Using Free Financial Planning Software & Can You Get Free Advice From a Financial Advisor?

Money is an essential part of every aspect of our lives. But managing your money well is not always easy. What can you do to learn about personal finances and get financial advice? Working with a financial advisor is an option. A financial advisor can help create and execute a plan to help you achieve your financial goals Click here. But this can get costly. There are tools, calculators, software, and complimentary services that you can use almost to feel like you have a financial adviser.

Many of us are worried about the future and how it will impact our financial situation during these difficult economic times. It is, therefore, more important than ever that you think about creating a long-term strategy for your money and how it will impact your savings. This may seem overwhelming, but we are here to help. Plenty of tips and tricks will help you break down financial planning into manageable pieces. Learn how to create a savings strategy to help you reach financial goals in all phases of your life.

A financial advisor is someone who helps clients manage their money. These services aren’t free. These services may include advice or general financial planning. Working with a financial adviser can help, regardless of your particular situation. The cost of a financial adviser will vary depending on the type of advisor and services used. You may be charged a consultation fee to help create a financial plan. However, you can manage your finances once you have that done.

Many people work with financial advisers to manage their investment portfolios. The advisor would typically charge a percentage fee depending on the assets in the portfolio. According to Advisory HQ’s 2021 study, the average management fee charged by a financial advisor is between 0.59% & 1.18%, depending upon your asset level. Robo-advisors have grown in popularity in recent years. A robo advisor is entirely online. Once you have created an account, the robo advisor will handle everything digitally. Robot advisors charge lower fees as there are typically very few or no financial advisors available. Most robo-advisors charge a management fee of 0.50% or lower.

Empower is a free service that offers financial planning assistance for people who don’t have the budget to pay. Empower was formerly known as Personal Capital. Empower is a free robo-advisor that serves two distinct clientele: DIY investors with millions to invest and people who have access to financial tools. Empower offers a paid account that allows you to manage your investments at the cost of 0.89% per $1 million. This fee drops to 0.49% for any investment above $10 million. These are high fees according to robo-advisor standards and favor people with millions of dollars to support.

Empower offers a free account that gives you access to free financial planning software. The software can help you calculate your net worth, analyze your spending and manage your cash flow. You can link any investment accounts, even if they are not connected through Empower. While you can’t buy or sell securities via your linked accounts, you can see which ones are performing well, which aren’t, and how your investments will perform in the future. A free Empower account won’t give you full access to the financial planning software. Paid plans will provide you with more features. However, the free software can be used by DIY investors to manage and plan their finances.

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