2024
Last updated:
Our Recommended Top 11
We did the research for you!
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Our goal is to connect people with the best local professionals. We scored Newport News Financial Advisors on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best.
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11Top Picks
Learn about our selection process.
Providers
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Featured Provider
SmartAdvisor by SmartAsset
Free Consultation
Expertise.com Rating
Why choose this provider?
SmartAsset's free, five-minute tool makes it easy to find qualified financial advisors in your area. The exclusive tool uses a quick survey to help SmartAsset's exclusive algorithm match you with up to three advisors based on your specific financial needs. Each advisor is a fiduciary, legally bound to work in your best interest, and rigorously vetted by SmartAsset. You can speak with each for free, sometimes within a matter of minutes, and choose whom you want to work with. Hundreds of thousands of smart investors and retirees have already used SmartAsset's simple, no-cost service to find the right financial advisors for them.
- Estate Planning
- Retirement Planning
- Investment Management
- Financial Planning
Expertise.com Rating
Why choose this provider?
Need help contacting a Financial Advisor in Newport News? Call our Concierge team at 848-Book-Pro (848-266-5776 from 6 am - 4 pm PT | Mon - Fri). They are standing by to help you get the service you need.
Expertise.com Rating
Review Sources
- 5.0 (6)
Why choose this provider?
Covenant Wealth Advisors is an independent financial planning firm serving individuals in Newport News. It assists its clients in achieving financial security through tax planning, financial planning, and investment management. The firm also acts as a fiduciary for those over the age of 50 with more than a million dollars in investments. CEO and president Mark Fonville provides personalized financial planning strategies. His insights on financial planning had been featured in Barron's, New York Times, and Kiplinger Magazine.
- Estate Planning
- Certified Financial Planner (CFP)
- Retirement Planning
Expertise.com Rating
Why choose this provider?
Colonial River Wealth Management provides an extensive range of financial planning services for clients in the Newport News area. Among the services it provides include investment planning, retirement planning, insurance planning, and tax preparation services. This independent financial firm assists clients in developing asset allocation strategies and constructing long-term care insurance plans. Devin Garofalo, the company CEO and wealth advisor, holds more than 15 years of industry experience. He established the firm over a decade ago.
- Certified Financial Planner (CFP)
- Retirement Planning
- Insurance Products
Expertise.com Rating
Review Sources
- 5.0 (3)
Why choose this provider?
Joss Brown Wealth Advisors is a team of financial advisors that offers financial planning, investment management, and non-profit and corporate solutions to clients in Newport News and the rest of the state. Founder Dan Joss started with a sole-practitioner firm in 2015 before partnering with Katherine Brown in 2020 and changing the firm's name from Joss Financial to what it is now. Joss is one of the less than 200 Life Planners in the whole country.
- Certified Financial Planner (CFP)
Expertise.com Rating
Review Sources
- 5.0 (8)
Why choose this provider?
Da Vinci Financial Designs is a fiduciary financial advisory firm that offers its services to clients in the Newport News area and its surrounding communities. Its team of advisors helps clients manage their wealth, analyze their financial resources, oversee their investments, and review their insurances. In addition, it helps clients review and understand their pensions and other government benefits. Da Vinci Financial Designs' principal and managing partner, Jim Agostini, served as a U.S. Army Officer.
- Estate Planning
Expertise.com Rating
Review Sources
- Yelp
- 5.0 (22)
Why choose this provider?
Virginia Estate and Retirement Planning Advisors, Inc., is an independent registered investment advisor located in Newport News. It provides comprehensive financial planning services that include investment and tax management, asset allocation strategies, and retirement and succession planning. President Thomas P. Marshall has been helping investors for more than 20 years. In addition, he has published a book titled "More Retirement Smarts: Plan Well and Retire Well" that serves as a retirement planning guide for individuals.
- Estate Planning
- Retirement Planning
Why choose this provider?
Richard Holden is a financial advisor and branch manager of the Newport News branch of Raymond James Financial Services. He assists clients with financial matters like stocks, bonds, individual retirement accounts, insurance, educational savings, and college savings plans. Richard Holden crafts individualized financial plans according to the needs, goals, and risks of his clients. He was part of the U.S. Air Force for 20 years. Richard Holden has been helping clients with their financial service needs for over 15 years.
