What Is a Financial Consultant?

A financial consultant is a professional who helps clients create a game plan for their overall financial well-being.

A financial consultant is a financial advisor who can audit your current financial situation and make a plan to help you reach your goals.

What does a financial consultant do?

Financial consultants look at your whole financial picture to help you figure out your goals. That includes debts, assets, expenses and income. Then, they'll help you put a strategy in place to achieve those goals. For example, if you want to save for retirement but aren’t sure how, a financial consultant may recommend the type of account to use, suggest specific investments and answer questions about how much to save.

The kinds of services you receive from a financial consultant will depend on who you work with. Services may include:

Estate planning.
Tax planning and tax strategy.
Gifts and inheritances.
Retirement planning.
Business and financial strategy.

Financial consultants who have the proper licenses may also manage investments. Depending on their training and experience, financial consultants may also be able to assist clients with more specialized needs, such as tax preparation and insurance.

» What you can expect to pay for financial advice — and whether it's worth it

What is a chartered financial consultant (ChFC)?

A chartered financial consultant (ChFC) has completed a financial planning program through the American College of Financial Services. ChFCs may offer more specialized services than other financial advisors, such as business or divorce planning. They must fulfill continuing education requirements to maintain their credentials.

Not all professionals who call themselves financial consultants hold a ChFC designation. They may hold another credential (e.g., certified financial planner, or CFP) or none at all. Always ask any potential financial advisor about the specific certifications they hold.

» MORE: 10 questions to ask a financial advisor

Do I need financial consulting services?

Whether you need a financial consultant depends on your circumstances.

If you're looking for investing help and have a fairly simple investment portfolio, you could use a robo-advisor as a low-cost way to manage those investments. We have a list of the best robo-advisors to get you started.
If your investments are somewhat complex or you need help on topics other than investment management — like estate planning, tax help, or paying off debt — it may be worth working with a financial consultant or advisor.

It may also be a good idea to get advice from a financial consultant when you experience major life events. Getting married, having a child, receiving an inheritance or changing your job can impact your finances. A professional can help you navigate these changes and make adjustments to your overall financial plan.

» Ready to dive deeper? How to choose a financial advisor

Financial consultant vs. financial advisor

There is often no difference between a financial consultant and a financial advisor. Many firms use both terms.

Financial consultants and financial advisors can hold a variety of designations. Many hold FINRA licenses, such as Series 7 and 66 licenses, which allow them to sell investments. (FINRA is an organization that regulates broker-dealers.) Others may be ChFCs or hold another specialized certification.

Ultimately, it’s up to the consumer to vet any financial pro they consider working with. One of the best ways to ensure you can trust your financial consultant is to find a fee-only fiduciary. Fiduciaries don’t accept commissions for investments they sell and must work in their clients’ best interest.

Some people who call themselves financial consultants may be fiduciaries. But the term does not imply a fiduciary standard of care like the CFP designation usually does. ChFCs must abide by the American College Code of Ethics, rather than to a legal fiduciary standard.

» Looking for an advisor? See our picks for the best financial advisors.

Article sources

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1. The American College of Financial Services. Chartered Financial Consultant. Accessed Apr 1, 2026.
2. FINRA. Qualification Exams. Accessed Apr 1, 2026.
3. The American College of Financial Services. Our Code of Ethics. Accessed Apr 1, 2026.