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Unearth the Secret Strategies to Find the Perfect Financial Advisor Today

Unearth the Secret Strategies to Find the Perfect Financial Advisor Today

February 06, 2024

Investing your hard-earned money can be overwhelming, and you may not have the time or expertise to navigate the complex financial landscape. This is where a financial advisor can step in to guide you towards your financial goals. But how do you find the right financial advisor for your needs? With so many options out there, it can be a daunting task to find one that you can trust. To help you navigate your search for a financial professional, we have put together this guide on how to look up a financial advisor when shopping for one.

  1. Start with referrals

    Personal referrals are a great way to find a financial advisor. Talk with friends, family, or co-workers who have had personal experiences with an advisor. Ask them what they liked and didn't like about their experience and if they would recommend that advisor. Please don't rely solely on their recommendations; use them as a starting point to compile a list of potential candidates.

  2. Check their background

    Once you have a list of possible advisors, it's time to do some research. Check their backgrounds on websites such as FINRA (Financial Industry Regulatory Authority) and the SEC (Securities and Exchange Commission). These sites will show you if the advisor has been disciplined if they have any regulatory flags, and if they have been involved in any lawsuits. You want to ensure the advisor is in good standing and has a clear record.

  3. Look for certifications and qualifications

    Check if the advisor has the appropriate certifications and qualifications. Look for designations such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Wealth Management Specialist) (WMS). There are many designations. If you see a designation you are unfamiliar with, ask the advisor about it.

  4. Consider their approach to investing

    Different advisors have different investment approaches, and you want to find an advisor whose investment philosophy aligns with your goals and risk tolerance. Some advisors are aggressive, while others are more conservative. Some focus on long-term investing, while others focus on short-term gains or trading. Ask potential advisors about their investing philosophy and their approach to risk management.

  5. Don't forget about fees

    Advisor fees can vary widely and significantly impact your investment returns. Make sure that you understand all the fees associated with each advisor, including any hidden fees. Some advisors charge a flat fee, while others charge a percentage of assets under management. Ensure you understand how the fees are charged and the total cost.

Finding the right financial advisor can be challenging, but by following the above steps, you can be confident that you're making an informed decision. Remember to start with referrals, check their background, look for certifications and qualifications, consider their approach to investing, and don't forget about fees. With proper due diligence, you can find a financial advisor who can guide you toward achieving your financial goals.