Find a Financial Advisor in Philadelphia, PA

Financial planning in Philadelphia at a glance

Philadelphia is the largest city in Pennsylvania, with about 1.6 million residents, and its borders are the same as those of Philadelphia County. Millions more live in the surrounding suburbs of Bucks, Chester, Delaware and Montgomery counties and across the river in South Jersey. The city economy leans heavily on what locals call eds and meds: major universities such as Penn, Temple and Drexel, and large health systems including Penn Medicine, Jefferson Health, Temple Health and Children’s Hospital of Philadelphia. Comcast is headquartered here, and a growing life sciences sector focused on cell and gene therapy has added well-paid research jobs.

Those employers shape what people ask an advisor. A hospital nurse may want to know how to combine a 403(b) with a pension, a resident physician may be juggling loans and a first home, a university researcher may hold startup equity, and a longtime rowhome owner may be wondering how to leave the house to the kids.

Financial advisors in Philadelphia: services and pricing

An advisor helps Philadelphians make decisions about saving, investing, insurance, taxes and retirement, and keeps those decisions working together over time. Some focus narrowly, for example on managing investments, while others oversee your whole financial picture and coordinate with your accountant and attorney.

Philadelphia offers a full range, from wealth teams at national firms in Center City to independent fiduciaries on the Main Line and planners who work only over video. What matters most is understanding how an advisor is paid. Common arrangements include:

Wealth management companies in Philadelphia

A wealth management company offers a more complete service than investment management alone, usually layering in tax strategy, estate work with your attorney, charitable plans and succession for business owners. Many firms expect several hundred thousand dollars or more before they take on a client.

Philadelphia families who use wealth managers often share a few circumstances:

• Physicians and health system leaders. High incomes, deferred compensation plans and complicated benefits at large hospital systems call for coordinated tax and investment planning.
• Business owners. Owners of construction firms, family restaurants, law and medical practices and distribution companies often want guidance on company retirement plans, how the business is structured and an eventual sale or transition.
• Inheritance planning. Because Pennsylvania taxes inheritances, families with significant assets often work with a wealth manager and attorney on gifting, trusts and beneficiary choices.

Before hiring a firm, find out who handles your account day to day, how often reviews happen, the full yearly cost with fund fees included, and whether every account is managed under a fiduciary standard.

Financial planners in Philadelphia

A financial planner reviews your whole financial life and gives you a written plan with clear priorities. Planning suits people who do not yet need full wealth management, or who want an independent check on their current approach. Look for the Certified Financial Planner mark: holders complete coursework, pass a board exam, log work experience and commit to a fiduciary standard whenever they give financial advice.

Philadelphia planners frequently help with situations like these:

• College savings. Pennsylvania lets taxpayers deduct contributions to any state’s 529 plan, including plans outside the PA 529 program, up to a yearly limit. That gives families more freedom to choose a plan.
• Pre-tax versus Roth. Because Pennsylvania already taxes your 401(k) contributions, Roth accounts can compare differently here than in other states. A planner can model both.
• First homes and rowhomes. Buyers face a combined state and city realty transfer tax that adds noticeably to closing costs, plus the repair needs of older homes.
• Students and new graduates. With so many universities in the city, planners often help young professionals sort out student loans and start saving.

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Retirement planning in Philadelphia

Pennsylvania is one of the more retiree-friendly states when it comes to income tax. Social Security benefits are not taxed by the state. Payments from eligible employer pensions, 401(k) and 403(b) plans and IRAs are generally not taxed either, once you meet the plan’s conditions for retirement. The flip side is that Pennsylvania taxes employee contributions to those plans when they are made, so the break comes at the end rather than the start. Because the rules depend on the type of plan and how you retire, confirm details with the Pennsylvania Department of Revenue or a tax professional.

Local taxes are a separate question. The city Wage Tax applies to earnings such as salaries, and residents also owe the School Income Tax on certain unearned income, such as dividends. The Philadelphia Department of Revenue explains which kinds of income each tax covers.

Philadelphia and the state offer meaningful help for older homeowners and renters:

• Senior Citizen Real Estate Tax Freeze. Eligible older homeowners with income under a set limit can lock in their property tax bill so it does not rise with reassessments or rate changes.
• Homestead Exemption. Owners who live in their home can reduce its taxable assessed value, and this can be combined with other programs.
• Property Tax/Rent Rebate Program. The state offers rebates to eligible older adults, widows and widowers, and people with disabilities, whether they own or rent.
• PACE and PACENET. These state programs help residents 65 and older with prescription drug costs, subject to income limits.

