Zoe Financial Review 2024: Pros, Cons and How It Compares
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Our Take
5.0
Reviewed in: Oct. 2024
Period considered: Aug. - Oct. 2024
The bottom line:
on Zoe Financial's website
AD
Paid non-client promotion
Pros & Cons
Pros
Advisors offer free initial consultations.
Access to a range of services, including investment management and financial, tax and estate planning.
No fee for using Zoe Financial to find an advisor.
Cons
Difficult to know financial advisor fees upfront.
$150,000 investment minimum.
Compare to Similar Brokers
Fees Varies by Advisor (free initial consultation) | Fees $1,000 and up per year (free initial consultation) | Fees 0.30% management fee | Fees Up to 1% per year |
Account minimum $150,000 | Account minimum $0 | Account minimum $50,000 | Account minimum $250,000 |
Promotion 3-Month Satisfaction Guarantee | Promotion Limited time $550 kick-start offer!* Get $300 into your brokerage account if you invest & maintain $5k within your first 90 days, plus the $250 enrollment fee will be waived for new annual members. Expires Dec 31, 2024 | Promotion None no promotion available at this time | Promotion $250 off one year of financial or tax planning |
Learn more on Zoe Financial's website | Learn more on Facet's website | Learn more on Vanguard's website | Learn more on Harness Wealth's website |
AD Paid non-client promotion | AD Paid non-client promotion | AD Paid non-client promotion | AD Paid non-client promotion |
NerdWallet doesn’t invest its money with this provider, but they are our referral partner – so we get paid only if you click through and take a qualifying action (such as open an account with or provide your contact information to the provider). Most importantly, our reviews and ratings are objective and are never impacted by our partnerships. Our opinions are our own. Here is a list of our partners and here’s how we make money.
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Full Review
In this review of Zoe Financial
Where Zoe Financial shines
Makes finding an advisor easy: For those feeling overwhelmed by the thought of finding, interviewing and vetting a financial advisor, Zoe Financial steps in as a middle party. Zoe Financial matches individuals with vetted financial advisory firms. There is no fee to use Zoe to find an advisor.
Wide range of services: Zoe connects clients with advisors who can help with a range of services such as retirement planning and investing, tax strategy, buying a home and understanding stock options.
Where Zoe Financial falls short
No standard listed fee: Because each advisor has their own particular fee, it can be hard to know exactly what you’ll pay until you look into each advisor.
High minimum: Zoe has a $150,000 asset minimum for investment management, and some advisors in Zoe's network may have even higher minimums
Alternatives to consider:
For a similar matching service with a clearer fee structure: Harness Wealth
For a lower minimum: Facet
Who should choose Zoe Financial?
High-net-worth individuals: Zoe Financial's advisor offer full-service financial planning, but the $150,000 minimum suggests a high-net-worth clientele.
People who want tax help: Some of Zoe's advisors offer comprehensive tax planning, so you can get your whole financial life together in one place.
Those unsure how to find or vet a financial advisor: It can be intimidating and stressful to try and find a financial advisor on your own. Zoe vets potential advisors for you so you don't have to worry about it.
Zoe Financial at a glance
Reviewed in: Oct. 2024.
Period considered: Aug. - Oct. 2024.
What to know about Zoe Financial's account minimum and fees
In order to receive an advisor match, you must have $150,000 in investable assets. Some advisors in Zoe's network may have higher minimums, but Zoe will match you with an advisor that best fits your current financial situation.
Zoe Financial acts as a high-end yellow pages for financial advisors — meaning it can’t come right out and tell you exactly how much working with an advisor in Zoe's network is going to cost you. After you match with an advisor, you can see the fee structure (such as whether the advisor charges based on a percentage of your assets under management or a flat fee) and the fee itself. All advisors on Zoe's marketplace will share their fee structure if you schedule an introductory call.
Because you have to go through the quiz flow and enter your personal information in order to be matched with an advisor, it can be harder to compare Zoe Financial’s advisor pricing with a service that lists a standard fee on its site.
The fees charged by Zoe network advisors who use an assets under management structure range from 0.75% to 1.25%. A typical fee charged by advisors is 1%. The fee you’ll pay will depend on the advisor you are paired with and the complexity of the services you need.
Aside from the account management fee the financial advisor charges, Zoe Financial charges no other setup fees.
Zoe Financial's advisor access
Finding the right advisor can take a lot of time and effort. Should they be a certified financial planner? What fee structure is better? How much should you be paying? These are the questions Zoe Financial looks to answer for you. Since all of their advisors are vetted you don’t have to spend time verifying their qualifications. Zoe will also be sure to match you with an advisor who works in the area you need, like tax prep.
After taking a quiz and getting matched with potential advisors, you can then view their profiles which include their education, credentials and areas of expertise. You can also see if your matches work virtually or not. If the advisor seems like a match, you can schedule a free consultation.
» Want to compare options? See our full roundup of the best fiduciary financial advisors
Advisors must have one of the following credentials: CFP, charted financial analyst or certified public accountant. They must have at least five years of relevant financial planning or advisor experience. Advisors must be with an independent registered investment advisor and must not be affiliated with a broker-dealer (to ensure that there is less conflict of interest).
Zoe's advisor network includes both advisor teams and dedicated advisors depending the client's needs, and clients have unlimited access to their advisors.
Zoe Financial financial planning services
Zoe Financial focuses on holistic financial planning, and advisors in the network can help clients with a large range of services, including retirement planning, investing, tax strategy, divorce planning, managing debt, buying a home, asset management, a sudden financial windfall, estate planning, family planning, college planning and stock options.
Other key Zoe Financial features
Portfolio construction
Zoe’s advisors can tailor your portfolio to meet your individual needs and manage it for you. Advisors in the Zoe network can also help you with alternative investments, such as real estate and cryptocurrency, and assist with stock options.
Accounts supported
Zoe's network of advisors offer management of traditional IRAs, Roth IRAs, taxable accounts, 529s, trusts or any account that can be held at a major custodian. Select advisors can directly manage 401(k)s or help with cryptocurrency.
Zoe Financial advisors typically allow you to keep your assets at any major custodian, including Schwab, Fidelity, APEX Clearing and Pershing, a BNY Mellon Company. There is no limit to the number of brokerage accounts clients can have.
Tax strategy
Some of Zoe's advisors offer comprehensive tax planning. Some advisors also prepare taxes for clients. Tax-loss harvesting, business tax planning, direct indexing, and other specialized strategies are offered by some advisors in the Zoe network. If clients have a full wealth management strategy, tax planning may be included, depending on their assets, or it may be heavily discounted. If clients are only looking for tax preparation (without wealth management) the price can range from $250 to $4,000 depending on the complexity of the tax situation.
Good to know about Zoe Financial
Customer support
Zoe’s customer support is fairly standard: Help is available by phone or email Monday through Friday from 8:30 a.m. to 6:30 p.m. Eastern. The hours of availability of network advisors will vary, but some advisors offer weekend access.
Is Zoe Financial right for you?
If you’re looking for an advisor and don’t want to spend your weekends researching which one is right for you, Zoe Financial could help you with that. Similar to Harness Wealth, Zoe Financial doesn’t charge a fee to match you with a financial advisor.
If you’re just looking for investment management, a robo-advisor could also be a good option. Robo-advisors use algorithms to build and manage an investment portfolio for you. Some even offer tax strategy and access to financial advisors for no additional charge.
» See our picks for the best robo-advisors
on Zoe Financial's website
