In any metro area, there are far fewer Advice-Only financial advisors than advisors who sell products for commissions or advisors who manage your money for high recurring fees. I do my best to find Advice-Only financial advisors near you but there will be cases I can’t find anyone close.
However, if you are truly interested in the Advice-Only model, I hope you are a little more flexible with the distance. Working with an advisor face-to-face is always the best. That’s why I give the first priority to local and in-state candidates (see How Are Advisor Candidates Selected In Search and Screening?). These days, with phone, email, video calls via Facetime/Duo/Skype, and screen sharing technologies, working with someone at a distance is easier than ever before.
Good advice is good advice whether it comes near or far. When it comes to investment, you execute the trades online or through customer service anyway. Whether your advisor is local or not makes little difference. Some people actually prefer to work with someone far than someone close because it makes it more of a business relationship than a personal relationship. This comment from a reader of my blog said it the best:
All other things being equal, I would think that an investor is more likely to accept higher fees and expenses for products and services, and less likely to say no or to terminate an unhealthy relationship with an advisor, when the relationship is “up close and personal”. I suspect that it’s much easier for most to say no or to terminate the relationship, when the relationship is not personal and/or the interactions are not face-to-face. This is one of the reasons I think it’s generally ill advised to consider having a friend or close acquaintance serve as one’s investment advisor.
That said, if you absolutely must work with someone within a set distance, please include it in your search and screening request. If I come back empty-handed I will happily give you a full refund.