SmartAsset Review – Connect With a Financial Advisor
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Fast Facts
Purpose:
Connects users with financial advisors
Cost:
Free initial consultation
USP:
Quiz and financial calculators
Suitable for:
Individuals with clear financial goals
A financial advisor can guide you through various milestones, such as saving for retirement, setting up a Roth IRA, getting out of credit card debt, getting a refinance, and which life insurance policy to buy. However, some people can feel overwhelmed about the number of available financial advisors. People may also not know where to find the right financial advisors whose expertise align with your objectives.
SmartAsset is one of the companies that’s addressing this issue. People can use the website to find the right financial advisor, similar to a dating website. You will receive several choices from SmartAsset based on a questionnaire, and then you will choose which advisor is right for you. Our SmartAsset review explores how it works and cover key details so you can discover if it’s the right choice for you.
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What is SmartAsset?
SmartAsset is an advisor match concierge platform that connects people with financial advisors. The company matches over 50,000 people every month so they can receive professional financial advice. SmartAsset helped investment advisors close over $34 billion in assets.
The company was co-founded by Michael Carvin and Phillip Camilleri in 2012. It’s headquartered in New York, NY, and attracts more than 75 million users a month.
SmartAsset has received numerous rewards, such as being named one of the YC Top Companies, an Inc. 5000 company, and a Deloitte Technology Fast 500 company.
Working With Advisors Can Provide More Security than Going at It Alone.
- SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
- Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
How does SmartAsset work?
Each user must complete a brief questionnaire before the SmartAsset algorithm recommends relevant financial advisors. The algorithm filters financial services providers based on these three categories:
- Geographic location
- The amount of investable asset
- If the advisor and user are willing to work remotely or not
Many people use SmartAsset each month partially because of its vetting process for finance advisors. You need sufficient credentials and experience to list yourself as a financial advisor. These hurdles make it easier for users to find financial advisors who can help them instead of working with inexperienced advisors.
Furthermore, you will only find fiduciaries on this platform. Fiduciary advisors are legally required to serve in your best interest. Advisors without the fiduciary designation can push any product or service that gives them a commission, even if it’s not the best choice for the consumer. It’s a good idea to work with a fiduciary instead of a financial advisor who is not required to serve in your best interests.
SmartAsset gives you several choices after you fill out the quiz. You can speak with a financial advisor at no additional cost to gauge if you want to work together. If you want to work with the financial advisor after the first meeting, you will have to make payments moving forward. Each financial advisor charges a different amount, so your costs will vary.
How much does SmartAsset cost?
SmartAsset is a free platform. You can use the platform to connect with financial advisors. It’s possible to find advisors in your area if you prefer to meet with them in person. However, you can also choose remote options.
While SmartAsset is a free platform, you will have to pay the financial planner after the upfront meeting. SmartAsset profits from its commissions. This business model results in higher prices for financial advisors compared to finding an advisor on your own. However, SmartAsset makes the entire process more convenient and streamlined for people who want quick help from qualified professionals. The amount you pay a financial advisor depends on how much they charge.
SmartAsset features
Financial advisor matching
You can find financial advisors who are in your location or prefer to work remotely. SmartAsset lets you choose from numerous, vetted advisors who are legally required to serve in your best interests.
Quiz
SmartAsset has you take a brief quiz so it can display personalized results. You can then decide which financial advisor is right for you.
Tools and guides
You can access a treasure trove of calculators and resources that can help you in various areas of personal finance, including retirement planning and buying a home.
Personalized financial calculators
Are you wondering how much money you have to save to buy a house? Want to know what you’ll be left with after paying taxes? SmartAsset has numerous free financial calculators that you can easily personalize.
No obligations
You aren’t required to work with any financial advisor after you jump on the initial free meeting. This dynamic can give you a greater peace of mind when you are speaking with financial advisors and choosing the best one for your long-term goals. This business model makes it easier to conduct your due diligence before working with an investment adviser.
Working With Advisors Can Provide More Security than Going at It Alone.
- SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
- Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Who is SmartAsset best for
People who need help with finding financial advisors. The right financial advisor can help you avoid common pitfalls and move you closer to your long-term goals. However, good financial advisors are hard to find. SmartAsset makes the search easier by recommending vetted fiduciary advisors who must serve in your best interest.
Individuals who do not have clear financial goals. It’s important to have clear financial goals, but not everyone may know what to do with their money. A financial advisor can help you establish objectives and get you on the right path.
People who want to retire or buy a home. Retiring and buying a home are significant financial milestones that require several years of planning. A financial advisor from SmartAsset can walk you through the journey and assist with the decision making process.
Consumers who want someone else to handle their finances. Not everyone wants to learn about assets and ways to achieve their financial goals. Some people want a professional to tell them what to do with their money so they can focus on other areas of their lives. These people may benefit from an experienced financial advisor.
Who shouldn’t use SmartAsset
People who already have good financial advisors. If you already have a good financial advisor, you probably don’t need SmartAsset. While some people hire multiple financial advisors, most people only need one professional working with them.
Individuals who take a DIY approach. People who regularly read articles, watch videos, and listen to podcast episodes about personal finance may not need a financial advisor. Some people believe that they can conduct financial planning and work toward their financial goals on their own.
