Top 5 Financial Advisor Firms for Retirees with $0 to $500,000+ Assets
- Retirable and Facet receive 5 stars in analysis of firms that best meet retirees’ unique needs.
- Retirees need financial advisors who can help them manage retirement income, minimize taxes, ensure their insurance needs are met and craft an estate plan.
Retirement planning requires more than just investment advice.
NEW YORK—Retirees have complex financial needs, from managing retirement income to minimizing taxes, ensuring insurance needs are met, and crafting an estate plan.
Retirable — Best for Easy Retirement Income Management
Retirable was created specifically to help current and soon-to-be retirees manage their retirement income. The company offers a comprehensive approach to retirement planning, focusing on creating a sustainable income stream that lasts throughout retirement.
With Retirable, you’ll work with a dedicated advisor who creates a custom spending plan that will guide you throughout retirement. This plan takes into account your income needs, expenses, and financial goals, ensuring that you can maintain your standard of living without depleting your retirement savings.
Retirable’s approach is centered around providing retirees with a predictable and stable income stream. They offer a range of services, including investment management, tax planning, and estate planning, all designed to work together to help retirees achieve their financial goals.
Pros and Cons
- Pros: Dedicated advisor creates customized spending plan and determines what’s safe to spend each month.
- Cons: You’ll need to roll over your existing retirement accounts into a Retirable IRA.
Retirable’s fees are competitive, with a 1% AUM fee, capped at $10,000 per year. They also offer a flat annual fee of $500 for planning-only services. This fee structure makes Retirable an attractive option for retirees with significant assets, as it provides a high level of service at a reasonable cost.
In addition to its comprehensive approach to retirement planning, Retirable also offers a range of tools and resources to help retirees manage their finances. These include a retirement income calculator, a tax planning tool, and a estate planning guide.
Overall, Retirable is a strong option for retirees who are looking for a comprehensive and personalized approach to retirement planning. With its dedicated advisors, competitive fees, and range of services, Retirable can help retirees achieve their financial goals and maintain their standard of living throughout retirement.
Retirable’s investment strategy focuses on creating a diversified portfolio that aligns with your risk tolerance and financial goals. They offer a range of investment options, including low-cost index funds and actively managed portfolios.
Retirable also offers a range of additional services, including Social Security planning, Medicare planning, and long-term care planning. These services can help retirees navigate the complexities of retirement and ensure that they are making the most of their benefits.
Facet — Best Flat-Fee Advisor Company
Facet charges a flat fee for its services, which varies depending on your membership level. The Core tier costs $2,600 per year, the Plus tier costs $4,300 per year, and the Complete tier costs $8,700 per year. This fee structure makes Facet an attractive option for retirees with significant assets, as it provides a high level of service at a predictable cost.
Facet offers a range of services, including investment management, financial planning, and retirement planning. Their approach is centered around providing personalized advice and guidance, helping retirees to achieve their financial goals.
Facet’s team of advisors are experienced and knowledgeable, with a deep understanding of retirement planning and wealth management. They work closely with clients to create a customized plan that takes into account their income needs, expenses, and financial goals.
Pros and Cons
- Pros: In addition to standard financial planning and investment management, Facet also offers retirement, insurance, estate and tax planning.
- Cons: In-person meetings are not offered.
Facet’s flat-fee structure is designed to align with the needs of retirees. Unlike traditional AUM fee structures, Facet’s flat fee does not increase as your wealth grows. This can be a significant advantage for retirees with substantial assets, as it provides a predictable and stable cost for their financial planning needs.
Facet also offers a range of additional services, including tax preparation, estate planning, and insurance planning. These services can help retirees navigate the complexities of retirement and ensure that they are making the most of their benefits.
Facet’s investment strategy focuses on creating a diversified portfolio that aligns with your risk tolerance and financial goals. They offer a range of investment options, including low-cost index funds and actively managed portfolios.
Creative Planning — Best for Comprehensive Wealth Management
Creative Planning offers a full suite of financial planning services that should meet most retirees’ needs. Their approach is centered around providing comprehensive wealth management, including investment management, financial planning, and retirement planning.
To receive comprehensive financial planning, you’ll need at least $500,000 in assets managed by the firm. This ensures that Creative Planning’s services are tailored to meet the needs of retirees with significant assets and complex financial situations.
Creative Planning’s team of advisors are experienced and knowledgeable, with a deep understanding of retirement planning and wealth management. They work closely with clients to create a customized plan that takes into account their income needs, expenses, and financial goals.
Pros and Cons
- Pros: Offers comprehensive retirement planning, including tax-efficient withdrawal strategies, health insurance and Medicare planning, insurance needs analysis, advice on claiming Social Security benefits and legacy planning.
