been made by running the Program). Whether that
is true depends on what the Program does.
**1.** You may copy and distribute verbatim copies of the Program's
source code as you receive it, in any medium, provided that you
conspicuously and appropriately publish on each copy an appropriate
copyright notice and disclaimer of warranty; keep intact all the
notices that refer to this License and to the absence of any warranty;
and give any other recipients of the Program a copy of this License
along with the Program.
You may charge a fee for the physical act of transferring a copy, and
you may at your option offer warranty protection in exchange for a
fee.
**2.** You may modify your copy or copies of the Program or any
portion of it, thus forming a work based on the Program, and copy and
distribute such modifications or work under the terms of Section 1
above, provided that you also meet all of these conditions:
**a)** You must cause the modified files to carry prominent notices
stating that you changed the files and the date of any change.
**b)** You must cause any work that you distribute or publish, that in
whole or in part contains or is derived from the Program or any part
thereof, to be licensed as a whole at no charge to all third parties
under the terms of this License.
**c)** If the modified program normally reads commands interactively
when run, you must cause it, when started running for such interactive
use in the most ordinary way, to print or display an announcement
including an appropriate copyright notice and a notice that there is
no warranty (or else, saying that you provide a warranty) and that
users may redistribute the program under these conditions, and telling
the user how to view a copy of this License. (Exception: if the
Program itself is interactive but does not normally print such an
announcement, your work based on the Program is not required to print
an announcement.)
These requirements apply to the modified work as a whole. If
identifiable sections of that work are not derived from the Program,
and can be reasonably considered independent and separate works in
themselves, then this License, and its terms, do not apply to those
sections when you distribute them as separate works. But when you
distribute the same sections as part of a whole which is a work based
on the Program, the distribution of the whole must be on the terms of
this License, whose permissions for other licensees extend to the
entire whole, and thus to each and every part regardless of who wrote
it.
Thus, it is not the intent of this section to claim rights or contest
your rights to work written entirely by you; rather, the intent is to
exercise the right to control the distribution of derivative or
collective works based on the Program.
In addition, mere aggregation of another work not based on the Program
with the Program (or with a work based on the Program) on a volume of
a storage or distribution medium does not bring the other work under
the scope of this License.
**3.** You may copy and distribute the Program (or a work based on it,
under Section 2) in object code or executable form under the terms of
Sections 1 and 2 above provided that you also do one of the following:
**a)** Accompany it with the complete corresponding machine-readable
source code, which must be distributed under the terms of Sections 1
and 2 above on a medium customarily used for software interchange; or,
**b)** Accompany it with a written offer, valid for at least three
years, to give any third party, for a charge no more than your cost of
physically performing source distribution, a complete machine-readable
copy of the corresponding source code, to be distributed under the
terms of Sections 1 and 2 above on a medium customarily used for
software interchange; or,
**c)** Accompany it with the information you received as to the offer
to distribute corresponding source code. (This alternative is allowed
only for noncommercial distribution and only if you received the
program in object code or executable form with such an offer, in
accord with Subsection b above.)
The source code for a work means the preferred form of the work for
making modifications to it. For an executable work, complete source
code means all the source code for all modules it contains, plus any
associated interface definition files, plus the scripts used to
control compilation and installation of the executable. However, as a
special exception, the source code distributed need not include
anything that is normally distributed (in either source or binary
form) with the major components (compiler, kernel, and so on) of the
operating system on which the executable runs, unless that component
itself accompanies the executable.
If distribution of executable or object code is made by offering
access to copy from a designated place, then offering equivalent
access to copy the source code from the same place counts as
distribution of the source code, even though third parties are not
compelled to copy the source along with the object code.
**4.** You may not copy, modify, sublicense, or distribute the Program
except as expressly provided under this License. Any attempt otherwise
to copy, modify, sublicense or distribute the Program is void, and
will automatically terminate your rights under this License. However,
parties who have received copies, or rights, from you under this
License will not have their licenses terminated so long as such
parties remain in full compliance.
**5.** You are not required to accept this License, since you have not
signed it. However, nothing else grants you permission to modify or
distribute the Program or its derivative works. These actions are
prohibited by law if you do not accept this License. Therefore, by
modifying or distributing the Program (or any work based on the
Program), you indicate your acceptance of this License to do so, and
all its terms and conditions for copying, distributing or modifying
the Program or works based on it.
**6.** Each time you redistribute the Program (or any work based on
the Program), the recipient automatically receives a license from the
original licensor to copy, distribute or modify the Program subject to
these terms and conditions. You may not impose any further
restrictions on the recipients' exercise of the rights granted herein.
