Financial Planning

Looking for a Financial Advisor for Freelancers?

By  Brian Thorp

Disclaimer: To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers. Learn how we operate with integrity to earn your trust.


Find financial advisors specializing in serving freelancers who are ready to help with your financial planning needs so you can enjoy life more with less money stress.

As a freelancer, you may be thinking about hiring a financial advisor who understands the unique financial planning challenges and opportunities of people like you who choose to be their own boss. Fortunately, an increasing number of financial advisors specialize in serving freelancers.

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 freelancers featured on Wealthtender you may want to add to your shortlist. We’ll also share tips from a freelance personal finance writer we believe you’ll find insightful.

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 Freelancers

📍 Click on a pin in the map view below for a preview of financial advisors who specialize in working with freelancers and 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 Freelancers?


Five Valuable Financial Tips for Freelancers

Karen Banes is a freelance writer specializing in online business, personal finance, travel, and lifestyle. She has lived, worked, and studied in six countries across three continents. We asked Karen to share tips for freelancers based on her career and life experiences working for herself.

The gig economy has been steadily growing for years, and if you’re currently under a ‘shelter in place’ order, but have skills you can market online, now may seem the perfect time to try freelancing. There are, however, a few financial tips you may want to consider first.

Set Your Rates Carefully

How much is your time worth? That’s a question most of us find hard to answer. But a freelance side hustle can take up a lot of hours, so it’s vital to consider what each one is worth. When setting an hourly rate you need to factor in just how many of your hours won’t be billable. Many freelancers find a per project rate is better than a per hour rate. This can allow them to look at each project, ascertain how complex it is, and price it accordingly.

Freelance writers need to be especially careful. It’s common to set a per word rate, but this isn’t always advisable. A lot depends on the type of writing you’re offering. Writing sales or ad copy is a skill that actually involves trying to create maximum impact in as few words as possible. Copywriters don’t generally find that charging per word is practical, whereas many blog content writers do. Pricing your services is the first step to actually making a significant income as a freelancer.

Decide Whether You’re a Freelancer or a Business

This decision will impact your tax situation, and therefore your freelance finances. Every freelancer has to decide whether to operate as a sole proprietor or set up an LLC (or the equivalent in their country). Setting up an LLC is, of course, more complex. It does, however, come with various protections and tax benefits. You’ll want to carefully consider the pros and cons of each.

Either way, make sure you know what estimated tax rate is. You’ll want to set that money aside with every project you work on, on payday. The best place to stash that not-yet-due tax is a high-interest savings account, but make sure it’s accessible. If you’re in the US, you may be required to pay quarterly estimated taxes. In many other countries, you’ll include your freelance income when you file at the end of the tax year. Make sure you know what the law is where you live.

Keep Financial Records From Day One

Wherever you live, you will be required to file that tax return sooner or later. Make sure you’re keeping records of income and expenses carefully from day one. For the majority of freelancers, it will be worth using basic accounting software, such as Quickbooks or Xero. These systems do a lot of the work for you and generally cost a very low monthly fee. Even if you will be enlisting the help of a financial professional, the right systems and software can save him or her time, and you money, when it comes to tax season.

Adjust Your Budgeting

Budgeting as a freelancer is very different from budgeting on a fixed income. Many who freelance as a side hustle will find it useful to still budget for essentials entirely out of their fixed income. This allows you to use your freelance income for savings, luxuries, extra debt repayments, or something else that will improve your overall finances.

You can also have a primary budget that only includes your fixed income, and then draw up another month-by-month budget to allocate the funds coming in from freelancing. If you’re switching exclusively to freelancing, budgeting becomes a lot more challenging, as income is less predictable. In simple terms, you’ll want to be basing your budget on your lowest income scenario each month, not your income goal, no matter how confident you are. By all means, aim high, but budget low, just in case.

Diversify

Diversification is always advisable when it comes to finances. Nobody wants all their financial eggs in one basket. Freelancing is no different. Having different clients, income streams and marketable skills can be invaluable and help you through tough times and market shifts.

There are a lot of things to think about when considering the freelance lifestyle. Make sure your freelance finances are set up right from the outset, to save yourself headaches later on.

Get to know Karen by visiting her blog TheSavvySolopreneur.net and learn how to run your own (very) small business on your own terms. You can also connect with Karen via her website KarenBanes.com or follow her on Medium.com


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. He and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.

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.

Connect with Brian on LinkedIn

Disclaimer: To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers. Learn how we operate with integrity to earn your trust.