Hiring a financial advisor is a great option for people who need assistance in managing their money and creating a plan to reach their financial objectives. These professionals can help you build your wealth by managing your investments, helping you create a realistic budget, and more.
That being said, not all financial advisors are created equal, and it is important for you to pick the right individual based on your current assets and goals. Unless you are careful, you could end up paying for services you do not need or being ill-advised on how to manage and grow your assets.
Here are some things you should keep in mind when choosing a financial advisor.
What financial services do you need?
The first step in choosing the right advisor is determining your specific needs and goals.
Traditional financial advisors offer multiple services, including financial planning, stockbroking, and managing investments. , You might want some of these services, but not all of them.
For example, maybe you just need assistance choosing investments to save for retirement. Or, you might have complex insurance or estate planning needs and require assistance in creating a holistic financial plan.
How much are you willing to pay for an advisor?
While financial planners sometimes get a bad rep for being expensive, there are different options available to help people of all income levels.
Advisors might charge a flat annual fee, a set percentage of your account balance, a percentage of the amount managed, or an hourly fee. It is important to understand the actual costs you will pay before retaining an advisor.
Do a background check!
Last but certainly not least, it is crucial that you research the firm or individual before hiring them. Make sure to read reviews, find out how exactly the advisor charges for services, and look for any prior mishaps or past legal troubles before proceeding with the relationship.
Have you been burned by a deceptive or incompetent financial advisor? You may have grounds for a case.
Contact our firm today for a consultation.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes representing individuals, executors, trustees, investors, shareholders, and corporate fiduciaries in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, and securities law.
