How to Find a Financial Advisor: Tips and Tricks

How to Invest Money

You pursued your dream course, got your dream job, and a handsome paycheck. At first, everything was going smoothly, but now every month, you seem to be getting deeper and deeper into debt even though you recently got a pay raise.

What could be the problem? Simple – you lack financial literacy. Luckily, this is a skill you can gain through the help of a professional financial advisor. If you have no clue where to start when it comes to finding one – don’t worry; this article offers solid advice on how to find a financial advisor.

Who is a Financial Advisor?

With the plethora of people posing as advisors nowadays, the most important thing to know on how to find a financial advisor is who precisely this professional is, and the service you should expect.

In that light, a financial advisor is a professional who offers financial consulting services. They help their clients make wise decisions on matters concerning money, investments, taxes, personal investments, and retirement. They do so intending to help clients and companies attain their financial goals, reduce costs, eliminate debts, and create more wealth.

In other words, when a financial advisor offers you debt management services, they are essentially helping you rewrite the past so you can create a brighter and a wealthier future. When providing investment advice, a financial advisor will first take into account economic trends, current regulations as well as future regulatory changes, and your comfort with taking up risky decisions. To achieve all this, a financial advisor may have many skills, but the main idea is they are there to help you invest.

How to Find a Financial Advisor

Take the following factors into account when looking for a financial advisor

The Type of Advisor

Before you hire some Average Joe who claims to have been in the industry for a decade, take time to know what exactly you need from an advisor. This is important because today, some advisors specialize in offering retirement advice, while others only provide insurance-related advice. Some are proficient in tax matters, while others focus on estate planning.

Consider the Credentials

Thanks to the internet, anyone can wake up today, set up a website, and start offering financial advice even though they have no qualifications. Therefore, don’t hire blindly. Ensure the individual you hire can prove they took and passed FINRA exams such as series 6 and series 63. They should also have certifications such as CFP, CPA, and CFA, among many others.

The Help You Need

Sometimes you may not need much help. For instance, you may have questions about a one-time event such as buying a home or selling your business.

In such a case, you may not need the advisor once the house or the business is off-the-market. Therefore, it would be advisable to seek services from an advisor who offers hourly consultation to walk you through the process until completion. But if you need help with an asset or debt management, then you may need a long-term financial planner.

See What Others have to Say

If so far you feel like the advisor may be the one for you, ask for referrals, check online reviews and also social media to see what those who have rubbed shoulders with them have to say. If the individual is rated 2-stars and below, you may need to start looking all over again.

The thin line to leading a lavish, comfortable life, and one full of difficulties in the future lies in the financial decisions you make today. Therefore, hiring a financial advisor shouldn’t be something you take lightly as you are trusting them with your future. Luckily, with the tips above, you can be confident you are making the right decision.

Leave a Reply

Your email address will not be published. Required fields are marked *