You are not responsible for enforcing compliance by third parties to
this License.
**7.** If, as a consequence of a court judgment or allegation of
patent infringement or for any other reason (not limited to patent
issues), conditions are imposed on you (whether by court order,
agreement or otherwise) that contradict the conditions of this
License, they do not excuse you from the conditions of this License.
If you cannot distribute so as to satisfy simultaneously your
obligations under this License and any other pertinent obligations,
then as a consequence you may not distribute the Program at all. For
example, if a patent license would not permit royalty-free
redistribution of the Program by all those who receive copies directly
or indirectly through you, then the only way you could satisfy both it
and this License would be to refrain entirely from distribution of the
Program.
If any portion of this section is held invalid or unenforceable under
any particular circumstance, the balance of the section is intended to
apply and the section as a whole is intended to apply in other
circumstances.
It is not the purpose of this section to induce you to infringe any
patents or other property right claims or to contest validity of any
such claims; this section has the sole purpose of protecting the
integrity of the free software distribution system, which is
implemented by public license practices. Many people have made
generous contributions to the wide range of software distributed
through that system in reliance on consistent application of that
system; it is up to the author/donor to decide if he or she is willing
to distribute software through any other system and a licensee cannot
impose that choice.
This section is intended to make thoroughly clear what is believed to
be a consequence of the rest of this License.
**8.** If the distribution and/or use of the Program is restricted in
certain countries either by patents or by copyrighted interfaces, the
original copyright holder who places the Program under this License
may add an explicit geographical distribution limitation excluding
those countries, so that distribution is permitted only in or among
countries not thus excluded. In such case, this License incorporates
the limitation as if written in the body of this License.
**9.** The Free Software Foundation may publish revised and/or new
versions of the General Public License from time to time. Such new
versions will be similar in spirit to the present version, but may
differ in detail to address new problems or concerns.
Each version is given a distinguishing version number. If the Program
specifies a version number of this License which applies to it and
"any later version", you have the option of following the terms and
conditions either of that version or of any later version published by
the Free Software Foundation. If the Program does not specify a
version number of this License, you may choose any version ever
published by the Free Software Foundation.
**10.** If you wish to incorporate parts of the Program into other
free programs whose distribution conditions are different, write to
the author to ask for permission. For software which is copyrighted by
the Free Software Foundation, write to the Free Software Foundation;
we sometimes make exceptions for this. Our decision will be guided by
the two goals of preserving the free status of all derivatives of our
free software and of promoting the sharing and reuse of software
generally.
**NO WARRANTY**
**11.** BECAUSE THE PROGRAM IS LICENSED FREE OF CHARGE, THERE IS NO
WARRANTY FOR THE PROGRAM, TO THE EXTENT PERMITTED BY APPLICABLE LAW.
EXCEPT WHEN OTHERWISE STATED IN WRITING THE COPYRIGHT HOLDERS AND/OR
OTHER PARTIES PROVIDE THE PROGRAM "AS IS" WITHOUT WARRANTY OF ANY
KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE
PROGRAM IS WITH YOU. SHOULD THE PROGRAM PROVE DEFECTIVE, YOU ASSUME
THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.
**12.** IN NO EVENT UNLESS REQUIRED BY APPLICABLE LAW OR AGREED TO IN
WRITING WILL ANY COPYRIGHT HOLDER, OR ANY OTHER PARTY WHO MAY MODIFY
AND/OR REDISTRIBUTE THE PROGRAM AS PERMITTED ABOVE, BE LIABLE TO YOU
FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE
PROGRAM (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING
RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A
FAILURE OF THE PROGRAM TO OPERATE WITH ANY OTHER PROGRAMS), EVEN IF
SUCH HOLDER OR OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.
### END OF TERMS AND CONDITIONS
### How to Apply These Terms to Your New Programs
If you develop a new program, and you want it to be of the greatest
possible use to the public, the best way to achieve this is to make it
free software which everyone can redistribute and change under these
terms.
To do so, attach the following notices to the program. It is safest to
attach them to the start of each source file to most effectively
convey the exclusion of warranty; and each file should have at least
the "copyright" line and a pointer to where the full notice is found.
one line to give the program's name and an idea of what it does.
Copyright (C) yyyy name of author
This program is free software; you can redistribute it and/or
modify it under the terms of the GNU General Public License
as published by the Free Software Foundation; either version 2
of the License, or (at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA.
Also add information on how to contact you by electronic and paper
mail.
