Financial Planning

Looking for a Financial Advisor for Caregivers?

Brian Thorp
Brian Thorp is the founder and CEO of Wealthtender and Editor-in-Chief. Prior to founding Wealthtender, Brian spent nearly 22 years in multiple leadership roles at Invesco. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

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To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a conflict of interest when we favor their promotion over others. Learn more. Wealthtender is not a client of these financial services providers.
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Find financial advisors for caregivers ready to help with your financial planning needs so you can enjoy life with less money stress.

Are you among the many Americans taking care of an elderly parent or expecting to become a caregiver for an older family member or significant other? More than 30 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months, according to the Family Caregiver Alliance.

As a family caregiver, you may be thinking about hiring a financial advisor who understands the unique financial planning challenges faced by people tasked with caring for family members. Fortunately, a number of financial advisors specialize in serving clients with caregiving responsibilities.

Before hiring a financial advisor, it’s important first to consider your own financial planning priorities. In this guide, we’ll share a few quick tips to help you get started in your search and introduce you to financial advisors for caregivers featured on Wealthtender you may want to add to your shortlist.

Financial Advisors for Caregivers Share Their Insights

Elliott Appel, CFP®, CLU®, RLP® Fee-only financial planner focused on widows and caregivers

Q: What is a common financial planning challenge unique to caregivers that you frequently encounter when working with your clients? How do you work with them to overcome this challenge?

Caregivers often have multiple roles that require more careful planning and decision making than someone looking after their own money because they need to do what’s best for the person they are caring for while taking into account their values and beliefs.

For example, caregivers may need to manage investments, make proactive tax planning decisions, and estate planning choices to benefit the person they are caring for, but the caregiver may also be a beneficiary. This could introduce a conflict of interest, making it more challenging to reach a decision.

Every choice a caregiver needs to make, such as whether to do a Roth conversion, is run through the lens of, “How will this help the person I am caring for and what would they do in this situation?”

It can be difficult to make proactive decisions through someone else’s values system if they are unable to communicate or make sense of the choices.

I work with caregivers to get to know the values of their loved one, provide pros and cons of financial decisions, and talk through the options to help them come to the decision they feel right about.

Q: For caregivers who are unsure whether or not they should hire a financial advisor at the current point in their lives, what guidance can you provide to help them make a more informed and educated decision?

There are plenty of reasons you shouldn’t hire a financial advisor. There are also lots of reasons you should hire a financial advisor.

Caregivers have endless responsibilities that often are done without a thank you, and at times, criticized by others.

If you feel stressed about making financial decisions or want to shift some of the responsibilities to someone else to be a layer between you and other family members, hiring a financial advisor may make sense.

It can help to have an independent, objective third party to be a thinking partner around investment, tax, and other key financial decisions. It’s another layer of support, but also a potential way to save time to be with your loved ones.

If you don’t feel like you have the time or expertise to proactively make financial decisions for a loved one, or if your own finances are not getting adequate attention, it may be time to hire a financial planner.

Q: How do the services you offer caregivers distinguish your firm from other advisory firms?

Kindness Financial Planning, LLC was set up by me, a caregiver, specifically to provide proactive financial planning advice and investment management for caregivers.

I know what it’s like to try to balance your life and responsibilities as a caregiver.

Imagine someone who knows about the challenges you face and the peace of mind that could come from having a thoughtful listener, accountability partner, and who could help give you back some of your time by helping with the finances.

Q: When you first speak with a caregiver, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?

The first meeting is about getting to know you, your loved one, and where you are in your caregiving journey.

I like to start with, “Do you mind sharing more about yourself, your loved one, and how we ended up together today?”

From there, we’ll see where the conversation takes us. It’s about getting to know you and what you need, as well as your loved one. Only then can I get a better idea of how I might be able to help you.

Q: What questions do you recommend caregivers ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

If you decide to research financial planners, you can ask these 10 questions before hiring a financial planner.

Below are a few examples:

  • Are you a fiduciary 100% of the time and if so, how would you describe fiduciary duties?
  • How does your company get paid and how are you compensated?
  • What are the total costs of working with you and what types of services are included in your fee?
  • Will you describe your typical clients?
  • What does a good client relationship look like with you?

These questions are a good starting point to see if a financial planner will always put your best interests first, help you become aware of conflicts of interest, the value of working with a financial advisor, and if they know the unique challenges widows face.

Q: For caregivers or their friends who are interested in offering support, are there groups or online resources you recommend people consider?

For caregivers, I’d recommend the following resources:

I’d also recommend finding a local caregivers support group. Many resources are location specific, so having a local support group not only can help provide emotional support, but point you in the right direction for local resources.

For friends, I’d recommend reading about ways to help a caregiver.

Show more

Elliott Appel, CFP®, CLU®, RLP® | Kindness Financial Planning

How Much Does a Financial Advisor Cost?

➡️ How Much Does a Financial Advisor Cost? Read the Article

Smart Tips for Finding a Financial Advisor

Before hiring a financial advisor, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Get to Know Financial Advisors for Caregivers

📍 Click on a pin in the map view below for a preview of financial advisors for caregivers who can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of financial advisors with additional filtering options.

🙋‍♀️ Have Questions About Financial Planning for Caregivers?

Caregiver Questions Answered

Q: How can I find the time in my schedule to deliver the quality of care I hope to provide?

Being a caregiver involves the giving of your time, which can be difficult if time is already short. But that’s where a little planning and organizing can help.

Put together a schedule that carves out the hours you’ll devote to caregiving tasks. Since interruptions are bound to occur, leave room in the schedule to accommodate for unexpected changes and duties. By organizing your days in a constructive and realistic way, you can avoid conflicts that disrupt your routine, hinder your caregiving responsibilities, and cause stress. Plus, the time spent caregiving will be more efficient.  

Q: How can I avoid feeling burned out as a caregiver?

Caregiving can make you forget about yourself if you let it. Be sure to take breaks and allow space to devote to your needs.

Tend to your physical, mental, and spiritual health by getting exercise, eating nutritious foods, de-stressing through relaxation techniques, and participating in activities that make you feel good. You’ll be a better caregiver when you’re rested and refreshed.

Know your limits, too, and recognize exhaustion and burnout for what they are. If caregiving starts to take a toll on your well-being, it may be time to relinquish duties to other family members, friends, or a professional caregiver.

Q: I’m worried Medicare won’t cover many of the caregiving expenses I encounter. Are there other resources I might consider?

Some people are forced to use up all their retirement savings and sell their assets to pay for their long-term care. And with the average cost of nursing home care in the U.S. coming in at an astonishing $7,441 per month for a semi-private room, it doesn’t take long for some people to exhaust their retirement savings.

This is where PACE is a godsend for some people. PACE stands for Program of All-Inclusive Care for the Elderly. It’s a U.S. government program that helps frail seniors age in place in their own homes as opposed to having to go to an expensive nursing home to receive their care. PACE is a Medicaid and Medicare program. Read this article on Wealthtender to learn more.

Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian

To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a conflict of interest when we favor their promotion over others. Learn more. Wealthtender is not a client of these financial services providers.
➡️ Find a Local Advisor | 🎯 Find a Specialist Advisor