Find Top Financial Advisors in Lexington, Kentucky

The cost of hiring a financial advisor in Lexington, KY, varies based on the advisor's fee structure and services offered. Common fee structures charged by advisors include:

• Assets Under Management (AUM): Advisors may charge a percentage of the assets they manage on your behalf, typically ranging from 0.5% to 2% annually. For example, managing a $500,000 portfolio may cost you anywhere between $2,500 and $10,000 per year.
• Flat Fees: Some advisors offer services for a fixed annual fee, which can range from $1,000 to $7,500, depending on the complexity of services provided.
• Hourly Rates: Advisors may charge hourly fees, typically between $100 to $500 per hour, based on their experience and expertise.
• Per-Plan Fees: For comprehensive financial plans, advisors might charge a one-time fee ranging from $1,000 to $3,000.

If you're looking for top financial advisors in Lexington, KY, seek advisors with designations such as Certified Financial Planner (CFP^®), Chartered Financial Analyst (CFA^®), or Chartered Financial Consultant (ChFC^®), indicating a high level of expertise and commitment to ethical standards. Ensure the advisor is a fiduciary, legally required to act in your best interest, which fosters trust and aligns their recommendations with your financial goals. Also, do take care that the advisor holds relevant experience in the field where you are seeking assistance. For example, if you are looking to lower your tax bill, choose an advisor who specializes in tax management and can help legally lower tax liability, compute taxes on diverse investments, and find the right deductions, etc.

Regular communication with your financial advisor is crucial to ensure your financial plan remains aligned with your goals and adapts to any life changes. While the frequency of meetings can vary based on individual needs, ensure that you schedule a comprehensive review of your financial plan once a year to assess performance and make necessary adjustments, if needed. You may also schedule semi-annual or quarterly meetings based on the complexity of your financial situation or if any significant life events (e.g., retirement, inheritance, career changes), have taken place.

Fiduciary advisors are legally obligated to act in your best interest, prioritizing clients' needs over their own. Being bound to fiduciary duty ensures that the advice and financial strategies provided are free from conflicts of interest. There are several advisors who operate under fiduciary standards in Lexington, KY. You may use WiserAdvisor's match tool to find suitable advisors that matches you with pre-screened advisors who meet your needs. Do note that all advisors in WiserAdvisor's network are pre-screened for experience and hold clean records with FINRA and the SEC.

During your initial meeting with a financial advisor, you can expect the advisor to introduce themselves, explain their qualifications, and provide an overview of the services they offer. They will also disclose their fee structure, whether they operate as a fiduciary, and their approach to financial planning.

Discuss your short-term and long-term financial objectives, such as retirement planning, wealth accumulation, debt management, or saving for education. The advisor will ask about your lifestyle goals to tailor a personalized financial strategy.

Be prepared to provide details about your income, expenses, assets, liabilities, and any existing investments. The advisor will evaluate your current financial health to better understand your needs. The advisor will assess your risk tolerance and recommend suitable investments that align with your goals, risk appetite and time horizon.

Enquire about the advisor's investment philosophy, experience, or any concerns you may have. Also, decide how often you should meet for reviews and how to communicate between meetings. This meeting is typically a no-obligation consultation, allowing you to evaluate if the advisor is the right fit for your financial needs.

To get the most out of your first consultation with a financial planner in Lexington, first gather the relevant financial documents including recent bank statements, investment account statements, retirement account details, and any insurance policies. Also, keep any documents pertaining to income (pay stubs, tax returns), expenses, debt (loans, credit cards), and real estate holdings ready with you.

Clearly outline your short-term and long-term financial goals, such as retirement age, buying a home, funding education, or starting a business. Think about your desired lifestyle, travel plans, or any large expenses you anticipate. Do consider your risk tolerance i.e. the degree of risk you're comfortable enduring when it comes to investing.

Prepare a list of questions about the advisor's qualifications, experience, investment philosophy, and fee structure. Ask whether they are a fiduciary and how they are compensated to understand any potential conflicts of interest. Lastly, review the advisor's background, including their certifications (e.g., CFP^®, CFA^®, CPA). Verify their credentials using FINRA BrokerCheck or the SEC's Investment Adviser Public Disclosure.

Being thorough and having a clear view of your financial situation and goals will help the advisor provide more relevant and personalized advice suited to your specific needs.

To find fee-only financial advisors in Lexington, KY, you may search online directories and databases such as NAPFA (National Association of Personal Financial Advisors) which lists fee-only fiduciary financial planners. You may also search local directories like WiserAdvisor to find top-rated financial advisors in Lexington who operate on a fee-only basis.

WiserAdvisor is a trusted platform that maintains a directory of fiduciary advisors who meet strict industry standards. Simply provide details about your financial goals, and WiserAdvisor's match tool will connect you with 2-3 financial advisors in your area based on your financial needs.