8 Ways To Get Free Financial Advice

Paying for financial advice can seem like a catch-22. After all, shelling out cash for financial advice can be difficult if you don’t have money to spend. As a result, you may find yourself looking for free financial advice. Perhaps you like to read Reddit threads or maybe you’re someone who goes down a TikTok rabbit hole, spending hours watching every video you can find that discusses finances.

While there is a substantial amount of free financial advice online, what you will find isn’t always the best information. On the other hand, you may not have reached the minimum threshold for a financial advisor or paid advice is beyond your budget.

You still have options though. These are some of the top ways to get free financial advice.

1. Online brokers

Many online brokers, such as Charles Schwab, E-Trade and Fidelity, offer robust educational resources such as articles and videos, which can be particularly helpful for new investors. While brokers naturally cover investing topics, the information they publish typically goes beyond stocks and bonds. For instance, they might cover topics like retirement, budgeting, debt reduction and more. Even if you aren’t an existing customer, you can find lots of information free of charge on these websites.

2. Your bank or credit union

Banks and credit unions provide many valuable services beyond deposits and withdrawals. You might be able to speak with a banker who can walk through your finances and make recommendations. For instance, they might review your accounts with you and help you get the most out of your money.

In addition, some banks have financial education resources on their websites. Several large national banks have many articles online that discuss various topics. These resources are generally free and available to anyone — not just customers.

3. Budgeting and financial planning apps

A budgeting app, like PocketGuard or You Need A Budget, can analyze your spending habits and offer recommendations based on your budgeting goals. Many budgeting and financial planning apps are available, and the companies that develop them want to attract new customers to create accounts with them.

These companies aim to bring in new customers by offering financial education on their websites and apps. Some also offer articles, videos and other supplemental material to help you learn about personal finance.

4. Consumer Financial Protection Bureau (CFPB)

The CFPB is a U.S. government agency “dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.” In support of its mission, it provides numerous articles, guides and news reports on credit cards, debt collection, mortgages and more.

You can find useful information in the consumer education section of the CFPB’s website.

5. Public resources

Many public entities offer free financial classes and seminars. Your local library, community center and county extension office are some places to look. The Department of Labor publishes retirement tool kits and other online materials at the national level, and the Federal Trade Commission offers guides for loans, mortgages and credit reports. MyMoney.gov is another government-run website providing free financial education and tools.

You can also look into resources available at local community centers and credit unions. For example, you might have a local community center that hosts seminars covering budgeting, credit management and buying a home. Local credit unions may also offer one-on-one financial counseling, though that service might be reserved for members.

6. HUD-approved counselors

The Department of Housing and Urban Development (HUD) offers comprehensive home advice for free or at a low cost. HUD-approved counselors can offer guidance on buying a home and rental housing services, foreclosure avoidance, credit issues and reverse mortgages. HUD partners with local nonprofit agencies to host seminars and workshops and meet with members of the public.

To find a HUD-approved housing counseling service near you, use this HUD database.

7. Financial Planning Association (FPA)

The FPA offers pro bono financial planning for underserved and at-risk communities. The association has 77 active chapters in states all over the U.S. It also lists financial planners who provide pro bono financial planning for low-income individuals and families, military personnel/veterans and domestic violence survivors.

To find an FPA chapter in your area, visit the Find Your Chapter page on the organization’s website.

8. Savvy Ladies

Savvy Ladies is a nonprofit organization that promotes the advancement of self-reliant, financially educated women. It offers webinars, panel discussions and articles. In addition, it offers free courses to empower women through financial knowledge. The classes cover various topics, such as budgeting, investing, marriage and caregiving.

Savvy Ladies also runs a free helpline, connecting you to a volunteer financial professional for one hour of free financial advice. Over 280 volunteers give guidance monthly on the helpline.

Getting ready for your financial consultation: What to prepare

With so many resources available, you might be eager to get started and meet with a financial professional immediately. However, it’s best to prepare for your meeting in advance.

• Assemble important documents: Start by obtaining your pay stubs, tax returns and records of any other income you may have.
• Show your spending: You should also have information on your expenses, which may be as simple as downloading your bank and credit card statements.
• And your debt: You may also need statements for your loans, such as mortgage, student loans and auto loans.

If you want your session to be productive, you should also clearly define your financial goals ahead of time. For instance, what do you want to achieve in the short and long term? Short-term goals might include building an emergency fund, reducing debt or saving for a vacation. Long-term goals could be buying a home or saving for retirement. Whatever your goals, decide what they are ahead of time to get the most out of your session.

When should you pay for financial advice?

Free financial resources can make you more money-savvy but can’t replace personalized advice in all situations. For more advanced financial planning, it might be worth paying someone instead.

This is especially true if you have complex estate planning or tax questions since these go beyond the scope of free financial advice services. The same is true if you’re starting a business and need help organizing your startup’s finances. Volunteers or pro bono services are best for helping with basic, day-to-day financial planning.

FAQs

• Is it possible to get free financial advice?
  

  There are many ways to get free financial advice, including possible sources from your bank or local library. Various government agencies and nonprofit organizations can also be invaluable sources of information and even free financial consultations. However, these resources can be limited in scope, especially if your finances are complex. In these cases, it may be best to seek help from a fee-only financial advisor.

• Can I see a financial advisor for free?
  

  Some organizations may let you meet with a financial advisor for free, especially if you are part of an underserved community. Organizations like the National Foundation for Credit Counseling (NFCC) provide free and low-cost services like credit counseling and debt management. Other places, like credit unions, universities and local libraries, often provide free resources for their communities.

• What is the normal fee for a financial advisor?
  

  Fees can vary quite a bit from one financial advisor to the next, as they may use fee structures such as an hourly rate, a flat rate or a percentage of assets under management (AUM). Depending on the structure, you might pay a few hundred dollars for a session or several thousand dollars annually. Looking for an advisor who is a fiduciary may help you keep fees low.

• Do I need a financial advisor if I don’t have much money?
  

  Not everyone needs a financial advisor, and you may not always need one. However, working with a financial advisor can help you work through complex financial decisions or major life changes.
  For instance, getting married or having a child can greatly impact your finances. Remember that some financial advisors may require a minimum investment of $100,000.

Bottom line

If you’re going through a major life change — like finishing college, approaching retirement or getting married— seeking financial advice is natural. Plenty of free resources exist, but it’s sometimes worthwhile to pay a financial professional. Complex tax and estate planning questions justify a fee because making mistakes here can cost you big and cause long-lasting legal headaches. Starting with free resources is a good idea, but be aware of their limitations.