What to Look for in a Financial Advisor


Hiring a financial advisor should be taken seriously; after all, they will be privy to some of your most personal information. The financial world is incredibly complex, and advisors come in all shapes and sizes. Nearly anyone can technically call themselves an advisor, but their knowledge and expertise can significantly vary.

 

You should give careful thought and consideration when selecting a financial advisor. You want someone who supports your financial goals and will help you achieve them. This article sheds some light on what makes a quality advisor, finding them, and why the trust factor is crucial.

 

 

How to Find a Good Financial Advisor

 

There are many variations of financial advisors on the market today, everything from robo-advisors to specialized and certified experts. You should educate yourself regarding the different types of advisors and their services to determine the best fit for you. Take your budget into consideration, as well as the areas that you require the most assistance with.

 

Recommendations from friends and family members are great starting points when compiling a list of potential advisors. Don’t be afraid to interview multiple candidates. They will be working for you after all, and you need to feel comfortable and confident in their ability. It is also recommended to ask the advisors for references from previous clients.

 

Consider the advisor’s educational background and professional experience. An advisor’s website is a great place to learn more about their qualifications, practice and read testimonials. Many advisors are certified in certain areas, for example, a certified financial planner. This is especially beneficial if you require specialized advice. Ultimately you want to ensure that they can actively apply their designation and knowledge to support your financial goals.

 

You should also fully understand your advisor’s fee structure and how they are going to get paid. Ensure you obtain a written agreement outlining their fees and compare this to the other financial advisors you are considering. This will provide you peace of mind that you are hiring an advisor, not a salesperson.

 

 

What Makes a Good Financial Advisor

 

Technical knowledge, education, and experience are essential factors in selecting a financial advisor, but equally valuable is feeling comfortable with them as a person. A good financial advisor will be an excellent listener and always put your interests before their own. They should take the time to get to know you both professionally and personally and share a bit about themselves as well.

 

Establishing trust and open communication in a client-advisor relationship will help all the other details fall in place. Both parties should always experience long-term benefits and peace of mind.

 

 

Finding a Financial Advisor You Can Trust

 

All of the above-discussed vetting techniques will help you determine whether you can trust a financial advisor. In addition, knowing that a fiduciary duty is in place offers an additional layer of confidence when making your decision. A financial fiduciary is obligated legally and ethically to act in good faith and always put your best interests before their own. Be careful; not all financial advisors are fiduciaries, always do your research and don’t be afraid to ask questions.

 

 

The moral of the story is that not all financial advisors are created equal. Thorough due diligence when choosing your advisor can mean the difference between thousands or even millions of dollars in some cases. Established in 2003, Creative Financial Group proudly offers financial advisory services to friends and neighbors in Indianapolis and the surrounding areas. Contact us today to find out more about our services and what our professional advisors can offer you.

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