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Chris Bell

5 Alternatives to Paying for Financial Advice



Financial advice is not only for the rich. Many people accumulate large amounts of money in their ISAs (individual savings accounts), have cash available in their pension accounts or enjoy regular passive income.

However, not everyone has the knowledge or expertise to capitalize on their finances. That’s where financial advisors come in. But, considering that financial advisors either charge a commission, an hourly fee, a flat fee or a retainer fee based on the amount you invest and on how complex your financial planning requirements are, they can become quite expensive.

So, what are your alternatives to paying for financial advice and keeping all costs on the low? Here is a list of the 5 options to paying for a financial adviser, which are immediately available to you.

  1. Free Online Financial Advice Provided by Government Backed Organizations

Some organizations, such as advice charities, offer free guidance on the multiple investment alternatives available without recommending a specific option.

However, government organizations such as Citizens Advise in the UK or the National Debt Helpline in Australia, offer free and reliable financial advice. They cover topics such as debt solutions, mortgage problems, budgeting, getting insured, planning your retirement or borrowing money.

  1. Free or Low-cost Financial Advice Software

Online consultancy firms offer free financial planning software and toolkits which can be downloaded for free to help you structure your finances.

Also, low-cost online platforms, which don’t require expert skills to use, provide an affordable alternative to managing your accounts and investments. You can create budgets, track your debts or enjoy investment advising with a low annual or monthly subscription.

  1. Do It Yourself Investing

Self-managed or self-direct investing is the alternative to hiring a financial advisor to handle your investment portfolio. By choosing a discount brokerage platform you can build and manage your own portfolio.

Spreading your money across various products in different countries lowers your risk and guarantees a diversified investment portfolio.

  1. Free Online Financial Resources

Reputable online resources offer various courses on financial planning, portfolio management tools, and tailored advice. Also, if you’re using an independent brokerage company, you can reduce your portfolio’s volatility by reading through the online guidance tools available on topics such as intro to bonds or intro to futures.

  1. The Rise of Robo-advisors

People are seeking automated and low-cost alternatives to capitalize on their investments and robo-advisors are increasing in popularity. You can easily set up a diverse and personalized portfolio, use various wealth management services and enjoy fully integrated portfolio management solutions. But, how do you choose the best robo-advisor? Well, it depends on your investment strategy and financial standing. Nevertheless, the best-rated robo-advisors share some common traits such as fully rounded portfolio management features, low minimum investment requirements and popular options available.

Wrapping It Up

So, if you’re searching for free or low-cost alternatives to paying for a financial advisor you have various options available. By simply contacting national financial advice organizations, downloading free software or using top-rated robo-advisors, you can achieve financial success in no time.