Personal Finance

I've been suggested some legit ones by my credit union, upon request. Your mileage may vary, but I suspect most recommendations from a bank or CU have been vetted.

Ideally, you should be paying them for their time, and they shouldn't be getting any commissions other than you paying for their time. Look for a "fee-only advisor" who has a license that lists them as a fiduciary, which means they have a legal obligation to act in your best interests.

But honestly, you probably don't need one. Personal finance is relatively simple:

• keep 3-6 months cash in an emergency fund
• pay off high interest debt - where high interest is usually something >6% or so
• invest in low-cost index funds - if you're unsure, find a target date retirement fund with fees <0.20% (anything up to 0.50% is still "low" though)

But if you're not confident, find a fee-only fiduciary advisor to educate you about investing. A good one will help you feel more confident and provide options, they won't be pressuring you into any particular decision.

Ask them about their investment strategies. If they put all your money on mutual funds, ETFs, etc (i.e. managed accounts that you can choose yourself in a self-directed account) then run.

Advisors often get a kick-back for getting their clients to invest in managed accounts where they have a relationship with the fund managers. AND you pay the fund management fees to the fund company on top of whatever your advisor charges you for their own fees.

The need to be acting as a fiduciary which has a legal definition.