Finding A Financial Advisor Who Meets Your Needs


The right financial advisor can help you make better decisions, save you money and help you avoid falling victim to your own biases when it comes to investing. The key is finding the right advisor for your situation by asking the right questions to determine if they can and will make your financial situation better than if you did your own investing.

  • The first question to ask is about their typical clients. It is usually a better fit if they have helped people with similar situations that you are currently facing in your financial life. 

  • Another important tidbit of information is finding out if they are a certified financial planner and if they have any affiliations with broker/dealers. This is important as it relates to the level of fiduciary duty the advisor must meet. CFP is the highest. 

  • Understanding how the advisor is paid is important. Ideally working with an advisor who isn’t paid for recommending products or received third party compensation is the best situation. 

  • It is always good to find out before selecting an advisor how often they meet with their clients and if it will be the advisor or one of their associates. At least twice per year should be expected with the advisor. 

  • Investment philosophy is also important to understand from a potential advisor. It is best if you can find someone who fits your risk tolerance and expectations so that you will follow their advice. 

  • The final question to ask is regarding what other services they offer besides investment advice. Usually it is better to work with an advisor who helps you with all of the stages of your life and the financial planning needs you will have in those different stages.

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