Datalign Advisory Review

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Contributor, Benzinga
September 20, 2022
Datalign
Overall Rating:
securely through Datalign's website

Datalign Advisory is an online platform that matches people with financial advisers in a way that meets their individual needs. Too many people look online for financial advisers and spend time speaking with advisers who don’t match their needs. 

For instance, someone who has a small amount of money to invest may not work well with an adviser who primarily advises high-net worth clients. Likewise, someone who needs advice on retirement goals will not see much value in a financial adviser who specializes in high-risk investments. 

Datalign Advisory solves this issue by thoroughly vetting both the advisers and clients looking for financial advisers, then matching them based on detailed information.

If you’re looking for a financial adviser, it only makes sense to use a platform like Datalign Advisory to find them. The no cost platform will match you with an adviser who can successfully address your needs. But with every platform, there are pros and cons to using it. Here are the pros and cons of the Datalign Advisory platform.

Best For
  • People who need investment advice or need help with investments
  • People who need advice about retirement
  • People who need help arranging their finances
  • People who want to work with a financial adviser
Pros
  • Saves time and money by matching you with a suitable financial adviser
  • Preserves your privacy
Cons
  • The questions the platform asks don’t allow you to go into detail or skip the question if it doesn’t apply to you.

Datalign Ratings at a Glance

Advisory Product Offerings
Advisory Customer Service
Advisory Pricing
Advisory User Benefits
Advisory User Experience
Advisory Overall

Datalign Advisory Product Offerings

Datalign Advisory gets a 4.5-star rating from Benzinga. It receives a high rating because it offers an important service to people who need help creating or executing a financial plan or getting a better understanding of their finances and how to improve them. 

A study conducted by Northwestern Mutual shows that 66% of people who use a financial adviser feel secure about their finances while only 30% of those who do not use a financial adviser share in that confidence.

The platform boasts thousands of financial advisers to help you find your ideal match. And it doesn’t accept every adviser who applies. Datalign Advisory vets each adviser on its platform by interviewing the advisory company to understand their areas of expertise and then reviewing their disclosure and disciplinary history. Also, the platform only accepts fiduciaries, which means the advisers on Datalign Advisory's platform are obligated under law to put your interests above their own – always.

To use the service to connect with a financial adviser, you must first fill out a detailed questionnaire. To start the process, click on the Get Started button on the site or fill out the questionnaire. You will be asked to provide your basic contact information and answer questions designed to help Datalign Advisory understand your needs. For instance, the platform asks about your income, investment status and financial goals you are working toward. It also asks more personal questions such as what you would do if the stock market crashed 50% — this question is important and helps to describe your investment risk tolerance. You will also be asked whether you prefer to work with a local financial adviser or whether you are comfortable working with a financial adviser who may not be able to meet in person, but can meet with you on the phone or via video.

Once the survey is complete, Datalign Advisory will match you with an adviser who can best fulfill your needs. After agreeing to be contacted by the financial adviser Datalign Advisory recommends, you will receive a free, no-obligation phone call to discuss your needs. This will help you better understand what financial advisers do and how they can help you achieve your financial goals.

Finally, you will not pay a fee to use the Datalign Advisory platform and be matched with a verified financial adviser. It is completely free even if you go through the process and do not make contact with or hire one of Datalign Advisory's recommended financial providers. But keep in mind that if you do connect with a financial adviser you want to work with, you will have to pay their fees for the services they provide you.

Datalign Advisory Customer Service

Datalign Advisory is a platform that connects consumers to professionals, so Benzinga does not expect it to have a robust customer service department. It does, however, meet the basic requirements. For instance, you will find a general email address you can use for any questions you have regarding the platform. In the website’s About Us section, you will find pictures and blurbs about the company team, although it does not provide contact information for them. What you will not find is a phone number, so if you have any questions, you will have to send the company an email and wait for a response.

Datalign Advisory Pricing

Datalign Advisory does not charge consumers for matching them to a financial adviser, and that makes the platform earn an excellent score for pricing. Clients are only charged by the advisor firm when they agree to both work with the adviser and with the adviser's pricing structure.

Datalign Advisory User Benefits

There are many benefits of using Datalign Advisory to find a financial adviser. When people rely on internet searches, they will find a multitude of advisers who may or may not specialize in the area they need help with. Or, if they use another adviser matching service, they may be matched with a financial adviser solely based on the consumer's net worth and location. 

