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Best Financial Advisors in West Palm Beach, FL

Aug. 15, 2019, 8:17 p.m.

Fiduciary financial advisors help people set monetary goals and then plan, save and invest to achieve those goals. That’s why our partners at ConsumerAffairs researched the best financial advisors in West Palm Beach to help make your hard-earned money start working for you.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. WPTV may receive compensation from our partners. Learn more.

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#1
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Facet Wealth

Real Financial Planning

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Facet Wealth
Facet Wealth
Features
  • Work with a dedicated CFP
  • Complimentary goal setting & financial analysis session
  • Goal-based financial planning
  • Get an individually tailored financial plan
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#2
Legacy Financial Partners
Legacy Financial Partners
Features
  • Manages over $894 million in more than 6,300 accounts
  • Uses exclusive Big Picture Blueprint & Planning Process
  • Account minimum of $15,000 under the Standard Wrap Program
  • A percentage of AUM, hourly charges & fixed fees compensation
Location
1601 Belvedere Rd., Ste. 305-S
West Palm Beach, FL 33406
(561) 683-3000
#3
URS Advisory
URS Advisory
Features
  • Fiduciary advisors
  • Allied with Gradient Investments, which has over $1.9 billion total assets under management
  • Focus on female- & family-oriented financial advise
  • Fee-based financial planning using MoneyMatch
Location
2247 Palm Beach Lakes Blvd., Ste. 106
West Palm Beach, FL 33409
(561) 594-0100
#4
Morgan Stanley
Morgan Stanley
Features
  • Manages $7.29 billion in over 1.8 million accounts
  • Asset minimums start as low as $5,000
  • Creates customized financial strategies for families
  • Options for AUM percentage or fixed fee compensation
Location
777 S. Flagler Dr., Ste. 700E
West Palm Beach, FL 33401
(561) 650-7500
Castle Wealth Management
Castle Wealth Management
Features
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • castlewm.com
Location
1400 Centrepark Blvd., Ste. 900
West Palm Beach, FL 33401
(561) 686-9604
Fialkow Financial Planning
Fialkow Financial Planning
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • fialkowfp.com
Location
2054 Vista Pkwy., Ste. 400
West Palm Beach, FL 33411
(561) 877-1472
CAPTRUST
CAPTRUST
Features
  • M-F: 8am - 5pm
  • Closed Sat and Sun
  • captrust.com
Location
319 Clematis St., Ste. 801
West Palm Beach, FL 33401
(561) 655-6143
Core Wealth Management
Core Wealth Management
Features
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • core-wm.com
Location
4600 Military Trl., Ste. 215
Jupiter, FL 33458
(561) 491-0231
Davis Private Wealth
Davis Private Wealth
Features
  • M-F: 9am - 4pm
  • Closed Sat and Sun
  • davisprivatewealth.com
Location
1035 FL-7 Rd., Ste. 315-14
Wellington, FL 33414
(561) 284-8999
McKernan Financial Group: Northwestern Mutual
McKernan Financial Group: Northwestern Mutual
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • mckernanfinancialgroup.com
Location
250 S. Australian Ave.
West Palm Beach, FL 33401
(561) 284-8100
Baird Financial Advisors
Baird Financial Advisors
Features
  • M-F: 8:30am - 4:30pm
  • Closed Sat and Sun
  • bairdoffices.com/westpalmbeach_fl
Location
777 S. Flagler Dr., Ste 1401W
West Palm Beach, FL 33401
(561) 650-5700

Choosing a financial advisor in West Palm Beach

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There are benefits to working with financial advisors for West Palm Beach residents at all income levels and stages of life. Fiduciary financial advisors plan your financial future, manage your money, invest to grow your account and give expert, impartial advice on how to make your financial goals a reality.

Thanks to the wide variety of financial advisory services available in West Palm Beach, professional asset management is no longer just an option for the wealthy. While some money advisors require a minimum account size, normally $100,000, many financial planners are willing to work with smaller accounts.

Types of financial advisors

When it comes to the different types of financial advisors in West Palm Beach, there are two key distinctions you’ll want to keep in mind:

  • Robo-advisors vs. traditional advisors. Robo-advisors are software systems that use algorithms to recommend financial plans and investments that fit the information you provide. Robo-advisors are the most affordable type of financial advisor and have low account minimums. Traditional advisors are more expensive, but these asset management professionals have degrees, certifications and experience they use to craft personalized financial advice for you.
  • Fiduciaries vs. non-fiduciaries. A fiduciary in West Palm Beach is bound by law to make the best possible decisions and recommendations for your finances. Non-fiduciary advisors are only obligated to make recommendations that are suitable for someone in circumstances similar to yours. It’s a subtle distinction, but non-fiduciary financial advisors cost investors an average of $17 billion each year due to providing advice that isn’t in their clients best interest.

What is the cost of a financial advisor in West Palm Beach?

Costs vary, but a traditional financial planner will charge approximately $1,000 to $2,000 for a comprehensive financial plan. For ongoing asset management, West Palm Beach residents typically pay a few hundred dollars in monthly retainer fees. Investment advisors typically charge an unofficial industry standard rate of around 1 percent of your assets under management.

Robo-advisors typically work with minimum account sizes of $500 - $10,000, with average fees of about 0.25 percent up to 0.89 percent. Some robo-advisors are add-on services without any fees at all.

Your financial advisor in West Palm Beach should be transparent about how they make money. Fee-only advisors make profits exclusively from charging their clients fees, while fee-based advisors charge fees along with earning a commission from selling financial products and securities to clients. Unfortunately, commissions can influence these non-fiduciary advisors to favor certain products or recommend more frequent sales and trades.

What qualifications should a financial advisor have?

Consider the following when choosing your West Palm Beach financial advisor:

  • What are their qualifications? Organizations granting credentials require advisors to stay up-to-date on the latest offerings and practices. One of the most important qualifications for financial advisors is that they are a Certified Financial Planner and join the Financial Planning Association. A CFP certification means that your financial advisor has met rigorous additional qualifications to ensure their competency.
  • Are they licensed and registered? In order to give financial advice, money advisors typically register with state and national authorities and need a license to sell securities products or specific types of insurance.
  • What types of clients do they work with? Advisors are often better suited to serve you if they’re familiar with the challenges and opportunities of someone in your position
  • How many advisors will they work with? It’s important to personally know whom you’re trusting with your money and how much attention they’re paying to your account.
  • How do they make money? Ensuring there is no conflict of interests is a major factor when selecting a financial advisor. Fiduciary status and a fee-only pricing structure help with transparency.
  • How much do they typically charge and how will I pay? Determine whether their time and assistance are worth the costs involved.

Scams are unfortunately common in this industry, so ask your West Palm Beach financial advisor whether they’ve ever been disciplined for any illegal or unethical actions in their career. You can check the background of potential financial advisors using the Financial Industry Regulatory Authority’s BrokerCheck.

Facet Wealth

Facet Wealth VISIT FACET WEALTH

Facet Wealth is based in Baltimore and offers comprehensive financial advisory services. Reviewers praise their annual flat fees, free initial consultations and affordable service, but a few Florida residents were less than pleased by their $1 million account maximum.

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