Considering a Financial Planner or Advisor?

Selecting an advisor who’s a good fit for your needs can be a daunting idea and it is surprising that many people don’t put a lot of time and effort into considering their own needs before researching types of advisors and how they might fit those needs. As pointed out in this Morningstar article, a lot of guides to choosing an advisor focus on questions you should ask the advisor—compensation schemes, designations, and whether the advisor is a fiduciary, which are definitely important questions, and well worth getting to the bottom of. “But the real first step when seeking an advisor is to think through what you’re looking for: your goals in seeking an advisor, what sort of relationship makes sense given those goals, and how much help you expect to need on an ongoing basis, among other issues. Armed with that information, you can then seek advisors who fit your self-made description.”

Here are some key questions to ask yourself before looking for a financial advisor.

1. Are you seeking help with your whole financial life or your investment portfolio?
2. Are you seeking advice on a few specific issues or do you need help with your whole plan? Do you need one-time/periodic help or ongoing assistance?
3. How hands-off (or hands-on) do you wish to be?
4. How comfortable are you with technology?
5. Do you have a specific investment philosophy you’d like to see your advisor employ?

For a deeper dive into each question  Click here to check out the article.

Disclaimer: The information provided above is general in nature and is shared for information purposes only; nothing herein should be interpreted as investment or tax advice. It should not be assumed that future performance of any specific investment or investment strategy will be profitable. Different types of investments involve varying degrees of risk, but all investments carry the risk of loss, including the permanent loss of principal. Past performance is not a guarantee of future results Any and all tax laws and/or specific tax rates referenced are subject to change.