Picking the Right Financial Advisor for You

You need a financial advisor to help guide you through making investment, debt management, insurance and other financial decisions that could determine the course of your entire future. But how can you make sure you partner with the one that’s right for you?

Assess Your Financial Goals. Your first step should be clarify your financial goals and needs. Write them down. With clear objectives, you can better determine whether an advisor’s expertise and service offering and focus align with your particular financial situation. You want to engage a professional with the right skill set, experience, and strategies to be able to guide you effectively towards your goals. Having well-defined goals and needs will also help foster clear communication between you and your advisor, facilitate a more productive and successful working relationship. Select a financial professional who offers a broad range of services, such as financial planning, investment management, tax consulting, and estate planning so that all aspects of your financial life are addressed holistically.

Fiduciaries and Fees. Choose a financial advisor who is a fiduciary, meaning they’re legally obligated to act in your best interest, rather than their own. This helps ensure that their advice is unbiased and focused on your needs. A good financial advisor will provide a clear and transparent fee structure. Make sure you understand how they’re compensated, whether through hourly rates, flat fees, or a percentage your assets under management. Ask they receive any fees by virtue of the investments they select for your portfolio.

Connection and Communication Style. Work with an advisor with whom you feel comfortable discussing all aspects of your personal finances. This will help encourage more open communication and help build trust, both of which are essential when working with an advisor. Also, can they explain complex financial concepts in a way that makes sense to you? Learning can be an important part of the financial advisory process, so you need a good teacher. Establish a communication plan with your advisor to review your financial progress and make adjustments as needed. How often will you meet? Can you email them with questions that arise?

Trust Your Instincts. Always check credentials, references and reviews, but ultimately, trust your gut when selecting a financial advisor. If you feel uncomfortable, have doubts or simply don’t click, continue interviewing candidates until you find one who instills confidence feels right. By taking time to seek out a professional who aligns with your needs and values and suits your personal style, you can establish a strong and lasting partnership to help your financial with confidence and success.

A Prosperity Partnership

The journey to financial wellness can — and should — be is an exciting and rewarding adventure. With the right financial advisor as your trusted ally, you can more confidently navigate life’s financial challenges and seize upon opportunities to help you realize your dreams and goals. So take the leap, and find your ideal professional  partner to embark on this transformative journey together.