Hiring a financial advisor can be a big step in your wealth-building journey, but choosing one can be daunting if you’re not familiar with how they work and what it costs. For some investors, it can also be hard to know whether they have enough money for an advisor to take them seriously.
There’s no single financial advisory firm that’s best suited for every investor, so it’s important to shop around and compare services and offerings, fees, account minimums, and other features that are important to you.
For example, among the five advisory firms we’ve evaluated, annual fees run from 0.25% to 1.75% of what you invest, and account minimums range from nothing to $1 million. We’ll also take a look at each company’s regulatory AUM (assets under management) which can give you an idea of its size. Read on to see how each firm compares, how we picked them, and what to keep in mind as you search for the right fit.
How we chose
We evaluated large, SEC-registered advisory firms, focusing on six factors we think investors will generally care about the most. Those include fiduciary status, fee transparency, accessibility, breadth of services, digital experience, and regulatory record.
For more detail on each of these factors, see the methodology section at the end of this article. Read on for our top financial advisor picks of the year, guidance on factors to consider when choosing a financial advisor, and red flags you should be on the lookout to avoid.
Best financial advisors of 2026
Betterment
- Minimum balance to invest: $10 to start; $100,000 for Betterment Premium.
- Annual fee: $5 per month or 0.25% for Digital; 0.65% for Premium.
- Services offered: Automated portfolio management with automatic rebalancing, tax-loss harvesting and retirement planning resources; advice from a team of financial consultants with Premium; estate planning discounts through affiliate partner Trust & Will.
- Regulatory AUM: $69.5 billion (as of Feb. 27, 2026).
Betterment is the only financial advisory firm on our list that doesn’t require a minimum balance to open an account, though you’ll need to deposit at least $10 to start investing. The robo-advisor firm is also the least expensive option here for most balances.
When you start investing, Betterment will use an algorithm to manage your portfolio based on your investment goals and risk tolerance, using low-cost exchange-traded funds (ETFs). It’ll also automatically rebalance your portfolio and use tax-loss harvesting techniques to help you save money.
Its Digital plan costs $5 per month to start, but that switches to 0.25% annually once your household balances reach $24,000 or you make $200 or more in monthly recurring deposits. For example, let’s say you have $5,000 invested and no automatic deposits. You’d pay $60 a year, or 1.2% of your balance, which is the same annualized fee that Creative Planning charges on the first $500,000 you invest. But if you were to switch to $200 or more in recurring deposits, your annual fee would be just $12.50.
The annual fee drops to 0.15% for the portion of your balance between $1 million and $2 million, and then further to 0.10% on the portion of your balance that exceeds $2 million.
If you have at least $100,000 in your portfolio, you can sign up for Betterment Premium, which gives you access to a team of Certified Financial Planners (CFPs) for ongoing personalized guidance. While consultations are unlimited, they’re subject to availability, and you won’t get a dedicated advisor.
The annual fee for Betterment Premium is 0.65% for the first $1 million, after which the discounted rates listed above apply. Betterment is ultimately best suited as an entry point for investors who are just starting out. It’s also the cheapest choice for many investors.
Empower
- Minimum balance to invest: $100,000 to open an account (can potentially be waived), $25,000 minimum after that; $250,000 for a dedicated advisor.
- Annual fee: 0.89% for balances up to $1 million; for private clients ($1 million minimum), 0.79% on the first $3 million, 0.69% on balances from $3 million to $5 million, 0.59% on balances from $5 million to $10 million, and 0.49% on balances over $10 million.
- Services offered: Managed portfolios with portfolio rebalancing and tax-loss harvesting, plus a dedicated advisor and a financial plan covering retirement and taxes at $250,000, and estate planning specialists at $1 million.
- Regulatory AUM: $195.4 billion, as of Dec. 31, 2025.
Empower offers a wide range of financial tools, including retirement planning, portfolio analysis, net worth, budgeting, debt payoff, and more, all of which you can use for free. But if you want to invest with the firm, you’ll need at least $100,000 to get started.
From there, an advisor will help create an efficient allocation based on your goals and risk tolerance. Investors with less than $250,000 will get access to a team of advisors, along with tax optimization, dynamic portfolio allocation, automatic rebalancing, and education and college planning. Your portfolio will typically consist of ETFs.
Once you reach $250,000, you’ll get a dedicated advisor, plus access to tax planning and private banking services, along with individual securities paired with ETFs. At $1 million, you can become a private client, which comes with private equity access and estate planning services.
Empower may make the most sense if your 401(k) is already in an Empower-administered plan and you’re weighing a rollover, or if you want access to a human advisory team at a lower entry point than most traditional firms offer.
Edelman Financial Engines
- Minimum balance to invest: Not published for wealth-planning clients (model-based minimum, which may be reduced, increased, or waived); no minimum through employer plans.
