Practice Management

The cost of seeing a financial advisor will vary depending on what your goals and needs are. If you just want to create a budget and select a target date fund to invest retirement savings, you can do that relatively quickly with an advisor charging around $100/hr. If you have funds to invest and you’d like an advisor to manage it for you, they may charge over 1% of your assets under management annually.

Yes, clients can sue their financial advisor for negligence or malpractice, including breaches of fiduciary duty and regulatory noncompliance. Advisors can protect themselves from unexpected and costly claims by getting professional liability insurance.

Yes, financial advisors are allowed to sell their clients life insurance policies. Life insurance policies make financial sense for a lot of people, which is one reason financial advisors will recommend these policies. Though it is also true that advisors who sell life insurance can receive large upfront commissions and annual commissions of 3% to 5% for the remainder of the policy’s term.

The average salary for a financial advisor in the United States was about $120,000 in 2021.