Pam Krueger of Wealthramp.com describes when you might need an adviser and how to find one who’s right for you.
Find the right financial advisor for you.
Pam Krueger, founder and CEO of Wealthramp—a free, SEC-registered referral service that matches consumers with vetted, fee-only fiduciary financial advisers—has spent over 25 years advocating for transparent, client-first financial advice. As co-host of the PBS series MoneyTrack and the Friends Talk Money podcast, she’s demystified the often overwhelming process of selecting an adviser. According to Krueger, finding the right one isn’t about settling for the first recommendation or chasing low fees—it’s about prioritizing trust, alignment with your needs, and a fiduciary standard that legally requires the adviser to act in your best interest, not theirs. She emphasizes that with around 500,000 people calling themselves “financial advisers” in the U.S., the key is rigorous vetting to “weed out” conflicts of interest like commissions from product sales.Drawing from her interviews, podcasts, and Wealthramp’s methodology, here’s how Krueger would break it down step by step. Her approach is practical, consumer-empowering, and focused on fee-only advisers (who charge flat fees, hourly rates, or a percentage of assets under management—never commissions).Step 1: Clarify Your Needs and GoalsBefore searching, Krueger advises getting crystal clear on why you need an adviser.
Ask yourself:
- What stage are you in? (E.g., early career building wealth, five years from retirement, or newly retired?)
- What are your priorities? (E.g., holistic planning including taxes and estate strategies, retirement income, socially responsible investing, or just portfolio management?)
- How hands-on do you want to be? Do you prefer a collaborative partner or someone who handles everything?
Krueger notes that about 80% of Wealthramp users are pre-retirees or retirees seeking comprehensive guidance beyond investments—like coordinating with accountants or estate attorneys.
This self-reflection ensures a good “fit,” as no two people’s financial lives are identical.Step 2: Insist on a Fee-Only FiduciaryThis is non-negotiable for Krueger. Avoid commission-based “advisers” (often brokers in disguise) who earn from selling products like annuities or mutual funds, creating hidden conflicts. Opt for:
- Fee-only advisers: Paid directly by you, with transparent pricing (e.g., 0.5–1.5% of assets annually, or flat fees of $2,000–$10,000 for a plan).
- Fiduciaries: Legally bound to prioritize your interests, as required by the SEC for registered investment advisers (RIAs).
To verify:
- Check if they’re a Registered Investment Adviser (RIA) via the SEC’s Investment Adviser Public Disclosure (IAPD) database.
- Confirm NAPFA (National Association of Personal Financial Advisors) or XY Planning Network membership—these groups enforce fee-only standards.
Krueger’s mantra: “I like the client more than the adviser,” so she pushes advisers to offer flexible models, like not tying fees to assets under management if it doesn’t suit you.
Step 3: Vet Thoroughly—Don’t Skip the Red FlagsKrueger’s Wealthramp process is a blueprint anyone can follow: It’s a “screening out” system to filter the 95% of advisers who don’t meet high standards. Here’s her vetting checklist:
- Experience and Credentials: Look for 10+ years, CFP (Certified Financial Planner) or similar designations, and specialization in your needs (e.g., tax-focused or retirement experts).
- Background Check: Review BrokerCheck (FINRA) or IAPD for complaints, disciplinary actions, or employment history gaps.
- Fee Transparency: Ensure all costs are upfront and reasonable—no hidden commissions.
- Interview Deeply: Krueger personally interviews candidates. Ask: “How do you handle conflicts of interest?” “Walk me through a recent client success.” “What’s your philosophy on risk?”
She warns against geography—virtual advising has made location irrelevant, expanding your options nationwide.
Aim for advisers with 95%+ client retention, a hallmark of Wealthramp’s network.
Step 4: Use Matching Tools and Start with No ObligationDon’t Google blindly—leverage vetted platforms like Wealthramp, where Krueger hand-selects from 70,000+ advisers based on your questionnaire (no sales pressure, and you control contact).
Other options include NAPFA’s finder tool or Garrett Planning Network for hourly advisers.Schedule 2–3 initial calls (free consultations are standard). If it doesn’t “click,” move on—Krueger guarantees alternatives.
Test the fit: Do they listen more than they talk? Do they explain in plain English?Step 5: Build a Long-Term PartnershipOnce matched, Krueger stresses ongoing communication. Review your plan annually, and remember: A great adviser saves you time, reduces taxes, and boosts returns through behavioral coaching (e.g., avoiding panic selling). Her 2021 NAPFA award highlights her mission: Educate to empower, so you never settle.
In short, Krueger’s advice boils down to empowerment: “Game-changing advisers exist, but you deserve one who puts you first.” Start with Wealthramp’s free guide or questionnaire at wealthramp.com to personalize your search—it’s how thousands have found lasting trust. If you’re unsure, watch this video to learn How to Find a Financial Adviser Who’s Right for You.