Wealthramp is a personalized financial advisor matching service that simplifies finding a reliable financial professional. The platform features a diverse range of financial advisors, all of whom are vetted fiduciaries. It doesn't cost anything to start using Wealthramp; you'll only start paying for services once you get set up with an advisor.
Business Insider's personal finance team compared Wealthramp to the best online financial advisors and found it an industry leader for vetting fiduciaries.
Pros and Cons
Wealthramp Pros
- No minimum to get started
- Exclusively offers fee-only fiduciary advisors on a large selection of specialty areas
- Thorough vetting and screening process for financial advisors
- Advisors specialize in a wide range of topics
Wealthramp Cons
- Fees not available on the website
- Some advisors may require a minimum investment
Open an Account
$0
Varies by advisor
- No minimums or fees to use platform; first call with advisor is free
- Wealthramp connects you with fee-only financial advisors who work under a fiduciary duty
- Platform has an intense vetting process for advisors
- Its advisors offer an array of wealth planning services; multiple educational guides on retirement planning
- Platform doesn't provide info about each advisor's fees
- Wealthramp rigorously vets its fiduciary financial advisor before hiring.
Compare Wealthramp
Overview
Wealthramp is a free-to-use platform that matches individual investors with vetted financial advisors specializing in wealth-building, financial planning, and trading topics. You'll receive generated advisor matches after answering questions about your investing preferences.
It's not a brokerage and doesn't directly provide investing or trading services. Wealthramp's network will help you find a trustworthy fiduciary advisor, though, and depending on the qualifications of the advisors you match with, they may be able to perform trading and/or portfolio management services.
Wealthramp is ideal for individual investors needing help finding a reliable financial advisor. The platform only promotes advisors who adhere to fiduciary duty, which is a legal obligation for a financial professional to put their client's best interest first.
However, you can't access information about each financial advisor's fees unless you schedule a consultation. If you have a certain range in mind for advisor fees, you could be blindsided if one of your matches charges a great deal above that desired amount.
The Wealthramp Process
Finding fee-only financial advisors through Wealthramp simplifies the process of connecting with independent financial advisors online. However, consulting a professional is more expensive than DIY trading or robo-advice, so be prepared to pay higher fees for an advisor.
Here's how the Wealthramp process works:
- Complete a questionnaire about your goals and preferences: Wealthramp collects vital financial and personal information to match you with a professional that matches your needs. You must answer questions regarding your financial goals, ZIP code, and advisor preferences.
- Review the list of advisor matches Wealthramp provides: Once the platform has found matches (it will offer up to three) that align with your goals, you can sift through those results to determine whether you'd like to contact any of the advisors.
- Decide whether to move forward with a financial advisor: You're not obligated to pick the advisors Wealthramp finds. You can keep looking if you don't find a good match. However, if you like one (or all) of the advisors, you can schedule a first meeting for free to better understand what that professional's services would entail.
Advisor Services
Wealthramp's financial advisors consist solely of fee-only financial planning and investment advice from vetted professionals specializing in various wealth planning areas.
Wealthramp financial advisors who specialize in general financial planning offer advice on the following:
- General investing and diversification
- Portfolio management
- Retirement planning
- Tax-focused financial planning
Financial advisors that specialize in family planning offer:
- Estate and legacy planning
- College education planning
- Special needs planning
- LGBTQ+ and couples planning
- Divorce planning
- Loss of spouse
- Windfall inheritance
- Holistic family planning
You can also get advice on crypto investing, trustee services, employee stock options, and ESG investing.
For its vetting process, Wealthramp first screens its advisor applicant pool to remove investment brokers and insurance sales agents. It then reviews the regulatory records and registrations of the advisor candidate and that individual's investment firm. After this step, Wealthramp looks into the candidate's work history and reviews their fees and expenses.
Fees
Wealthramp is free, so you'll start paying fees after getting set up with a financial advisor. Overall, the platform seems to do a great job of vetting the best financial advisors and ensuring their fees are "reasonable." Still, it doesn't provide a clear picture of reasonable fees, nor does it outline each advisor's fees.
If you're new to working with an advisor or don't grasp what good investment advisory fees would look like for you, this could become a potential hurdle.
