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What are You Getting from Your Relationship with Your Financial Advisor?

Financial Planning Financial Advisor

Finding the right financial advisor can be a daunting task. However, it is not impossible.

Whether you are looking to hire a professional for the first time or just reevaluating your current financial advisor, this quick guide can help you ask the right questions during your search.

[Related: Why You Need a Financial Advisor]

Can the Financial Advisor Articulate their Philosophy?

Your financial advisor should have a long-term investing strategy. They should encourage you to invest consistently, really get to know you and your financial situation, and understand your goals before suggesting strategies or products.

A great advisor will be able to recommend a variety of mutual funds with an above-average performance history.

More important, avoid any advisor that wants you to risk your nest egg. The most important aspect of wealth building is consistently investing in good growth stock mutual funds. This brings up another important question.

What Services Do You Offer? A financial advisor should be able to help you create long-term investing strategy, balance your portfolio, set savings goals, pick mutual funds, and show you the pros and cons of various types of accounts.

How Will We Communicate? Look for someone who provides regular updates on your investments and portfolio without you having to contact them first. It’s also important to find someone who can explain how they will measure the success of your investments.

How Do You Get Paid? This one is important because it affects your finances too. It’s very important to understand how your advisor is paid and what fees will be involved in your process. Any advisor who avoids questions about fees and billing is likely to be someone you do not want to handle your finances.

[Related: Best Financial Advisor]

Does the Financial Advisor Take a Fiduciary Role?

Financial advisors, among many others, have a fiduciary responsibility. This means that they should make decisions based on YOUR best interest, even if it negatively affects them.

Make sure that your financial advisor abides by this role. Trusting your finances to someone is hard, be sure that person is worthy of your trust.

Team Experience

In your search for a financial advisor, consider the entire team of advisors. They should support and work with each other. Having a group with a close-knit system can help you get the most out of your investments.

Also, having a team with years of experience, good values, and a variety of specialties will greatly benefit you.

Best Financial Advisors

Whether you are looking for a new financial advisor or are just beginning to invest, it is important to find a great financial advisor who understands your goals and needs.

Contact us today and let our experienced team help you reach your goals.