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The saying “you get what you pay for” doesn’t always apply. You can find a wealth of financial advice from financial advisors and other resources for free or at a low cost. Heres how to find cheap or free financial advice.
Are you having trouble making decisions about your money but don’t want to pay a lot of money for professional help? I totally get it. When I was trying to figure out my retirement plan last year, I almost gave up because financial advisors seemed way too expensive. But guess what? If you know where to look, you can find a lot of free financial advice!
In this article, I’m gonna share 8 proven ways to get quality financial guidance without spending a dime. Whether you’re trying to build a budget, invest wisely or plan for retirement these resources can help you make smarter money moves starting today.
Why Free Financial Advice Can Be Valuable
Let’s be honest before we get to the sources: not all free advice is good. There may be “experts” on social media who are pushing products they are paid to offer. But there are real, reliable places where you can get free financial advice from qualified professionals and trustworthy groups.
Free financial advice can help you:
- Create and stick to a budget
- Build an emergency fund
- Understand investing basics
- Plan for retirement
- Reduce debt
- Improve your credit score
- Make better financial decisions
Now let’s explore where to find this advice!
1. Your Bank or Credit Union
Most people don’t know that their bank does a lot more than just hold their cash. In fact, many banks offer free resources to their customers.
- One-on-one consultations: Some banks and credit unions offer free sessions with bankers who can review your accounts and recommend better options
- Educational resources: Look for articles, videos, and workshops on financial topics
- Financial tools: Many banks offer budgeting tools and calculators on their websites and mobile apps
When I visited my credit union last month, the banker spent 30 minutes helping me understand how to maximize my savings rate – something I would’ve had to pay a financial advisor for otherwise!
Pro tip: Services vary widely between institutions, so this might be something to consider when choosing where to bank.
2. Your Employer or 401(k) Provider
If you get benefits from your job, you may already be able to get free financial advice from:
- Retirement plan providers: Companies that manage your 401(k) often offer free consultations about retirement planning
- Financial wellness programs: Many employers now offer financial education as part of their benefits package
According to a 2024 survey by Alight Solutions, 66% of employees find the financial management programs offered by their employers valuable. That’s a huge resource many workers don’t take advantage of!
I was surprised when my company started offering quarterly financial workshops. The last one helped me finally understand how to balance paying off student loans while saving for retirement.
3. Online Brokers and Investment Platforms
If you’re interested in investing, these companies offer tons of free educational resources:
- Charles Schwab, E-Trade, and Fidelity provide robust educational materials including articles and videos
- Webinars and workshops on investing topics
- Research tools to help you evaluate investments
What’s cool is you don’t even need to be a customer to access most of these resources! These companies hope you’ll eventually open an account with them, so they make their educational content available to everyone.
4. Government Agencies and Resources
Your tax dollars fund some excellent financial education resources:
- Consumer Financial Protection Bureau (CFPB): Offers guides on credit cards, debt collection, mortgages and more in their consumer education section
- Department of Housing and Urban Development (HUD): Provides free housing counseling services through local nonprofit agencies
- MyMoney.gov: A government website with free financial education and tools
- Investor.gov: Run by the SEC, this site offers free calculators and educational resources about investing
HUD-approved counselors can help with buying a home, avoiding foreclosure, improving credit, and managing reverse mortgages. They partner with local nonprofits to host workshops and provide one-on-one counseling.
5. Nonprofit Organizations
Several nonprofit organizations are dedicated to improving financial literacy and providing free advice:
- Financial Planning Association (FPA): Offers pro bono financial planning for underserved communities through 77 active chapters across the US
- Foundation for Financial Planning: Provides free financial planning services to financially vulnerable groups including wounded veterans, domestic violence survivors, and cancer patients
- Savvy Ladies: A nonprofit that offers webinars, panel discussions, articles, and a free helpline connecting women to volunteer financial professionals
I called the Savvy Ladies helpline when I was going through my divorce last year, and they connected me with a certified financial planner who gave me an hour of free advice about dividing assets. It was incredibly helpful during such a stressful time.
6. Free Financial Advisor Consultations
Many financial advisors offer free initial consultations to prospective clients. While these are primarily designed to see if you’re a good fit to work together, you can still get valuable insights.
To make the most of these consultations:
- Come prepared with specific questions
- Be clear about your financial goals
- Ask about their expertise and approach
- Take notes on their recommendations
Remember, you’re under no obligation to hire them after the meeting! I’ve gotten some great insights from these free consultations even when I decided not to work with that particular advisor.
7. Financial Apps and Tools
There are tons of free or low-cost apps that can help you manage your finances:
- Budgeting apps help track your spending and identify areas to cut back
- Credit score apps let you monitor and understand your credit
- Investment tracking apps help you keep an eye on your portfolio
- Calculators for retirement planning, compound interest, and college savings
These tools often use algorithms to analyze your finances and offer personalized recommendations. The NerdWallet app is one example that offers budgeting tools for free.
8. Public Resources and Libraries
Don’t overlook your local community resources:
- Public libraries often host financial literacy workshops
- Community centers may offer classes on budgeting, credit management, and homebuying
- County extension offices frequently provide financial education programs
My local library partners with volunteer financial planners to offer monthly workshops. Last quarter they covered topics like retirement planning, estate basics, and investing for beginners – all completely free!
