Many people feel overwhelmed at the prospect of financial planning, but working with a financial advisor simplifies the process and gives you a better chance at financial security. When choosing an advisor, look for a fiduciary who has experience, matches your budget and provides excellent customer service. Our partners at ConsumerAffairs researched the best financial advisors in Fort Myers to help you find the asset management you need.
It’s always a good time to work with a financial advisor because they help you:
Invest and diversify your portfolio
Save for your children’s education
Prepare for retirement
Manage finances after a marriage
Recover from a divorce
Handle inherited money
Get advice on your current financial situation
Avoid poor financial decisions
Some financial planners, retirement advisors and investment advisors have minimum investment requirements, usually around $50,000 for asset management.
Types of financial advisors
There are two fundamental types of financial advisors in Fort Myers: robo-advisors and human advisors. Robo-advisors use algorithms to generate a financial plan, but, when you work with a human advisor, you get personalized financial help from a professional. Human advisors might call themselves financial planners, retirement advisors or investment advisors, but all allow you to set customized goals based on your life.
There are also fiduciary advisors and non-fiduciary advisors in Fort Myers. Fiduciaries maintain a legal and ethical standard that requires them to act in the best interests of their clients. Non-fiduciaries are bound to a looser standard, the sustainability standard, which only mandates that their recommendations are suitable for the client.
Both types can give good financial advice, but only fiduciaries are always guaranteed to do what’s right for you. Non-fiduciaries might have a bias towards certain investments or methods because it benefits them more than what’s ideal for the client.
What is the cost of a financial advisor in Fort Myers?
There are several ways financial advisors charge for asset management services in Fort Myers:
Commission: The advisor takes a percentage of each investment transaction.
Assets under management: The advisor charges a percentage of the assets in your account.
Retainer: The advisor charges a scheduled fee for on-call or constant asset management.
Flat fee: The advisor charges a flat fee for individual asset management services.
Hourly rate: The advisor charges an hourly rate for financial planning or advice.
You might also come across the terms fee-only and fee-based. A fee-only advisor does not take any commissions. On the other hand, a fee-based advisor takes a percentage of your assets as well as commission.
Before working with a fiduciary in Fort Myers, learn about their payment policies. Make sure to work with a company that is transparent about their fees and how they make a profit. All payment structures bias an advisor in one way or another, whether they’re a fiduciary or not, so think about how your money motivates your financial advisor before choosing.
What qualifications should a financial advisor have?
In addition to having a bachelor’s degree or MBA, financial advisors in Fort Myers should some additional form of license or certification, like being a Certified Financial Planner.
Ask prospective financial advisors:
Are you a fiduciary?
How do you make a profit?
How many years of experience do you have?
What are your fees?
What’s your philosophy on investing?
Have you ever been convicted of a crime or investigated by a regulatory body?
While you’re on the search for the best asset management in Fort Myers, look out for scams. Be sure to check for honest reviews of the company and avoid working with money advisors that make unrealistic promises about market-beating performance. Finally, use resources from the Financial Industry Regulatory Authority and the Securities and Exchange Commission to check on firms and advisors.
Facet Wealth offers a variety of services, including retirement planning, and has fiduciary Certified Financial Planners on staff. To promote trust with its clients, this company only charges flat fees. Customers praise Facet Wealth’s customized approach to asset management.
Rezny Wealth Management, Inc
Whether you have specific goals or are unsure about your financial future, Rezny Wealth Management has services to help. However, this fee-only company focuses on investment portfolios and retirement planning if you have at least $500,000 of investment assets. Local customers commented on the excellent results Rezny earned for them.
Cumberland Advisors is a good, fee-only option for long-term financial solutions. They focus on setting up investment portfolios and giving financial advice. Having managed billions of dollars, they have a great deal of experience in the industry. Fort Myers customers comment on the affordability of its asset management services.