Financial Advisors: Why you might need one and how to find one


Do you know if you need a financial advisor or not? Maybe you don’t even understand why one would be helpful or even how to find one that fits your needs. It is important to understand why you might want to consider using one regardless of your stage of life.
What are the most important reasons to have a financial advisor?
Primarily they can help people avoid mistakes in their investing such as:

  • Not taking the right amount of risk in your portfolio

  • Making ill-advised investment choices

  • Having the wrong asset allocation

  • Diverting retirement assets away from retirement

How important is finding the right financial advisor?
Selecting the best financial advisor is really important because their advice can impact your financial future. There are several different types of advisors in the marketplace. Choosing the correct one for your situation can usually best be vetted through a series of questions and in person interviews.
What are important questions to ask potential financial advisors?

  • What types of clients to they typically work with?

  • How often will you and the advisor communicate?

  • Who will you actually be working with?

  • How is the advisor compensated?

After narrowing your advisors choices, what should be the next step?
After trimming the list to two or three, you will want to do research on their practice. It is important that your selected individual is comfortable with your financial needs and that you are comfortable divulging your personal situation to them. Usually advisor/client relationships work best when there is a personality fit too.
What should the final review should include?

  • Research with FINRA for any violations reported on the individual

  • Have a presentation from the advisor on their plan for your portfolio

  • Make sure the firm has the resources to serve all your needs

  • Know who will handle your account if something happens to your advisor

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