MoneyUnder30.com
Simple. Honest. Personal finance.
MoneyUnder30.com

Top Financial Advisors for Millennials

Got money questions? Seeking professional help can be smart. Trouble is, many financial advisors are expensive or only want to work with millionaires. So where can you turn? We contacted hundreds of financial advisors to find several who love to work with 20- and 30-something clients. These talented advisors are affordable, have minimal requirements for becoming a client, and most will work remotely. Read more about Money Under 30′s best financial advisors for millenials.

Most weeks, I get more money questions via email than I could ever answer. While a blog like Money Under 30 is a terrific resource for helping you learn the basics of money management from others who have been there before, there comes a time when you need specific, individual, and professional financial advice. For today’s feature, we contacted hundreds of financial advisors to find a select few who are eager to work with younger clients. Whether you’re looking for a financial pro now or are simply curious about the services they offer and what they charge, we hope our list of top financial advisors for millennials is helpful. -David

Top financial advisors for millenials: These professionals offer affordable financial advice to young investors.

Whether it’s somebody to manage your investments or a Certified Financial Planner (CFP) who can analyze your entire financial picture, a financial advisor can help you protect and build your wealth.

Problem is, if you’re just starting out, you may not have $1,000 to spend with a financial planner – the minimum many charge for a comprehensive planning session. Likewise, investment managers charge a fee calculated as a small percentage of the money they manage for you (assets under management), so it’s not worth their time to work with clients with less than $250,000 or even $500,000 to invest.

Often times, the only advisors young people can find who want to work with them are compensated by commissions on the investments they sell you rather than by a fee you pay to get objective advice. We recommend that if you’re going to seek out financial advice, you should get it from a “fee-only” financial advisor.

Despite countless emails from readers who have unsuccessfully looked for a fee-only financial advisor willing to work with them on a budget, we knew they were out there. For one, many younger advisors realize that our generation is the future of their business. Maybe we haven’t banked millions yet, but we will.

So we went out and rounded up some of the best financial advisors for millennials. They want to be there as you buy your first house or contribute to a 401(k). They know a little advice — when given early — can go a long way in building a lifelong relationship. And most importantly, they know what they’re talking about.

Although we found advisors in all parts of the country, most of them are also willing to work remotely, so if you don’t live in their area, don’t worry. They’re on Skype, and they’re ready to listen.

Justin Nichols, Nichols Financial Advice (Manhattan, KS)

FA.JustinNicholsNichols has two young sons, Nate, 7, and Luke, 4. He says as a young professional himself, life experience plays an important role when he provides advice for others.

  • Contact: 785-236-8150 or Justin /at/ NicholsFinancialAdvice.com
  • Services offered: Investment management, Comprehensive financial planning, Insurance, Estate planning, Tax advisory services, Budgeting and general financial coaching, Credit counseling and/or debt management, Hourly Advice
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Hourly or flat rate for services rendered
  • Typical fees: $550 one-time fee, then $65/month for comprehensive planning services

“A lot (of young planners) have great book knowledge, but with experience and life events, you have a different perspective.”

Nichols works with clients remotely when requested and says most of his clients are outside his offices in Manhattan, Kansas. He typically meets virtually with clients either via JoinMe or an audio conference.

On when is the right time to find a planner: “I would say first job, engaged to be married, big life events like that. I’m envisioning younger couples getting engaged or planning a wedding, very soon out of school, being employed in their first job. It helps you choose which benefits might be best for them, (for example) a Roth IRA versus a 401k.”

“It’s often a comment, ‘We don’t have enough money to need a financial planner.’ But those are the type of people I work with and most enjoy working with and can most help quite honestly. Upper middle class young professionals with good income are doing a lot of exciting things, and if I can start working with them at a young age we can get them on the right track from the beginning and avoid some mistakes.”

