Should Your Financial Advisor Have Access to Your Bank Account?


When searching for a financial advisor, a main priority is finding someone with experience, a solid reputation, and a history of successful clients. Integrity should be the defining characteristic of a good financial advisor – after all, this person will not only be giving you advice about your money, they could also be handling your money for you. This requires a significant amount of trust and confidence. 

What can a financial advisor do for me? 

Part of a financial advisor’s role is to educate you so that you can understand what you need to do in order to meet future financial goals. This may involve something as simple as making a comprehensive budget, organizing your savings, and planning for your financial future. In the long run, financial advisors can assist with investing, growing a portfolio, insurance, and tax matters. 

In order for a financial advisor to intimately understand a client’s income, expenses, and spending patterns, they need access to sensitive information. For ease, some clients give their financial advisors direct access to their bank accounts, but this is often not required or recommended. For your security, you should know what information to give to your financial advisor and when to set limits.

Information Your Financial Advisor Should Have Access To


Assets can refer to anything from your current finances to the properties or business you might have. This is anything that helps your financial stability or adds value to your income. Assets can also come from contracts that generate future income or from owning other properties or instruments that lead to cash flow.


Liabilities are the opposite of financial assets. This refers to any expenses or sacrifices that an individual like you may have to make in the future. For example, it could include any debts you need to handle or interests you have to pay off.


Your financial advisor needs to have access to your income because they need to know how much you’re making. Having an idea of your financial capability can help them create the optimal financial plan to help you with your needs and regular expenses. Your income will also help them determine how they can help you budget and save your money.


Risks refer to any situations or decisions that could lead to financial loss. This usually comes from instability, inconsistency or changes in the financial market. Risk cannot be avoided or ignored, so a good financial advisor will tell you about the risks and help you decide which risks are worth taking.

So… Should your Financial Advisor have access to your existing account?

Despite all the information that a financial advisor needs to help you achieve your goals, they don’t need to access your bank accounts to do it. Having the correct information and balance sheet is enough for a good financial advisor. Some financial advisors can arrange auto-deductions from your account, but this is something you need to approve. A good financial advisor will not ask to make transactions for you or have access to your funds, but if you should choose to give them this power, it’s best not to provide them with full access to all your money for financial security.

Financial advisors have many roles and can help you grow your money in a lot of ways. However, the final decisions are always with you, so they don’t need full access to your bank accounts. Giving them accurate and necessary information is essential, but it shouldn’t compromise your financial security. Remember that a good financial advisor will always put your interests first.