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  • Written By
    Christian Simmons

    Christian Simmons

    Financial Writer

    Christian Simmons is a financial writer who has worked professionally as a journalist since 2016. As an active member of the Association for Financial Counseling & Planning (AFCPE), Christian prides himself on his ability to break down complex financial topics in ways that Annuity.org readers can easily understand.

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  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

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  • Financially Reviewed By
    Thomas J. Brock, CFA®, CPA
    headshot of Thomas J. Brock, CFA, CPA

    Thomas J. Brock, CFA®, CPA

    Expert Contributor

    Thomas Brock, CFA®, CPA, is a financial professional with over 20 years of experience in investments, corporate finance and accounting. He currently oversees the investment operation for a $4 billion super-regional insurance carrier.

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  • Updated: June 5, 2023
  • 5 min read time
  • This page features 8 Cited Research Articles
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How to Cite Annuity.org's Article

APA Simmons, C. (2023, June 5). The Best Financial Advisors & Companies for Retirement in 2023. Annuity.org. Retrieved June 8, 2023, from https://www.annuity.org/financial-advisors/best-advisors-and-companies-for-retirement/

MLA Simmons, Christian. "The Best Financial Advisors & Companies for Retirement in 2023." Annuity.org, 5 Jun 2023, https://www.annuity.org/financial-advisors/best-advisors-and-companies-for-retirement/.

Chicago Simmons, Christian. "The Best Financial Advisors & Companies for Retirement in 2023." Annuity.org. Last modified June 5, 2023. https://www.annuity.org/financial-advisors/best-advisors-and-companies-for-retirement/.

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Our Criteria

In order to be considered, companies needed to meet Annuity.org’s set criteria:

  • “groupService must be available nationally.
  • “financialAssets under management (AUM) must be $1 billion or more.
  • “thumbsMust offer retirement services.

Understanding Our Methodology

Annuity.org’s independent editorial team developed a strict and industry-specific methodology to help ensure that only the most effective portfolio management and retirement planning companies were considered.

To ensure access to all consumers, services were only considered if they were available nationally and easily accessible to general consumers.

Each company also needed to have assets under management of $1 billion or more to warrant consideration to help ensure that all companies that were evaluated had a wide reach, were financially secure and have a proven track record of serving consumers.

When comparing companies, Annuity.org took numerous other differentiating factors into consideration as well. This included the variety and depth of retirement-related services offered by the company, the costs, commissions and minimum accounts associated with those services, the user-friendliness of the company’s website along with transparency of offerings and whether companies placed — and how well they fared — in the 2023 J.D. Power U.S. Full-Service Investor Satisfaction Study.

Learn more about our broader Editorial Guidelines.

Most people wait until they are drawing near to retirement to consult with a financial planner. Unfortunately, this approach can result in missed opportunities and suboptimal conditions in retirement. For the best results, I recommend leveraging a robo-advisor early in your working years and consulting with a full-service financial advisor in your forties.

Editor’s Choice: Best Overall

GREAT FOR: STRONG RETURNS

Advisor Details

Fidelity pairs strong retirement fund returns with an easy-to-navigate interface for a winning formula, offering both simple and effective investing.

Pros & Cons
Pros
  • Strong returns for retirement funds
  • Easy-to-use and informative website
Cons
  • Lower J.D. Power Investor Satisfaction Rating than some competitors
Our Take

Fidelity is our pick for the best financial advisor for retirement due to its strong returns, navigable website and high satisfaction rates.

Returns matter a great deal when planning and investing for retirement, and Fidelity is one of the strongest in the business. According to the U.S. News & World Report, four of the five highest performing 401(k) funds over the last decade belonged to Fidelity.

On top of the strong track record of success, Fidelity’s retirement services stand out due to their transparency and ease of use. Fidelity offers simple ways to get started and its user-friendly interface can be helpful for those who are looking for both services and information.

Fidelity also ranked strongly in the 2023 J.D. Power Investor Satisfaction Survey but did trail behind Charles Schwab. The company offers the Fidelity Retirement Score as well, which is a useful index to gauge your retirement readiness.

Best for Customer Satisfaction

GREAT FOR: CUSTOMER SATISFACTION

Advisor Details

Charles Schwab offers retirement services along with strong retirement information but stands out due to its high customer satisfaction.

Pros & Cons
Pros
  • High customer satisfaction
  • Strong resources and information
Cons
  • No 401(k) funds in top 10 of average annual return
Our Take

Charles Schwab offers many retirement services similar to competitors, including 401(k) plans and IRAs, along with wealth management services and strategies that can be geared towards investing and saving for retirement.

But where Charles Schwab stands out is with its stellar customer satisfaction. The company ranked No. 1 in the 2023 J.D. Power Investor Satisfaction Study, leading all competitors by a significant margin.

In addition to retirement plan offerings and portfolio management, Charles Schwab offers robust retirement information and tools as well. This includes retirement calculators, resources and a guide to saving for retirement.

Best Robo-Advisor

GREAT FOR: AUTOMATED INVESTING AND USER-FRIENDLY INTERFACE

Advisor Details

Depending on your retirement needs, a robo advisor can be a strong and cost-effective choice. It can automate your investments and help you up your retirement savings in a hands-off and hassle-free way.

Pros & Cons
Pros
  • Intuitive and easy-to-understand interface
  • Lower cost than some traditional portfolio management institutions
Cons
  • High cost for premium offerings
Our Take

Betterment stands out among robo-advisors used for retirement in large part due to its intuitive website and easy-to-use interface. Those nearing retirement or building up retirement savings who are looking for simplicity may find a match in Betterment.

