We get this question all the time… “What should I look for in a financial advisor?” The answer is “it depends”. It depends on what you need and what you want. To help answer this question we have five suggestions for you.
1. Consider a fee-based advisor. Fee-based advisors typically earn the same fee regardless of product or investments selected. They work for you and should fully-disclose what they earn on your accounts.
2. Find an advisor that works with people like yourself. Investment Advisors specialize in different types of clients. An advisor that specializes in managing millions of dollars may not be a great fit for a client with $150,000 in assets. Likewise, an advisor that specializes in middle-class planning may not be a great fit for an extremely high net worth client. Find an advisor whose practice fits who you are…
3. Choose an independent advisor. Salespeople often look like advisors, but are paid by a company to sell financial products. An independent advisor works with many different companies and financial products; therefore, they can help you choose the programs that best fit your situation. You want someone that has your best interest in mind.
4. Consider the relationship. Your financial advisor will become a partner for you and your family that lasts many years. Make sure you like them and trust them.
5. Make sure you understand what you getting. Find an advisor with a clear list of services and a documented planning & investing process. Understand what you are buying and set expectations up front. Avoid an advisor that will not provide their services in writing.
But isn’t a financial advisor expensive and only for wealthy people? Absolutely not! At Six8 Advisors, we feel that financial advice should be accessible for everyone. That is why we offer both asset-based and retainer options. We work with you to determine what best fits your budget and situation.