Wealthramp Review 2023: Pros, Cons and How It Compares
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Reviewed in: Oct. 2022
Period considered: Aug. - Oct. 2022
The bottom line:
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Pros & Cons
Makes it easy to find a financial advisor.
Network of financial advisors offers a wide range of planning services.
No fee to find an advisor.
Difficult to know financial advisor fees upfront.
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Where Wealthramp shines
Hand-selected advisors: Wealthramp matches individuals with financial advisors who align with the user’s wants and needs. Advisors are personally vetted by Wealthramp CEO Pam Krueger.
It’s free to find an advisor: There is no fee for using Wealthramp to find an advisor.
Where Wealthramp falls short
No standard listed fee: Because each advisor has their own fee, you may not know exactly what you’ll pay until you contact the advisors.
Limited help: Customer support is more limited than some competitors. Many competitors offer extended customer support hours.
Wealthramp is best for
Those unsure how to find or vet a financial advisor.
Those with assets over $100,000.
Wealthramp at a glance
Reviewed: Oct. 2022
Period considered: Aug. - Oct. 2022
None, but those with over $100,000 are typically best suited to Wealthramp’s advisor services.
Account management, planning or subscription fee
None from Wealthramp. Typical advisor fees:
Account fees (annual, transfer, closing)
None from Wealthramp, though some advisors will pass on custodial or trading fees, which are relatively low.
Setup or onboarding fee
None from Wealthramp, though some advisors may charge an initial planning fee of up to $2,500. This is almost always credited back to the client against the management fee.
Advisor access and credentials
Dedicated advisor you can meet with on an unlimited basis. You can meet with most advisors over the phone, Zoom, chat or in person. Almost all advisors are certified financial planners.
Financial planning services
Wealthramp can connect users with advisors who cover the full spectrum of financial planning. Specialized advisors can help you with investment services, divorce planning and stock options.
Investment expense ratios
0.10% to 0.50%.
Highly tailored to meet the needs of each client.
Wealthramp network advisors work with most major custodians, including Schwab/TD Ameritrade, Fidelity and Pershing.
Taxable, IRAs, trusts, 529s, 401(k) management, workplace plans and small-business plans.
All Wealthramp advisors offer comprehensive tax planning, including tax-loss harvesting. Some offer tax preparation and more complex tax strategies.
Customer support options (includes how easy it is to find key details on the website)
Wealthramp concierge customer support is available Monday through Friday, 8 a.m. to 5 p.m. ET via email, chat and phone.
More details about Wealthramp's ratings
Account minimum: 5 out of 5 stars
Wealthramp has no account minimum, and the service can match consumers with any account balance. But the service does state that typically investors with $100,000 or more are best suited for Wealthramp’s advisors.
Account management, planning or subscription fee: 3 out of 5 stars
Like other advisor matching services we review, Wealthramp’s advisors have a variety of fee structures. These fees are based on your assets under management, a retainer or subscription fee, or an hourly or project-based fee. Here is the typical range Wealthramp advisors charge:
0.8% - 1.2% for accounts under $1 million.
0.5% to 1% for accounts over $2 million.
Flat fee of $1,500 to $10,000 per year, depending on the service.
Project-based and one-time fees: $750 to $10,000, depending on scope.
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 Wealthramp’s advisor pricing with a service that lists a standard fee on its site.
The fees charged by Wealthramp network advisors who use an assets under management structure range from 0.8% - 1.2% for accounts under $1 million. A typical fee charged by advisors is 1%, though many online advisors charge less. To compare, Betterment Premium charges a 0.4% fee and provides unlimited phone access to certified financial planners.
Account fees: 5 out of 5 stars
There are no fees to use Wealthramp’s advisor matching service. Some advisors in Wealthramp’s network will pass on custodial or trading fees to the client, but Wealthramp says those fees are usually lower than one-tenth of 1%.
Setup or onboarding fee: 5 out of 5 stars
Aside from its account management fee, Wealthramp charges no other setup fees. Some Wealthramp network advisors charge an initial planning fee of up to $2,500, but that fee is usually credited against the management fee.
