Yes! There’s a common misconception that advisors only work with wealthy investors, but the truth is that many advisors work with clients at various income and wealth levels. For example:
 

• Fee-only advisors: Some fee-only advisors offer services on a sliding scale or have minimums that are more accessible to middle-income individuals.
• Hourly consultants: Some advisors offer hourly consulting services, which can be more affordable for those who need occasional advice rather than ongoing management.
• Basic financial planning: Many advisors offer basic financial planning services, such as budgeting, debt management, and saving for short-term goals, which can be more affordable.
• Retirement planning: Advisors can help you plan for retirement, even if you are just starting to save.
• Lower minimums: Some advisors have lower minimum investment requirements or no minimums at all, making their services more accessible.
• Flexible fee structures: Some advisors offer flexible fee structures, such as flat fees for specific services or a combination of fees and commissions.

A fiduciary is a person or organization with a legal and ethical duty to act in the best interests of another, typically a client or beneficiary. This means they must prioritize the interests of the person they are representing over their own. Fiduciaries are often involved in managing money, property, or making decisions on behalf of others.

No, not all financial advisors are fiduciaries. Registered representatives, often associated with brokerage firms, and insurance agents are generally held to a suitability standard. That means they must recommend products that are suitable for the client, but they are not required to act in the client's best interest. When interviewing advisors, ask if they are a fiduciary and under what circumstances they are held to this standard.
 

The fiduciary standard is a higher legal and ethical obligation that requires advisors to act in the best interest of their clients at all times and to put their clients’ interests ahead of their own. Certified Financial Planners™ (CFP®) and Registered Investment Advisers are legally held to a fiduciary standard. Financial advisors who aren’t CFP®s or RIAs may also state that they operate under a fiduciary standard.

Choosing a financial advisor is a crucial step in managing your financial well-being. Here are a few factors to keep in mind as you search:

• Short-term and long-term goals: Identify what you want to achieve, such as saving for retirement, buying a home, funding education, or managing investments.
• Referrals: Ask friends, family, or colleagues for recommendations. Personal referrals can be a valuable starting point.
• Certifications: Look for advisors with recognized credentials such as Certified Financial Planner™ (CFP®), Chartered Financial Analyst® (CFA), or Certified Public Accountant (CPA). 
• Background check: Use the SEC’s Investment Adviser Public Disclosure (IAPD) database or the Financial Industry Regulatory Authority (FINRA) BrokerCheck to verify the advisor’s background and check for any disciplinary actions.
• Free consultation: Many advisors offer a free initial consultation. Use this opportunity to ask questions and gauge their communication style and expertise.
• Communication style: Ensure the advisor communicates in a way that you understand and feel comfortable with.
• Personal fit: Choose an advisor you trust and feel comfortable working with. Financial planning is a long-term relationship, so personal chemistry is important.

When interviewing financial advisors, it's important to ask questions that will help you understand their expertise, fee structure, investment approach, and whether they are a good fit for your needs. Here are some questions to consider:

• Do you offer comprehensive financial planning, or do you focus on specific areas?
• Are you a fiduciary (legally obligated to act in my best interest)?
• How do you charge for your services — flat fees, hourly rates, or commissions?
• What’s your investment philosophy?
• How do you respond to market volatility?
• How do you define success for your clients?
• Do you have experience working with clients in my situation? (e.g., young professionals, retirees, small business owners)
• How often will we meet?
• Do you offer online access to my financial information and portfolio performance?
• Can you provide references from satisfied clients?