The majority of people need some help when it comes to financial planning and investing. That’s when we turn to Financial Advisors. With many options available, you must choose a Financial Advisor that you can trust and feel comfortable with.
What are some signs that a Financial Advisor is a good fit? Here are some things to consider when deciding who will be best for you.
They have clients that are similar to you
Every client has their own unique goals, needs, and circumstances. But there are some commonalities among clients. Lawyers, doctors, teachers, and other professionals have different pension and retirement plans that affect how much they need to put away themselves. Their careers also alter the resources available to them.
The stage you’re at in your career also affects your resources and needs. A younger person with a long investment horizon ahead of them may have a greater risk tolerance than someone only a year or two away from retirement.
When looking for a Financial Advisor, find someone who helps clients in similar situations. While they won’t be in an identical position to you, their needs should be similar enough that you can get an idea of how well that Financial Advisor can help you.
They come with a network of advisors
Just as your general practitioner will send you to a specialist to deal with specific healthcare concerns, Financial Advisors have a network of professionals they can refer you to for your financial needs. For example, they may have a solicitor who can help with drafting wills, an accountant (such as Precision) for tax returns, and a bookkeeper for business dealings.
A great Financial Advisor knows they can’t take care of everything for you. They will have a cultivated team of experts who can help you manage your finances.
They keep you focused on your goals
Financial Advisors know how stressful investing is and how novice investors can become overwhelmed by the instability of the market, which can lead to impulsive decisions with disastrous consequences. Think of your advisor as a coach who keeps you on track when investment issues arise.
They can show you the bigger picture, how a dip in the market doesn’t mean it’s time to cash everything in, and how long-term trends affect your investments. Because they’re there to help you, they can take the emotion out of your investments and bring it back to the information available to you so that you can make smart decisions.
They take the time to get to know you
As mentioned above, every client is different. Even with similarities, your unique circumstances mean your goals, resources, and needs differ from other clients. The best Financial Advisors take the time to get to know and understand their clients. They ask about risk tolerance, future goals, what those goals look like, and how comfortable you are asking questions.
Financial Advisors take the time to explain everything so you feel confident and comfortable with the decisions being made. They make it clear that they’re working with your best interests in mind, based on your circumstances. And they are available to talk through your concerns.
Final thoughts
It’s in your best interests to work with a Financial Advisor who works well with you. That’s how you access the best, most knowledgeable, and most relevant advice. Talk to people to find out who they go to for financial advice. Look up reviews and testimonials; don’t be afraid to ask questions. That’s how you get to know the people helping you.
If you have any questions, feel free to Join the conversation…