MyFinancialAdvice.com Helps the Average Person Find a Financial Advisor

Many companies send me press releases and e-mail trying to get my attention. Some of these companies suck. Others are fine, but I don't have the time to look at them. Every once in a while, though, I find what seems like a true gem, something I think would be of real use for Get Rich Slowly readers.

Last week, I spent an hour chatting with the folks from MyFinancialAdvice.com. Based on what I've seen and heard, I think this is one of those true gems, a service that many of you may want to consider.

How does it work?
MyFinancialAdvice.com is designed to connect clients with financial advisors. “The point of this service is that this is for the average person,” CEO Ron Peremel told me during a call last week. He spent 30 minutes showing me how the site works.

To begin, you can select from a variety of fixed questions in six categories:

  • Financial Planning, where you can ask questions like “How do I manage my household budget?” and “How can I survive a financial crisis?”
  • Investing, where you can ask questions like “Is real estate a smart investment?” and “Which stocks are right for me?”
  • Taxes, where you can ask questions like “How do I reduce my taxes?” and “Which tax forms do I need to complete?”
  • Mortgage and Debt, where you can ask questions like “What does my credit score mean?” and “How can I use home equity to reduce debt?”
  • Insurance, where you can ask questions like “Do I have enough life insurance?” and “How can I reduce out-of-pocket medical expenses?”
  • Employee benefits, where you can ask questions like “Am I in the right company health plan?” and “Should I roll over my company retirement plan into an IRA?”

Once you've selected a question and entered your state of residence, you're shown a list of advisors who have offered to address that specific problem. For example, if I say I'm in Oregon and want help managing my household budget, I get a menu that looks like this:

From here, you can see a list of advisors, a summary of the services they offer, their ratings from other users, and their fee level. For example, here you can see that Mr. Wesling is expensive and is rated 6.2 (our of 10). Mr. Gardner is less expensive and has a 10.0 rating. You can click on the rating score to see the number of times has been rated (and a few more details).

Not all advisors have ratings yet (and those that do may only be rated by a handful of clients), but each advisor has been vetted by MyFinancialAdvice.com. According to the representatives I spoke with, “Details on every advisor's profile page have been confirmed to be accurate; their proper licensing has been verified. All advisors are held to an enforced Code of Ethics. They sell nothing but their advice, just as you request it. The advisors are all independent professionals with small office practices all over America.”

How much does this cost?
Your initial consultation with an advisor is free. If you decide do engage someone, you can either pay a flat fee to get advice for pre-packaged questions (like those I listed above), or you can pay an hourly rate for more detailed advice. The fee column of the advisor menu gives you a rough idea of the hourly costs:

  • $ = $0 – $125
  • $$ = $126 – $150
  • $$$ = $151 – $179
  • $$$$ = $180 – $400

To re-iterate: These rates apply only if you ask for detailed personal advice (and you don't pay until you accept the advisor's proposal). If you're asking a pre-packaged question, you just pay a flat fee.

You can even request a Free Financial Health Checkup by pushing the button on the home page and selecting an advisor from those listed who offer this service.

Why would you use MyFinancialAdvice.com?
As many GRS readers have learned, financial advisors generally aren't interested in dealing with you unless you have around half a million dollars to invest. It's just not cost-effective for them to take on smaller clients.

MyFinancialAdvice.com attempts to bridge the gap, to make it possible for folks like you and me to get the same sort of financial advice in a way that makes financial sense to all parties.

If you do decide to use the service, be smart. Remember that nobody cares more about your money than you do. Be careful when you pick an advisor; ask questions to be sure their financial philosophy matches your own. (If you're an index-fund investor, you'll probably want to work with somebody that shares your views, for example.)

I'm curious to hear people's experiences with MyFinancialAdvice.com. If you've used it before, what did you think? If you end up giving it a try, be sure to come back and let us know how it went.

Note: I don't have a financial relationship with MyFinancialAdvice.com, and neither does Get Rich Slowly. I'm not being paid to write this — I just really think it looks neat. However, GRS may pursue a financial relationship with MFA in the future.

More about...Investing

Become A Money Boss And Join 15,000 Others

Subscribe to the GRS Insider (FREE) and we’ll give you a copy of the Money Boss Manifesto (also FREE)

Yes! Sign up and get your free gift
Become A Money Boss And Join 15,000 Others
guest
14 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Dougster77
Dougster77
10 years ago

Great advice on getting financial advice however I think it helps if you have enough knowledge first to ask good questions.

