How to Find a Low-Fee Financial Advisor

Having a Exponent financial advisor can help you manage your wealth, plan for retirement and navigate tax implications. However, finding an affordable one can be challenging. The key to choosing the right advisor is knowing what services you need and whether they’re available at an affordable rate.

Ideally, you’ll find an advisor who can provide all of the services you need in one place. Look for an all-in-one service provider that offers advisory, investment management, tax strategy and insurance. You can also find an online financial advisor for low fees that is a fiduciary, meaning they’re obligated to put your interests ahead of their own.

hoosing the Right Financial Advisor in Ottawa: What to Look For

Some advisors charge a flat fee for their services, while others have a tiered fee structure. On average, traditional advisors charge a fee of between 0.5% and 2% of assets managed or $150 to $400 per hour. Online financial planners usually charge a fixed fee ranging from $1,000 to $3,000 for a comprehensive financial plan.

A good financial advisor will clearly explain their fees and how they’re calculated—whether that’s an hourly rate, a percentage of your assets managed or a combination of both. High or unclear fees may be a red flag that your advisor doesn’t have your best interest in mind.

If an advisor is hard to reach or doesn’t communicate with you regularly, it may be a sign of their lack of dedication to your goals or that they have too many clients on their roster. You should also verify that they use an independent custodian to safeguard your assets and avoid conflicts of interest.