5 THINGS TO KEEP IN MIND WHEN FINDING HIRING A FINANCIAL ADVISOR
Everyone needs a professional financial planner or adviser to keep them on track on their financial goals. It doesn’t matter how much money you have, If you are not familiar with investments and how or where to invest your money reasonably for your money to work for you, It's a good idea to enlist professional help.
A few weeks ago I realized that I needed a professional financial planner/advisor to help me work on my financial goals and direct me in the right place to invest my money. The process has been very eye-opening, to say the least. One thing that I have learned during this process is that having a clear understanding of your financial goals and a timeline of when you would like to have achieved your goals is very important.
Write down what goals you are trying to achieve
This is very important even before you start your search for a financial planner/advisor, it's a good idea to document the financial goals you would like to achieve. This will give you a clear set of milestones you are looking to achieve and when talking to prospective financial planners/advisors You have some goals that you can discuss with them and get a feel of how they would work with you in achieving your goals.
2. Get referrals from family/friends and online reviews
It's very important to also get referrals from your family and friends. It’s easier to trust someone whom you know their track record. Especially when it comes to your hard-earned money. Talk to people in your circle and ask what financial planner/advisor do they use. If no one in your circle has a financial planner/advisor the look for someone who has a great online review. Financial planner/Advisor with review and good review at it are more credible than a financial planner without any online reviews.
3. Find a fiduciary planner
Make sure that the financial professionals you talk to are fiduciary. This means they act to the best interests of their clients and not for their monetary gains. It's always comforting to know that the financial products being recommended to you are for the benefit of yourself and not because the recommender is getting a cut if you pick or choose whatever product is being recommended to you.
4. Respects your Belief and Goals
This is one of the most important things you should look for when looking for someone to advise you on your finances. As was going through this process I found some who were really what I was looking for but when I talked about my goals and what I wanted to achieve and the Timeline they would tell me that I would never be able to achieve my goals even without telling me what it would take me to get to my goal. This is not to say that you should get a financial advisor/planner who will tell you that you can achieve something when he/she knows it is impossible but someone who will give you the rundown of what it will take to achieve your goals so that you can make a decision of if you are willing to do the work in order to get to your goals.
5. Fees and cost
This is another important thing to note when looking for a financial advisor/planner. During my search I have realized that allot of advisors charge differently and even before you settle down on a financial advisor or financial planner, have them explain to you their cost break down. It's better to understand what you would be paying and ass your money and investment grow, how much percentage will you be paying.
Conclusion
Overall Its is very important to have a financial planner/ advisor and I hope this information helps you as you navigate the search of a financial professional to help you come with a plan and strategy to achieve your financial goals.