- Cons: Relatively high fee on lower balances.
Creative Planning’s fees are competitive, with a tiered AUM fee structure that starts at 1.20% for the first $500,000 managed and then gradually decreases for higher asset levels. This fee structure makes Creative Planning an attractive option for retirees with significant assets, as it provides a high level of service at a reasonable cost.
Creative Planning also offers a range of additional services, including estate planning, trust management, and insurance planning. These services can help retirees navigate the complexities of retirement and ensure that they are making the most of their benefits.
Creative Planning’s investment strategy focuses on creating a diversified portfolio that aligns with your risk tolerance and financial goals. They offer a range of investment options, including low-cost index funds and actively managed portfolios.
Mercer Advisors — Best for High-Net-Worth Retirees
Mercer Advisors aims to meet all its clients’ financial needs under one roof, matching them with dedicated advisors who can coordinate with specialists in estate planning, tax preparation, insurance and more as needed. This makes it a potentially good choice for wealthy retirees, who might have more complex needs now that they’re tapping into their savings, solidifying their estate plans and thinking about their legacies.
Mercer Advisors’ team of advisors are experienced and knowledgeable, with a deep understanding of retirement planning and wealth management. They work closely with clients to create a customized plan that takes into account their income needs, expenses, and financial goals.
Pros and Cons
- Pros: Holistic approach to wealth management means you get investment management, financial planning and advice from specialists all within one firm.
- Cons: Potentially high minimum fees ranging from $1,200 to $150,000 depending on your service level.
Mercer Advisors’ fees are competitive, with a tiered AUM fee structure that varies depending on your service level and goes down as your assets rise. Each service level also comes with a minimum fee, ranging from $1,200 for Guided Investing to $150,000 for Regis.
Mercer Advisors also offers a range of additional services, including estate planning, tax planning, and insurance planning. These services can help retirees navigate the complexities of retirement and ensure that they are making the most of their benefits.
Mercer Advisors’ investment strategy focuses on creating a diversified portfolio that aligns with your risk tolerance and financial goals. They offer a range of investment options, including low-cost index funds and actively managed portfolios.
Aspiriant — Best for Lower AUM Fees
For retirees with larger accounts, Aspiriant could be a cost-effective option. Its annual AUM fee ranges from 0.2% to 0.85% of your assets, which is relatively low compared to other firms. However, it has a $14,000 minimum, so those with lower balances might be better off elsewhere.
Aspiriant also charges a separate planning fee for its wealth planning services, which typically ranges from $5,000 to $50,000. This fee structure makes Aspiriant an attractive option for retirees with significant assets, as it provides a high level of service at a reasonable cost.
Pros and Cons
- Pros: Below-average AUM fee.
- Cons: $14,000 minimum means smaller balances might pay more.
Aspiriant’s team of advisors are experienced and knowledgeable, with a deep understanding of retirement planning and wealth management. They work closely with clients to create a customized plan that takes into account their income needs, expenses, and financial goals.
Aspiriant also offers a range of additional services, including estate planning, tax planning, and insurance planning. These services can help retirees navigate the complexities of retirement and ensure that they are making the most of their benefits.
Aspiriant’s investment strategy focuses on creating a diversified portfolio that aligns with your risk tolerance and financial goals. They offer a range of investment options, including low-cost index funds and actively managed portfolios.
Frequently Asked Questions
Q: What minimum asset requirements should I meet when choosing a retirement advisor?
Minimum asset requirements vary by advisor, so you should look for an advisor whose requirements you meet. Some don’t have any minimum, while some require $100,000 or more.
Q: Should I choose a fee‑only advisor for retirement income planning?
Fee-only advisors often have fewer conflicts of interest compared to advisors who earn commissions. If minimizing potential conflicts is important to you, you should seek out an advisor who is solely paid by their clients and doesn’t earn commissions selling financial products.
Q: How often should a retiree review their financial advisor relationship?
It’s generally recommended to meet with your advisor once a year to review your finances and make adjustments to your plan, though you can meet more often if you prefer.
Q: Can an advisor help with required minimum distributions and legacy planning?
Yes, financial advisors who offer retirement income planning services should also be able to help you determine your required minimum distributions to avoid tax penalties. Advisors who work with higher-net-worth retirees often have services to help their clients plan their legacy and ensure their wealth is passed on in accordance with their values.
Q: What questions should I ask to confirm that a retirement advisor is a fiduciary?
You can ask your advisor directly if they’re a fiduciary, and if they are, whether that’s always the case. For example, RIAs are fiduciaries, but if they’re dually registered as brokers, they might not always be held to that standard depending on the role they’re filling.