But that leaves a lot to chance. For instance, if you wanted to hire a financial adviser to help with tax strategies, you could easily be matched with a financial adviser who specializes in debt reduction just because you live in the same area and have a net worth that they work with. The fact that Datalign Advisory uses a questionnaire to uncover your needs is a huge benefit and should result in your being matched with a suitable financial adviser who can best answer your questions and offer advice based on your unique personal and financial circumstances.

Another benefit to using Datalign Advisory is that you will have access to thousands of fully vetted, prescreened and qualified financial advisers. While it’s true that they won’t all be suitable for your needs, when you begin with that large of a talent pool the chances of finding the right financial adviser increase tremendously. This takes away the burden of having to ensure that the financial adviser is qualified and vetted.

You will enjoy privacy when dealing with the platform. Once you answer the questions and are matched with an adviser, you remain in the driver’s seat as far as your privacy. You can opt-in to an email or free phone call with the adviser and explore the possibility of working with them, or you can decide not to. Your information will remain private and your phone won’t ring off the hook with unsolicited calls.

Finally, because all financial advisers on the platform are fiduciaries, you can be certain that whatever advice they give you is in your best interest. The same isn’t true for other advisers who aren’t fiduciaries — they can legally put their own needs ahead of yours.

Datalign Advisory User Experience

When looking for a financial adviser on Datalign Advisory, you will find the platform is easy to use and intuitive. You will first have a chance to read about the company and the benefits it offers. You can look at the team members to understand their education and experience in the world of finance. 

Then, if you want to be matched with an adviser, you will answer a few questions about yourself and your financial goals. The question portion of the process takes about 3 minutes. After that, you will verify yourself through text or email code, then be matched with the financial adviser who best meets your needs. You will have the choice of whether or not to contact them. If you do, your business dealings will be with that adviser from then on. If you’re looking for an easy way to find the ideal financial adviser who will meet your needs, this is a great platform.

Datalign Advisory vs Competitors

SmartAsset: This is another platform that matches consumers with financial advisers but with a few differences. SmartAsset also only recommends fiduciaries and does not charge a fee for its service. 

Consumers also need to answer a few questions about themselves before they are matched with an adviser. The difference lies in how the results are given. After taking the quiz, you will see the adviser best matched to you, but you will also receive a message that says the SmartAsset team will call you to connect you with the adviser. That seems like an inconvenience because it’s one more phone call you have to make to connect with the adviser.

Edward Jones Match: Just like the other platforms, you will be required to take a quiz and answer some questions about yourself before being matched with an adviser. The questions were not as thorough as the other two, but they provided more matches, and all of them were in the local area. The caveat is that all of the matches work for Edward Jones, so consumers will not get a variety of choices when it comes to working with an adviser.

Datalign Advisory Overall

After looking at the platform and evaluating it, Benzinga gives Datalign Advisory a five-star rating. The platform is easy to use and offers consumers an important service for free. What Benzinga likes most about this platform is that it does not provide your information to anyone without your prior approval. That and the fact that it takes the time to get to know your needs and goals before matching you with an adviser makes it a valuable resource.

Benzinga only took away points for the fact that the platform does not offer a phone number as a way to reach customer service. Sometimes, people need answers to questions faster than an email can provide.

Frequently Asked Questions

Q

What exactly does a financial adviser do?

A

A financial adviser does many things, all related to your finances. In general, financial advisers speak with you about your goals and look at your current financial situation. Then they make educated suggestions about how you can increase your chances of reaching those financial goals. You can work with a financial adviser to help plan for retirement, increase your investment returns, reduce your income tax burden, or help you with strategies to pay off or refinance debt.

Q

Are financial advisers free?

A

Financial advisers are not free. They offer an important service and work hard to gain the knowledge needed to offer their clients the best advice. The advice they give and the breadth of your financial picture will determine how much a financial adviser costs. If you are looking for free financial help, you should speak to your bank, a credit counseling service, or look for a pro bono financial adviser.

Q

Is it worth paying for a financial adviser?

A

Financial advisers can boost your financial health by taking a comprehensive view of your finances and offering suggestions about how to improve them. When asking whether it is worth paying for a financial adviser, it’s important to keep in mind some research conducted by The Vanguard Group Inc. and Envestment Inc. shows that people who use a financial adviser see 3% more in net average returns than those who do not use one.

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