WiserAdvisor Review : Your Ideal Financial Advisor

June 1, 2023

WiserAdvisor is an online platform that connects users with qualified financial advisors based on their specific needs and preferences. Whether you're looking for someone to help manage your investments or plan for retirement, WiserAdvisor’s network of 15,000+ advisors all across the United States can offer you personalized guidance.

If you’re considering working with a financial advisor, the best thing you can do is fill out WiserAdvisor’s no-strings-attached questionnaire. It only takes 2 minutes to complete, and your personal information isn’t shared with any advisors, giving you 100% control.

What Is WiserAdvisor?

WiserAdvisor is a platform that allows users to search for financial advisors in their area. With so many advisors to choose from, it's essential to have a reliable source of information to help you make an informed decision.

The review system on WiserAdvisor is straightforward: clients, advisors, and companies can leave feedback on their experiences working with each other. Clients can rate their advisor based on factors such as communication, reliability, and expertise.

Advisors can rate their clients based on factors such as professionalism and responsiveness. Companies can rate advisors based on factors such as customer service and overall value provided.

Here are some of the benefits of using WiserAdvisor:

  • Find a qualified financial advisor: WiserAdvisor vets its advisors to ensure they meet certain standards of experience, education, and ethics. This can help you feel confident that you're working with a qualified professional.
  • Get matched with an advisor based on your needs: WiserAdvisor's advisor matching service can help you find an advisor who is a good fit for your financial situation and goals.
  • Learn more about financial planning: WiserAdvisor's financial learning center has articles, videos, and calculators to help you learn more about financial planning.
  • Use free financial calculators: WiserAdvisor offers a variety of free financial calculators to help you make informed financial decisions.
  • Detailed, objective reviews: Perhaps the biggest benefit of using WiserAdvisor are the reviews on each financial advisor’s profile, which allow you to make a smart decision about who you want to work with.

Since the review system is such an integral part of WiserAdvisor’s offering, let’s take a look at exactly how it works.

WiserAdvisor’s Review System 

To leave a review on WiserAdvisor, you need to be a verified client or advisor. This verification ensures that all reviews are legitimate and accurately reflect the experience of both parties involved.

Once a review is submitted, it goes through an approval process before being published online. This process ensures that all reviews meet the platform's guidelines and standards, and counteracts spam.

Types Of Reviews Available (Client, Advisor & Company)

There are three types of reviews available on WiserAdvisor: client reviews, advisor reviews, and company reviews.

  1. Client Reviews: Client reviews are left by clients who have worked with an advisor through the WiserAdvisor platform. Client reviews typically focus on the client's experience working with the advisor and cover topics such as communication skills, responsiveness to inquiries or concerns, level of expertise in financial planning matters relevant to the client’s needs.
  2. Advisor Reviews: Advisor reviews are left by advisors who have worked with clients through WiserAdvisor. Advisor reviews typically focus on how well they were able to meet specific needs or goals set by clients during consultations or follow-up sessions. 
  3. Company Reviews: Company reviews are left by companies who use or partner with WiserAdvisor. Companies can leave feedback on how effectively the advisors they worked with met their needs.

Here’s some more detail about what you can expect when leaving a review, common themes that are seen across many reviews, and how your reviews impact the visibility of advisors on the platform.

What Clients Can Expect When Leaving A Review

When leaving a review, clients can expect to give ratings in several categories such as communication, quality of advice, and overall satisfaction. They can also leave detailed comments about their experience and describe what they appreciated or didn't like.

Leaving a review on WiserAdvisor is not a requirement, but it's highly recommended as it helps other people looking for financial advisors make informed decisions. Clients can expect their reviews to be published and available for public viewing once they've been approved by the website moderators.

Common Themes In Client Reviews

Some common themes that appear in client reviews on WiserAdvisor are related to the advisor's expertise, communication skills, and customer service. Clients often mention how knowledgeable their advisor was about different investment strategies or financial planning options. Many reviews also highlight how responsive the advisor was to questions or concerns during the process.

Trustworthiness is another common theme in client reviews, as it's essential for clients to feel like they're receiving unbiased advice from someone who genuinely cares about their financial well-being. Clients frequently comment on how comfortable they felt working with their advisor and if they felt like their needs were being met throughout the process.

Impact Of Client Reviews On Advisor Visibility

Reviews have a significant impact on an advisor's reputation as well as visibility on WiserAdvisor. Positive feedback can improve an advisor's credibility and reputation among potential clients who may use online reviews when researching financial advisors before making a decision. However, negative feedback can harm an advisor's reputation and deter potential clients from considering them.

How To Report Fraudulent Or Fake Reviews

WiserAdvisor takes the authenticity and credibility of their reviews seriously. If you suspect that a review is fake or fraudulent, you can report it to their customer support team for investigation.

To report a review, simply go to the review in question and click on the “Report Abuse” button at the bottom. You’ll be prompted to provide details and evidence of why you believe the review is fake or fraudulent.

Once your report has been submitted, WiserAdvisor's customer support team will investigate and take appropriate action if necessary. This may include removing the review, taking down the advisor's profile if they're found guilty of misconduct, or even legal action against those who posted fraudulent reviews.

How To Respond To Negative Or Positive Feedback

As an advisor listed on WiserAdvisor, it's crucial that you respond to feedback from clients promptly. Negative feedback can be especially damaging if left unaddressed as it can impact your overall rating on the platform.

