A good financial advisor is a trusted professional who helps improve your financial situation in both the short and long term so you can make your goals a reality. Our partners at ConsumerAffairs researched the best financial advisors in Las Vegas to help secure your financial future.
One Summerlin Tower, 1980 Festival Plaza Dr., Ste. 460
Las Vegas, NV 89135
Choosing a financial advisor in Las Vegas
Consider speaking with a financial advisor in Las Vegas when your finances become too complicated to manage on your own. This often happens after you’ve recently inherited a large sum of money or started a new job, but, no matter where you are in life, a financial advisor helps you manage your money and plan for the future.
Financial advisors help clients:
Save for retirement
Set up college funds
Manage their assets
Some financial advisors in Las Vegas do have a minimum wealth requirement for clients, but you can find a financial advisor to work with you regardless of your financial situation.
Types of financial advisors
There are many different types of financial advisors, and all financial advisors in Las Vegas are not equal. Two major distinctions separate all types of financial advisors. The first of which is whether they are a fiduciary or not.
Fiduciary financial advisors: These advisors advise and act in your best interests in adherence to the fiduciary standard. This legal and ethical code forces fiduciaries in Las Vegas to prioritize the client’s needs above their own.
Non-fiduciary: A non-fiduciary advisor is usually held to a lower standard where their advice needs to be appropriate for you but not necessarily in your best interest. That means non-fiduciaries in Las Vegas can make a recommendation that results in a higher commission but isn’t strictly the best option for your portfolio.
The second distinction is between human advisors and robo-advisors. A robo-advisor is a computer program that offers financial advice and asset management based on information about you. Robo-advisors are comparatively inexpensive and rarely have a minimum wealth requirement, but, if you need more tailored help, consider working with a human financial advisor who can understand the nuances of your finances.
What is the cost of a financial advisor in Las Vegas?
The cost of a financial advisor in Las Vegas varies because financial advisors charge in a variety of ways. The most common options are:
Flat rate: This one-time fee, often $1,000 to $2,000, is normally for one-time services like financial planning and isn’t dependent on your portfolio.
Hourly: If you need ongoing service, financial advisors work at an hourly rate. This is normal for more flexible short-term services, like giving financial advice.
Commission: Here, an advisor receives a percentage when you purchase products or services they recommend. This is more common for investment advisors, and consumers should watch out for conflicts of interest when their advisor is working on commission.
Assets under management: These advisors receive a percentage of what you have in your account with them. Usually implemented for long-term asset management in Las Vegas, conflicts of interest are less common in this arrangement but still possible.
Your financial advisor should be transparent about how they make money. A fee-only firm makes all of its money directly from charging clients with no commission. A fee-based firm, however, charges you directly while still receiving some commission. These potential conflicts of interest show why it’s crucial to learn whether your advisor is a fiduciary or not.
What qualifications should a financial advisor have?
The financial advisory you work with should have a great reputation, education and experience. Specifically, this means that they should have at least a bachelor’s degree in a related field and their General Securities Representative license.
There are also additional certifications, such as being a Certified Financial Planner, which show that your advisor is qualified and held to a set of standards and practices.
To make sure you choose the right financial advisor in Las Vegas to trust with your savings, ask a few questions, such as:
Facet Wealth opened in 2016 and has over 45 team members. Its clients get a dedicated CFP that they can call with questions. The company’s focus is on a holistic approach to asset management for the average family, with an emphasis on transparency and simplicity.
Arista Wealth Management
Las Vegas residents who need personal or professional financial advice often work with Arista Wealth Management. It’s a fee-based advisory firm, and its team has a fiduciary responsibility toward its clients. Past customers consistently commend Artista’s approachable team.
Redrock Wealth Management
Red Rock Wealth Management is a local Las Vegas company that opened in 2005 and manages close to $100 million in assets. This fiduciary, fee-only firm offers an array of financial advisory services. Reviewers love the dedicated attention Redrock Wealth Management offers.
The Wealth Consulting Group
Based in Las Vegas with offices throughout the U.S., the Wealth Consulting Group has been serving individuals and businesses since 1995. Past clients note the Wealth Consulting Group’s commitment to serving their interests and preserving their confidentiality.