The best financial advisor for most people is a fiduciary whose fees you can see up front: a flat-fee planner like Facet, a low-cost CFP service like Vanguard Personal Advisor Select (0.30% maximum, $500,000 minimum), or a hybrid robo-advisor with human help like Betterment Premium (0.65%, $100,000 minimum). Choose by how you want to pay (flat fee, percent of assets or commission), the minimum you can meet, and whether you need ongoing investment management or just a plan.
This guide is for anyone deciding whether to pay for financial advice and, if so, what kind. The picks run from robo-advisors you can open with $10 to dedicated CFP professionals who require $500,000, with flat-fee planning, hybrid services, an insurance-focused firm and an advisor matching service in between.
How the advisor is paid matters most. A percent-of-assets fee rises as your balance grows, a flat fee stays the same, and commissions can steer an advisor toward the products that pay them. After that, weigh the minimum you can meet, whether the advisor acts as a fiduciary, and whether you need a one-time plan or ongoing management.
Below you will find each pick's fee, minimum and advice type, a cost table at three portfolio sizes, and the steps to check any advisor on Investor.gov before you sign.
Company reviews
Best for a flat annual fee instead of a percent of assets: Facet
- Advisory fee
- $2,600
- Minimum
- None published
- Advice type
- Virtual CFP professionals
Why we picked it. Your cost stays the same as your portfolio grows, which can save money once you pass a few hundred thousand dollars. Every planner holds the CFP designation, and plans include investment management plus tax and insurance planning.
More details, pros and cons
Payment terms: Billed annually and non-refundable; $300 enrollment fee waived if you pay annually
Extras: Tax filing on Plus and higher plans; optional estate plan add-on
Pros
- Predictable yearly cost at any balance
- All planners are CFP professionals
- Unlimited messaging with your planner
- Tax filing included from the Plus plan
Cons
- Memberships are annual and non-refundable
- Expensive relative to a small portfolio
- Virtual only, with no local office
Skip it if: You have less than about $175,000 to invest, since below that even a 1.5% percent-of-assets fee costs less than the $2,600 Core plan.
More about Facet
Facet disrupts traditional pricing with a predictable flat annual fee instead of charging a percentage of assets under management. Clients receive comprehensive financial planning and unlimited virtual access to a dedicated certified financial planner.
Best for low-cost CFP advice on larger portfolios: Vanguard
!Changed: Vanguard
Vanguard no longer offers an Individual 401(k)
Vanguard agreed in April 2024 to sell its Individual 401(k) business to Ascensus, and its small-business retirement page now offers only the SEP-IRA. Our review below covers Vanguard's current retirement accounts and advice tiers.
Checked October 13, 2026.
- Advisory fee
- Tiered, maximum 0.30% a year
- Minimum
- $500,000
- Advice type
- Dedicated CFP professional who acts as a fiduciary
Why we picked it. Personal Advisor Select pairs you with a dedicated CFP professional who acts as a fiduciary, for a fee that tops out at 0.30%, well under the roughly 1.5% a year or less that Northwestern Mutual says advisors often charge. The service is built around retirement withdrawals and tax efficiency.
More details, pros and cons
Focus: Retirement income, RMDs, withdrawals and tax-smart asset location
Pros
- Fee capped at 0.30%
- Same CFP professional over time
- Fiduciary duty stated by Vanguard
- Strong retirement income planning
Cons
- $500,000 minimum for the dedicated advisor tier
- Portfolios lean on Vanguard funds
- Some account types do not count toward the minimum
- SEC censure and $19.5 million penalty (August 29, 2025) over undisclosed incentives paid to advisors for enrolling clients in advice
Skip it if: You have less than $500,000 or want in-person meetings.
More about Vanguard
Vanguard is globally renowned for its low-cost index investing and client-owned corporate structure. Its Personal Advisor Services provide fiduciary guidance at a fraction of the industry average cost, making it an outstanding choice for long-term retirement planning.
Best for choosing between a free robo and a full-service advisor: Charles Schwab
- Minimum
- $500,000
Advisory fee: Schwab Wealth Advisory starts at 0.80% and falls at higher balances, as listed October 2026; Intelligent Portfolios charges no advisory fee
Advice type: Dedicated advisor team (Wealth Advisory) or automated portfolios with 24/7 support
Why we picked it. Schwab covers both ends. Intelligent Portfolios builds an automated portfolio with no advisory fee from $5,000, and Schwab Wealth Advisory gives you a dedicated team from $500,000, so you can start small and move up without changing firms.
More details, pros and cons
Pros
- Robo option with no advisory fee
- Wealth Advisory fees fall as assets grow
- Branches for in-person help
- Satisfaction guarantee on fees
Cons
- 0.80% starting fee for full advice is higher than Vanguard's
- $500,000 minimum for a dedicated advisor
- Tax-loss harvesting on the robo starts at $50,000
Skip it if: You want a dedicated advisor but have less than $500,000.
More about Charles Schwab
Charles Schwab provides a comprehensive financial ecosystem that scales from self-directed beginners to high-net-worth investors. It features commission-free trades, robust educational resources, and a wide array of advisory services, making it a versatile choice for nearly any investment style.