If the program is interactive, make it output a short notice like this
when it starts in an interactive mode:
Gnomovision version 69, Copyright (C) year name of author
Gnomovision comes with ABSOLUTELY NO WARRANTY; for details
type `show w'. This is free software, and you are welcome
to redistribute it under certain conditions; type `show c'
for details.
The hypothetical commands \`show w' and \`show c' should show the
appropriate parts of the General Public License. Of course, the
commands you use may be called something other than \`show w' and
\`show c'; they could even be mouse-clicks or menu items--whatever
suits your program.
You should also get your employer (if you work as a programmer) or
your school, if any, to sign a "copyright disclaimer" for the program,
if necessary. Here is a sample; alter the names:
Yoyodyne, Inc., hereby disclaims all copyright
interest in the program `Gnomovision'
(which makes passes at compilers) written
by James Hacker.
signature of Ty Coon, 1 April 1989
Ty Coon, President of Vice
This General Public License does not permit incorporating your program
into proprietary programs. If your program is a subroutine library,
you may consider it more useful to permit linking proprietary
applications with the library. If this is what you want to do, use the
[GNU Lesser General Public
License](http://www.gnu.org/licenses/lgpl.html) instead of this
License.
A financial advisor helps people manage their money and reach their financial goals. Advisors can provide a range of financial planning services, from money management and budgeting guidance to investment management.
Some financial advisors have additional certifications or expertise that allow them to help with complex financial topics, such as estate planning, insurance needs or tax preparation.
The number of different services and areas of expertise advisors provide makes finding the right financial advisor for your situation key — doing so means you won’t end up paying for services you don’t need, or working with an advisor who isn’t a good fit for your financial goals. Here are five steps to help you choose a financial advisor for you.
Step 1. Identify your financial needs
Before you start looking for the right advisor, reflect on what you’re hoping to get out of that relationship. Financial advisors provide a wide range of services, so it’s a good idea to know what you need help with before you begin your search. Some advisors may specialize in particular areas of finance, such as debt management or investment advice, while others may provide holistic help, guiding you on everything from savings goals to retirement and estate planning.
Identify why you’re looking for financial help by asking the following questions:
Do you need help with a budget?
Do you want help investing?
Would you like to create a financial plan?
Do you have savings goals you need help reaching?
Do you need to get your estate plan in order or create a trust?
Are you interested in holistic financial management?
Your answers to these questions will help you find the right kind of financial advisor for you. And it could also help you to decide whether you need one at all. For example, if you just want assistance investing, a robo-advisor can invest for you for a minimal fee. On the other hand, if you have a complex financial life with multiple financial concerns you may want to address, you may want to find an online or traditional financial advisor. (More on both options below.)
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Step 2. Understand the types of financial advisors
Financial advisors go by many names: investment advisors, brokers, certified financial planners, financial coaches, portfolio managers. There are even financial therapists. Some of the most common titles advisors use, including the term “financial advisor” itself, aren’t tied to any specific credentials, so don’t assume that someone who uses an official-sounding title has any specific training or credentials.
So who does what — and who can you trust? There are a few ways to cut through the noise to ensure you’re working with someone who is looking out for you.
Fee-only fiduciary financial advisors
Some financial advisors have a fiduciary duty to their clients, meaning they are obligated to act in their client’s best interest rather than their own. Working with a licensed, registered fiduciary — preferably one who is fee-only — ensures that the advisor is paid directly by you and not through commissions for selling certain investment or insurance products.
Financial advisors who have a certified financial planner, or CFP, designation have a fiduciary duty to their clients as part of their certification.
Investment advisors
Anyone who gives investment advice must be registered as an investment advisor with either the U.S. Securities and Exchange Commission or the state, depending on their assets under management. Registered investment advisors, or RIAs, can either be individuals or companies that employ investment advisors.
Step 3. Review the range of options for financial advisors
Financial advisors aren’t just available at your neighborhood advisory office or bank. There are lots of ways to get financial advice. The option that’s right for you will likely depend on your personal preferences, the services you need and your budget. Here’s an overview of service types, ranging from inexpensive automated robo-advisors to high-touch, traditional financial advisors:
Robo-advisors
A robo-advisor is a digital service offering simplified, low-cost investment management. You answer questions online, then computer algorithms build an investment portfolio according to your goals and risk tolerance.
Low cost: Some robo-advisors have no or low management fees, and many services have no or low account minimums, so you can start investing with any amount of money.
Good when: You need help investing for financial goals like retirement but don’t want or can’t afford a complete financial plan.
