Best Ways to Get Free Financial Planning Advice Online
If ways get free financial is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.
Key Takeaways
- Share This content is for educational purposes only and does not constitute financial advice, advisory, or brokerage services.
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- Often, the people who would most benefit from the help and advice of financial planners are those who can least afford to pay for those serv...
Frequently, the people who would most benefit from the help and advice of financial planners are those who can least afford to pay for those services.
A knowledgeable financial planner can help you create a plan to consolidate credit card debt, guide you through the process of setting up an HSA, show you how to save money by refinancing your student loans and much more.
If you could use some financial advice but aren’t a high-net-worth individual, we can show you how to get free (or very inexpensive) financial planning.
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ToggleKey Points
- Financial planning is not just for the rich. Numerous options are available for people who need help with their finances but can’t afford to pay full cost for a financial planner.
- The Financial Planning Association (FPA) offers pro bono days where members provide free one-on-one help and group presentations on personal finance topics.
- Users of SoFi can get free financial consulting from the company’s network of financial planners. No minimum investment is required to access these services.
- XY Planning Network, Facet Wealth, and robo advisors like Betterment and Empower are all affordable options that offer financial advice.
- Non-profit debt relief programs can provide free or low-cost financial counseling to help you pay off debt and repair your credit score.
- Local options like hourly Certified Financial Planners (CFPs), Dave Ramsey’s Financial Peace University, and Certified Personal Finance Counselors (CPFCs) are available in numerous areas.
FPA Pro Bono Days
The Financial Planning Association (FPA) is a professional organization that lets you people find ethical financial planners. As part of its efforts to educate people on the importance of financial planning and using a financial planner, members of the FPA offer pro bono days that offer access to free financial advice.
FPA members provide free one-on-one help and group presentations on personal finance topics. These events are a excellent way to access a free financial advisor. Advisors are not allowed to pitch products or services, give out their business cards, or take down any information for future solicitation , the events are purely an effort to provide services to people who need but can’t afford them.
Each FPA chapter schedules its own pro bono days. You can find a chapter near you here.
SoFi’s No-Cost Financial Planning
SoFi offers its users free consultations with its network of Certified Financial Planners. There’s no minimum investment or balance required to schedule an appointment; anyone who downloads the SoFi app and is approved for an account can sign up for a free financial consultation.
The advisers who work for SoFi are fiduciaries who are not compensated through commissions, which means the advice they give is solely based on what’s in your best financial interest.
Importantly, the advice you’ll get isn’t limited to SoFi products. The company’s planners can help you with any number of financial questions and provide clarity on your next steps.
SoFi is the only online brokerage offering free financial planning with no minimum balance requirements.
Affordable One-on-One Financial Advice
For years, financial advisors have been targeting baby boomers. But more and more services are popping up that are aimed towards tech-savvy younger generations.
XY Planning Network
The XY Planning Network is comprised of fee-only financial advisors. Fee-only advisors are registered investment advisors with a fiduciary responsibility to their clients (meaning they are legally required to act in your best interest).
The advisors at XY Planning Network specialize in working with Generation X, Generation Y and millennial clients. Advisors can help clients set up a budget with the correct budgeting percentages, create an estate plan, develop a retirement plan, and provide investment advice.
Clients can opt to work with a local financial advisor, but all services are also offered virtually. That means clients can be matched with the advisor who best fits their needs and lifestyle, not just the geographically-closest advisor.
XY Planning Network advisors work on a fee-only basis and also offer the option of paying a monthly retainer for their services. Each advisor sets their own rates, which you can view on their profile on XY Planning Network’s site.
Facet Wealth
Facet Wealth’s CFPs® provide customized, one-on-one financial advice to their clients.
Facet Wealth charges a flat annual fee, ranging from $480 to $5,000, based on the complexity of a client’s needs. All meetings are held remotely via video chat or phone calls, and the customized financial blueprint created for each client can be tracked and managed online.
Which pricing tier your needs fit into is determined through a free consultation with a financial adviser. Those in the $480 tier will get help with things like managing cash flow, reviewing insurance needs, merging finances with a spouse, and buying a home.
At the $1,600 level, expect help with issues like how to optimize multiple investment accounts, basic estate planning, and education expe
Final Thoughts
Before you check out, double-check ways get free financial against current offers and any coupons you can stack. Small habits like this add up to real savings over a year.
Originally published at thewaystowealth.com.
R.J. Weiss
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