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Finding a truly independent financial advisor isn’t easy. Many advisors earn commissions on the products they sell to you, which can bias their advice. Wealthramp can help you separate the wheat from the chaff in your search for a dependable, unbiased financial advisor. Their free online service matches you with local, fee-only advisors based on your preferences. It’s a simple service, but an effective one. Free matchmaking service to find local financial advisors
Screens advisors before they join the network
Advisors must be fee-only
Quick and easy process, the survey takes two minutes
No obligation to enroll
No listing of actual fees charged by advisors is available on the platform
You must meet with financial advisors to learn their fees
No standardized approach to advisor profiles; each uses a different process
Financial advisors may require minimum portfolio balances
Limited customer service
Table of Contents
Who Should Choose Wealthramp
Wealthramp does one job very well: It helps people find local, fee-only financial advisors . You take a short survey to give the platform an idea of what you need from a financial advisor. Choose from different services, financial specialties and communications styles (in-person or remote.) From there, Wealthramp suggests possible matches.
Since Wealthramp is free and only takes two minutes, it could be worth using even if you aren’t totally sold on hiring a financial advisor in the first place. You can get a picture of who’s available in your area and decide whether you’d like to meet with an advisor.
The Wealthramp platform doesn’t offer anything besides a financial advisor matchmaking service. If you want to start investing, sign up for an online broker account .
Financial advisors tend to charge higher fees for managing your portfolio. If you’re looking to keep fees as low as possible, you might be better off with a robo-advisor . How Wealthramp Works
The Wealthramp process begins by asking you to fill out a short, two-minute survey.
You will answer questions like where you live, how much income you earn, the size of your current investment portfolio, and how you would like to communicate (e.g., virtual or in-person, monthly or only when the market changes, etc.)The survey also asks questions to gauge your investment style, including your risk tolerance and how involved you want to be with investment decisions.Wealthramp uses this information to recommend up to three advisors in your area who could be a good match. You will receive a short profile for each advisor, explaining their specialties and certifications and their contact information.It’s up to you whether you want to contact any advisors, and they won’t receive your contact information. Wealthramp says the advisors chosen for you will not send you marketing emails.Contact them for an initial meeting if you are interested in any of the advisors. From there, the process depends on the advisor. Wealthramp makes the initial connection, and after you contact them, each advisor handles the relationship from that point on. Financial Advisor Services and Requirements Each financial advisor who participates in the Wealthramp network runs their own practice, with their own rules, requirements and specialties.Most offer investment management services. You could also request to be connected with financial planners , where the advisor gives you advice, but then you run the investments yourself. Some advisors have specialties like environmental, social and governance (ESG) investing and retirement planning .There is no minimum investment required to use the Wealthramp service. However, advisors could have their own minimum portfolio size for taking on new clients. When you fill out the questionnaire, you list your total current investment portfolio balance and Wealthramp matches you with advisors where you meet the minimum. Wealthramp Financial Advisor Selection Process Not just any advisor can join the Wealthramp network. The network includes exclusively fee-only advisors , none of whom accept commissions from selling investment products. In addition, all of the network’s advisors must be fiduciaries .Advisors apply to join the Wealthramp network. The company investigates their qualifications and ensures they have no serious outstanding client complaints. They also make sure the advisor’s fees are within a reasonable range.From there, an advisor must pass an interview with Wealthramp’s founder, Pam Krueger. Only then will an advisor be allowed to join the network. Wealthramp Fees and Costs Wealthramp charges end users zero fees. The platform makes money by charging financial advisors fees for becoming part of their network.The advisors promise not […]
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