Find the Best Financial Advisors in Lansing, MI

Choosing a financial advisor in Lansing

A financial advisor in Lansing guides you through financial decisions and establishes a long-term plan for financial success. A financial plan helps stabilize you during a major life change, prepare for retirement and get the most out of your money in general. Many people who use financial advisory services report significantly less stress thanks to their financial advisor.

Some financial advisors in Lansing who specialize in high-net-worth portfolios require clients to have a minimum amount under management, usually $100,000, but many others take on clients in any financial situation and have no minimum requirement. When you are shopping for asset management, always keep in mind there are different types of advisors and different business models throughout the industry.

Types of financial advisors

Two main distinctions separate the many different types of financial advisors in Lansing. The first distinction is between robo-advisors and human advisors.

In addition to the types of financial advisors in Lansing, consider the different standards these advisors hold themselves to.

The fiduciary standard obligates your fiduciary financial advisor to give you the best possible financial advice, regardless of how it impacts their business.

A non-fiduciary financial advisor gives financial advice generally suited to someone in your financial situation. This suitability standard, unfortunately, allows for non-fiduciaries to recommend products or actions that benefit them more than the client.

Fiduciary financial advisors in Lansing are ideal because they are focused on growing your money, not selling you specific products or filling a quota. While both fiduciary advisors and non-fiduciary advisors still help clients, it’s critical to understand the difference.

What is the cost of a financial advisor in Lansing?

Full-time asset management in Lansing costs between $2,000 and $7,500 annually, depending on the level of service you require and your net-worth. However, most people in Lansing don’t require this much help from their financial advisor.

For example, the cost of a one-time financial plan ranges from $1,000 - $3,000. Some advisors charge $200 - $400 an hour for consultations or short-term advising. Other financial advisors charge a percentage fee of your assets under management or a commission on financial products they sell you.

Consumers should be careful with advisors making commission, because they may recommend frequent trades and investments in order to generate more income for themselves. Fee-only advisors don’t charge commission and make all of their money off of fees they charge clients, while fee-based advisors make money off of both fees and commission.

What qualifications should a financial advisor have?

Look for financial advisors in Lansing that are Certified Financial Planners, Personal Finance Specialists or Chartered Financial Analysts. These credentials show that the advisor is competent and committed to providing high-quality financial advisory services.

Ask your advisor:

• Are you a fiduciary?
• How do you make money?
• How much experience do you have?
• How will I contact you?
• Have you ever been charged with a crime or disciplined by a professional organization?

Be sure that your advisor is properly licensed and legitimate by checking them with the Financial Industry Regulatory Authority’s BrokerCheck.