Tips for Finding the Right Financial Advisor for You

So, how to find the right financial advisor for you? Is that even possible? The answer is a resounding “yes.” With the advent of the Internet, it’s never been easier to set up initial consultations with virtually anyone and find out exactly what their financial goals are and how they plan to achieve them. Just make sure you do your homework and trust your instinct when it comes to choosing the right advisor.

The first thing you should do when looking for a financial advisor contact a few of them. Ask each of them the same questions over the phone. Make sure to tell them exactly why you’re inquiring. Then ask them how they feel about who you’re contacting. If you’re interviewing a potential advisor on the phone, this is the time to grill him or her about specific questions such as: What kind of financial plans do you have? What kind of rates would you be comfortable with?

Are you going to buy or sell a stock? What is your investment philosophy? How do you analyze risk? (This question may seem silly, but if you don’t ask it you may not know what to ask later.) Do you work with a brokerage firm or not?

Once you’ve received answers to those questions from a few different advisors, take the next step. Write down their responses. Use this information to make a shortlist. Now, you’re ready to ask questions.

How to find the right financial advisor for you is not all about answering one or two questions. You don’t want someone who is going to read you the same sheet of paper over again. Instead, ask your prospect about his or her background. Learn as much about them as you can. Find out about their educational qualifications and if they hold key executive positions in the industry. Ask them about their professional experiences, and if they’ve worked in investment banks, financial institutions, etc.

Another great way to find a financial adviser is through a referral. Ask someone you know whether they’ve used any particular financial planner in the past. If they haven’t, ask them who they use. If you get several different responses, then it’s possible that those planners aren’t that great.

After doing a bit of research, you’re ready to finally ask your advisor questions. Don’t be intimidated. If you feel uncomfortable, it’s likely that you won’t feel comfortable asking your own questions, either. Make sure you feel at ease before you ask anything.

Finding a good financial advisor shouldn’t be a problem, but it can be one if you don’t know where to start. If you want to know how to find the right financial advisor, these are some tips to help you out. With the right advisor by your side, you’ll be able to grow your wealth and become financially free.

The first place you should look when trying to decide on the best financial advisor is your friends and family. Find out who they use, and what kind of experience they have had with financial advisors. Some people have never needed to hire one before, so they may not have much to share. Keep in mind, however, that if your friends have had stellar experiences, they probably wouldn’t advise you to use a financial advisor.

Another excellent place to get an advisor’s opinion is through online reviews. Many financial advisors will put their reviews online for potential clients to read. Take advantage of this free advice. Look for signs that the author of the review is pleased with the advisor he or she has hired or is happy to recommend them.

Finally, talk to friends and family who have worked with financial advisors in the past. Find out how they liked them, how helpful they were, and whether they felt like they could trust them. Obviously, you don’t want to hire the very first advisor you meet. Rather, use these first few interviews to help you narrow down your search until you’re left with perhaps one or two financial advisors you’re interested in hiring. It’s best to keep in mind that many financial advisors specialize in particular fields, so be sure to find out if they are willing to work with specific kinds of customers. For example, some specialize in retirement planning and investing, while others may work with children or those who are struggling with debt.

Once you have a list of financial advisors you want to interview, make sure you get all of their fees and charges in writing before you agree to hire them. This way, there’s no misunderstanding about how much you’ll be paying and what the final bill will be. If at any point you feel that the financial advisor doesn’t have your best interests in mind, you can move on and choose someone else.