- Certified Financial Planner (CFP)
- Retirement Planning
- Tax Planning
Why choose this provider?
Mason & Associates, LLC, is an independent financial planning firm that has been serving clients in Newport News and the surrounding areas since 2003. It assists federal employees, private sectors, and state employees in utilizing government benefits and pensions. In addition, the firm hosts a radio show that talks about financial planning strategies and answers related questions from live callers. Chairman Michael Mason is a Certified Financial Planner and has been in the industry since 1987.
- Certified Financial Planner (CFP)
Expertise.com Rating
Review Sources
- 5.0 (1)
- 5.0 (1)
Why choose this provider?
Financial Security provides financial planning and investment strategies to individuals, families, and business owners. One of its offices is in Newport News. It assists with estate and tax planning, wealth accumulation, risk and cash flow management, and mortgage matters. Since its foundation in 1997, the firm has been helping clients achieve financial independence. One of its partners, Charles Jenks, Jr., started his financial services career in 1986. Jenks is a Certified Financial Planner and Chartered Advisor for Senior Living.
- Estate Planning
- Certified Financial Planner (CFP)
Expertise.com Rating
Why choose this provider?
Point Comfort Wealth Management is a financial advisory firm that services clients in the Newport News metro and nearby areas. It helps clients with financial matters through estate planning, education planning, retirement income planning, investment management, and tax planning strategies. In addition, it also offers insurance and risk management plans, such as long-term care insurance, disability insurance, and life insurance. One of the company's partners, Stephen E. Sigmon, has been in the financial services industry for more than 20 years.
- Estate Planning
- Certified Financial Planner (CFP)
Compare our Top Financial Advisors
Name | Expertise Rating | Address | Promotions | Learn more |
---|---|---|---|---|
SmartAdvisor by SmartAsset | Free Consultation | View More | ||
Covenant Wealth Advisors | 351 McLaws Circle, Williamsburg, VA23185 | View More | ||
Colonial River Wealth Management | 2110 William Styron Square, Newport News, VA23606 | View More | ||
Joss Brown Wealth Advisors | 751 Thimble Shoals Boulevard, Newport News, VA23606 | View More | ||
Da Vinci Financial Designs | 2101 Executive Drive, Hampton, VA23666 | View More | ||
Virginia Estate and Retirement Planning Advisors, Inc | 11815 Fountain Way, Newport News, VA23606 | View More | ||
Richard Holden | 751 Thimble Shoals Boulevard, Newport News, VA23606 | View More | ||
Mason | 11827 Canon Boulevard, Newport News, VA23606 | View More | ||
Financial Security | 575 Lynnhaven Parkway, Virginia Beach, VA23452 | View More | ||
Point Comfort Wealth Management | 701 Town Center Drive, Newport News, VA23606 | View More |
FAQs
Introduction
There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certificationsthat financial advisors can obtain.
- Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
- A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
- A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
- An investment advisor offers investment advice and recommendations to individuals or organizations.
There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
Are financial advisors in Newport News liable for negligence?
Financial advisors in Newport News can be held liable for wrongdoing or negligence under certain circumstances. Clients have the option to pursue legal action against financial advisors if they can provide evidence of professional negligence, deficiency in service, or fraud. In cases of professional negligence, clients may sue financial advisors if they can demonstrate that the advisor lacked the claimed skills or knowledge.
How can you verify if a financial advisor in Newport News holds a CFP designation?
To verify if a financial advisor in Newport News holds a Certified Financial Planner (CFP) designation, you can use a verification search provided by the CFP Board. This search will help you identify individuals who currently hold the CFP certification. It will also indicate if an individual was previously certified but is not currently certified. It is also recommended to consult other regulatory databases such as FINRA's BrokerCheck and the SEC's Investment Adviser Public Disclosure databases for additional regulatory information.
Are financial advisors in Newport News required to disclose their fees?
