Finding the right financial advisor can be tricky. You want someone who will work within your best interest and help you to accomplish your financial goals. Money is a very personal thing, so it is important that you find a financial advisor that you can really trust. Although many financial advisors will tell you that they can do these things, not every financial advisor is made equal, and it can be very difficult to find the right one for you. Luckily, we have come up with this list of questions to help you to determine if you’ve found the right financial advisor or not:
- How much does your firm charge, and how do you charge? – There are several ways in which financial advisors make money: selling products, a percentage of assets that are under management, planning fees, etc. Once you know how your financial advisor charges, and how much they charge, you will be able to determine if they are right for your budget and your financial goals.
- What kinds of services do you provide? – Not many people turn to a financial advisor for just one thing. Many people are looking for a comprehensive plan to meet their financial goals as a whole. If you are looking for investment advice, retirement planning, estate planning, and more, make sure that your financial advisor has what it takes to take care of all of your needs.
- Are you a financial advisor or a salesman? Ask your potential advisor if he operates under the fiduciary standard or the lesser suitability standard. This is an important distinction – make sure you know the difference.
These are just a couple of the questions that you should ask a potential advisor. Want to learn more? Request a consultation below, or stay tuned for our next blog!