Sophia Bera, Gen-Y Financial Planning (Minneapolis, MN)

FA.SophiaBera.smallheadshotBera says she likes to be viewed as a client’s financially-savvy best friend. She specializes in working with Gen-Y and loves helping people use their money to match their values.

  • Contact: 612-790-7955 or Sophia /at/ GenYPlanning.com
  • Services offered: Investment management, Comprehensive financial planning, Budgeting and general financial coaching
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Fee-Only, no minimum asset amount.
  • Typical fees: 95 basis points on the first $250,000 in assets, then a decreasing scale

“After working with hundreds of clients around the country, I started Gen-Y Planning to create a comprehensive financial planning program for the cost of a gym membership,” she says.

She offers investment management and charges less than 1 percent, with no minimum assets under management required.

 Jennifer Lane, Compass Planning Associates Inc. (Boston, MA)

FA.JenniferLane“I focus on making my clients as independent as possible. I’m there to guide and support them, but since young professionals face many more financial challenges than their parents, it’s important they’re comfortable with financial planning and personal money management. My style is collaborative and educational.”

  • Contact: 617-523-4666 or jennifer /at/ compassplanning.com
  • Services offered: Investment management, Comprehensive financial planning, Budgeting and general financial coaching
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Fee based
  • Typical fees: What she charges for annual planning or investment management varies

Michelle Morris, BRIO Financial Planning (Quincy, MA)

FA.MichelleMorris“Small changes implemented in your 20′s and continued for a lifetime can have life-altering positive consequences — invest in yourself to get on track.  The time is NOW,” says Morris.

  • Contact: 617-934-0419 or michelle /at/ briofp.com
  • Services offered: Investment management, Comprehensive financial planning, Insurance, Estate planning, Tax advisory services, Budgeting and general financial coaching, tax planning and preparation
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Hourly or flat rate for services rendered, annual retainer fee based on income, assets and complexity. Initial consultation is complimentary.
  • Typical fees: What she charges for annual planning or investment management varies

Dominique Broadway (Washington, DC)FA.DominiqueBroadway

During first meetings, Broadway always works with her clients to fill out a list of the top 10 things they want to accomplish during their lifetimes. Then, they discuss how to get there.

  • Contact:  202-716-0617 or dbroadway /at/ dominiquebroadway.com
  • Services offered: Comprehensive financial planning, Insurance, Estate planning, Budgeting and general financial coaching, Credit counseling and/or debt management
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Hourly or flat rate for services rendered, Commissions on financial products
  • Typical fees: Initial consultation is complimentary; $600 + for financial planning and investment management

“I don’t care how much money you have. It’s finding a life plan and strategy so that money isn’t everything, it’s just the tool to help you reach your goals.”

She says young professionals should start working with a financial planner as early as they can.

“I say that because most of the older people I’ve met with, in their 50’s, 60’s, say, ‘I wish I had met you when I got my first job out of college,’” she says.

Blair Hodgson DuQuesnay, Ignite Investments and Planning (New Orleans, LA)

Wealthstream-Profile-Pic-199x300DuQuesnay says she founded Ignite Investments and Planning specifically to work with young professionals and families.

  • Contact: 504-252-2380 or blair /at/ igniteinv.com
  • Services offered: Investment management, Comprehensive financial planning, Budgeting and general financial coaching
  • Asset requirements: $100,000
  • Compensation: Hourly or flat rate for services rendered, Fee based on investments under management
  • Typical fees: Initial consultation free for one hour, then $150/hour min 2 hours; investment management 1% AUM up to $1M

“Young investors have the advantage of time and compounding returns on their side. They can make small changes now that will have a huge impact later.”

She has 10 years of professional experience in investment management and financial planning.

Neal Frankle, Wealth Resources Group (Westlake Village, CA)

Neal FrankleFrankle is frank that “not everyone should work with me…I am not the advisor for very aggressive investors who want to get 20 percent per year, every year. I am not a stock jockey. I do rebalance accounts monthly, but I believe long-term investments should be given time to achieve long-term goals.”