Look elsewhere if: You need more rigorous financial planning. Although some robo-advisors offer higher-tier financial planning services, most excel at simple investment management.
Online financial planning services and advisors
This is the next step up from a robo-advisor: an online financial planning service that offers virtual access to human financial advisors.
A basic online service might offer the same automated investment management you’d get from a robo-advisor, plus the ability to consult with a team of financial advisors when you have questions. More comprehensive services such as Facet Weath and Empower roughly mirror traditional financial planners: You’ll be matched with a dedicated human financial advisor who will manage your investments and work with you to create a holistic financial plan. Many online financial advisors can match you with an advisor with a top-tier credential such as a certified financial planner.
Medium cost: Online financial planning services will typically cost less than a traditional financial advisor but more than a robo-advisor. Some services have relatively high investment requirements of $25,000 or more; others require no minimum investment.
Good when: You’re comfortable meeting with an advisor online but would still like holistic financial planning services such as estate planning, retirement planning or help with company stock options. Online advisor marketplaces such as Harness Wealth and Zoe Financial, and many online advisors themselves, do the work of vetting a financial advisor for you.
Look elsewhere if: You’d prefer to work with an advisor in person.
Traditional financial advisors
Traditional financial advisors can meet with you in person and will be able to help you with all of your financial planning needs.
High cost: This is often the highest-cost option. Many traditional advisors charge about 1% of your assets under management. Some advisors also require a high minimum balance, such as $250,000 in assets.
Good when: You want specialized services, your situation is complex, you want to meet your financial advisor in person and develop a long-term relationship with them.
Look elsewhere if: You want similar services for less, are comfortable getting help online or don’t want to vet a potential advisor yourself.
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Step 4. Consider how much you can afford to pay an advisor
Financial advisors have a reputation for being costly, but there is an option for every budget. It’s important to understand how much a financial advisor costs before you commit to services. Generally speaking, there are three cost levels you’re likely to encounter:
Robo-advisors often charge an annual fee that is a percentage of your account balance with the service. Robo-advisor fees frequently start at 0.25% of the assets they manage for you, with many top providers charging 0.50% or less. On a $50,000 account balance, 0.25% works out to $125 a year.
Online financial planning services and advisors typically charge either a flat subscription fee, a percentage of your assets or both. For example, Empower charges 0.49% to 0.89% of assets under management per year. Facet charges an annual fee that starts at $2,000 a year and goes up based on the complexity of your financial situation. Both fees include portfolio management and financial planning.
Traditional financial advisors also often charge a percentage of the amount managed, with a median fee of 1%, although it can range higher for small accounts and lower for large ones. Others may charge a flat fee, an hourly rate or a retainer.
How much you should spend on a financial advisor depends on your budget, assets and the level of financial guidance you need. If you have a small portfolio, an in-person advisor might be overkill — you will save money and get the guidance you need from a robo-advisor. If you have a complicated financial situation, a robo-advisor may not provide what you need.
Step 5. Vet the financial advisor’s background
No matter what title, designation, certification or license an advisor claims to have, it’s on you to vet the advisor’s credentials and experience. Always verify any credentials they claim to have and check to see if they’ve had any disciplinary problems such as fraud.
You can research an advisor’s background by looking up their Form ADV before you agree to work with them. You can also review an advisor’s employment record (and look for red flags like disciplinary actions) on FINRA’s BrokerCheck website.
Frequently asked questions
What do financial advisors do?
Financial advisors perform many services, though for the most part, they help clients manage their money. Often, this means managing a client’s investment portfolio. Financial advisors can help you cut expenses, pay down debt and prioritize your goals. Some financial advisors have expertise that allows them to help with complicated or holistic financial concerns, such as estate planning or tax strategy.
Where can I get free financial advice?
If you’re not quite ready to commit to a financial advisor but want to test the waters, many banks and brokerages offer free online libraries of financial advice and tools. Some organizations like the Foundation for Financial Planning offer free help to people in need, including veterans and cancer patients.
And while you shouldn’t believe everything you read on the internet, there are tons of reputable sources for financial information online, including government resources like Investor.gov and the Financial Industry Regulatory Authority. For more resources, check out our guide to getting free financial advice.
When should you talk to a financial advisor?
You can seek out financial help at any time, but it’s especially important to get financial guidance after significant life changes. Whether you’re buying a house, starting a job, getting married or having a child, these life events can have major financial implications, and some upfront financial planning can go a long way toward building a stable financial future.
It’s also wise to speak with a professional if your financial situation itself has changed. Maybe your salary has increased or you inherited some money from a relative. When money starts flowing in, it’s a good idea to give it a positive direction; otherwise, it can be all too easy to spend unnecessarily.
