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What to look for in a Financial Advisor

What to look for in a Financial Advisor

August 04, 2020

We talk about this question a lot when we think about what kind of practice we want to have. The fact of the matter is that there are a lot of good Advisors out there and what is a good fit for one person may not be a good fit for another person. This is a business of trust and it is vital that you find someone that you are comfortable with.

  1. What kind of Advisor do you need?

         Do you need extensive financial planning? Or do you just want someone to take your assets and go over them with you once a year? Advisors focus on different things so you  need to do some soul searching first to figure out what you want. Are you looking for someone to hold your hand and keep you on track or chat with you every now and again?

  1. What is the fee structure?

         Ask lots of questions about fees. You want to know what you are paying for. Advisors charge differently for different products and you will want to know what each item costs.

  1. Trust

         Be careful about being “sold” if you feel like you are being pressured into a deal then take a step back. If it makes you uncomfortable then it may not be a good fit for you. Think about what the Advisor has to offer and if you aren’t excited about it, keep looking.

  1. Credentials

         I put credentials last because IT IS important to know what kind of licenses etcetera the Advisor has, but it shouldn’t be the deciding factor. Again, you are looking for a good fit and that is personal. Still, ask about licenses and education.

The bottom line is that you want to be able to talk to your Advisor about your hopes and dreams for your money. Do some soul searching to figure out exactly what you need for your finances and if you have any questions for us, we are always happy to chat or go through any of this with you.