Financial advisors in Newport News must disclose their fees as per regulatory requirements from the Securities and Exchange Commission (SEC). The SEC mandates financial advisors to submit a detailed Form ADV, outlining their business practices, offered services, fee structures, and disciplinary history. Additionally, Rule 206(4)-1 requires advisors to disclose any potential conflicts of interest that could impact their advice, while Rule 204-3 necessitates maintaining written agreements with clients, specifying fee and compensation details.
Is there a minimum asset requirement to work with a financial advisor in Newport News?
Financial advisors in Newport News may have minimum asset requirements for their services. These requirements can vary, with some advisors setting thresholds as low as $100,000, while others may require minimum assets of $500,000 or even $1 million. Certain investment advisory programs may also have specific asset level criteria based on your investment goals and financial situation. To determine the specific requirements of a financial advisor, it is advisable to inquire about their minimum asset threshold.
Are there any local organizations in Newport News that provide financial education?
Yes, there are local organizations that provide financial education, such as the THRIVE Peninsula and Catholic Charities of Eastern Virginia. These organizations located in Newport News offer various programs to help individuals and families take control of their finances and set their budgets according to their income, goals, and expenses.
Are financial advisors worth it?
Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.
How much money do I need to work with a financial advisor?
There’s no specific income level you need in order to work with a financial advisor, but there may be a minimum investment amount for certain types of services. Some financial advisors won’t manage your money unless you have $100,000 or more to invest, but this isn’t the case with financial coaches or robo-advisors.
What does a financial advisor do?
Financial advisors can have many types of specialties. Generally, a financial advisor advises on or helps to execute a financial plan. Some examples include assisting people with getting out of debt, building out an investment portfolio, and handling taxes.
What does a financial coach do?
Financial coaches focus on improving your financial literacy and money management skills. For example, they can help you figure out how to pay down your student loans or decide how much money to put away for retirement. They usually charge by the hour and don’t offer asset management services or investment advice.
When should I use a financial advisor vs. doing it myself?
Smart money management can give you freedom and comfort. Being responsible with your money makes it possible to meet goals and pay for major expenses. A financial advisor is trained and can offer you expertise that would otherwise take years to learn. They know how to save you money and make it go further.
How do I know if my financial advisor is trustworthy?
There are multiple ways you can know if your financial advisor is trustworthy. Checking if they are licensed is one. There is no single organization that regulates financial advisors. However, their ability to market certain products is determined by institutions like FINRA. For instance, an advisor looking to market stocks and packaged securities must obtain a Series 7 license. This comes from passing a FINRA-administered exam. A financial advisor is also credible if they are registered with the SEC, which is required if the total value of their assets under management reaches over $110 million.
What's the difference between a financial advisor and a financial planner?
The term financial advisor is a broad phrase that encapsulates many specialties, including financial planner. It's similar to how doctor applies to different physicians, while a cardiologist is a specialty doctor. A financial planner helps their client plan to achieve long-term financial goals, such as saving for a house or retirement.
Are financial advisor fees tax deductible?
Until 2018, financial advisor fees were tax deductible as a miscellaneous expense. However, the Tax Cuts and Jobs Act elimited that deduction until at least 2025.
What is a financial consultant?
A financial consultant and a financial advisor are essentially the same. In recent years, financial consultant has become a less popular term, with financial advisor being much more common. Sometimes, the financial professional may opt for the term consultant when offering services to a business rather than an individual.
What makes someone a fiduciary?
Fiduciary is a legal term for a person who has a legal or ethical responsibility to act in your best interests. For example, a trustee and a beneficiary. A financial advisor may have a fiduciary obligation to make financial choices that are best for you, even if it means they earn less in commissions or fees.
What is a robo-advisor?
A robo-advisor is essentially an algorithm that manages your investment portfolio for you. Because their services are automated, you’ll pay less than you would for a human advisor — often between 0.25% and 0.50%. They don’t require large initial investments either, making them a popular choice for entry-level investors. However, you won’t get the same level of advice that you would get from a personal financial advisor.
How often should I meet with my financial advisor?
After your initial meeting, you may only need to check in with your financial advisor on a quarterly or annual basis. Ask them in advance how often you can expect to hear from them, and whether they offer in-person, phone, or virtual meetings.
Should your financial advisor be a fiduciary?
