Why choose a virtual financial planner?
A virtual financial advisor will likely have lower fees and investment minimums compared to brick and mortar firms (because they have less overhead). Plus, virtual advisors often use the latest digital tools and online interactive models to help you build your wealth and keep track of your progress.
We know what you’re thinking—it’s one thing to shop from home, work from home, even vent to your therapist from home. But virtual financial advice? Your money is important to you, and it might still feel like one of those things you need to discuss with someone IRL. Well, think again. Of course, your financial goals are incredibly important. But just like remote work, healthcare, and shopping have improved drastically in recent years, so has virtual financial planning. In fact, we’d argue that it’s even better than in-person services, and here’s why:
A VIRTUAL FINANCIAL PLANNER CAN SAVE YOU TIME AND MONEY
Just like banks, virtual financial advisors may have lower fees and investment minimum because they don’t have to maintain as many swanky offices. And you don’t have to take time out of your busy schedule to travel to one.
VIRTUAL PLANNING INVOLVES LESS PAPERWORK
Financial planners who offer virtual services tend to be savvier and more digital-forward than their in-person-only counterparts. Instead of being sent home with mountains of PDF printouts full of charts you don’t understand, virtual advisors often employ the latest digital tools and interactive modeling. These will tell a much better financial story and save your sanity and storage space.
VIRTUAL ADVISORS MAY BE EASIER TO SPEAK TO
In a formal office setting, you might hesitate to tell a traditional financial planner you want to save up for a Rolex or prioritize travel instead of saving for a home. But honesty is essential for the success of any financial plan.
You don’t lie to your doctor if you want a proper diagnosis, and the same holds true for your relationship with your financial advisor.
If you want good results, you must be candid about your current financial situation and your goals for the future. Meeting with an advisor virtually can help facilitate these potentially difficult conversations. It may feel more informal, like you’re just chatting with a friend or peer. It may also be easier to open up from the comfort of your couch.
Find a fee-only fiduciary
If you do decide to work with a virtual financial planner, make sure they are fee-only. This means they charge you a direct fee for their services, as opposed to a commission-based model, where they make money by selling you products you probably don’t need. Finally, double- and triple-check that they are fiduciaries.
A fiduciary is an annoying way of saying the financial advisor must act in your best interest, not for their own financial gain. If you need some reccs on the best virtual financial planners out there, well, funny you should ask: our Stash Plan connects you with a fiduciary financial planner, is fee-only, and couch-approved. Check it out today.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Priya Malani
Stash Wealth, Founder & CEO
Priya is a force in the personal finance space. As an industry disruptor, she specializes in bringing the unapproachable world of money to young professionals across the country.
