Wealthramp Review 2024

Wealthramp does one job very well: It helps people find local, fee-only financial advisors.

You take a short survey to give the platform an idea of what you need from a financial advisor. Choose from different services, financial specialties and communications styles (in-person or remote.) From there, Wealthramp suggests possible matches who are located near you or work remotely.

Since Wealthramp is free and only takes two minutes, it could be worth using even if you aren’t totally sold on hiring a financial advisor in the first place. You can get a picture of who’s available in your area and decide whether you’d like to meet with an advisor.

The Wealthramp platform doesn’t offer anything besides a financial advisor matchmaking service. If you want to start investing, sign up for an online broker account.

Financial advisors tend to charge higher fees for managing your portfolio. If you’re looking to keep fees as low as possible, you might be better off with a robo-advisor.

The Wealthramp process begins by asking you to fill out a short, two-minute survey.

You will answer questions like where you live, how much income you earn, the size of your current investment portfolio, and how you would like to communicate (e.g., virtual or in-person, monthly or only when the market changes, etc.)

The survey also asks questions to gauge your investment style, including your risk tolerance and how involved you want to be with investment decisions.

Wealthramp uses this information to recommend up to three advisors in your area who could be a good match. You will receive a short profile for each advisor, explaining their specialties and certifications and their contact information.

It’s up to you whether you want to contact any advisors, and they won’t receive your contact information. Wealthramp says the advisors chosen for you will not send you marketing emails.

Contact them for an initial meeting if you are interested in any of the advisors. From there, the process depends on the advisor. Wealthramp makes the initial connection, and after you contact them, each advisor handles the relationship from that point on.

Financial Advisor Services and Requirements

Each financial advisor who participates in the Wealthramp network maintain their own requirements and specialties. They are all registered with the Securities and Exchange Commission (SEC) or state regulators, and are independent of any broker or wirehouse network.

Most offer investment management services. You could also request to be connected with financial planners, where the advisor gives you advice, but then you run the investments yourself. Some advisors have specialties like environmental, social and governance (ESG) investing and retirement planning.

There is no minimum investment required to use the Wealthramp service. However, advisors could have their own minimum portfolio size for taking on new clients. When you fill out the questionnaire, you list your total current investment portfolio balance and Wealthramp matches you with advisors where you meet the minimum.

Wealthramp Financial Advisor Selection Process

Not just any advisor can join the Wealthramp network. The network includes exclusively fee-only advisors, none of whom accept commissions from selling investment products. In addition, all of the network’s advisors must be fiduciaries.

Wealthramp identifies, vets and selects only the fiduciary fee-only advisors who meet its requirements to join the network. The company investigates their qualifications and ensures they have no serious outstanding client complaints. They also make sure the advisor’s fees are within a reasonable range.

From there, an advisor must pass an interview with Wealthramp’s founder, Pam Krueger. Only then will an advisor be allowed to join the network.

Wealthramp charges end users zero fees. The platform makes money by charging financial advisors a fee for converting referrals into client relationships.

The advisors promise not to increase their fees for clients who enroll through Wealthramp. In other words, you should pay the same fee as if you had found the advisor.

Your first meeting with an advisor will be free. You only pay if you decide to use their services, and the fees depend on the advisor.

Some could charge an asset under management (AUM) fee as a percentage of your portfolio each year. Others could charge a subscription fee, by the hour or by the project, especially if they design a financial plan. You need to meet with an advisor to determine how much you will owe.

Easy to use platform. It takes two minutes to complete the Wealthramp survey, and you’ll receive up to three recommendations for advisors who match your specifications. The website is well-designed, and the survey questions are easy to answer while clearly narrowing down the search to what you want from your advisor.

No fees to meet advisors, and no obligation to sign up. After you take the survey, Wealthramp will send you your advisor matches and their contact information. It’s up to you whether you want to move forward with any of them. Wealthramp will not share your contact information with the advisors, so they won’t contact you unless you reach out first. Wealthramp also does not charge you a fee for their services. They make money from the advisors instead.

Wealthramp network includes fee-only advisors who must be fiduciaries. One problem in the financial services industry is that many advisors also make money by earning sales commissions, making them salespeople. As a result, they may have potential conflicts of interest regarding the investments and other products they recommend. Wealthramp’s advisors must be fee-only, meaning they only make money for their advice and not from commissions. In addition, they must be fiduciaries who put your best interests first.

A well-regarded founder reviews all advisors. Pam Krueger founded Wealthramp. She is the creator and co-host of MoneyTrack, a show on PBS and other public networks. Krueger also co-hosts the podcast Friends Talk Money. Krueger personally interviews each advisor before they can join the Wealthramp network.

Must meet with an advisor to learn about their fees. Each advisor has their own fee schedule, and Wealthramp does not publish this information. You need to meet with an advisor to learn how much they would charge you for management. Fees often vary depending on your needs. Wealthramp considers fees part of their vetting process and says they only accept advisors who charge within a reasonable range. Their website also gives rough ballparks, like 1% or less of your portfolio per year. However, what you actually will end up paying depends on the advisor.

No standardized investment process. Each advisor on the Wealthramp platform also runs their own separate practice. They decide what services to offer, what investments will be available, and how they will handle your client relationship. You won’t know exactly what you’ll get until you meet with an advisor.

Your portfolio size could limit advisor selection. While Wealthramp does not have a minimum portfolio size for their service, the advisors in their network could. Wealthramp will sort your matches based on how much you have to invest, and it could limit your matches if your portfolio is small, say less than $100,000.

Limited customer service. Wealthramp offers pretty bare-bones customer service. They only offer an email address and a contact us form where you can ask questions.

Originally founded in 2019, Wealthramp has evolved its service and expanded its network of advisors over the last three years. The platform was created by Pam Krueger, whose weekly television show MoneyTrack was aired on PBS from 2005 to 2019.