Since Wealthramp's advisors are fee-only, you won't pay commission fees. Instead, advisors charge a set amount for services based on the assets under management (AUM). Moreover, fiduciary advisors must be transparent about any and all fees you'll be charged.
Trustworthiness
Business Insider assesses company trustworthiness by reviewing each investment platform's Better Business Bureau profile. Ratings typically reflect the bureau's opinion of how well it believes a company interacts with its customers,
Wealthramp doesn't currently have a BBB profile and is clear of any major public scandals or lawsuits.
Alternatives
Merrill Advisor Match
The processes for both Wealthramp and Merrill Lynch's advisor-matching service, Merrill Advisor Match Merrill Advisor Match, are quite similar. Both connect you to advisors after you've specified things like your investing goals, ___location, and preferred methods of communication.
You can use Merrill Advisor Match even if you don't have an account set up with Merrill. After you complete its questionnaire, it will direct you to advisor results (primarily Merrill Lynch Wealth Management advisors) that match your preferences. At that point, you can decide who you'd like to work with, and you'll have to fill out a brief contact form.
Wealthramp, on the other hand, requires you to set up an account to use its service. If you're looking for non-Merrill advisors, then Wealthramp will be the better option.
Edward Jones
Edward Jones is an online financial advisor matchmaking service that connects individual investors with financial advisors. Like Wealthramp, you'll fill out a short quiz about your goals, financial situation, and investing preferences. It offers a broad range of services, including LGBTQ+ financial considerations and socially conscious investing.
However, unlike Wealthramp, Edward Jones doesn't vet the advisors on its platform. Instead, users have to vet financial advisors themselves. Edward Jones links to FINRA's BrokerCheck site so you can confirm whether an advisor is registered. However, Edward Jones does offer various investment services, including portfolio building through an online brokerage account, annuities, life insurance policies, and investing strategies.
Why You Should Trust Us
Wealthramp is a referral service we reviewed using Business Insider's rating methodology for investing platforms to examine available assets, accounts, pricing, and overall customer experience. Investing platforms are given a rating between 1 and 5.
Platforms generally offer multiple assets, trading tools, fees, and other resources. Robo-advisors are usually best suited for beginners or passive investors. Wealthramp was evaluated, focusing on how it performed in each category.
Business Insider's Overall Wealthramp Rating
| Feature | Insider rating (out of 5) |
| Fees | 4.15 |
| Account features | 4.00 |
| Access | 4.25 |
| Ethics | 5.00 |
| Customer support | 4.00 |
| Overall score | 4.27 |
FAQs
What is Wealthramp, and how does it serve investors?
Wealthramp is an online advisory matching service that connects individual investors with a network of independent fiduciary financial advisors. The platform was designed to simplify finding an advisor that matches your specific needs, making personalized financial advice more accessible. Wealthramp uses an intense vetting process to ensure users are connected with trustworthy financial professionals.
How does the matching process on Wealthramp work?
The matching process on Wealthramp starts with a brief questionnaire about your financial situation, goals, preferences, and advisor preferences. Using your responses, Wealthramp's algorithm matches you with a shortlist of potential advisors that best match that criteria. You can review the advisors' profiles and choose to work with one.
What types of financial advisors can be found on Wealthramp?
Wealthramp's network solely includes fee-only fiduciary advisors who pass the platform's rigorous vetting process. A wide range of financial advisors specialize in specific topics and services like retirement planning, estate planning, portfolio management, tax-efficient planning, and family planning.
Are there any fees associated with using Wealthramp?
Wealthramp is a free-to-use platform designed to simplify the process of finding a financial advisor. The financial advisors listed on Wealthramp's platform have varying fees and costs, but none earn commissions. Any fees for advisory services are agreed upon directly between the investor and the financial advisor.
How does Wealthramp ensure the quality and reliability of its financial advisors?
Wealthfront's vetting process for financial advisors ensures that all advisor matches are trustworthy financial professionals who put the interests of their clients first. All advisors on the platform must adhere to fiduciary duty, an ethical and legal obligation to put the client first. Advisors must also be registered as independent investment advisors with all required government agencies. Pam Krueger, Wealthramp's founder, personally interviews and evaluates each advisor.
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