On the other hand, positive feedback deserves recognition as well. To respond to a review on WiserAdvisor, log in to your account and go to your dashboard page, where you’ll find all your reviews listed.

To respond to a review, click on “Respond” next to the review and leave your response. Keep in mind that your response can also influence how potential clients perceive you and should be professional yet empathetic.

WiserAdvisor Features

Here’s a short list of WiserAdvisor’s most prominent features:

  • Advisor directory: WiserAdvisor has a directory of over 15,000 financial advisors, which you can search by location, experience, investment philosophy, and other criteria.
  • Advisor matching service: WiserAdvisor will match you with a financial advisor based on your needs and goals completely free.
  • Financial learning center: WiserAdvisor has a financial learning center with articles, videos, and calculators to help you learn more about financial planning. 
  • Free financial calculators: WiserAdvisor offers a variety of free financial calculators, including retirement calculators, college savings calculators, and debt calculators. 

Pros & Cons of WiserAdvisor

Here are some of the major advantages and drawbacks of working with WiserAdvisor:

Pros of WiserAdvisor

  • Vetted advisors: WiserAdvisor vets its advisors to ensure they meet certain standards of experience, education, and ethics. This allows users to feel confident that they’re working with a qualified professional.
  • Zero fees: Users don't pay WiserAdvisor any fees to use its services. This means you can focus on finding the right advisor for you without worrying about hidden costs.
  • Educational resources: WiserAdvisor offers a variety of educational resources—including articles, videos, and financial calculators—to help you learn more about financial planning. This can be helpful if you're new to investing or need a refresher on some financial concepts.
  • Zero obligations: You're not obligated to hire an advisor after you've been matched with one. This gives you the opportunity to meet with several advisors before making a decision.

Cons of WiserAdvisor

  • Advisor fees: Despite paying no fees to WiserAdvisor itself, you will pay fees to your advisor, which can vary depending on the advisor's investment philosophy and services offered.
  • Not all advisors are created equal: Not all advisors on WiserAdvisor are created equal, with some having significantly more experience and expertise than others. It's important to do your research and interview several advisors before making a decision.
  • Not a replacement for financial advice: WiserAdvisor is a tool that can help you find a financial advisor, but it's not a replacement for financial advice. You should still work with an advisor to develop a financial plan that meets your individual needs.
  • Limited availability: WiserAdvisor does not offer its services in Hawaii, Mississippi, South Dakota, Vermont, and West Virginia.

Is WiserAdvisor Right For You?

If you’re still wondering whether WiserAdvisor is right for you, there’s only one way to answer that question: fill out the 2-minute questionnaire. 

WiserAdvisor will ask you for the following information in the questionnaire:

  • Your ZIP code
  • Whether you need your advisor to be local (vs. remote)
  • When you would like to retire
  • If you own a home
  • If you own a business
  • Your household income
  • The size of your portfolio
  • Whether you currently have a financial advisor

Once you’ve submitted the questionnaire, WiserAdvisor will recommend 1-3 financial advisors who meet your specific criteria. You have no obligation to contact those advisors, but having the information available can’t hurt.

WiserAdvisor has distinguished itself as a trustworthy platform providing a helpful service to its users, so if you’re considering hiring a financial advisor, I recommend filling out the no-strings-attached 2-minute questionnaire today.

WiserAdvisor FAQs

How does WiserAdvisor make money?

Each of the financial advisors who are in WiserAdvisor’s database pay a fee to be there, which is how WiserAdvisor can provide its services for free to users. 

Each advisor who applies to join WiserAdvisor is put through a strict vetting and interview process. Only once they have passed the interview and verified they have a clean history with the SEC and FINRA will an advisor be accepted onto the platform, ensuring that only the best, most trustworthy financial advisors make it through.

Will I get spammed by financial advisors after submitting the questionnaire?

No. The financial advisors on WiserAdvisor’s platform don’t receive your contact information when you fill out the questionnaire, so you don’t have to worry about being solicited by them.

If you want to be in touch with a financial advisor you find on the platform, you can contact them directly yourself.

How much do the financial advisors charge?

WiserAdvisor allows both fee-based and fee-only advisors on its platform, so the range of fees that advisors charge can vary drastically.

Fee-based advisors generally do not charge their clients a fee directly, but instead are paid a commission by financial institutions for selling certain products. This can create adverse incentives for the advisors, who are incentivized to get you to buy specific products (e.g. mutual funds) that aren’t optimal for your situation.

Fee-only advisors, on the other hand, charge their clients a fee directly for their services. Fee-only advisors are generally considered to be more objective than fee-based advisors, as they are not incentivized to sell you specific products.

Is WiserAdvisor safe?

Yes, WiserAdvisor is a safe and secure platform for finding a financial advisor. The company uses SSL technology to encrypt your personal information, has a security team who monitor the platform for potential threats, and explicitly states in its privacy policy that your personal information will not be shared with third-party companies.

How often are the advisor ratings updated?

WiserAdvisor updates its ratings regularly in order to provide accurate information about financial advisors for potential clients seeking services. The frequency of updates depends on several factors, including new client reviews being submitted, changes made by advisors themselves (e.g., updating their profile details), or any significant improvements detected through third-party audits.

These factors mean that ratings may not be updated as frequently as some users might expect. Nevertheless, WiserAdvisor assures its users that all ratings are thoroughly verified and monitored to maintain their integrity and accuracy.

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