Wealthramp Review 2024 (2024)

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Wealthramp is a personalized financial advisor matching service that simplifies the process of finding a reliable financial professional. There are a diverse range of financial advisors on the platform, and all are vetted fiduciaries. It doesn't cost anything to start using Wealthramp; you'll only start paying for services once you get set up with an advisor.

Introduction to Wealthramp

Wealthramp is a free-to-use platform that matches individual investors with vetted financial advisors specializing in wealth-building, financial planning, and trading topics. You'll receive generated advisor matches after answering questions about your investing preferences.

It's not a brokerage and doesn't directly provide investing or trading services. Wealthramp's network will help you find a trustworthy fiduciary advisor, though, and depending on the qualifications of the advisors you match with, they may be able to perform trading and/or portfolio management services.

Wealthramp is ideal for individual investors needing help finding a reliable financial advisor. The platform only promotes advisors who adhere to fiduciary duty, which is a legal obligation for a financial professional to put their client's best interest first. However, you can't access information about each advisor's fees unless you schedule a consultation. If you have a certain range in mind for advisor fees, you could be blindsided if one of your matches charges a great deal above that desired amount.

Wealthramp: Overall Rating

How Wealthramp Works

The Wealthramp Process

Finding fee-only financial advisors through Wealthramp simplifies the process of connecting with independent financial advisors online. However, consulting a professional is more expensive than DIY trading or robo-advice, so be prepared to pay higher fees for an advisor.

Here's how the Wealthramp process works:

• Complete a questionnaire about your goals and preferences: Wealthramp collects vital financial and personal information to match you with a professional that matches your needs. You must answer questions regarding your financial goals, ZIP code, and advisor preferences.
• Review the list of advisor matches Wealthramp provides: Once the platform has found matches (it will offer up to three) that align with your goals, you can sift through those results to determine whether you'd like to contact any of the advisors.
• Decide whether to move forward with a financial advisor: You're not obligated to pick the advisors Wealthramp finds. You can keep looking if you don't find a good match. However, if you like one (or all) of the advisors, you can schedule a first meeting for free to better understandwhat that professional's services would entail.

Advisor Services

Wealthramp's financial advisors consist solely of fee-only financial planning and investment advice from vetted professionals specializing in various wealth planning areas.

Wealthramp financial advisors who specialize in general financial planning offer advice on the following:

• General investing and diversification
• Portfolio management
• Retirement planning
• Tax-focused financial planning

Financial advisors that specialize in family planning offer:

• Estate and legacy planning
• College education planning
• Special needs planning
• LGBTQ+ and couples planning
• Divorce planning
• Loss of spouse
• Windfall inheritance
• Holistic family planning

You can also get advice on crypto investing, trustee services, employee stock options, and ESG investing.

For its vetting process, Wealthramp first screens its advisor applicant pool to remove investment brokers and insurance sales agents. It then reviews the regulatory records and registrations of the advisor candidate and that individual's investment firm. After this step, Wealthramp looks into the candidate's work history and reviews their fees and expenses.

Wealthramp Fees

Wealthramp is free, so you'll start paying fees after getting set up with a financial advisor. Overall, the platform seems to do a great job of vetting the best financial advisors and making sure their fees are "reasonable." Still, it doesn't provide a clear picture of what reasonable fees look like, nor does it outline each advisor's fees.

If you're new to working with an advisor, or you don't grasp what good investment advisory fees would look like for you, this could become a potential hurdle.

Since Wealthramp's advisors are fee-only, you won't pay commission fees. Instead, advisors charge a set amount for services based on the assets under management (AUM). Moreover, fiduciary advisors must be transparent about any and all fees you'll be charged.

Pros and Cons of Using Wealthramp

Wealthramp Trustworthiness

Business Insider assesses company trustworthiness by reviewing each investment platform's Better Business Bureau profile. Ratings typically reflect the bureau's opinion of how well it believes a company interacts with its customers,

Wealthramp doesn't currently have a BBB profile and is clear of any major public scandals or lawsuits.

Wealthramp vs. Other Advisor-Matching Services

Wealthramp vs. Merrill Advisor Match

The processes for both Wealthramp and Merrill Lynch's advisor-matching service, Merrill Advisor Match, are quite similar. Both connect you to advisors after you've specified things like your investing goals, location, and preferred methods of communication.

You can use Merrill Advisor Match even if you don't have an account set up with Merrill. After you complete its questionnaire, it will direct you to advisor results (primarily Merrill Lynch Wealth Management advisors) that match your preferences. At that point, you can decide who you'd like to work with, and you'll have to fill out a brief contact form.

Wealthramp, on the other hand, requires you to set up an account to use its service. If you're looking for non-Merrill advisors, then Wealthramp will be the better option.

Wealthramp vs. Edward Jones

Edward Jones is an online financial advisor matchmaking service that connects individual investors with financial advisors. Like Wealthramp, you'll fill out a short quiz about your goals, financial situation, and investing preferences. It offers a broad range of services, including LGBTQ+ financial considerations and socially conscious investing.

However, unlike Wealthramp, Edward Jones doesn't vet the advisors on its platform. Instead, users have to vet financial advisors themselves. Edward Jones links to FINRA's BrokerCheck site so you can confirm whether an advisor is registered. However, Edward Jones does offer various investment services, including portfolio building through an online brokerage account, annuities, life insurance policies, and investing strategies.

Wealthramp FAQs

Why You Should Trust Us: How We Reviewed Wealthramp

Wealthramp is a referral service we reviewed using Business Insider's rating methodology for investing platforms to examine available assets, accounts, pricing, and overall customer experience. Investing platforms are given a rating between 0 and 5.

Platforms generally offer multiple assets, trading tools, fees, and other resources. Robo-advisors are usually best suited for beginners or passive investors. Wealthramp was evaluated, focusing on how it performed in each category.