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Not only are there many types of advisors, but there are different ways advisors earn money.
Choosing one over the other can save you money, depending on your financial goals and the amount invested.
Financial Advising Fees
Some advisors are fee-only, and some are fee-based.
CFP
CFP stands for certified financial planner.
Certified financial planners are well-respected advisors in the industry.
Some CFPs are fee-only, and some are fee-based.
Robo-Advisors
Robo-advisors have increased in popularity over the past few years.
They are automated and complete investments on your behalf with criteria you set.
However, this comes in exchange for the expertise and nuance a human advisor could offer.
Stockbrokers
Stockbrokers are people who purchase stocks, bonds and other investments on your behalf.
Brokers have a license to purchase these assets and can work independently or as part of a brokerage firm.
Financial therapists can help people reshape their beliefs about money or stop harmful habits, like spending addictions.
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