A core strategy in sound financial planning is finding a good financial advisor. With caring for your family and job, finding the time and resources no less to understand the marketplace, investing and growing your wealth can become a burdensome experience. This is precisely why finding a trustworthy advisor that understands your financial needs should be at the heart of your long-term financial planning.
Like any relationship, an investor-advisor relationship doesn’t just happen. Shopping around and finding an advisor that works for you can be a laborious task. Optimize has an Advisor Search tool to aid you in finding your perfect investor-advisor match. There are, however, still some things you should consider when finding a financial advisor:
• There are many type of advisors: From a one-stop financial service shop to individual experts, advisors vary in their expertise and services rendered. If convenience is your focus, a generalist can provide all the planning and advisory services you desire. If you are interested in gaining more expert knowledge, understand advisors also specialize in specific areas ranging from mutual funds, estate planning, to insurance. Think critically of your financial needs and choose the combination of advisory services you require.
• Don’t settle on the first advisor you find: Despite a litany of referrals of a specific advisor, this person might not be best advisor for your own specific goals and circumstances. Never feel obligated settling on the first advisor you meet. Advisors are professionals and moving forward with a new advisor isn’t going to hurt their feelings. Researching and interviewing many advisors is the only certain way you end up with the advisor best suited to help you reach your financial goals.
• Is there chemistry? Trusting your advisor and having a clear understanding of how they are managing your wealth underpins a healthy advisor-investor relationship. Many investors focus on the institution rather than the individual to manage their money. While institutional resources can be of benefit, so is having an advisor you can speak candidly to in order to build a rapport.