What’s a financial advisor?

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If you don’t know what a financial advisor does, you’re in good company. A recent study found that 36 percent of people don’t understand the role of an advisor, and that percentage is even higher for millennials.

Financial advisors and brokers = financial services for a fee

Financial advisors assess your goals and risk tolerance, as well as economic trends and tax laws, to give you personalized investment and wealth-building advice. They typically charge a flat fee or charge a percentage of your total assets under their management.

Stockbrokers, or brokers, are similar to advisors, but they mainly focus on placing investment orders for clients and charge a commission per trade. They don’t have the same legal obligation that advisors do to put the client’s best interests above all else. Often, people who just want to place investment orders use an online brokerage like E*Trade.

People often choose to work with a financial advisor because they don’t have the time or skills to research and select from the thousands of investment products out there. However, there are some drawbacks:

  • It’s time-consuming to find the right advisor and to learn which qualifications you’re looking for (there are more than 100 certifications and designations).
  • Advisors can be expensive, and many require you to have a large amount of savings to invest initially.
  • Advisors typically don’t provide daily advice as part of their fee.
  • It may be hard to measure whether what you get is worth the price you paid.

There’s an easier way to get financial advice, especially for people just starting their journey to savings and credit health.

Free personalized financial advice from MoneyLion

Most financial advisors charge to meet with their clients only once or twice a year, but you can get daily personalized financial advice for free simply by linking your financial accounts in the MoneyLion app. We assess your unique spending and income patterns and your credit to deliver tips on saving money and building your credit. You’ll get 5 new personalized pieces of financial advice and resources every day.

You can also enroll in free Credit Monitoring, and use the Credit Simulator tool anytime, to learn how specific actions may improve or negatively impact your credit.

Guided investing with MoneyLion Plus

Financial advisors typically charge a high fee to build and manage your portfolio, and many won’t even consider taking a client who wants to start small or is still building credit. That’s why many people — especially first-time investors — are turning to **low-cost robo-advisors** like the one offered as part of the MoneyLion Plus membership.

When you join MoneyLion Plus, we create and manage a customized investment portfolio for you, and it can cost you as little as $0. You also get anytime access to a 5.99% APR loan, and we report your payments to credit bureaus to help build your credit.

Here’s how it works: Each month, $79 is spread out and withdrawn on your pay dates. Of that, $50 is saved into your Plus guided investment account. The remaining $29 is your membership fee, but you can recoup that simply by logging in for $1 cashback every day!

We don’t think you’ll find guided investing together with 5.99% APR loans for $0 per month anywhere else.

The MoneyLion Plus robo-advisor also rebalances your investments to stay aligned with your goals, just like a human advisor would. And you’re not locked into a long-term contract. It’s a monthly membership, so you can choose to cancel anytime. Learn more at moneylionplus.com and get $10 when you sign up today! Good credit not required.


MoneyLion Plus general disclosure: MoneyLion Plus membership required. View full terms and conditions here.

MoneyLion Plus investment account: * Not FDIC Insured or Bank Guaranteed * May Lose Value. The guided investment account is subject to risks, including but not limited to the loss of principal. Not bank or FDIC insured. This advertisement should not be construed as a recommendation regarding the suitability of purchasing a particular security or securities in general.

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