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Whether it’s stock market volatility, the Federal Reserve’s interest rate cuts or proposed tax law changes, we’re dedicated to breaking down the news to help investors make smart money decisions.
But CNBC’s personal finance team also recognizes the value of financial planning, regardless of your life stage, income level or wealth.
Education is the driving force behind the CNBC FA 100 list, now in its sixth year, which ranks the country’s top financial advisor firms.
CNBC’s FA 100 uses a proprietary methodology created in partnership with data provider AccuPoint Solutions.
This year, the process started with SEC filings for 40,896 registered investment advisory firms before narrowing down the list. You can see the full methodology here.
These top-ranked advisors average 35 years in the business and collectively manage more than $375 billion. But the ranking considers more than experience and assets under management.
The FA 100 features firms that support decision-making beyond the investment portfolio by weighing service offerings, specialties and other factors. We also noted the firms’ number of certified financial planners, which is widely regarded as the industry’s top professional designation.
The benefits of financial planning
You’ve got a partner in decision-making.
Paul Brahim
President-elect of the Financial Planning Association
Often, investors seek an advisor in the five years before and after retirement, according to T. Rowe Price’s 2023 Retirement Savings and Spending Study.
But financial planning can provide “an extraordinary amount of impact” throughout life as clients weigh competing goals, said certified financial planner Paul Brahim, managing director of Wealth Enhancement in Pittsburgh, Pennsylvania.
“You’ve got a partner in decision-making,” said Brahim, who is also president-elect of the Financial Planning Association.
10 questions to ask your next financial planner
There’s a wide range of financial advice available, regardless of your income or total assets. The cost and scope of services vary by advisor and firm.
Ultimately, you may consider several candidates before choosing the right financial planner to meet your family’s needs. The CFP Board suggests asking prospective advisors these 10 questions:
- What are your qualifications and credentials?
- What services do you offer?
- Will you have a fiduciary duty to me?
- What is your approach to financial planning?
- What types of clients do you typically work with?
- Will you be the only advisor working with me?
- How will I pay for your services?
- How much do you typically charge?
- Do others stand to gain from the financial advice you give me?
- Have you ever been publicly disciplined for any unlawful or unethical actions in your career?
You can check an advisor’s record by searching for their name on BrokerCheck and with the SEC, and verify CFP certification with the CFB Board.
