The best financial advisors to work with are ones that you can trust. This does not mean that they have all the latest technology or are top competitors of each other; it means that you know that you will be working with them and that they will have your best interest in mind. When choosing which advisors to work with, here are some things you should look for.
They have been around for a while. Just because a financial advisor has a new website and looks like a top competitor, does not necessarily mean they are trustworthy. It may be that their services were once used by clients, but that does not mean that they are experts on your situation. Look for those that have been in business for at least five years, and have plenty of satisfied customers to show for their hard work. There is no point in taking advice from someone who cannot back it up or has not even bothered to check out the credentials.
Their fee is affordable. Saving money is the number one reason that people start a savings plan, and the advisor is usually paid a commission. The best financial advisors to work with will offer you a free financial consultation and explain all of the details so that you can make an informed decision. If you have any doubts about what you are doing, you can always go back and ask for a second opinion.
They charge reasonable fees. Of course, everyone wants to save as much money as possible, but you do not need to overpay to get good service. Even when you have to look for free advice or an independent advisor who charges a flat rate, you will often find that the same company is slightly higher than others. This is because some advisors are paid based on volume, while others are paid based on the information they give you.
They have integrity. If you choose the best financial advisors to work with, you will be working with individuals who have integrity. They will not recommend a product or plan that is shams or fraudulent. They will work with companies from which they have received good customer feedback, and will not sell you anything until they are sure that the advice was sound and appropriate.
They have an established reputation. Reputable advisors have built up a track record. When you are looking for the best financial advisors to work with, it is important to find an advisor who has references you can contact to verify his or her credentials. When you are working with someone whose methods and credentials are in doubt, it is wise to weigh the potential risks vs. the rewards. Look for testimonies from satisfied clients, and ask if you can see their qualifications and proof of success.
They are willing to communicate. You need to know how easy it is to reach an advisor when you have a question. If you can’t reach them through email or phone, then you need to move on to the next candidate. An advisor who prefers to meet with you in person or over the phone is even more desirable.
They can provide you with a free consultation. The best financial advisors to work with do not charge a fee for this consultation. The fees that they charge reflect their overall success and service, as well as their reputations as honest individuals. The more knowledgeable an advisor is about your financial situation, the more likely he or she will be to provide you with an accurate diagnosis of your needs and your options.