Advisor access and credentials: 3 out of 5 stars
Finding the right advisor can take a lot of time and effort, but Wealthramp’s founder and CEO Pam Krueger, an investor advocate and educator with over 25 years of experience, personally interviews each Wealthramp advisor candidate and decides who gets to join.
Wealthramp does the vetting for you, but the service lets you initiate contact with your advisor referrals. This way, your inbox won’t suddenly be flooded by potential advisors looking to work with you.
Because all of its advisors are vetted and work as fee-only fiduciaries (meaning they legally must operate in your best interest), you don’t have to spend time vetting their qualifications. After filling out an online survey, consumers are matched with up to three advisors. Clients are shown advisor profiles and have the opportunity to schedule a free meeting over the phone, Zoom, chat or in-person. Wealthramp will match you with an advisor who works in the area you need and who fits your preferences. For example, if you’d prefer to work with an advisor who identifies as a woman, you can filter for that.
All of Wealthramp advisors work for registered investment advisories, and some hold top-tier credentials such as certified financial planners. You’ll work with a dedicated advisor (so you’re talking to the same person every time). Typically, you’ll meet with your advisor on a quarterly basis, but your access is unlimited, and you can schedule meetings on an as-needed basis.
» Want to compare options? See our full roundup of the best fiduciary financial advisors
Financial planning services: 5 out of 5 stars
Advisors in the Wealthramp network offer the full array of financial planning services, so Wealthramp can match you with an advisor best suited to your needs. Specialized advisors can help you with investment services, divorce planning and stock options. If clients don’t want investment management, Wealthramp can match you with advisors that only provide financial planning or asset allocation advice, but won’t invest your money for you.
Investment expense ratios: 2.5 out of 5 stars
An expense ratio is an annual fee charged by mutual funds, index funds and exchange-traded funds, as a percentage of your investment in the fund. If you invest in a mutual fund with a 1% expense ratio for example, you’ll pay the fund $10 per year for every $1,000 invested. If high, these fees can significantly drag down your portfolio returns. Wealthramp network advisors typically recommend funds with expense ratios between 0.10% to 0.50%.
Portfolio construction: 5 out of 5 stars
Wealthramp's advisors can help you with both passive and active investing strategies. Wealthramp's network of advisors includes specialists in socially responsible investing and other alternative investment classes.
Brokerage options: 4.5 out of 5 stars
Wealthramp network advisors work with major custodians, including Schwab/TD Ameritrade, Fidelity and Pershing.
Accounts supported: 5 out of 5 stars
Wealthramp's advisor network can offer expertise for various kinds of accounts, including taxable, IRAs, trusts, 529s, 401(k) management, workplace plans and small business plans.
Tax strategy: 5 out of 5 stars
According to Wealthramp, all of its network advisors offer comprehensive tax planning, including tax-loss harvesting. Some offer tax preparation, which means you could offload doing your taxes to a firm that’s already familiar with your financial situation (but there's usually an extra charge for that service).
Advisors have varying fees, so there isn’t a set price you pay for tax help. According to Wealthramp, a client who has $300,000 in investable assets can expect to pay about $2,500 to $3,000 a year for ongoing planning and investment advice. But what you pay will depend on the complexity of your tax situation, and your location.
Wealthramp says all of its advisors include tax planning in their financial advice, but the network also has advisors with specialized tax expertise in areas such as equity compensation, tax-efficient retirement saving and withdrawal strategies, and tax-efficient wealth transfer.
Customer support options: 2.5 out of 5 stars
Wealthramp concierge customer support is available 8 a.m. to 5 p.m. Eastern time, Monday through Friday, via email, chat and phone.
Is Wealthramp right for you?
If you’re looking for an advisor and don’t want to spend your time researching them, Wealthramp could help you with that. Similar to Harness Wealth and Zoe Financial, Wealthramp 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
How do we review financial advisors?
NerdWallet’s comprehensive review process evaluates and ranks companies that provide financial planning services online or connect users to a financial advisor. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across 14 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.