Free Financial Planning Tools Worth Using
If you prefer a DIY approach, these free tools can help you plan your financial future:
- Retirement Ballpark Estimator: Helps determine how much you need to save for retirement
- Social Security Retirement Estimator: Gives personalized benefit estimates
- Compound Interest Calculator: Shows how your investments can grow over time
- Required Minimum Distribution Calculator: Helps plan retirement account withdrawals
- Mutual Fund Analyzer: Compares fees and expenses across different funds
I used the Compound Interest Calculator on Investor.gov to show my teenage daughter how starting to invest just $50 a month now could make her a millionaire by retirement age. The visual really helped her understand the power of time and compound interest!
When Should You Pay for Financial Advice?
While free resources are great for basic financial planning, there are times when paid advice makes sense:
- Complex estate planning that requires specialized knowledge
- Tax strategies for high-net-worth individuals
- Business financial planning for entrepreneurs
- Major life transitions like inheritance, divorce, or retirement
If you do decide to pay for advice, there are more affordable options than traditional financial advisors:
- Robo-advisors charge as little as 0.25% of your account balance
- Financial planning services offer both planning and investment management for flat fees
- Financial coaches may be cheaper than certified financial planners
How to Evaluate Free Financial Advice
Not all free advice is created equal! Here’s how to separate the good from the bad:
- Check credentials: Look for recognized certifications like CFP (Certified Financial Planner)
- Consider the source: Government agencies and established nonprofits are generally more trustworthy
- Watch for conflicts of interest: Be wary of “free” advice that pushes specific products
- Verify information: Cross-check advice from multiple sources
- Trust your gut: If something sounds too good to be true, it probably is
Getting Ready for Your Free Financial Consultation
To make the most of any free financial advice session, prepare these items in advance:
- Pay stubs and income information
- Tax returns
- Expense records (bank and credit card statements)
- Loan statements (mortgage, student loans, auto loans)
- A clear list of your financial goals
Having these documents ready will make your session much more productive!
Final Thoughts
You don’t have to be rich to get good financial advice! With these free resources, anyone can access guidance to improve their financial situation. I’ve personally used several of these options and found them incredibly helpful.
The key is taking that first step. Whether it’s scheduling a meeting with your bank, downloading a budgeting app, or attending a free workshop at your library, start somewhere. Your future self will thank you!
Have you used any of these free financial advice resources? Which ones worked best for you? I’d love to hear your experiences in the comments below!
Remember, while free advice can be incredibly valuable, the most important factor is taking action on what you learn. Even the best financial advice only works if you put it into practice!
Your bank or credit union
Banks, credit unions, and other places that deal with money probably offer free tools to people who have accounts with them. Make sure you’re taking advantage of the features if youre looking for free financial guidance. One note: The amount of financial advice that banks and credit unions offer varies widely, so if this aspect is important, prioritize it when shopping for new accounts.
Pro-bono financial planning services
The Foundation for Financial Planning offers free financial planning services for people who are financially vulnerable or low-income, including wounded veterans, domestic violence survivors, cancer patients and others.
Other organizations that may offer free or discounted financial advice include Advisers Give Back, the U. S. Department of Housing and Urban Development, the Financial Planning Association and the Financial Counseling Association of America.
Get FREE Financial Advice Direct from A Certified Financial Advisor!
FAQ
Are financial advisors free to talk to?
People who work for you, at your bank, or with your 401(k) plan are likely to have financial experts who can give you free financial advice.
Is there any way to get free financial advice?
Better Money Habits® offers free, easy-to-understand tools and resources that are available to all, helping people make sense of their money and take action to improve their financial picture.
Can I get a financial advisor if I have no money?
You might be able to meet with a financial advisor for free at some places, especially if you live in an area that doesn’t get enough help. Organizations like the National Foundation for Credit Counseling (NFCC) provide free and low-cost services like credit counseling and debt management.
What is a normal fee for a financial advisor?
Hourly rates tend to range from $150 to $300 — though they can also go higher — while some financial advisors charge fixed fees that don’t change based on how much of your money they’re managing.
Should I get free financial advice?
Free financial advice is often best suited for basic financial planning while more complex topics, such as estate planning, may require paid professional help. If you have an account at a bank or credit union, you can use the financial experts, articles, tools, and other resources that the bank or credit union has to offer.
Where can I find free financial advice?
It’s easy to find free financial information on the internet. Whether it’s reading blogs, scrolling social media, or listening to podcasts, free financial information is abundant. Free financial advice, however, is much harder to find. Financial advice is financial information tailored to your situation.
Should you pay for 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.
Do you need 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.
Do large financial institutions offer free financial advice?
Many large financial institutions offer complimentary financial advice alongside their products. They often provide financial plans at a low cost or for free when you meet with one of their consultants, whether in person or virtually.
Should I get a free initial consultation with a financial advisor?
Alternatively, you can opt for a free initial consultation from an expert financial advisor. This allows you to decide if an advisor is a good fit before committing to a paid arrangement. With Unbiased, your first consultation is free. However, you’ll have to pay for financial advice after that.