- Annual fee: For wealth-planning clients, 1.75% on the first $400,000, 1.25% on the next $350,000, 1.00% on the next $250,000, 0.75% on the next $2 million, 0.60% on the next $7 million, and 0.50% on the next $15 million; up to 0.60% for employer plans.
- Services offered: Investment management and planning for retirement and other goals, including daily rebalancing and tax-loss harvesting. Advisors refer clients to affiliates for insurance services and may receive compensation.
- Regulatory AUM: $326.3 billion, as of Dec. 31, 2025.
At Edelman Financial Engines, what you pay for services depends on your relationship with the firm. If it’s through your employer’s retirement plan, you’ll pay up to 0.60% per year. However, if you open a wealth-management account, you’ll pay 1.75% on the first $400,000, after which the pricing tiers go down as your balance increases.
As a wealth-planning client, you’ll work with a planner who reviews your situation and recommends a portfolio model, ranging from conservative to aggressive, that typically mixes active and passive mutual funds and ETFs. Your account is held at Fidelity, Schwab or Axos, and Edelman reviews it daily for rebalancing opportunities. The firm contacts you at least once a year to update your plan, and you can request a review anytime.
Edelman’s 1.75% fee on up to $400,000 is the highest in the group. For example, if you have $300,000 to invest, you’d pay $5,250 annually, compared to just $750 with Betterment’s 0.25% fee. If you have an employer retirement plan with Edelman, that same balance would cost up to $1,800.
Edelman’s minimum for wealth-planning clients depends on the investment model created by the firm. Edelman can reduce, raise or waive that minimum, so it’s worth asking before your first meeting.
Because of the cost of an individual wealth-management account, Edelman is best suited for investors with a workplace retirement plan through the firm.
Creative Planning
- Minimum balance to invest: $200,000, which can be waived, though the firm’s website screens prospects starting at $500,000.
- Annual fee: 1.20% on the first $500,000, 1.00% on the next $1.5 million, 0.85% on the next $3 million, 0.80% on the next $5 million, 0.70% on the next $15 million, 0.40% on the next $25 million, 0.30% on the next $50 million, and 0.25% on assets over $100 million.
- Services offered: Investment management, with financial planning, including retirement planning and a review of your estate plan, included at $500,000 and up. Tax preparation and estate legal work go through affiliated firms for separate fees, and affiliated agencies sell insurance on commission.
- Regulatory AUM: $295.6 billion, as of Dec. 31, 2025.
Creative Planning can be a good choice for investors and households who need comprehensive planning for complex financial situations, such as business investments, equity compensation, and sorting out estate plan questions.
You’ll be assigned a wealth manager who can help you develop a financial plan and put it into action, with a core approach of low-cost index investing and a buy-and-hold strategy. Your wealth manager is also available to answer questions throughout the year.
Also, while comprehensive financial planning is included for investors with $500,000 or more, those with less can request a one-time financial plan for a fixed fee, which can range from $1,500 to $15,000.
The firm’s 1.20% starting fee is on the high end compared to the others we evaluated, but it goes down to 0.25%, making it more compelling for high-net-worth individuals. Also, while the firm screens investors starting at $500,000, per its website, it may go as low as $200,000 — and it may even waive that minimum in some cases.
Fisher Investments
- Minimum balance to invest: $1 million, though smaller portfolios may be considered at the firm’s discretion.
- Annual fee: 1.25% on the first $1 million, 1.125% on the next $4 million, and 1.00% for balances above $5 million; 1.50% on balances below $900,000.
- Services offered: Actively managed portfolios with tax management for taxable accounts. Some clients may receive additional financial planning at no extra cost, and tax preparation services are available with affiliates.
- Regulatory AUM: $386.7 billion, as of Dec. 31, 2025.
Fisher Investments is the largest advisory firm on our list by managed assets, and its portfolios are the most actively managed, putting it on the opposite end of the spectrum compared to Betterment.
You’ll get a dedicated advisor or team, but a five-member investment policy committee makes the investment decisions. It can shift your portfolio based on its outlook for the market, including turning defensive if it expects a downturn. Depending on your goals, your account can hold mostly stocks, mostly bonds or a mix of both, and Fisher may also use exchange-traded funds, structured products, derivatives and funds it manages.
Fisher’s annual fees start at 1.25% and go down to 1.00% on larger balances. However, if withdrawals push your portfolio below $900,000, it’ll reprice the annual fee to 1.50%.
Fisher Investments is a fee-only firm, which means that it doesn’t accept commissions or performance fees.
If you have less than $1 million to invest, Fisher probably isn’t a practical choice. If you do and you want an actively managed portfolio, it’s worth comparing it to Creative Planning, which charges less on its first $1 million and includes financial planning.
How the best financial advisors compare
Your options will ultimately depend on how much you have in investable assets, and based on where you sit, you may also consider other factors, including fees, services, and other features. Here’s a quick glimpse at how these top five options compare:
How to choose a financial advisor
The firms listed above are good starting points, but it’s important to take the time to understand your situation and needs, the services each advisor offers, your budget, and other factors that are important to you.
