YOUR FINANCIAL ADVISOR

Do You Have a Financial Advisor?

One of the smartest moves you can make financially is to work with a financial advisor. You don’t have to be rich to get quality financial advice. Financial advisors work with people at many different income levels.

If you already have a financial advisor, do you have a strong relationship with him or her? It’s important that you and your spouse both have a good relationship with your advisor.

If you don’t have a financial advisor, or are unhappy with your current advisor, here are some ways to find the right financial advisor for you.

Finding the Right Financial Advisor:

1. Get a referral - Turn to your friends, family, co-workers... anyone you can trust.  Ask people how long they've been with their financial advisor and how they feel about him or her.  Talk to two or three financial advisors before you sign up with one.
   
2. Have a plan - The best thing you can do before you begin meeting with potential advisors is to have a better understanding of what you want to accomplish by working with an advisor.  Are you looking for a comprehensive financial plan, or do you really just need help building an investment portfolio?  How you answer that question will help you tailor your search for the right financial advisor. 
   
   
3. What is their investment philosophy - how do they plan to help your savings grow?  Ask your advisor to show you some examples of their investing/planning philosophy for people with goals and needs similar to yours.
   
   
4. Find out how your advisor gets paid.  Don't be afraid to ask the tough questions.
   
   Fee Only - Compensation is based entirely from consultation, plan development or investment management fees
   Commission Only - No fees for preparation of your financial plan; compensation based on the financial products that you purchase
   Combination Fee/Commission - Fees charged for planning and development of your financial plan, and planner receives a commission based off of the investment products that you purchase
   Salary - Compensation is based solely on a salary provided by their financial services firm.
   
   
5. Ask if you will be working with them directly, or if you will be working with an associate from their office - It’s not necessarily a bad thing to work with an associate, but make sure you know who your relationship will be with and make sure you meet the people you’ll be working with.
   
   
6. Look at their credentials.  Professional designations don't always guarantee a qualified and experienced planner.  You want to make sure you look for designations that have strict education and ethical requirements, such as:
    - Certified Financial Planner (CFP)
    - Chartered Financial Analyst (CFA)
   
   These designations don't automatically mean the advisor does good work, but it tells you they have extensive training and experience.
   
   

Once you’ve found a financial advisor, you can sit down together and create a plan for a secure retirement for you and your family.

You can feel more confident knowing you’re not alone, and that you have the right financial vehicles in place to take care of yourself and the people you care most about.