In the past, financial advisors were only for the rich and famous. Today, with more ways to look after your money, more individuals and businesses are hiring financial advisors to take care of their assets.
Finding a financial advisor to suit your needs can be tricky. You want to make sure they’re in it for the right reasons and not just trying to make a quick buck.
To help you with the search, we share five top tips to help you find your ideal financial advisor.
1. Do They Align With Your Values?
The first thing to consider is finding someone who aligns with your values. This means that a company might have experience and a good track record. If they don’t have the same ethics as you – about achieving family goals, quality of life, and stability – then the relationship will never work.
This is why a good first step is simply checking over a financial group’s website. For example, at Barry D. Todd Financial Expert at Invicta Financial Group, you see that the company is veteran-owned and operated. They focus on family values and work towards long-term business and individual goals.
2. Will They Adapt to Your Needs?
The second tip is finding a financial advisor with flexibility. Some individuals are more risk-averse than others. Some want to access their funds in less time than others may. Some want to invest heavily in the stock market, while others prefer long-term savings bonds.
Whatever your economic goals, it’s important that your financial advisor not only understands them but is able to adapt their methods and investment tools to meet them.
3. Are They Experienced?
Did you know that around 40% of Americans work with a financial advisor? That’s a pretty large figure, but are all of these financial advisors reputable and experienced?
To make sure you put your money in safe hands, make sure your financial advisor has plenty of experience, happy clients, and a track record of successful investments. You can find this information by looking at their portfolio, website, and online reviews.
And, of course, if you get a bad vibe from the advisor you’re considering, keep looking around.
4. Are They Only Motivated by Profit?
The stock market is unpredictable. So a key aspect of successful investing is knowing when not to invest, knowing when to take risks, and understanding when the market is volatile and when caution is required. Your advisor should keep you up to date with everything.
Because of this, it’s important to have an advisor who is not solely motivated by profit. They are more likely to take huge risks with your portfolio, even when the market is unusually unstable.
5. What’s their Client Base Like?
Finally, look into the client base of your prospective financial advisor. While it’s unlikely that you’ll be able to find specific details, you will be able to get a feel about the clients they usually work with. Use this information to best determine if you’re the type of client they’re known for working for. This way, you can land an advisor that specializes in your goals.
With these five tips in mind, you should feel more confident about choosing a financial advisor. Whether you are a business, an individual, or a family, you should ask yourself the questions above. Do they align with your values? Will they adapt to your needs? Are they experienced, motivated by profit, or have a good client base?
Knowing this will help you make an informed decision on the financial advisor right for you.