{"id":3995,"date":"2020-10-02T06:04:00","date_gmt":"2020-10-02T10:04:00","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=3995"},"modified":"2021-02-15T01:32:12","modified_gmt":"2021-02-15T06:32:12","slug":"select-online-financial-advisor","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/","title":{"rendered":"Should I Select an Online Financial Advisor?"},"content":{"rendered":"<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/05\/select-online-financial-advisor.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"174\" class=\"alignleft size-medium wp-image-4019\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/05\/select-online-financial-advisor-300x174.jpg\" alt=\"select online financial advisor\" srcset=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/05\/select-online-financial-advisor-300x174.jpg 300w, https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/05\/select-online-financial-advisor.jpg 620w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<div style=\"color: #222222;\">\n<p><em>With all of the recent buzz happening in the online financial advice space, we thought it would be appropriate to review\u00a0our terminology that we used in our first story, below. \u00a0 In our story, we used the term Online Financial Advisor (OFA) to describe web-based companies that provide 100% automated investing solutions to investors.<\/em><\/p>\n<p><em>The term Online Financial Advisor was met with some resistance among those in the financial services profession because many financial professionals offer planning and other services to clients in an online environment, so this confused the matter that much more. \u00a0What we\u2019ve learned is that there is no set naming convention used yet to describe what many are now calling Robo-Advisors. \u00a0 For purposes of this article, feel free to replace the term Online Financial Advisor with Robo-Advisor which may help in an effort to clarify the various levels of service and choices that investors have today.<\/em><\/p>\n<p><em>We know computer programs can produce cheaper investment performance, but can they produce better investment performance. \u00a0This is a new choice for investors. You can select a Robo-Advisor to manage your assets using algorithms or you can select a Financial Advisor who will provide tailored solutions and meet with you face-to-face. The advisor can also deliver planning advice and services which is usually precursor to investing your assets in the securities markets.<\/em><\/p>\n<\/div>\n<p>You have a new alternative for the investment of your assets. You can select an <a href=\"http:\/\/www.paladinregistry.com\/advisors\/what-are-online-financial-advisors\" target=\"_blank\" rel=\"noopener noreferrer\">Online Financial Advisor (OFA)<\/a> or a Personal Financial Advisor (PFA). You should know the key differences before you make your selection decision.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d327c36eab1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d327c36eab1\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/#Is_an_Online_Financial_Advisor_a_Mutual_Fund\" title=\"Is an Online Financial Advisor a Mutual Fund?\">Is an Online Financial Advisor a Mutual Fund?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/#Investment_Expenses\" title=\"Investment Expenses\u00a0\">Investment Expenses\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/#Integrated_Financial_Services\" title=\"Integrated Financial Services\">Integrated Financial Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/#Personal_Contact\" title=\"Personal Contact\">Personal Contact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/#Online_Financial_Advisor_or_Personal_Financial_Advisor\" title=\"Online Financial Advisor or Personal Financial Advisor?\">Online Financial Advisor or Personal Financial Advisor?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Is_an_Online_Financial_Advisor_a_Mutual_Fund\"><\/span><strong>Is an Online Financial Advisor a Mutual Fund?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Your assets are pooled with other investors when you invest in a mutual fund. You own the same investments as everyone else in the pool and you receive the same performance as all of the other investors.<\/p>\n<p>An Online Financial Advisor (OFA) does not have registrations that permit them to pool investor assets. Instead, they have cookie cutter portfolios of <a href=\"http:\/\/www.investopedia.com\/terms\/e\/etf.asp\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Exchange Traded Funds (ETFs)<\/a> that treat all investors the same. In this regard, an OFA portfolio is similar to a mutual fund.<\/p>\n<p>A Personal Financial Advisor (PFA) meets with you to discuss your current circumstances, performance expectations, and risk tolerance. He will build a portfolio of securities, mutual funds, ETFs, and other investments that reflect your needs and requirements.<\/p>\n<p><strong><a href=\"http:\/\/www.paladinregistry.com\/about\/about-us\" target=\"_blank\" rel=\"noopener noreferrer\">Paladin<\/a>:<\/strong> OFAs invest in diversified portfolios of ETFs. PFAs can also invest in portfolios of ETFs. However, each PFA client can be different reflecting current market conditions and other considerations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Investment_Expenses\"><\/span><strong>Investment Expenses<\/strong><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>OFAs and some PFAs invest your assets in portfolios of ETFs. There is no significant difference. In fact, they could both be investing in the same ETFS. The expenses that are charged by the ETFs are the same for both parties and they do not include the fees that are charged by the OFAs and PFAs.<\/p>\n<p>OFAs have low expenses because computers manage your assets. There is no direct involvement by investment professionals. PFAs have <a href=\"http:\/\/www.paladinregistry.com\/investing\/investment-expenses\" target=\"_blank\" rel=\"noopener noreferrer\">higher expenses that cover the costs of personal interaction<\/a>.<\/p>\n<p>For example, an OFA may charge a 15 to 35 basis points (100 basis points = 1%) fee for its computerized services. A PFA may charge 75 to 100 basis points for his personalized services.<\/p>\n<p><strong>Paladin:<\/strong> OFAs charge lower fees than PFAs. However, you have to be willing to give up any personal interaction with the advisory service provider to get the reduced fee.