Selecting the Right Financial Advisor
Financial advisors can be found in nearly every city. You probably know a few, have seen their marketing, or been marketed to by them. The challenge is finding the financial advisor that is knowledgeable in the areas you have questions on and that you feel comfortable with.
It’s not to say that it is a daunting task to choose the right advisor. It’s just that, unlike many other types of purchases where you can easily compare features and benefits, there can be a number of additional intangibles that can affect your decision. If you are looking for an advisor or insurance agent it is helpful to know what to look for.
Advisors Explore knows that choosing the right financial advisor isn’t an easy decision. This is exactly why we’ve compiled a database of trustworthy advisors that are properly licensed and are knowledgeable in a variety of areas so you can research and compare in order to find the right advisor for you.
When Do You Need A Financial Advisor
Typically when you have a stable job and income, or have assets, it can be a good time to look for a financial advisor. If you aren’t in a position to save or don’t have any assets a financial advisor probably won’t be a lot of help to you. Another great time to look for a financial advisor is when you have a life changing event such as retirement, marriage, birth of a child, a job change, or even divorce. It’s times like these that financial or insurance decisions are typically involved. A lot of stress can be eliminated by having a financial advisor that can answer your questions and guide you down the right path.
What Type of Advisor Do You Choosing
There are many types of financial advisors. There are also a number of different types of designations and licenses they might hold. In many cases a financial advisor may hold one license or designation that allows them to sell or recommend multiple lines of products.
The first thing to ask yourself is why do I think I need an advisor?
While there are many reasons why you would need a financial advisor it is important to identify your specific needs as that will play a huge role in deciding direction on where to go.
Did you just have a child and think you need life insurance or want to start a college savings plan?
If so a good place to start would be an insurance agent that works with life insurance and college planning.
Are you getting ready to retire and need a strategy to maximize your retirement income?
Then maybe you need to find a financial advisor who deals with income planning.
Are you looking for a strategy to save for retirement?
In this scenario you might want to start looking at advisors that deal with retirement planning and wealth accumulation.
The most important thing to remember is that you want to work with a financial advisor that is proficient in the areas that you are most concerned about.
How Do You Know If They’re The One
Your needs and the services a financial advisor provides are two key factors in determining if the advisor is proficient in the areas you need help with. In addition to this, trustworthiness and client reviews are the other components that can most significantly affect your decision. When you meet with the advisor do you feel comfortable with them? Do you feel like you can trust your nest egg with them and trust their plan? Are you able to see what others have to say about them? Do they work with other individuals you know or are you able to see reviews from individuals that have already worked with that advisor? Here’s an analogy. You are going to purchase a refrigerator and have narrowed it down to two options that are similar in price. One has a number of favorable reviews about it and the other has mixed reviews. Which one will you go with? Probably the one that more people seemed satisfied with.