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SmartAsset
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Personal Capital
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LEVATUS Wealth Counsel
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Appleton Partners
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Northeast Investment Management
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Darrow Wealth Management
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Choate Investment Advisors
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Because financial planning can affect your future wealth and livelihood, it can feel intimidating to choose a financial advisor. Your advisor will be handling personal and sensitive information, so you want to work with an experienced, reputable and honest one. There are several factors to consider:
Knowing your own needs and goals is key in choosing the right advisor. For example, if your goal is to increase net worth, you’ll need someone with investment experience. If you want to pay down debt, you’ll need to work with an advisor who can help you with budgeting and debt management. If you’re dealing with an inheritance, you may need an estate planner. Check broker and financial advisor credentials with FINRA, an independent regulator for securities firms in the United States. The SEC is an additional resource where you can check credentials and filing status.
Financial advisors usually charge a fixed-rate fee between $7,500 and $55,000, or an average of 1.02% of assets under management. Because pricing varies between advisors and is based on your financial situation, it can be hard to estimate cost. There are different ways advisors charge.
| Fee Type | Description |
|---|---|
| Assets Under Management (AUM) percentage | Assets Under Management is the total assets in a client portfolio. Typically, the higher the amount of the assets, the lower the percentage fee charged. |
| Commissions | Paid when a trade or purchase is made. |
| Fixed Fees | Upfront amount, like annual retainers or price for a standard financial plan. |
| Hourly Charges | Rate charged per hour of work. |
| Performance-Based | If expectations or a benchmark are exceeded, you may pay additional fees. |
Other charges to consider are upfront costs, such as consultations and first-work fees. Some companies may offer a free consultation to investigate your asset portfolio.
SmartAsset |
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SmartAsset is an online portal that connects you with vetted fiduciary advisors. It matches customers with more than 50,000 advisors per month with its free service. First, you take a quiz online to be matched with potential advisors. Then you compare and choose the one that is the best fit for you. SmartAsset only works with fiduciaries, which means all advisors are legally obligated to work in your best interest. They aren’t paid a commission based on the products you use or the number of accounts you open. There are no hidden fees or obligations. |
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Personal Capital |
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Personal Capital lets see all your accounts linked in one dashboard. Visit online or download the app to link your accounts, then speak with an advisor to go over strategies, financial planning and investing. Personal Capital is a fiduciary, meaning they are legally obligated to put your interests first. |
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LEVATUS Wealth Counsel |
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LEVATUS Wealth specializes in investments, wealth counsel and financial planning. It offers services like cash-flow analysis, priorities mapping, growth and stability advice, life-transition counseling and career coaching. LEVATUS Wealth is also geared toward family legacy planning. Additionally, it offers investment management services. Its local office is at 115 Newbury St., 5th Floor, Boston, MA 02116. |
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Appleton Partners |
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Appleton Partners offers financial planning and wealth management services. This includes private client services, investment management, portfolio oversight, fixed-income risk and equity research. Private client fees are 1.00% up to $2 million in assets, and 0.5% for the remaining balance. The Boston office is at 1 Post Office Square, Boston, MA 02109. |
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Northeast Investment Management |
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Northeast Investment Management has more than $2 billion in assets under management. Services include investment management, fiduciary services, estate planning, tax filing and guidance, financial planning and family office. Northeast Investment Management focuses on investment advising and management. It requires a minimum of $1 million in assets to become a client. Fees are based on market value at the end of each quarter and start at 1.25% on the first $1 million, 1.00% on the next, 0.75% on the third and 0.50% on everything above $3 million. You can visit in person at 100 High St., Ste. 1000, Boston, MA 02110. |
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Darrow Wealth Management |
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Darrow Wealth Management specializes in financial planning, wealth management and asset management. It employs certified financial planners. Other services include sudden wealth advising. It is fee-only and fiduciary. It requires a $2 million minimum in investable assets for new clients. Darrow Wealth Management has two Massachusetts offices, with the Boston location at 22 Boston Wharf Road, 7th floor, Boston, MA 02210. |
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Choate Investment Advisors |
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Choate Investment Advisors (ChoateIA) specializes in wealth management, interdisciplinary planning advice and financial planning strategies. This includes tax advice, tax-return preparation and administrative services. ChoateIA operates as an independent fiduciary advisor and is geared toward sustainable, long-term investing and results. It requires a minimum of $10 million in assets to become a client. The company has offices at Two International Place, Boston, MA 02110. |
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