Sol Trickey

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Tips for Choosing a Financial Advisor | Sol Maya Trickey

Tips for Choosing a Financial Advisor | Sol Maya Trickey

When choosing a financial advisor, there are several important questions you will want to ask yourself before deciding:

How much time will they devote to you and your money?

Even if they have a lot of education and certifications, they need to be available to you to answer questions and field concerns. You are paying them money to manage your investments, so building a relationship is important. How can you determine if your goals for your money are the same if you cannot communicate with your advisor? They may be smart, but if they cannot communicate with you, you will not reap the benefits of this intelligence.

Who are their typical clients?

When searching for an advisor, look for one who specializes in your money management needs and situation. If you are just starting a family and beginning to build wealth, you need not seek an advisor whose specialty is retirement distribution planning. Find an advisor who specializes in the area where your needs lie. When searching, also remember that there is a financial advisor/money manager out there that specializes in your needs.

Can they provide references?

Shopping for a financial advisor can be somewhat like buying a car or a house. You should probably ask your financial advisor candidates to provide references so you can know what you are getting into. Like a car salesman, potential financial advisors can tell you what they think you want to hear. Speak with someone who does not have a vested interest in whether you select a certain financial advisor but has experience with this advisor.

Do they have your best interests in mind?

Look for a financial advisor/money manager that has a limited financial interest in how your money performs. If your advisor/broker gets paid a commission for every transaction performed on your behalf, his/her interests may be self-serving and not about your money. This can lead to unnecessary transactions that build up fees and income for the financial advisor. Discuss this with him/her when “interviewing” him/her.

Do they have a team that supports your needs?

Seek a money management firm that does not have only one person for everything. One should look for a financial advisor/firm that has experience in all facets of planning. For example, the firm should have a CPA to handle/give advice in areas of tax planning. Find a financial advisor/firm who can handle all aspects of your financial situation.

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