Find the Best Financial Advisors in Billings, MT

How to find a good financial advisor in Billings

Financial advisors help Billings residents manage their wealth and plan for long-term goals like college funding, retirement and estates. These finance professionals have experience managing wealth of clients at a variety of income brackets.

Schedule consultations with several different financial advisors to learn more about their credentials, and ask questions about their services, strategies and fees. If you are buying investments, the Montana Commissioner of Securities and Insurance recommends meeting with an advisor in person, speaking with your family or attorney before investing and insisting on regularly written reports.

How much does a financial advisor cost in Billings?

There are a few ways a financial advisor in Billings might charge its fees. It may charge an annual percentage of your assets it manages, bill by the hour, charge a flat fee for services or work on commission. For firms that charge a percentage, expect to pay between 1% and 2% of the value of your assets each year. Hourly billing ranges from $200 to $400, while flat rates typically are $1,000 to $3,000 per service, like putting together a detailed financial plan.

Some investment managers use a commission-based fee structure, but this can present conflicts of interest. If the advisor is looking to make the highest commission possible, they may not be making the best investments for your long-term financial well-being. Registered investment advisors have a fiduciary duty to operate in your interests, so these advisors are commonly chosen by those seeking maximum transparency.

What does a financial advisor do in Billings?

Most financial advisors offer multiple services for Billings residents. For example, a firm might offer investment management, retirement planning and estate planning, as well as tax advice. Here are some of the most common services provided by financial advisors in Billings:

• Financial planning: Financial planning services help Billings residents map out both their short- and long-term financial future, whether they’re saving for a major life event or looking to maximize the return on investment of their portfolio. Firms create a financial strategy for clients and monitor progress.
• Retirement planning: Advisory firms offer retirement planning both to those who are working and those who are already retired. They help clients figure out how much they need to retire, identify sources of income and manage investments and risk.
• Investment management: Portfolio managers can help you grow your assets by purchasing stocks, bonds and other investment products on your behalf and monitoring the markets. If you work with a registered investment advisor, the advisor has a legal obligation to provide recommendations that are in your best interest.
• Other services: In addition to the above services, most firms offer others, like tax management, estate planning, intergenerational wealth management and more. Ask your advisor about which services are right for you.

Billings financial advisors FAQ

What is asset management?

Asset management is managing investments and working to grow them over time while managing risk. Financial advisors offer asset management services to Billings residents.

Are wealth management fees worth it?

If you have a good financial advisor, he or she is typically able to increase the value of assets to a degree that the fees are worth it. Discuss fee structures and long-term costs with your advisor during the initial consultation.

What does a certified financial planner do?

A certified financial planner is an expert in services such as financial planning, estate planning, taxes, insurance and retirement planning. A certified financial planner has a certification from the nonprofit Certified Financial Planner Board of Standards, Inc.

What is the 50/30/20 budget rule?

According to this rule, 50% of personal income should be spent on needs, 30% should be spent on wants and 20% should be put into savings or used to pay down debt.

What is a fiduciary?

A fiduciary is someone who manages money or property on behalf of someone else. A fiduciary has a legal obligation to do so in the other person’s best interest.