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Identifying the rightfinancial advisortakes time.
Its a challenging process requiring a high level of trust.
Thankfully, a recent study fromCNBCrevealed the top financial advisor firms to considerif youre in need of assistance.
The Top Ranked Financial Advisor Firms in America
For six years,CNBChas ranked financial advisors.
The analysis began with roughly 41,000 registered investment advisory (RIA) firms in the SEC regulatory database.
However, once you amass a certain level of assets, its worth considering hiring a financial advisor.
Most people should consider hiring an advisor once they achieve $500,000 in investable assets, according toForbes Advisor.
What To Look For in a Financial Advisor
Hiring a financial advisor is a major decision.
Furthermore, there are a lot of advisors to consider in your research.
There were over 320,000 advisors in America as of 2023, according to theBureau of Labor Statistics.
A financial advisor can analyze everything from cash management issues and tax strategies to investments and insurance.
Why Hiring a Fiduciary Is Important
Not all financial advisors are alike.
Many work on commission, which can influence recommendations.
Selecting a fiduciary is often the best course of action.
Fiduciaries are legally required to work in the best interests of their clients.
Moreover, a fiduciary typically charges a flat fee or percentage of assets under management rather than commissions.
During interviews, ask the person if theyre a fiduciary.
Department of Laborhas put regulations in place that require more financial advisors to act in the clients best interest.
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