How do financial advisors get paid?
How much you should spend on a financial advisor depends on your budget, assets and the level of financial guidance you need. If you have a small portfolio, an in-person advisor might be overkill — you will save money and get the guidance you need from a robo-advisor. If you have a complicated financial situation, a robo-advisor may not provide what you need.
Financial advisor fees can vary significantly, so it’s important to keep your budget in mind when you are choosing financial services. Robo-advisors can cost as little as 0.25% of your account balance per year, traditional in-person advisors typically cost around 1% and online financial planning services tend to fall somewhere in between.
Who can be a financial advisor?
“Financial advisor” is a general term that is not regulated. If you are trying to pick a financial advisor, know that anyone can legally use that term. Always ask for (and verify) an advisor’s specific credentials. Anyone who gives investment advice — which most financial advisors do — must be registered as an investment advisor with the SEC or the state if they have a certain amount of assets under management.
Why is “advisor” sometimes spelled “adviser”? Is there a difference?
While the two terms are often used interchangeably, “adviser” is the legal term used in the U.S. Investment Advisers Act of 1940 to refer to individuals who must register with either the SEC or with their state.
Today, “adviser” is commonly spelled “advisor.” The important takeaway is not to refuse to work with someone who uses an “o” instead of an “e,” but that the world of financial professionals and their titles can be murky; no matter what someone’s title is, you should ask for their certifications, verify them and make sure their professional designations line up with your needs. You can verify an investment advisor’s registration with the SEC’s Investment Adviser Public Disclosure tool (it also has a database that includes state-registered advisors).
What do financial advisors do?
Financial advisors perform many services, though for the most part, they help clients manage their money. Often, this means managing a client’s investment portfolio. Financial advisors can help you cut expenses, pay down debt and prioritize your goals. Some financial advisors have expertise that allows them to help with complicated or holistic financial concerns, such as estate planning or tax strategy.
Where can I get free financial advice?
If you’re not quite ready to commit to a financial advisor but want to test the waters, many banks and brokerages offer free online libraries of financial advice and tools. Some organizations like the Foundation for Financial Planning offer free help to people in need, including veterans and cancer patients.
And while you shouldn’t believe everything you read on the internet, there are tons of reputable sources for financial information online, including government resources like Investor.gov and the Financial Industry Regulatory Authority. For more resources, check out our guide to getting
free financial advice
.
When should you talk to a financial advisor?
You can seek out financial help at any time, but it’s especially important to get financial guidance after significant life changes. Whether you’re buying a house, starting a job, getting married or having a child, these life events can have major financial implications, and some upfront
financial planning
can go a long way toward building a stable financial future.
It’s also wise to speak with a professional if your financial situation itself has changed. Maybe your salary has increased or you inherited some money from a relative. When money starts flowing in, it’s a good idea to give it a positive direction; otherwise, it can be all too easy to spend unnecessarily.
How do financial advisors get paid?
How much you should spend on a financial advisor depends on your budget, assets and the level of financial guidance you need. If you have a small portfolio, an in-person advisor might be overkill — you will save money and get the guidance you need from a robo-advisor. If you have a complicated financial situation, a robo-advisor may not provide what you need.
Financial advisor fees
can vary significantly, so it’s important to keep your budget in mind when you are choosing financial services. Robo-advisors can cost as little as 0.25% of your account balance per year, traditional in-person advisors typically cost around 1% and online financial planning services tend to fall somewhere in between.
Who can be a financial advisor?
“Financial advisor” is a general term that is not regulated. If you are trying to pick a financial advisor, know that anyone can legally use that term. Always ask for (and verify) an advisor’s specific credentials. Anyone who gives
investment advice
— which most financial advisors do — must be registered as an investment advisor with the SEC or the state if they have a certain amount of assets under management.
Why is “advisor” sometimes spelled “adviser”? Is there a difference?
While the two terms are often used interchangeably, “adviser” is the legal term used in the U.S. Investment Advisers Act of 1940 to refer to individuals who must register with either the SEC or with their state.
Today, “adviser” is commonly spelled “advisor.” The important takeaway is not to refuse to work with someone who uses an “o” instead of an “e,” but that the world of financial professionals and their titles can be murky; no matter what someone’s title is, you should ask for their certifications, verify them and make sure their professional designations line up with your needs. You can verify an investment advisor’s registration with the
SEC’s Investment Adviser Public Disclosure
tool (it also has a database that includes state-registered advisors).