  • Contact:  818-889-6700, neal.pilgrim /at/ gmail.com
  • Services offered: Financial planning, investment management, retirement planing, estate planning, insurance planning.
  • Asset requirements: $100,000
  • Compensation: Hourly fee or percentage of assets managed
  • Typical fees: $200 per hour or or 1 percent (generally speaking) of invested assets. This depends on asset size and scope of work.

Neal sees his strengths as helping people avoid unnecessary financial worries and helping people achieve important goals over the long-run. You can learn more about Neal at his blog, The Wealth Pilgrim.

Kristen Euretig (Brooklyn, NY)

FA.KristenEuretigEuretig taught English as a Second Language in New York City public schools and has a master’s in education. She says she uses that background in her conversation with clients.

  • Contact: 917-975-7956 or keuretigcfp /at/ gmail.com
  • Services offered: Comprehensive financial planning, Budgeting and general financial coaching, Credit counseling and/or debt management, investment/retirement/special purchase planning
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Hourly or flat rate for services rendered
  • Typical fees: Complimentary initial consultation, $115 hourly individual rate, $145 group rate

“I draw things out, I use analogies … We learn a lot about the theory of learning, and I feel like that’s applicable.”

Euretig also is founder of the blog Young, Broke and Awesome. She speaks Spanish.

Jenna Johnson, Family Services, Inc. (North Charleston, SC)

FA.JennaJohnsonJohnson is able to provide many services free or inexpensively because she works for a non-profit that is subsidized by grants.

  • Contact: 843-735-7802 or info /at/ fsisc.org
  • Services offered: Budgeting and general financial coaching, Credit counseling and/or debt management, Homebuyer education and foreclosure prevention counseling
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Grants and one-time counseling fees
  • Typical fees: $50 one-time fee for certain services; classes are free

Remotely, Family Services, Inc., offers online education for first-time home buyers and virtual counseling.

“Money management skills are important no matter the age, but especially vital when a young professional is just starting out,” Johnson says. “People in their late teens and early 20′s make decisions that affect the rest of their life. We can help establish a budget — but more than that, we educate from the beginning to the end: budgeting, saving, credit, homebuying, etc.”

Johnson says individuals as young as college freshmen could benefit from meeting with a financial advisor.

“It’s never too young to start looking into your financial future.”

Garrett M. Prom, Prominent Financial Planning (Austin, TX)

FA.Garrett-Prom-Head-ShotProm says he charges a percentage of assets, which could be beneficial to a young professional starting out.

  • Contact: 512-660-7766 or info /at/ prominentfp.com
  • Services offered: Investment management, Comprehensive financial planning, Estate planning, Budgeting and general financial coaching
  • Asset requirements: No minimum net worth/investable assets
  • Compensation:  Flat planning fee or fee based on investments under management
  • Typical fees: 1 percent of assets under management

“Whether they come to me with 20,000 or 200,000, it’s still 1 percent,” he says.

“I take the approach that if people are willing to save, they will get there and get there faster, and it’ll be a win-win.”

“Someday, (young professionals) will be the ideal clients that most advisors would ‘compete’ for.  We aim to get clients to this point and beyond.  We believe that by helping young professionals get there, they will want to be clients for life.”

Barry Korb, Lighthouse Financial Planning, LLC (Potomac, MD and Suffern, NY area)

FA.BarryKorb“We understand young couples needs for reasonably priced, objective, personalized guidance to help them start off life together on a sound financial path.  They want to ensure that they are protecting and planning for their and their children’s future without forfeiting their own current lifestyle, their dreams, their retirement plans and their need to focus their energies on their own families and professions,” Korb says.

  • Contact: 301-996-7044 or bkorb /at/ lighthousefp.com
  • Services offered: Investment management, Comprehensive financial planning, Insurance, Estate planning, Budgeting and general financial coaching, college funding and a financial check-up
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Hourly or flat rate for services rendered
  • Typical fees: $1,000 minimum for a financial check-up; $2,500 for investment management

Charles Buck, Buck Financial Advisors, LLC (Woodbury, MN)

Buck says his role is like that of a personal trainer: one who provides knowledge, perspective and mentoring.