It’s important to understand that only some — not all — financial advisors have a fiduciary obligation to their clients. Always ask your financial advisor if they’re bound by fiduciary duty. If not, it’s possible that they’ll push products or services that earn them the highest commission, not necessarily what’s best for you. Opt for a financial advisor bound by fiduciary duty whenever possible.
Can my financial planner help with taxes?
Financial advisors aren’t necessarily accountants or tax preparers, so don’t expect them to prepare your taxes for you. However, they may be able to provide tax-related advice to help you optimize your returns and deductions. If you need an advisor who can file your taxes, look for one who is also a CPA (Certified Public Accountant).
Do I need a financial advisor?
Ask yourself if a financial advisor can fill a need or solve a problem you can’t easily handle on your own. They can be helpful in a wide variety of ways, such as building budgets or financial plans, finding ways to save money on taxes, creating an investment portfolio, or offering investment advice.
What experience should I look for in a financial advisor?
If you have specific goals or a unique financial situation, look for a financial advisor with expertise in that area. For example, some financial advisors specialize in working with millennials or focus on socially responsible investing.
How do financial advisors get paid?
Clients pay to work with a financial advisor whether it’s through fees, commissions, or salaries. If they’re paid by client fees or commissions, their salary is tied to how much business they bring in. The harder they work, the more they make. In comparison, a salaried employee is guaranteed their wage no matter how many clients they have.
How much does a financial advisor cost?
A financial advisor’s costs depend on their fee structure. Some advisors charge a fee — either hourly or a percentage of the client assets under management. Another common option is to charge a commission on the products sold or investments made.
Should I hire a financial advisor before buying a house?
While not always necessary, a financial advisor could help you decide how large of a mortgage to apply for, how much money to put down, and how to balance the purchase with other savings and investment goals.
How many financial advisors are there in the U.S.?
According to the U.S. Bureau of Labor Statistics, it’s estimated that there are218,050 financial advisors. California is the state with the highest employment of financial advisors across the nation.
Do banks offer financial advisors?
Yes, many banks have financial advisors on staff. Your bank may also offer incentives to work with their financial advisors, such as lower fees or free accounts. However, it's important to note that many of the bank's financial advisors don't have a fiduciary obligation and might prioritize the bank's products above all else. There is a cost when working with your bank's financial advisor.
Should I hire a wealth manager?
A wealth manager can help offer complex financial planning services, including tax guidance, estate planning, and legal assistance. While you don't have to be a high-income earner to benefit from a financial advisor, a wealth manager is typically for those that have a high net worth. However, many people build wealth and need a wealth manager later on in life.
Is wealth management worth it?
Wealth management is typically worth it for those who need help with multiple endeavors or comprehensive financial situations, such as charitable contributions or investment portfolio management, or want to protect their assets. A wealth manager can also offer you guidance if you’ve been neglecting your finances or making poor judgements.
How can you tell if a financial advisor is bad?
Your relationship with your financial advisor is a very personal one, as you’re trusting them with your wealth and future. Some general signs that your financial advisor is bad include:
- They can’t answer your financial questions
- You have worked with them for a while but haven’t seen a financial improvement
- They don’t provide you with progress reports
- They don’t check in with you
What do you need to be a financial advisor?
As mentioned, there are over 100 types of certifications for financial advisors. The training or experience you need will depend on which specialty you want to pursue. Generally, financial advisors need to have:
- A Bachelor’s degree
- A General Securities Representative license (Series 7 license)
- A Certified Financial Planner (CFP) certification isn’t mandatory but is often preferred
Where do financial advisors work?
Where a financial advisor works will depend on what type of financial advisor they are. Financial advisors can work at a variety of places, including:
- Securities and commodity brokers
- A bank
- A credit union
- Independently
- Insurance companies
- Financial investment firms
- Small investment advisory firms
How much do financial advisors make?
In 2019, the national average salary for a financial advisor was $87,850. However, it’s important to note the average salary varies from state to state and the different focus areas — an investment advisor may make a lot more than a financial planner.Lastly, salary can depend on how the individual is getting paid. Financial advisors can be paid by client fees, commissions, or salaries.
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