You’re ready to take your financial future into your own hands — by putting it in someone else’s. But who can you trust to do it right for you?
Here are fifteen ways to ensure you get the right financial advisor for your situation.
1. Consider the Financial Advice You Need
Each advisor will specialize in different topics, from debt management to tax planning. Know which would benefit you most and find advisors with that background.
2. Decide Where You’ll Focus
Financial advisors can help you organize and plan all of your financial needs. But it’s best to know what you want to focus on first. Know where you want to start with your advisor to see if they have the right services to help.
3. Check Credentials
It’s easier than you think to call yourself a “financial advisor,” so you should only hire those with a strong finance background and ideally recognized standards like a CFP or CFA.
4. Ask Questions
Advisors should be more than happy to answer any questions and explain the process until you’re satisfied. If they don’t, they’re not worth your time or money.
5. Ask For Clarity
If you don’t understand how the process works or how the advisor makes their money, then they should have no problem being fully transparent. Otherwise, they’re likely purposefully not telling you what’s going on.
6. Find Someone Motivating
A good financial advisor knows motivating clients is vital to achieving their goals. You should feel like your advisor has a real investment in your financial future and wants to help however they can.
7. Find Someone Empathetic
Motivation is crucial, but so is someone who understands you. Money can be troubling and emotional for many people, and you want an advisor who can see where you’re coming from.
8. Find a Fiduciary
An advisor acting as a fiduciary will always focus on your interests first — this is a must if you want a good relationship with your financial advisor.
9. Know How They Get Paid
How your advisor gets paid could change how you feel about starting a relationship with them, so make sure it’s something you’re comfortable with.
10. Find One in Your Price Range
There’s no point in hiring a financial advisor you can’t afford; find one that operates in a way that makes sense to you, either commission-only or fee-only.
11. Research Your Options
Even if someone seems to tick all the boxes immediately, shopping around and comparing is wise.
12. Don’t Hesitate to Walk Away
If you hire someone who doesn’t feel like a good fit, don’t be afraid to go find someone who is.
13. Ask People You Trust
If there’s someone whose financial advice you already trust, ask them if they know any advisors that would be a good fit for you. They might have just the person!
14. Learn About Their Experience With Past Clients
Reviews are invaluable if you decide on an advisor, as they can tell you who to avoid and point you in the right direction to someone who specializes in what you need.
15. Find Someone Objective
Your financial advisor should feel invested in your financial future but in a way that isn’t biased and focuses primarily on your goals and how they relate to your current circumstances.
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