What services do financial advisors offer?
Many financial advisors start with investment management, which includes building and maintaining a portfolio based on your situation, financial goals, and risk tolerance. Beyond that, some firms offer more comprehensive financial planning, covering retirement, taxes, education savings, insurance, and estate planning.
Depending on the advisory firm, you may get access to additional services once your portfolio meets a certain minimum, and the cost is often included in the annual fee. For some, though, you may pay extra for certain services, either to the advisor itself or to an affiliated firm.
What are the typical costs for hiring a financial advisor?
In most cases, financial advisory firms charge a percentage of the assets an advisor manages. Among the firms we listed, the annual fee can range from 0.25% to 1.75%, and most advisors will offer lower rates on larger balances.
Other advisors may charge a flat monthly or annual fee or an hourly rate for planning services, and some even earn commissions on the products they sell or refer you to. If your portfolio includes mutual funds or ETFs, the expense ratios may be charged on top of the advisory fee.
How to select and hire a financial advisor
Start by evaluating your situation and determining what you want help with, whether it’s just managing your portfolio or a comprehensive financial plan. Then, consider how much you’re willing to pay.
As you narrow down your list of options, you’ll also want to understand each firm’s minimum investment requirement, fiduciary standard, and service model. For example, do you get a dedicated advisor, or are you working with a team?
You’ll also want to make sure you understand which services are included in the annual fee, and which ones you have to pay for.
If you’re unsure, the initial consultation is usually free, and you can ask about services, costs, and other important features before moving forward.
What to watch out for when picking a financial advisor
Not all advisors are created equal, so it’s important to know what to watch out for. In general, it may be worth considering other advisors if you notice any of the following:
- The advisor won’t confirm they act as a fiduciary (which, put simply, means they’re required to act with your financial best interests first rather than their own) at all times and for every account they’d manage for you.
- You can’t get a straight answer on what you would pay each year in dollars (not just percentages).
- Much of the advisor’s pay comes from commissions on products they recommend, such as annuities or insurance policies.
- The advisor pressures you to open an account or buy a product quickly.
- The advisor promises guaranteed returns or claims they can consistently beat the market.
- The advisor wants to hold your money directly rather than with a qualified custodian, or asks you to make checks payable to them personally.
- The advisor’s record shows disciplinary actions or customer complaints.
The takeaway
The right financial advisor for you depends on how much you have to invest and the type of assistance you want with your money. Betterment is the only firm on our list that’s accessible to all investors, and it’s the least expensive option for most people.
However, if you want more personalized financial planning or more active management of your investment portfolio, other firms may offer more dedicated support and hands-on management—albeit for a higher price.
All told, a lower fee isn’t automatically a better deal, and a higher one doesn’t guarantee more attention or better results. Take your time to shop around and compare several financial advisory firms to find the right fit for you.
Frequently asked questions
How do I check a financial advisor’s background?
You can check an advisor’s background for free through the SEC’s Investment Adviser Public Disclosure website or FINRA’s BrokerCheck. Both databases can tell you whether the advisor is registered and provide information on their employment history, disciplinary actions, complaints, licensing, and more.
Are financial advisor fees tax-deductible?
Fees you pay to a financial advisor or advisory firm aren’t deductible for federal income tax purposes. Investment advisory fees used to be includable as a miscellaneous itemized deduction, but that provision was suspended in 2018, and that suspension has since been made permanent.
Can I switch financial advisors?
You can switch financial advisors any time you wish. However, your current advisory firm may charge a fee to transfer your funds and close your account, so it’s important to carefully vet advisors before you choose one to minimize potential costs.
Methodology
Here’s what we took into consideration when evaluating the companies above for our list.
- Fiduciary status: Every firm we includedhad to be a registered investment adviser acting in a fiduciary capacity. This means that it’s legally required to put your interests ahead of its own. This was a pass/fail test, so firms that don’t operate as a fiduciary were not included.
- Fee transparency: While fees can vary significantly from one firm to the next, we prioritized firms that publish their fees where you can easily find them.
- Accessibility: We included options for investors at different stages of their wealth-building journey. We also looked at each firm’s stated minimum and compared it to what it asks for in practice.
- Services breadth: We looked at whether each firm offers tax, estate, insurance, and retirement income services, whether they offer these services in-house or through affiliated partners, and whether they cost extra.
- Digital experience: We considered each firm’s mobile app, online portal, and onboarding experience to determine how easily investors can manage their portfolio.
- Regulatory record: We checked each firm’s Form ADV disclosures for SEC and FINRA actions, including the disciplinary information firms are required to report.
Because advisory firms sometimes publish marketing figures that don’t match what they file with the SEC, we took figures from published fee disclosures and the firms’ regulatory filings with the SEC.
We also used regulatory assets under management (AUM), which is the money a firm actively manages, rather than the larger headline figures some firms use in marketing.