As Boston is one of the major financial hubs in the US, there are many investment advisors operating in the area. However, quality investment advice often comes with a fee. For investors looking for free investment advisors in Boston, here are some options to consider:
Check with your bank or credit union for basic investment advice
Many banks and credit unions have financial advisors on staff who can provide their customers with basic investment advice, asset allocation recommendations, or retirement planning guidance. This advice is usually free as part of having an account with the institution.
Look into robo-advisors for automated investing guidance
Robo-advisors like Betterment, Wealthfront, and Charles Schwab Intelligent Portfolios provide automated investment management and advice based on algorithms. They generally have free or very low-cost plans available that can help with portfolio construction and basic financial planning for investors who don’t need comprehensive personalized advice.
Seek out free consultations from fee-based advisors
Some traditional financial advisors who normally charge asset management fees or commissions will offer free initial consultations. This gives investors the chance to get some of their questions answered and gain some basic advice without commitment. Just be aware they will likely try to sell you on signing up for paid services.
Look for pro bono financial planning services
Certain non-profit organizations like the Foundation for Financial Planning offer pro bono financial advice and planning services for people in need who cannot afford typical advisor fees. This generally focuses more on budgeting, debt management, and basic planning rather than investment recommendations.
Leverage free educational resources for DIY investing
For investors who want to manage their own portfolios, there are many free educational resources available online and in communities. These can help equip investors to make their own investment decisions without direct guidance from a professional advisor.
While truly free professional investment advice is hard to come by, Bostonians have a few options like robo-advisors, bank guidance, pro bono services, and DIY education. Being clear on what type of advice is needed can help investors find the right free or low-cost resources.