There are many reasons why you may need a financial advisor, perhaps you’re planning for retirement, want to invest in real estate or have questions about your 401k plan.
Whatever the case, finding the right advisor can make all the difference between feeling confident in your investment decisions and feeling unsure of where you stand financially. Here are some tips from AG Morgan Financial Advisors on how to find an advisor who is right for you.
Consider Their Experience
When you’re looking for a financial advisor, it’s important to consider their experience such as
- How long have they been in business?
- How long have they been in the industry?
- Do they have a good track record of helping people like you achieve their goals?
It’s also worth asking yourself: What kind of experience do I want my financial advisor to have? If your main goal is retirement planning and saving for your child’s college education, then an experienced accountant may be right for you.
On the other hand, if your main goal is building wealth through investing and growing your portfolio over time and keeping up with current market trends then perhaps an investment manager would be better suited for this task.
Ask About Their Fees And Compensation
When you meet with a financial advisor such as AG Morgan Financial Advisors, it’s important to ask about their fees and compensation, many advisors are compensated in one of two ways:
- They may be paid by the client directly for their services. In this case, they will charge an hourly rate or a flat fee for each service they provide.
This type of arrangement is typically best if your goal is to reduce your out-of-pocket costs as much as possible by hiring someone who doesn’t have any conflicts of interest.
- Alternatively, some advisors receive commissions based on sales made through them or their firm–a practice known as fee-based rather than commissioned.
If this is how your advisor gets paid and you’re interested in working with them long term and especially if there are any charges associated with using his/her services make sure he/she has clearly explained these arrangements before signing anything.
Determine If They Have Experience In Your Industry
- If they don’t, ask them why not and how they plan to learn about it.
- Ask yourself if this is something that would be important to you as a client, if so, then it’s something worth considering when choosing a financial advisor:
- Are they willing and able to help me understand my industry-specific challenges?
- How can they help me adapt my strategy based on those challenges?
- What impact will their expertise have on my business growth and profitability going forward?
Conclusion
As you begin the search for a financial advisor, it’s important to remember that choosing the right person can have a profound impact on your life. You want someone who is trustworthy, knowledgeable and experienced.
Remember: when choosing an advisor, look for someone who has been through the process before and knows what questions to ask in order for you both to find common ground on which decisions can be made together.
A good financial advisor will educate himself or herself about your situation before meeting with you so he or she can fully understand where you are coming from as well as how best to help guide you toward achieving your goals.
