Where to Get Started With Virtual Financial Planning
If you’re just starting thinking about investing, you’re probably overwhelmed by the options that are available. Finding the right financial advisor can be a challenge and, with an already busy life, how do you fit it into your schedule? How do you satisfy the minimum investments? With virtual financial planning, you get the benefits of an experienced, in-house financial advisor, except it’s all tailored to who you are and where you’re at.
Virtual financial advisors are a great option for young professionals, recent college graduates, and individuals who are just starting to build their investment portfolio. With an online advisor, you’ll pay a single, flat membership fee only. But, you’ll reap all the benefits of having a certified financial planner on your side. So, let’s look at what exactly virtual financial planning is, what you should look for in a virtual financial advisor, and some of the benefits that come along with using a virtual financial advisor.
What is virtual financial planning?
A virtual financial planner is exactly what it sounds like: a financial advisor that you work with over the Internet. Offering many of the same benefits as traditional advisors, they’re an easier, faster, and more cost-effective way to start planning for your financial future.
Ever since the pandemic of 2020, how people work – and work with one another – has changed drastically. With so many meetings, job positions, and services shifting to online spaces, it’s now extremely common for people to ask to meet via Zoom, Teams, or Google Meet.
When you work with a virtual financial advisor, you’re able to plan your future from the comfort of your own home. But, best of all, you’re assigned a consistent, familiar face to get you started on your journey. As you progress, they’ll grow to understand your situation, they’ll help you build a sound financial plan, and they’ll guide you toward a better, more financially stable future. From gathering comprehensive data for effective financial planning to executing a plan set up with you, virtual financial planners help every step of the way.
What should you look for in a virtual financial advisor?
When looking for the right advisor, it’s important to find one whose investment strategy aligns with financial goals. Your first step should be to schedule a free consultation. Since it’s your money on the line, you’ll want to ask a number of important questions.
Can they help with your financial needs?
In a recent poll, 84% of Americans with household budgets admitted to exceeding their budget. Because of this, budgeting is one of the most critical services available to those starting out on their financial journeys. But, beyond that, you may need help building a comprehensive financial plan, assistance developing habits to save money, or personalized advice on how to manage an inheritance.
A virtual financial advisor should work with you to understand your needs. More importantly, they should be comfortable tailoring their services to meet your needs. No matter your stage of life, where you’re at in your career, or how much you have to invest, they should be comfortable. And, above all else, you should feel comfortable with them.
Is a virtual financial planner in your budget?
While traditional financial advisors can be costly, our online advisors work on a fee only basis. With only a monthly membership fee, they help you build a solid financial portfolio without all of the strings attached. Because of this, virtual advisors are an attractive option for people at the start of their careers, recent graduates, and younger professionals.
And that’s the core of it: a virtual financial planner isn’t just there to help build wealth. They’re there to help you build habits that build wealth. Wiser’s experienced financial professionals take pride in putting their clients first. We take pride in working in your best interest. And, most importantly, we believe in offering financial services that are attainable to everyone.
Verify fiduciary status
By verifying the fiduciary status of your financial advisor, you can protect yourself and your assets. You can verify this in a variety of ways including:
• Asking your advisor directly
• Reviewing the advisor’s credentials via online databases
• Examining their fee structure
• Researching their registration
• Requesting a written commitment
Each of these can help you to ensure they are legally bound to put your financial interests first. Advisors should always work to improve your financial profile, but verifying their fiduciary status can give you peace of mind that your money is always getting used to help you build wealth.
Benefits of virtual financial advisors
As online capabilities have grown, many industries have adapted to keep pace with the needs of their customers. By shifting services to online spaces, financial advisors are often able to deliver better experiences and charge lower fees. But, really, what are the core benefits of using a virtual financial advisor?
Convenience
As we all know, video conferencing is a lot easier than meeting in person. There’s no driving, no searching for parking spots, no getting all dressed up, and no getting lost in backwater business parks. With virtual advisors, you’re able to schedule meetings on your own time, dial in from the comfort of your own home, and – of course – stay in your pajamas if you really want. This also removes any extra expenses and time taken for travel!
Rather than needing to go over paperwork in person, a virtual advisor can also work with you through secure file sharing to show how your money is handled, give a breakdown of accounts, provide advice for investing based on your accounts, and more! Through your advisor’s help, you can better stay focused on your portfolio by getting immediate expertise wherever and whenever you need it.
Another major convenience is that you don’t need to cancel meetings if you’re out of town. Even if you’re on vacation, you can still connect with your advisor for a few minutes to check in on the status of your investments. With the capability to discuss finances with you online, clients can communicate with virtual advisors via video calls or emails, virtual financial advisors make everything easier for clients. Even if you need to relocate, it doesn’t mean losing contact with your virtual advisor!
Options
When it comes to wealth management, you want to work with the best. But, maybe the financial professionals in your area aren’t suited to your particular needs. With virtual advisors, you’re able to choose exactly the advisor that you want. This also means a wider talent pool of virtual advisors for you to choose from! You’re able to vet and research advisors from all over the country – or world – to find one that’s a good fit for you.
Affordability
Advisory firms that offer virtual plans are often much less expensive than traditional, in-person financial advisors. Because there’s less overhead, virtual financial advisors can provide more options for less. Even better, they’re often on a ‘fee-only’ basis, which means you’re only paying a single, direct fee for their services. Some prefer a virtual financial planner because of this ease of access and simpler pay structure.
For this reason, online advisors are a very attractive solution for younger clients. If you’ve just graduated college or you’ve just started in your career, virtual planning is a great way to ensure you get off to a good start. In fact, due to compound interest, planning for your retirement in your early 20s will help to ensure that you have sufficient savings when the time comes. If you’re still unsure, establishing an emergency fund is a great first step before aggressive investing. This can work as a gateway for you to judge how much income you have to work with moving forward while also creating a safety net for yourself now and in the future.
Schedule a meet with our virtual financial advisors today
Whether you’re interested in wealth management, retirement planning, or other financial products, our virtual financial planners are here to help. Backed by years of experience, our team can work with you to overcome the challenges inherent to investing. By regularly reviewing and adjusting your financial plans, virtual advisors stay on top of your finances for the best results.
So, if you’re ready to take your first steps toward a brighter financial future, our virtual advisors are ready. We encourage you to browse our site, learn about our investors, and discover if we’re the right fit for you. Reach out to start working on your financial strategy with a virtual financial advisor today!
Are you ready to get started?
If you’re eager to begin your financial journey, the team at Wiser Financial group is here to help.