Find the Best Financial Advisors in Tallahassee, FL

Choosing a financial advisor in Tallahassee

Money advisors in Tallahassee help with all aspects of your finances, including budgeting, debt, savings and investment. The benefits of hiring a financial planner include:

• Setting achievable financial goals
• Creating a road map for your financial future
• Building a portfolio of diverse investments
• Impartial, knowledgeable financial advice

Some financial advisors in Tallahassee work with anyone regardless of their total wealth, but other advisors only work with clients that have at least $100,000 in assets. The difference here depends on how these advisors charge their clients and what kind of asset management services they need.

Types of financial advisors

One of the first decisions you’ll have to make when looking for financial advisory services is whether you want to work with a human advisor or a robo-advisor.

Robo-advisors are digital software platforms that use algorithms to build, manage and maintain your investment portfolio with little to no human supervision. Clients input their information and investing parameters, and the computer model does the rest.

Keep in mind that some financial advisors in Tallahassee offer a hybrid service that combines both approaches to asset management.

The next critical distinction between financial advisors is between fiduciary advisors and non-fiduciary advisors. The fiduciary standard means these advisors must always act in your best interest. Non-fiduciary advisors abide by a less-strict suitability standard. This means non-fiduciary advisors sometimes make recommendations that are not the best or most cost-effective option for the client. So long as their advice still fits within the client's risk profile, objective and time frame, non-fiduciary advisors are free to operate without worrying about conflicts of interest.

What is the cost of a financial advisor in Tallahassee?

Financial advisors in Tallahassee charge around $150 to $300 per hour, but what and how you pay your financial advisor will depend on what asset management services you receive and how your advisor makes money.

Other pricing structures include:

• Retainers fees between $2,000 and $7,500 annually
• Flat fees averaging $1,000 to $3,000 for creating a financial plan
• Annual fees between 0.5% - 2% of assets under management
• Commission per investment transaction or financial product sale

Advisors calling themselves fee-based charge clients upfront but also take a partial commission, while fee-only firms make money solely from their clients. Fee-only is generally preferred as it helps make sure your advisor is working with your best interest in mind.

What qualifications should a financial advisor have?

Your Tallahassee financial advisor should have at least a bachelor’s degree in a relevant field and, ideally, an additional professional qualification such as being a Certified Financial Planner.

Consider asking the following questions when vetting your retirement advisor:

• Are you exclusively a fiduciary?
• Are you a fee-only advisor? If not, how are you compensated?
• What is your investment philosophy?

The most important document to check as you evaluate a financial advisor in Tallahassee is the Form ADV. It reveals their fee structure, firm history, asset management style and any misconducts on record. You can find this information by checking with the Securities and Exchange Commission. Also, be sure to visit the Florida Office of Financial Regulation to verify an investment advisor’s license.