DreamChaser57
DreamChaser57
10 years ago

For me personally, my household is a long way from even considering a financial advisor. However, I will keep this link handy for the future. I have a mountain of debt from grad school, a car note, and less than a month of expenses saved – its painfully obvious the work that lies before us in fact I obsess about it.

Guy G.
Guy G.
10 years ago

Very interesting concept.
It kind of reminds me of BNI – Business Networking International. The difference is that instead of a variety of different industries being represented, you have a variety of different advisors from one industry – financial.

Looking at the chart and some of the 6 basic questions, I’m glad to see that they offer tips on budgeting and managing debt as well as investment advice. Nothing worse than looking to trim up the family budget and only being able to find information about investing in a ROTH IRA.

Good Review

Melinda Hancock
Melinda Hancock
10 years ago

I’m familiar with http://www.myFinancialAdvice.com. You have to go through a multiple step process in order to get an advice from on of the advisors. I prefer a 1 step solution for a Financial Plan offered by http://www.peoplesfinancialadvisor.com. Their service is available 7X24, their advisors are NAPFA registered, fee-only, CFPs. They interview you on-line and deliver the report on-line. They offer a free Financial Assessment and a Financial Plan for $99.

Kent @ The Financial Philosopher
Kent @ The Financial Philosopher
10 years ago

I should disclose first that I am a fee-only CFP and Registered Investment Advisor. I spent 10 minutes looking at myFinancialAdvice.com and came away with these initial thoughts: 1. The user can’t search for an advisor in a particular city — it’s only by state. 2. I found a typo within the first 10 words of the first advisor’s profile I reviewed. I’m sorry, but an eye for detail is required for good financial planning. 3. The Ethics page made no mention of “fiduciary standard of care,” which essentially means an advisor must place the client’s best interests ahead of… Read more »

Budgeting in the Fun Stuff
Budgeting in the Fun Stuff
10 years ago

We haven’t looked into getting a financial adviser…is it really something most people need?

I occasionally ask for advice on my site and search for specific answers to questions, but I hadn’t seriously thought about hiring an adviser…

Rosa
Rosa
10 years ago

Kent, those are good points. The main reason we haven’t gone to a financial advisor yet is that we can’t find one close to home. I prefer to bike or take the bus so I’m really not going to go out to the suburbs.

It’s not so much that people can’t find the answers – it’s really helpful to have another person to talk to. When we talk about seeing an advisor, it’s because the two of us disagree and we’d like a third-party opinion and referee.

Patrick
Patrick
10 years ago

I looked around the website…but I couldn’t find GetRichSlowly listed anywhere! 🙂
Guess I’ll just have to keep coming back here to find great personal finance stories.
Thanks.

Kevin Condon
Kevin Condon
10 years ago

Both People’s Financial Advisor (PFA) and Myfinancialadvice.com (MFA) can help you find NAPFA Registered Advisors. Use the Advanced Search function. The PFA $99 artificial intelligence plan is a practical and reasonable online calculator and a great start, I’m sure. But, if you want to talk to a financial advisor LIVE by phone and web for planning, investment advice or second opinions, we will be a mite faster and more direct. Isn’t it great to have TWO good sources of fiduciary advisors ON THE WEB? @Kent “Fiduciary standard of care” is now a mandatory requirement for CFP professionals, on our site… Read more »

investment adviser
investment adviser
10 years ago

There is clearly a need for helping the average American find financial advice. Another site is http://www.claroconnect.com which allows you to search by more criteria, including finding specialized advisors who focus on divorced women, retirees, socially responsible investing and many more niches.

Melinda Hancock
Melinda Hancock
10 years ago

Whoever is looking for a live advisor can approach the Garret Planning Network (GPN) http://www.garrettplanningnetwork.com or the Paladin Registry http://www.paladinregistry.com. These groups combined have more then 1,000 advisors across the states. Many advisors require minimum assets and/or income to begin serving you.

Dave Spiler
Dave Spiler
10 years ago

I have used Myfinancialadvice.com before on more than one occasion and I have found it to be easy to use and felt that I received useful information from competent professionals. I felt comfortable asking any questions I had and the advisors I worked with took the time to help me better understand the pros and cons of my choices. I would highly recommend this website for consumers in need of any type of personal financial guidance.

Arminda Yearick
Arminda Yearick
10 years ago

I have regretably gotten myself into a large amount of debt and must make some improvements in my personal condition. I would like to consolidate my debts. I just am not sure about how that really works. Does anyone have any further information?

Jeremy Harbour
Jeremy Harbour
3 years ago

Read your post it is quite impressive and helpful for the person who want to find an Financial advisor in the beginning.

shares