Choosing Your Advisor

Choosing a financial advisor is one of the most important decisions of your financial life. It can have a significant impact on your ability to reach your financial goals.

Here are some important factors to consider when evaluating a potential advisor.

Do they have the expertise that serves my needs?

There are many “generalist” advisors out there that will serve everyone with the same surface level approach. However, it’s important that you choose an advisor who is experienced in your unique goals and issues. Many advisors focus on serving clients within a particular niche (retirees, young professionals, etc.) and you may benefit from finding one who specializes in clients just like you.

What is their financial planning process?

Every advisor has their own approach to serving clients. They may follow different steps throughout their process, use different tools and technology, or focus on different areas of your finances. Whatever the process is, the advisor should be able to communicate it clearly and explain how it will benefit you.

Are we a good fit for each other?

You’ll have a personal relationship with your advisor built on trust, commitment, transparency, and vulnerability. Whether it’s having shared beliefs and values or simply enjoying your interactions with them, it’s important that you choose an advisor with whom you feel comfortable. This is a partnership that you want to last for many years to come.

Are the fees reasonable?

The first step is to understand how the advisor charges fees. Do they charge commissions, a flat fee, or a percentage of your account value? This information is not always clearly stated on an advisor’s website, but it’s critical that the advisor is able to explain their fee structure in a way that makes sense to you. Then, carefully consider the value of the services that are included. How does the cost/benefit compare with other options?