Income limits and benefit levels are revised from time to time, so confirm the latest numbers with the city and the state before counting on them.

Public pensions are common here. Teachers and school staff, including those in the School District of Philadelphia, generally belong to the Public School Employees’ Retirement System, state workers belong to the State Employees’ Retirement System, and city workers are covered by the Philadelphia Board of Pensions and Retirement. Choices about lump sums and survivor benefits are often permanent, so review them carefully.

A Philadelphia retirement plan usually comes together in these steps:

1. Estimate retirement spending, counting property tax, home repairs and medical costs before Medicare at 65 and after it.
2. Add up dependable income, such as Social Security and any pension, and settle on a start date for each.
3. Decide the order for tapping taxable, pre-tax and Roth savings so federal taxes stay manageable.
4. Prepare for possible long-term care needs and keep your will, powers of attorney and beneficiaries current.

Life insurance in Philadelphia

Life insurance replaces income for the people who depend on you and can pay off a mortgage, fund education or cover final expenses. Term life covers a fixed period and usually offers the most coverage for the money. Whole life and universal life are permanent options that stay in force for life and accumulate cash value, at a considerably higher premium.

Pennsylvania rules give life insurance a few added roles for Philadelphia families:

• Inheritance tax. Life insurance proceeds are generally not subject to the Pennsylvania inheritance tax, so a policy can deliver money to heirs without that tax and help pay taxes owed on other assets.
• Policy ownership and beneficiaries. Naming beneficiaries carefully, and updating them after marriage, divorce or a birth, keeps proceeds going where you intend.
• Workplace coverage. Group life insurance through a hospital, university or other employer helps, but it usually ends when the job does.

The Pennsylvania Insurance Department licenses and oversees insurers and agents statewide and takes consumer complaints. An advisor can work out a sensible coverage amount and shop quotes with you, while a fee-only planner can judge an existing policy with no commission riding on the answer.

Investment advisors in Philadelphia

An investment advisor oversees a portfolio for you, offering recommendations or placing trades with your consent. A firm compensated for investment advice is a registered investment adviser, bound by a fiduciary duty to its clients. The Pennsylvania Department of Banking and Securities registers most smaller advisory firms, and the Securities and Exchange Commission handles the larger ones.

FINRA oversees brokers, and plenty of professionals hold both kinds of registration. Two free databases, FINRA BrokerCheck and the SEC adviser search, reveal a person’s licenses, past employers and disciplinary history. Also request the firm’s Form ADV Part 2 brochure.

For Philadelphia investors, a couple of topics are worth raising with any investment advisor:

• Employer concentration. If your salary and benefits come from one large health system or university, avoid adding too much risk tied to the same industry.
• Local tax awareness. The School Income Tax on some investment income, plus federal taxes, makes account placement and fund selection worth a closer look.

Choosing a financial advisor in Philadelphia

Finding the right advisor comes down to trust, experience with people like you and clear pricing. These steps help:

1. Pin down the help you want, from a single plan to ongoing portfolio management, retirement income, insurance or complete wealth management.
2. Ask for written confirmation that the advisor acts as a fiduciary on every account.
3. Find out exactly how they are compensated and what you would pay each year, fund costs included.
4. Review their record on BrokerCheck and the SEC adviser search.
5. Ask what kinds of clients they usually serve. Someone who regularly works with physicians, teachers or retirees may grasp your situation faster.
6. Interview two or three advisors before you decide.

Many Philadelphians now meet their advisor over phone or video, skipping the trip into Center City and opening up more choices.

Areas we serve around Philadelphia

We connect people across Philadelphia with financial advisors who work by phone or video, including Center City, Rittenhouse Square, Society Hill, Old City, Fishtown, Northern Liberties, University City, Fairmount, South Philadelphia, Manayunk, Roxborough, East Falls, Mount Airy, Chestnut Hill and Northeast Philadelphia. We also serve communities in Bucks, Chester, Delaware and Montgomery counties.

Nearby communities include Camden, Cherry Hill, Chester, Norristown, Upper Darby, King of Prussia, Bensalem, Lower Merion, Conshohocken, Media, West Chester, Doylestown and Wilmington.

Nearby areas we also serve: See all of Pennsylvania

Philadelphia financial planning guides

Frequently asked questions