Show all 5 picks2 more, ranked 4 to 5
Best for growing from a robo into a dedicated advisor: Fidelity
- Advisory fee
- 0.50% to 1.50%
- Minimum
- $50,000
- Advice type
- Dedicated advisor typically from $500,000
Why we picked it. You can start with Fidelity Go for as little as $10 and move into Fidelity Wealth Services, where a dedicated advisor usually comes at $500,000. That path suits investors who expect their balance to grow.
More details, pros and cons
Pros
- Very low entry point with Fidelity Go
- Coaching sessions on Go from $25,000
- Large branch network
Cons
- Wealth Services fees of up to 1.50% are high
- Dedicated advisor usually requires $500,000
- Full fee schedule sits in the Form ADV
Skip it if: You want a published flat fee or a low percent fee on full advice.
More about Fidelity
Fidelity excels with its massive scale, offering dozens of account types and a suite of zero-expense-ratio index funds. It provides flexible advisory options ranging from a free robo-advisor for small balances to dedicated wealth management for significant portfolios.
Best for planning tied to a wider wealth dashboard: Empower
- Advisory fee
- Tiered percent of assets
- Minimum
- $100,000
- Advice type
- Advisory team
Why we picked it. Empower's advisory tiers start at $100,000 with planning guidance and add individual stock portfolios for tax optimization at higher balances. Many people try its free financial dashboard before hiring its advisors.
More details, pros and cons
Pros
- Three tiers that add service as assets grow
- Individual stock portfolios for tax optimization at higher tiers
- Assets held at Pershing, a large third-party custodian
Cons
- Fee percentages not listed on the main page
- $100,000 minimum to start
- Empower pays some sites for leads, so read reviews with that in mind
Skip it if: You want to see fees without reading a Form ADV.
More about Empower
Empower combines a powerful, widely used free financial dashboard with premium hybrid advisory services. While it requires a significant minimum investment for professional management, it offers a dedicated team of fiduciary advisors and advanced retirement planning for affluent clients.
How much a financial advisor costs
Advisors are paid in three main ways. A percent of assets fee is the most common, and Northwestern Mutual notes it is often around 1.5% a year or less. A flat or hourly fee stays the same as your money grows. Commissions come from products you buy, such as insurance or annuities.
| Assets |
At 1.00% |
At 0.30% |
Flat fee (Facet Core) |
| $250,000 |
$2,500 a year |
$750 a year |
$2,600 a year |
| $500,000 |
$5,000 a year |
$1,500 a year |
$2,600 a year |
| $1,000,000 |
$10,000 a year |
$3,000 a year |
$2,600 a year |
In most programs, fund expense ratios are charged on top of the advisory fee.
Fiduciary, fee-only and fee-based explained
A fiduciary must act in your best interest. A fee-only advisor is paid only by you and accepts no commissions. A fee-based advisor charges fees and may also earn commissions on products such as insurance, which gives them a reason to recommend those products. Ask every advisor to explain in writing how they are paid.
How to choose a financial advisor
- Decide what you need. A one-time plan, ongoing investment management, or both.
- Match the minimum. Robo services start at $10; dedicated advisors often require $500,000.
- Compare total cost. Add the advisory fee and fund expenses together.
- Check credentials. For planning, look for a CFP professional.
- Read the Form CRS. Every registered firm must give you this short relationship summary of its fees, conflicts and disciplinary history.
- Look up the advisor. Investor.gov has a free search for licenses and history.
Robo-advisor, hybrid, or full-service
Robo-advisors such as Fidelity Go, Schwab Intelligent Portfolios and Betterment’s digital plan build and rebalance portfolios for 0% to 0.35%. Hybrids such as Betterment Premium and Merrill Guided Investing with an Advisor add access to people for 0.65% to 0.85%. Full-service programs at Vanguard, Schwab and Fidelity add a dedicated advisor, usually with higher minimums.
Red flags
- An advisor who will not say how they are paid.
- Pressure to buy insurance or annuities in your first meeting.
- Guaranteed returns, or performance that looks too smooth.
- Disciplinary history on Investor.gov or FINRA BrokerCheck.
- A non-refundable annual contract you have not read.
How the answer changes by situation
Under $50,000, a robo-advisor or a one-time paid plan usually costs the least. From $100,000 to $500,000, hybrids and flat-fee planners compete well. Above $500,000, a low percent fee like Vanguard’s or a flat fee can save thousands a year. If you also need life or disability insurance, an advisor who covers both can help, but get insurance quotes elsewhere to compare.
Terms to know
- Fiduciary
- An advisor legally required to put your interests first.
- AUM fee
- A yearly fee charged as a percentage of the assets an advisor manages.
- Fee-only
- An advisor paid only by the client, with no commissions.
- Fee-based
- An advisor paid through client fees and, in some cases, product commissions.
- Form CRS
- A short SEC-required summary of a firm's services, fees, conflicts and disciplinary history.
- Robo-advisor
- An automated service that builds and rebalances a portfolio for you.
- CFP
- Certified Financial Planner, a professional credential for financial planning.
