The financial help industry uses terminology inconsistently. "Financial advisor," "financial planner," "financial coach," and "wealth manager" can mean very different things depending on credentials, compensation, and scope.
The professional types demystified
| Professional | What they do | Regulated? | Cost |
|---|---|---|---|
| CFP (Certified Financial Planner) | Comprehensive financial planning: investments, tax, estate, insurance | Yes (CFP Board) | $2,000–$10,000/yr or hourly |
| RIA (Registered Investment Advisor) | Manages investment portfolios, fiduciary duty | Yes (SEC/state) | 0.5–1.5% AUM annually |
| Broker/dealer (non-fiduciary) | Recommends and sells investment products | Yes but suitability standard | Commissions on products sold |
| Financial coach | Behavior change, accountability, budgeting systems | Unregulated | $100–$300/month |
| Financial therapist | Money mindset, behavioral patterns, emotional relationship with money | Therapist license (varies) | $150–$300/session |
Who you need at each stage
- Getting started, behavioral issues, debt: Financial coach. No investments to manage yet — you need accountability and systems.
- $100,000–$500,000 investable assets, straightforward situation: Fee-only CFP for a one-time comprehensive plan ($2,000–$5,000). Then self-manage with index funds.
- Over $500,000, complex situation (business, equity, real estate): Ongoing relationship with a fee-only CFP or RIA.
- Money trauma, compulsive spending, financial avoidance: Financial therapist first, then planner.
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About the author
Enrique 'Kike' Faúndez is an Information Systems and Management Control Engineer from Universidad de Chile, with master’s degrees in Finance from Universidad de Chile and Industrial Engineering from Pontificia Universidad Católica de Chile. He has 15+ years of experience in regulated financial services across finance, operations, and digital product development. He founded CashControlly in Santiago, Chile, with the conviction that personal financial control should not be a privilege, but an accessible and well-designed tool.
- Master's in Finance, Universidad de Chile
- Master's in Industrial Engineering, Pontificia Universidad Católica de Chile
- Information Systems and Management Control Engineer, Universidad de Chile
- AI and ITIL certifications
- 15+ years in regulated financial services
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