Advantages, disadvantages and who should create an account

Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Wealthramp Wealthramp

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Global mark

Is Wealthramp for you?

Wealthramp is an investment platform that connects individuals with paid financial advisors that align with their investment preferences. The company does not charge any fees to use its service; when you become a client of an advisor you found through their platform, the advisor pays Wealthramp.

Plus, it offers a host of educational resources on everything related to financial planning and retirement planning. However, you should look elsewhere if you prefer to invest on your own (with an online brokerage) or open an automated investing account. You can’t invest through Wealthramp, but it’s a great resource if you’re willing to work with a financial advisor.

Wealthramp vs. Merrill Advisor Match

The processes of Wealthramp and Merrill Lynch’s advisor matching service, Merrill Advisor Match, are quite similar. Both connect you with advisors after specifying things like your investment goals, location, and preferred methods of communication.

However, you can use Merrill Advisor Match even if you don’t have an account set up with Merrill. After completing his questionnaire, he will direct you to the results of advisors (primarily Merrill Lynch Wealth Management advisors) that match your preferences. At this point you can decide who you want to work with and you will need to fill out a brief contact form. In addition, you will usually be able to choose from several advisors.

Wealthramp, on the other hand, pairs you with up to three financial advisors. Also, you will need to create an account to use its service.

Wealthramp vs Advice Hunter

With Wealthramp and Advice Chaser, you’ll answer questions about your investment preferences, then each company will connect you with an advisor who can help you achieve those specific goals. Plus, you won’t pay anything to use either service.

The difference is that Advice Chaser additionally offers financial advisor matchmaking services for businesses. Wealthramp primarily focuses on individuals.

Ways to use Wealthramp

As mentioned above, Wealthramp is best suited for people who want to work with a financial advisor. However, the realm of financial advisors/investment firms is more expensive than DIY trading or robo-advice, so be prepared to pay higher fees for an advisor (these can range from 0.59% to 1 .18% of your assets, if the advisor charges fixed fees or between $1,000 and $3,000 for advisors who charge fixed fees).

Here’s how the Wealthramp process works:

  • Complete a questionnaire about your goals and preferences: Wealthramp will collect information about things like your financial goals, postcode and advisor preferences to help you find the right person.
  • View the list of advisor matches provided by Wealthramp: Once the platform has found matches (it will suggest up to three) that match your goals, you can then sift through those results to determine if you want to move forward.
  • Decide if you want to go ahead with a financial advisor: You do not have to choose the advisers found by Wealthramp. You can keep searching if you don’t find the right match. However, if you do as one (or all) of the advisors, you can schedule a free first meeting to get a better idea of ​​what the services of this professional would entail.

The platform is also free for users. Wealthramp gets paid when you become a client of a financial advisor they have recommended. Additionally, he says he’s not trying to increase his own compensation by increasing the fees you pay that advisor, and he rejects advisors who try to buy their place on the platform.

However, one of the downsides of using it is that you can’t access each advisor’s fee information unless you schedule a consultation with them. If you have a certain range in mind for advisor fees, you might be caught off guard if one of your matches charges significantly more than your desired amount.

Consulting services

Wealthramp’s financial advisors specialize in one area of ​​wealth planning. These include (but are not limited to):

  • Portfolio Management
  • retirement planning
  • Crypto investment
  • Estate and estate planning
  • Tax-focused financial planning

As for its vetting process, the platform first screens its pool of advisor candidates to remove investment brokers and insurance sales agents. It then reviews the regulatory records and registrations of the candidate advisor and that person’s investment firm. After this step, Wealthramp reviews the candidate’s work history and reviews their fees and expenses.

Finally, its founder, Pam Kreuger, interviews each advisor to determine whether their services and values ​​align with Wealthramp’s approach.

Wealthramp seems to do a great job of vetting financial advisers and making sure their fees are “reasonable”, but it doesn’t really paint a clear picture of what reasonable fees look like, nor (as mentioned) describe the fees of each adviser. . If you’re new to an advisor or aren’t sure what a good investment advisory fee would look like to you, this could become a potential roadblock.

Wealthramp: Is it trustworthy?

Personal Finance Insider considers an investment platform’s Better Business Bureau profile when evaluating its overall ethics and trustworthiness. However, Wealthramp does not have a Better Business Bureau profile at this time.

When reviewing businesses, the BBB typically considers factors such as type of business, length of time in business, government licenses and actions, advertising issues, and customer complaint history. . Its ratings, however, do not guarantee performance or reliability.

It is equally important to do your due diligence when considering investment platforms.

Wealthramp — Frequently Asked Questions (FAQs)

You will not pay any fees to use its platform; Wealthramp only earns compensation when you become a client of an advisor you find through their website.

Wealthramp’s advisor base includes paid fiduciary advisors only. The only form of compensation for fee-based advisors comes from fees paid by their clients. These advisers may charge a fee as a percentage of the client’s assets under management, or they will charge a fixed fee.

Yes. Wealthramp is an SEC-registered platform. Wealthramp and the advisors it selects must act as fiduciaries, placing the interests of their clients above its own.

Comments are closed.