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Integrated_Financial_Services\"><\/span><strong>Integrated Financial Services<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you are like most investors you need some combination of planning, investment, insurance, and tax services. You can obtain the services from one professional or multiple professionals.<\/p>\n<p>Most OFAs offer an investment service and that\u2019s it. You will have to obtain the remaining services from PFAs (planning), insurance professionals, and CPAs.<\/p>\n<p><strong>Paladin:<\/strong> Your best bet is a Personal Financial Advisor if you want integrated advice and services.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Personal_Contact\"><\/span><strong>Personal Contact<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another major distinguishing characteristic that differentiates OFAs from PFAs is your ability to talk to a real, live financial professional.<\/p>\n<p>Some OFAs allow personal contact and some do not. The addition of professionals drives up their cost structures and a primary differentiating characteristic for OFAs is low expenses.<\/p>\n<p><strong>Paladin: <\/strong>The main advantage of a PFA is communications. You can meet with PFAs or pick-up the phone and talk to them.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Online_Financial_Advisor_or_Personal_Financial_Advisor\"><\/span><strong>Online Financial Advisor or Personal Financial Advisor?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You should <a href=\"http:\/\/www.paladinregistry.com\/advisors\/online-financial-advisor-list\" target=\"_blank\" rel=\"noopener noreferrer\">consider an Online Financial Advisor<\/a> if you are young, have a small amount of assets (&lt;$100k), have a relatively simple financial situation, and you are comfortable letting computer programs manage your assets.<\/p>\n<p>You should consider a <a href=\"http:\/\/www.paladinregistry.com\/find\/Paladin-Registry-Advisors\" target=\"_blank\" rel=\"noopener noreferrer\">Personal Financial Advisor<\/a> if your personal situation is more complicated, you have a larger amount of assets, and you want personalized services from a professional you can meet with face-to-face.<\/p>\n<p><strong>Paladin:<\/strong>\u00a0An Online Financial Advisor is your low cost solution, but what do you give-up to reduce your fees by 50 to 80 basis points? You give-up integrated solutions (financial planning, insurance advice, or tax advice), personalized portfolios, and the ability to have direct contact with a Personal Financial Advisor who knows you, your concerns, your requirements, and your expectations.<\/p>\n<p><em><a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jack-waymire\/\" data-rich-text-format-boundary=\"true\">Jack\u00a0Waymire<\/a> worked in the financial services industry for 28 years before he left to found the Paladin Registry (<a href=\"http:\/\/www.paladinregistry.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.PaladinRegistry.com<\/a>) in 2004. This investor education website was based on the Principles in\u00a0Jack\u2019s first book:<\/em> <em>&#8220;Who\u2019s Watching Your Money?\u00a0The 17 Paladin Principles for Selecting a Financial Advisor.&#8221;\u00a0<br data-rich-text-line-break=\"true\" \/>The Registry also has a free service that matches investors to advisors who meet Paladin\u2019s minimum requirements for competence and trustworthiness.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With all of the recent buzz happening in the online financial advice space, we thought it would be appropriate to review\u00a0our terminology that we used in our first story, below. \u00a0 In our story, we used the term Online Financial Advisor (OFA) to describe web-based companies that provide 100% automated investing solutions to investors. The term Online Financial Advisor was met with some resistance among those in the financial services<\/p>\n","protected":false},"author":2,"featured_media":4019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[325],"tags":[],"class_list":["post-3995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should I Select an Online Financial Advisor? - Paladin Registry Blog<\/title>\n<meta name=\"description\" content=\"You have a new alternative for the investment of your assets. You can select an Online Financial Advisor (OFA) or a Personal Financial Advisor (PFA).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/select-online-financial-advisor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should I Select an Online Financial Advisor? - Paladin Registry Blog\" \/>\n<meta property=\"og:description\" content=\"You have a new alternative for the investment of your assets. 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This investor education website was based on the Principles in Jack\u2019s first book: \"Who\u2019s Watching Your Money?\u00a0The 17 Paladin Principles for Selecting a Financial Advisor.\" Jack is also the co-author of \"5 Steps for Selecting the Best Financial Advisor (How the Internet has changed the game for investors and advisors)\". Beginning in 2004,\u00a0Paladin began vetting and documenting advisor credentials, ethics, business practices and services for investors. The Registry also has a free service that matches investors to advisors who meet Paladin\u2019s minimum requirements for competence and trustworthiness.","sameAs":["https:\/\/www.paladinregistry.com","https:\/\/www.facebook.com\/PaladinRegistry","http:\/\/www.linkedin.com\/in\/jackwaymire","https:\/\/x.com\/PaladinRegistry"],"url":"https:\/\/www.paladinregistry.com\/blog\/author\/jack-waymire\/"}]}},"_links":{"self":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/3995"}],"collection":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/comments?post=3995"}],"version-history":[{"count":13,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/3995\/revisions"}],"predecessor-version":[{"id":10570,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/3995\/revisions\/10570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/media\/4019"}],"wp:attachment":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/media?parent=3995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/categories?post=3995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/tags?post=3995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}