The company features plenty of services and content geared specifically for retirees that can be easily accessed. Using a robo-advisor may also appeal to those who are looking to spend less money when saving for retirement or not opt for a full-on financial advisor.

Betterment’s regular service includes a $4 monthly fee or 0.25% annually if your account exceeds $20,000, making it an easily affordable option for many people. Access to the company’s premium service does require an account balance of at least $100,000.

Best for Cost

GREAT FOR: AFFORDABILITY

Advisor Details

Affordability is an important factor to consider when opting for a retirement planning partner. Vanguard compares favorably with other industry competitors.

Pros & Cons
Pros
  • Generally affordable
  • Useful retirement information, including strategies divided by age
Cons
  • Below-industry-average rating in J.D. Power Investor Satisfaction Study
Our Take

When looking for low-cost options but still wanting more hands-on help than a robo advisor like Betterment, Vanguard may make sense as an option.

The company’s Personal Advisor Services, which can help you plan and save for retirement, are priced at just 0.30% of your enrolled assets. This compares favorably to the 0.90% rate of Charles Schwab’s service, and the rates that range from 0.50% to 1.50% for Fidelity.

On top of the low-cost rates, Vanguard offers plenty of strong retirement information as well. Resources and products are also divided into age groups, with the company’s robo-advisor potentially making sense for those just beginning to save and more robust services being recommended for those nearing retirement.

Vanguard also offers calculators and resources to help those who are already retired manage their money.

Other Companies We Considered

  • JPMorgan: The company was considered due to meeting the methodology requirements but was not selected due to its below industry average ratings in the J.D. Power Investor Satisfaction Study and higher fees than Vanguard.
  • Morgan Stanley: The company was considered due to meeting the methodology requirements but was not selected due to its below industry average ratings in the J.D. Power Investor Satisfaction Study and Digital Experience Study.
  • Wealthfront: The company was considered due to meeting the methodology requirements, but Betterment was selected over it due to its easy-to-use interface and strong content geared towards those interested in retirement.

How Can a Financial Advisor Help You Plan for Retirement?

Planning for retirement is not an easy feat. On top of needing to put away a significant sum of money to live a comfortable retirement, it can be difficult for individuals to tell how on track they are or whether they have considered all relevant factors.

How Working With a Financial Advisor Helps
  • Can check your plan to ensure your savings are on track
  • Can educate you on the many factors that go into retirement
  • Can help you craft your retirement strategy
  • Can manage or help manage your funds to grow them more effectively

Working with an asset management firm or planning company can, at a bare minimum, serve as a way to double check your strategy and ensure that you have not made any major mistakes.

Companies can also help you craft your strategy, set your goals and come up with the most effective ways to meet those goals.

On top of developing a plan and receiving sound advice, working with a firm can also offer you investment and growth opportunities to accelerate your savings.

Smart investments built on professional advice can help you grow your money more effectively than you may be able to on your own.

Selecting the Right Retirement Planning Company or Advisor for You

Numerous factors will play a role in choosing the best financial advisor or retirement planning company for you.

What exactly you are looking for will play a big role. Retirement planning can be as simple as having saved on your own and now wanting an advisor to go over your savings and ensure you are on track.

Or you may want to get into some hands-off investing to grow your savings or even hand over your portfolio to an asset management firm entirely. Determining the degree of help and services you are looking for will help narrow down your options.

How close you are to retirement can play a role as well. The options that make the most sense for you may vary depending on whether you are young and still have decades to build up savings or if retirement is just a few years away.

It also may make sense to consider your risk level, along with how much you are willing to spend. More robust services that come with more specialized help and advice may cost you more.

Frequently Asked Questions About Financial Advisors and Retirement

When should you begin looking for an advisor to help plan for retirement?
You can begin looking for professional help on retirement at any stage of life. Some companies offer advice and services for those just beginning their retirement savings or who are interested in opening accounts.
What types of retirement products and services do advisors and companies offer?
Companies can offer many services geared towards retirement. This can include management of your retirement accounts, creation of accounts to grow your money or general advice on existing savings.
Is a financial advisor worth hiring if you have already retired?
Some companies offer services specifically geared towards those who have already entered or are nearing retirement. Even if you are retired, there may still be opportunities to grow your wealth or receive advice to ensure your savings will last you through retirement.
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Last Modified: June 5, 2023

8 Cited Research Articles

Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.

  1. J.D. Power. (2023, April 4). Investor Satisfaction With Full-Service Financial Advisors Crumbles as Markets Fall, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-full-service-investor-satisfaction-study
  2. U.S. News & World Report. (2023, March 20). 10 of the Best Performing 401(k) Funds. Retrieved from https://money.usnews.com/investing/funds/slideshows/best-performing-401-k-funds
  3. ETF. (2023, January 5). ETF League Table as of January 4, 2023. Retrieved from https://www.etf.com/sections/etf-league-tables/etf-league-table-2023-01-04
  4. Betterment. (n.d.). Built To Make Investing Easy. Retrieved from https://www.betterment.com/investing
  5. Charles Schwab. (n.d.). Trading Fees and Commissions. Retrieved from https://www.schwab.com/pricing
  6. Fidelity. (n.d.). Take the First Step Toward Investing With the Fidelity Starter Pack. Retrieved from https://www.fidelity.com/go/starter-pack
  7. Vanguard. (n.d.). Retirement. Retrieved from https://investor.vanguard.com/investor-resources-education/retirement
  8. Vanguard. (n.d.) See the Difference Low Cost Funds can Make. Retrieved from https://investor.vanguard.com/investment-products/mutual-funds/low-cost