People in Boise hire financial planners to manage their investments, give financial advice and help them prepare for retirement. Our partners at ConsumerAffairs researched the best financial advisors in Boise to help you find a trusted, fiduciary advisor to make your financial goals a reality.
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Everyone benefits from the expertise and resources of a financial advisor. These asset management professionals dedicate themselves to assessing your financial situation and setting you up for future success. Financial advisors help you:
Set up college funds
Save for retirement
Manage your investments
Handle the details of your finances
Secure your financial future
Get objective advice from a knowledgeable source
Whether you are just starting your career or have accumulated significant assets, financial advisors help you keep your money organized and navigate towards a secure financial future. Other benefits of hiring a financial advisor in Boise include:
Saving you time trying to manage your finances on your own
Having access to the advisor’s extensive network, education, resources and experience
Increasing your confidence in your financial decisions
Some financial advisors have a minimum amount of assets clients must exceed, but people with any amount of money can find a financial advisor willing to work with them.
Types of financial advisors
There are many different types of financial advisors, so choose one that has experience relevant to your needs.
Type of Financial Advisor
These advisors provide guidance and advice about securities and rarely focus on other types of investments like real estate.
Certified Financial Planner (CFP)
This certification is typically considered the gold standard for financial planners. These professionals complete extensive training and education and abide by a strict code of ethics and standards.
These advisors put all of your affairs in order, so they are manageable after your death. This includes putting together a will, setting up trusts and designating beneficiaries.
Personal Financial Specialist (PFS)
Certified Public Accountants complete significant financial planning education to become a PFS. These advisors have extensive knowledge of asset management and taxes.
All of these types of financial advisors fall into two more categories to pick between: fiduciaries and non-fiduciaries.
Type of Financial Advisor
Fiduciary Financial Advisors
Fiduciary financial advisors abide by a legal and ethical standard that forces them to act in their client’s best interest. A fiduciary in Boise should want to know every detail about your family's financial state to help you make the best decisions based on your unique circumstances.
Non-fiduciary Financial Advisors
A non-fiduciary financial advisor usually meets a less strict standard that only requires them to provide suitable financial advice. This means that non-fiduciaries sometimes recommend options less than ideal for you if it personally benefits them more. Non-fiduciaries are typically more concerned about helping you buy and sell investments than making decisions that affect your financial future.
Once you know what type of financial advisor you want, you’ll have to choose whether you want to deal with a robo-advisor or a human advisor.
Type of Financial Advisor
Robo advisors are computer-based software systems that analyze and manage a customer’s investment portfolio. This type of financial planning is geared to help buy and sell investments, but not necessarily help your family make strategic financial decisions for the future.
Human advisors are real people that meet with you face-to-face or online to help you make specific financial decisions that impact your family's future. Human advisors tend to cost more and frequently require a minimum account balance, but many Boise residents report that the personal interaction and customer service is worth it.
What is the cost of a financial advisor in Baltimore?
Different financial advisory services get billed in different ways, so the average cost for a comprehensive financial plan from a fee-based financial advisor in Boise is a flat fee between $1,000 - $2,000, but other clients might pay a monthly retainer for ongoing asset management services.
If your financial advisor is handling investments for you, their fee is likely a percentage of the assets you have invested. Expect to pay 1 percent of the total assets he or she is helping you manage. Some financial advisors get paid a commission based on the investment transactions they advise.
A financial planner that uses a fee-only pricing structure gets paid for their services directly from the client without any commission or reimbursement from third parties. A fee-based pricing structure depends not only the services that the financial planner offers but also a commission from any financial products or programs in which the client invests.
As mentioned above, not all financial advisors have the same credentials or experience, and those with more training and experience often cost more than general financial planners. Some advisors also charge more for active management when their service surpasses typical financial advising and focuses more on actively beating the market.
What qualifications should a financial advisor have?
As you search for the right financial advisor in Boise, make sure you check their qualifications, which should include:
At least a bachelor's degree from an accredited college or university
An MBA (optional)
A General Securities Representative license
A Series 63 license
Other professional certifications like being a CFP or PFS
Choosing the right financial advisor in Boise comes down to asking the right questions. If having an advisor who keeps your best interests in mind is important to you, make sure they are a fee-only fiduciary. Other questions to ask include:
How do you get paid?
How many clients are you working with right now?
How do you invest your own money?
How do you measure success?
What is your investment philosophy?
How do you keep in touch with clients?
All too often, people get scammed by dishonest individuals pretending to be financial advisors who give out bad advice, take payment and are never heard from again. The more you know about financial advising scams and how to spot them, the safer you are.
To avoid falling victim to financial advising schemes and scams in Boise, do your research. Speak to long-term clients, get referrals and don't be afraid to ask questions. Use resources from the Financial Industry Regulatory Authority and the Securities and Exchange Commission to check your financial advisor’s qualifications and history. Your hard-earned money is at stake, and you have the right to be picky with whom you choose to manage it.
Facet Wealth provides both in-person and online financial planning to help Boise residents manage their money without spending most of it on fees. Founded in 2016, this company gives customers access to trained CFPs dedicated to responsible and profitable asset management. Customers rave about how Facet Wealth combines expert financial advice with a personal touch.
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