People with tight budgets. You’ll have to pay financial advisors for their services after the initial call. Consumers on shoestring budgets may not want to allocate money toward a financial advisor if they don’t have much money to make investments and cover living expenses. Financial advisors become more valuable as you make more money and diversify into various assets. You shouldn’t work with a financial advisor if the advisor’s fees prevent you from making investments and growing your wealth.
Working With Advisors Can Provide More Security than Going at It Alone.
- SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
- Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Pros and cons
Pros
- Choose from many financial advisors that offer financial services like wealth management and retirement planning.
- The SmartAsset algorithm makes it easier to find the right advisor for your needs.
- All SmartAsset financial advisors are vetted fiduciaries.
- There’s no obligation to work with an advisor, and the first call is free.
Cons
- Financial advisors may raise their fees to account for SmartAsset’s commission.
- Advisors cost money, and it’s not a practical investment for everyone.
- Some people may have better luck with using a platform like LinkedIn to find financial advisors while securing a lower price.
SmartAsset vs. competitors
SmartAsset has been connecting consumers with financial advisors for more than a decade, but it’s not the only option available. The firm has several competitors, and it’s good to assess each choice before committing to a platform. These are some of SmartAsset’s competitors.
SmartAsset | Zoe Financial | Wiser Advisor | |
Quiz Provided | Yes | Yes | No |
Filter by Location | Yes | Yes | Yes |
Price | $0 | $0 | $0 |
Zoe Financial
Zoe Financial connects you with numerous financial advisors who are required to act in your best interest. Just like SmartAsset, Zoe Financial also requires that you fill out a brief questionnaire. The quiz should only take two minutes to complete.
Shortly after the quiz, you’ll get connected with financial advisors based on your answers. You can schedule complimentary calls with each financial advisor. After the first call, you will have to decide if you want to work with the advisor or seek another option. There’s no obligation for any call, but you will have to pay for future calls moving forward.
Financial advisors who list their services on Zoe Financial have varying price points. While the platform is free to use, you can expect to make regular payments to a financial advisor if you want to get on additional calls. Zoe Financial is a relatively new platform that was founded in 2016.
Wiser Advisor
Wiser Advisor does not have a quiz that lets you fill in some questions to find personalized recommendations. However, the platform lets you filter financial advisors for each state. If you don’t want to go through a questionnaire and want to immediately find professionals in your area, Wiser Advisor is a good choice.
Individuals have been using Wiser Advisor to connect with financial advisors since 1998. While the platform lets you find financial advisors based on their state, you can also filter the search results to a specific city or town in your state.
Working With Advisors Can Provide More Security than Going at It Alone.
- SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
- Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
FAQs
Is a financial advisor right for me?
A financial advisor can help you navigate various obstacles and guide you toward your financial goals. People with tight budgets or a firm grasp of their finances may not need a financial advisor. However, financial advisors can offer guidance on complex topics and share advanced ways to save and earn money.
How does SmartAsset make money?
SmartAsset primarily makes money through commissions and partnerships. The company gives exposure to brands and also receives a percentage of each financial advisor’s payments.
Is SmartAsset worth it?
SmartAsset can be a viable option for people who have detailed financial goals. It’s a free platform that lets you connect with financial advisors and jump on complimentary calls. You can give the questionnaire a try and see which recommendations show up.
At what net worth should I get a financial advisor?
You should wait until your net worth is at least $50,000 to work with a financial advisor. However, individuals with higher net worth and investable assets tend to benefit the most from a financial advisor’s services. Wealth advisors often require a minimum portfolio size and receive a percentage of the portfolio’s value each year. You will have to fulfill that minimum to work with the advisor.
Is a robo-advisor worth it?
A robo-advisor can cover general financial advice and insights. Some robo-advisors can also conduct stock trades on your behalf based on an algorithm that you set. However, robo-advisors can’t provide the personal touch of a human financial advisor. Furthermore, robo-advisors may not be the best choice for more complex financial topics.
The bottom line
Working with a financial advisor can help you save a lot of money and grow your portfolio. These professionals make more sense for people who have higher net worths, but a free complimentary call can also provide some actionable insights. One challenge many people have in financial planning is finding the right financial advisor. SmartAsset does a great job in making it easier to find the right person. A quick quiz gives you access to personalized recommendations based on your preferences. There’s no obligation to work with any of the financial advisors that SmartAsset recommends.
The great thing about SmartAsset is that it’s a free platform. You can fill out the questionnaire even if you do not intend to work with an advisor. You can see which professionals show up and keep them in mind if you want to wait a few months before working with an advisor.
While financial advisors can help, they can do more harm than good if you have a tight budget. You can put the money you would pay a financial advisor into an index fund or another investment opportunity. This approach allows you to save money and grow your portfolio at the same time.
People who want to manage their brokerage accounts and cash on their own while learning more about finance may benefit from the DIY path. Even experts may need help from a financial advisor for more complex parts of the tax code or money management. If that’s you, SmartAsset is a viable resource to consider. You can also use their personalized financial calculators to plan your retirement and determine how much you need to buy a home.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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