Choosing among the many financial advisor companies for retirees means matching a firm’s fee model and service depth to the complexity of your savings. Retirees face a distinct set of challenges — required minimum distributions, Social Security timing, Medicare, taxes on withdrawals and estate planning — that call for an advisor with specific experience and a fiduciary duty. The five firms below scored highest in an analysis that weighted fees, credentials, customer support, services, portfolio construction and account minimums, then examined retirement, tax, estate and insurance planning in detail.
Three firms — Retirable, Facet and Mercer Advisors — earned top marks, while Creative Planning and Aspiriant followed closely. Each approaches retirement differently, so the right fit depends on your balance, how much planning you want and whether you prefer a flat fee or a percentage of assets.
Retirable: Built Around a Retirement Paycheck
Retirable was designed specifically for people who are retired or nearing retirement, with a focus on turning savings into steady income. A dedicated advisor builds a custom spending plan, and clients receive a monthly paycheck plus a debit card for access to funds. Accounts are held at the custodian Altruist, and the fee is 1% of assets under management, capped at $10,000 a year. There is no account minimum. Clients can reach advisors by phone, text, email or video, though in-person meetings are not offered.
Facet: Flat Fees That Don't Grow With Your Balance
Facet charges a flat annual fee rather than a percentage of assets: $2,600 for the Core tier, $5,500 for Plus and $8,700 for Complete. There is no fee to join and a $500 investment minimum. That structure can suit retirees with larger balances, since costs stay level as wealth grows. Facet offers comprehensive planning, including tax optimization, and tax preparation is included for Plus and Complete members. Estate planning is an optional add-on for all tiers at $1,200 for the first year and $100 annually after that. Clients can have Facet manage investments or advise on outside accounts they implement themselves.
Mercer Advisors: One-Stop Planning for Complex Estates
Mercer Advisors coordinates dedicated advisors with in-house specialists in estate planning, tax preparation and insurance, aiming to serve all of a client’s financial needs under one roof. That makes it a candidate for wealthier retirees whose needs grow more complex as they draw on savings and refine their legacies. There is no account minimum, but a minimum fee of $1,200 applies. Tiered AUM fees range from 0.50% to 1.30% and decline as assets rise. Minimum fees by service level are $1,200 for Guided Investing, $6,000 for Wealth Path, $15,000 for Wealth Management, $75,000 for Ascend and $150,000 for Regis.
Creative Planning: Broad Wealth Management
Creative Planning requires at least $200,000 in assets and charges tiered AUM fees from 0.25% to 1.20%, starting at 1.20% on the first $500,000 managed and stepping down at higher levels. The firm offers a full suite of planning services, including estate planning, and advises high-net-worth clients on generational wealth transfer and legacy planning.
Aspiriant: Lower Percentage Fees, Higher Entry Point
Aspiriant’s annual AUM fee ranges from 0.20% to 0.85%, relatively low among the firms reviewed, but it comes with a $1.5 million account minimum and a $14,000 minimum annual fee. Wealth planning services carry a separate retainer that typically ranges from $5,000 to $50,000. Retirees with substantial accounts may find it cost-effective; those with smaller balances likely will not.
What Retirees Should Expect From an Advisor
Retirement advice goes beyond picking investments. A capable advisor helps structure withdrawals to minimize taxes and make savings last, advises on when to claim Social Security, coordinates estate plans and reviews insurance needs, including Medicare, long-term care and life coverage. Chuck Henrich, president and owner of Southwest Michigan Financial, LLC, said the central question is how to generate lifetime income from a nest egg alongside Social Security or a pension. He also noted that couples may pay $1,500 to $2,000 a month for healthcare, a significant draw on savings that a plan should address.
Credentials, Fiduciary Duty and Fee Conflicts
The certified financial planner designation is widely regarded as a rigorous credential, and a large share of its exam covers retirement savings and income planning; CFPs are held to a fiduciary standard by the CFP Board. Retirement-specific credentials such as the retirement income certified professional and retirement management advisor designations also exist but are less common. Registered investment advisers are legally fiduciaries, though dually registered professionals may not always be held to that standard depending on the role they fill. Asking an advisor to sign a fiduciary oath can clarify the commitment. On fees, commission-based advisors face an inherent conflict because they earn money when clients buy products. Fee-only arrangements reduce that conflict, but an AUM fee can still create an incentive to keep assets invested rather than directed elsewhere. AUM fees often cost less for smaller balances, while flat fees can be cheaper for large ones.
Questions Worth Asking
Beyond verifying registration and disciplinary history through Finra’s BrokerCheck or the SEC’s Investment Adviser Public Disclosure site, retirees should ask how a plan handles inflation, survivorship for married couples, risk reduction approaching retirement, longevity of savings and long-term care. Henrich also suggested asking about succession planning, especially if an advisor is near retirement age. A comprehensive plan, he said, should account for the unexpected rather than only investment income.