  • Contact: 651-339-3585 or charles /at/ buckfinancial.com
  • Services offered: Comprehensive financial planning, Budgeting and general financial coaching
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Hourly or flat rate for services rendered
  • Typical fees: Initial consultation $595; annual planning/investment management $175/hour

“We provide professional, objective knowledgeable advice and you pay only for the services you need and desire. We advise not only on your financial investments, but the risks that can impact achieving your goals.  Our approach is design diversified investment solutions that are low cost, straightforward to implement, and will maximize the gain available in the market.”

F. John Deyeso, III, Financial Filosophy (New York, NY)

Deyeso says he built his business with young clients, he calls “early asset accumulators.”

  • Contact: 917-916-2207 or john /at/ financialfilosphy.com
  • Services offered: Investment management, Comprehensive financial planning, Budgeting and general financial coaching
  • Asset requirements: No minimum net worth/investable assets
  • Compensation: Fee based on investments under management
  • Typical fees: No fee for initial consultation; for younger clients with assets <100K, builds the asset management portion into the annual financial planning fee

“I understand that you need to balance the future (retirement) with paying off student loans and building a mortgage down payment or starting a family and getting married.”

He is in his late 30′s himself and says he has “been there and done that, and done so recently.”

“I understand the pressures of what you, the young professional is going through, and how this generation has unique concerns and challenges, not faced by your parents, or your parents’ financial planners.”

“Something like retirement, 30 years away, seems like a lifetime from now, and even 5 years seems too far to fathom. You need more manageable financial plans that focus on what we do today, and can be adaptable to your rapidly changing world. We cannot get lost in the BIG picture and instead focus on the small steps, so long time horizons do not put off what you can do today.”

###

About Maria LaMagna

Maria LaMagna is a recent graduate of Northwestern University where she served as editor-in-chief of the university’s award-winning daily newspaper and studied for five months in Argentina. Before joining Money Under 30, Maria worked as a reporter for CNN and the Indianapolis Business Journal. Follow Maria on Twitter @MCLaMagna.

Comments

  1. Another great resource for millenials, or anybody who doesn’t have a lot of money to invest, is the Garrett Planning Network. These hourly, fee-only financial advisors focus on providing as needed advice to people of all walks of life, no matter your age, how much you earn or how much you have to invest. As a Garrett member myself, I frequently work with young families or young professionals under the age of 30.

  2. My personal opinion is that financial advisors, and personal trainers for that matter, are a waste of money. No matter whether you make money, or lose weight, they still get paid. It reminds of the scene from “Trading Places” where the old guys are talking about how they make money no matter how the stocks do. Nobody is going to care more about your money, or your health, than you. Take the time to learn about finance and do it yourself. Just my two cents.

  3. I believe hiring a financial planner can be a great use of your resources as long as you also take responsibility to learn about money management yourself, come prepared and informed to each meeting, and bring a list of questions to each meeting. Money is a complex topic that covers everything from holding adequate insurance to estate planning and taxes. The more assets you have, the more complex finances can become. While certain fundamentals are self-evident: spend less than you earn, etc. — the details can be quite tricky, and its a wise idea, in my opinion, to have a trusted set of eyes that can double-check your work or offer a second opinion.

  4. Jim Sanchez says:

    Do you have any info on additional advisors on the west coast? Your list is pretty thin in that area :)

  5. John Henry says:

    Do you have any recs for an advisor in southern California?

  6. I think it’s great that that financial advisers are finally starting to take on Generation Y clients!

Subscribe Now

  • Sign up for our 100% free email course, Money School



    We do not share your email and offer one-click unsubscribe-- always.

    Like Money Under 30 on Facebook