How To Get A Free Financial Advisor

How To Get A Free Financial Advisor

Want investment advice, but either you don’t hit the investment minimums to have paid personal advisor? Or maybe you don’t want to pay the fees associated with having a financial advisor. Then you are in the right place because I am going to tell you how get a financial advisor for free!

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Why a Free Financial Advisor Is Important

Like I said, I am going to tell you how you can get a financial advisor for free! However, first I want to show you why this is so important. Most financial advisors charge a 1% fee to manage your money and they usually require a minimum account balance before they agree to start managing your money. Historically, having a financial advisor was SO important because we didn’t have access to the systems we have today and the barrier to entry was so MUCH higher. However, now you can literally invest in the market from your cell phone with zero commissions, you can even buy fractional shares of stocks. That means if you want invest in Tesla and you don’t want to have to pony up $691.05 to purchase a single share of stock, you can purchase a fractional share instead. With fractional shares you can purchase any amount you want. Additionally, 1% of your investment may not seem like a lot but that could add up to hundreds of thousands if not millions of dollars over time. Let’s look at an example so you can see the difference over time. Let’s say from the time you are 25 years old until you are 65 years old you invest $350 per month at a 10% interest rate which is the historical return for the S&P 500. In 40 years you would have made $1,958,462.59. Now let’s say during that same time you paid a financial advisor 1% which means you would have only received a 9% return on your investment in that case you would have made $1,487,726.97. The difference that you would have paid your financial advisor is $470,735.62. That is almost half of a million dollars. When you look at it like that it is VERY expensive! That is why I think having a free financial advisor is such a great idea. Think of it like you just gave your future self a few extra hundred thousand dollars in retirement.

Resources:

Click here for an easy to use investment calculator to determine your own return on investment.

How To Get A Free Financial Advisor

Now, the way to get a free financial advisor is to simply open an account with Charles Schwab. I know what you are thinking but no, I am not affiliated, sponsored, or get paid in any way with Charles Schwab. I’m just a super happy customer who have been using them for years and using their free financial advisors and financial advice. It is possible that other companies offer this service as well, but I am not aware of the exact services they offer because I have not used them. However, once you open an account with Schwab, you can schedule a meeting with a financial advisor who will sit down with you, or over the phone with you, and discuss your investing goals, risk tolerance, and come up with a plan for you. Additionally, if you ever have any questions about an investment, how to buy a stock on their platform, literally anything, they are available 24 hours a day and are super helpful. This isn’t just a huge glowing endorsement for Charles Schwab, but regardless of which brokerage firm you use, you should check and see if they offer this service. This literally saves you hundreds of thousands of dollars over your lifetime and it is wonderful that no matter when I have a question someone is always available to help.

Resources:

Click here to visit the Charles Schwab website.

Become Your Own Financial Advisor

An even better option would be to take the time to learn personal finance and investing yourself so when you are given financial advise you can determine if that seems right for you and you can implement any plans made. It does not have to be overwhelming, confusing, or boring. Learning investing can be broken down easily and once you start making money it gets more and more exciting and fun!

Does your brokerage firm offer free financial advisors without minimum deposits? If so, which company do you use? I would love to hear in the comment section.

And If you are interested in learning more about investing then check out my video How Can I Start Investing In the Stock Market For Beginners.