Whether you’re interested in protecting your assets for the future, creating a diverse portfolio or saving for retirement and your children’s education, hiring a financial advisor in Nashville is beneficial. These professionals offer advantages, such as:
Before you dive into choosing the best financial advisors in Nashville, understand that these professional services often have a minimum investment. While this amount varies, it typically ranges from $25,000 to $500,000 depending on the asset management services you require. Some financial advisors might not have a minimum at all, but be careful to check their qualifications.
Nashville residents have various types of financial advisors available to them. First, decide whether a robo-advisor or human financial advisor is right for you.
Robo-advisors offer a low-cost means to financial planning with automated processes and services. This is ideal for those who are looking for simple financial advice without the high cost or minimum investment. Human advisors, on the other hand, provide personalized advice for more complicated financial situations.
Additionally, you’ll have to choose if you want a fiduciary or a non-fiduciary financial advisor in Nashville.
A fiduciary has the power and legal obligation to act on your behalf in your own best interest. This legal and ethical standard ensures that your fiduciary advisor has no ulterior motives. A non-fiduciary investment advisor is not legally responsible to act in your best interest, with most adhering to the sustainability standard, which means their suggestions must at least be suitable for the client. As a result, non-fiduciary advisors may give advice which benefits them more than the absolute best option for the client.
The Department of Labor requires financial professionals involved with individual retirement accounts or other qualified individual accounts to uphold fiduciary standards and disclose all compensation and any conflicts of interest.
The cost of a financial advisor in Nashville varies depending on a few factors:
When looking at prices in Nashville, ask the financial advisor how they make money. Some advisors might profit from third parties for recommending certain investments. In addition to fiduciary standards, this transparency guarantees the advisor acts in your best interest at all times.
Also, ask about transaction fees or other costs you may incur.
When reviewing financial advisors in Nashville, look for qualifications such as:
Finally, don’t be afraid to ask the financial advisor any questions you may have about their services. If you’re unsure about an advisor or feel like you may be getting scammed, it’s not worth risking your savings to find out. Check with the Securities and Exchange Commission or use the Financial Industry Regulatory Authority’s Broker Check to verify your financial advisor’s qualifications and history.
Facet Wealth employs Certified Financial Planners who work to create individually tailored financial plans for clients. This company provides financial help for everything from retirement planning to education savings. Reviews are positive with praise for the flat planning fee and after-hours access to advisors.