How to Find Cheap or Free Financial Advice
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The saying “you get what you pay for” doesn’t always apply. You can find a wealth of financial advice from financial advisors and other resources for free or at a low cost. Here's how to find cheap or free financial advice.
1. Your bank or credit union
If you have an account with a financial institution such as a bank or credit union, chances are it has free tools for customers. Make sure you’re taking advantage of the features if you're looking for free financial guidance. One note: The amount of financial advice that banks and credit unions offer varies widely, so if this aspect is important, prioritize it when shopping for new accounts.
2. Your employer or 401(k) provider
Have a workplace retirement plan? Make sure you’re taking advantage of all the additional perks offered through it, including free financial advice. And don't forget to check in with your employer, too. According to a 2024 survey by Alight Solutions covering 2,000 employees across the U.S, 66% said the current or potential personalized financial management programs offered by their employers are valuable.
Fees $1,000 and up per year (free initial consultation) | Fees 0.30% management fee | Fees Up to 1% per year |
Account minimum $0 | Account minimum $50,000 | Account minimum $250,000 |
Promotion None no promotion available at this time. | Promotion None no promotion available at this time | Promotion $250 off one year of financial or tax planning |
AD Paid non-client promotion | AD Paid non-client promotion | AD Paid non-client promotion |
3. Pro-bono financial planning services
The Foundation for Financial Planning offers free financial planning services for people who are financially vulnerable or low-income, including wounded veterans, domestic violence survivors, cancer patients and others.
Other organizations that may offer free or discounted financial advice include Advisers Give Back, the U.S. Department of Housing and Urban Development, the Financial Planning Association and the Financial Counseling Association of America.
4. Free financial advisor consultations
Some in-person investment advisors offer a free consultation for prospective clients. Of course, you won't get all your financial questions addressed in one meeting. The consultation generally focuses on your goals and what it would be like to work together.
Make the most of that first consultation by arriving prepared with questions to assess whether the advisor can address your current and future financial goals.
Remember that you are under no obligation to begin working with the advisor after the meeting.
5. Online advice services
A robo-advisor can provide help getting started with investing. These automated services use algorithms to manage your investments. Robo-advisors usually aren't free, but the fees can be as low as 0.25% of your account balance and are generally deducted directly from your investment account.
Several online financial planning services offer financial planning and investment management. These companies typically charge either a flat fee or a percentage of your account balance, and the cost includes managing your portfolio and access to financial advisors who can help you create a financial plan to reach your goals.
An online financial planning service usually costs more than a robo-advisor, but it may be less expensive than a traditional in-person financial advisor. If you're sold on working with an in-person advisor, a financial coach may be a cheaper option, though they may not be able to give you specific investment advice.
6. Free or cheap financial apps
Many apps offer budgeting advice. Here are a few of the financial services some apps offer:
Help create and stick to a budget by providing a snapshot of where your money is going.
Find ways to cut back on expenses.
View and understand your credit score.
Keep an eye on investment accounts.
Suggest better accounts and credit cards to help you get a higher interest rate or earn more benefits.
The costs and services vary by app, but most of NerdWallet’s picks for budgeting apps and personal finance tools are free, including the NerdWallet app.
7. Your broker
Many brokerages have educational resources to help you learn how to invest. Some providers even offer resources like investing curricula on their websites, with everything from videos to quizzes and learning labs.
» Need to get started? View our list of the best brokers for beginners
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