You don’t need to be rich to benefit from the advice of a financial advisor. There is someone out there for every situation and budget!
Here is how you can find one that works to meet your needs.
1. Know the Types
Financial advisors can cover several services, ranging from traditional in-person conversations to AI-fueled chatbots. If you don’t need much help, the Robo-advisor can often deliver the information required for favorable decisions. When you need more assistance, it always helps to work with someone familiar with your unique situation.
2. Check Their Background
Check the company’s record before hiring someone to serve as your financial advisor. If you look up a firm’s Form ADV, you’ll have a better idea of what to expect. It also helps to ask if the advisor holds to a fiduciary standard.
3. Think About Fees
A traditional human financial advisor might charge 1% or more of the amount managed each year. Smaller accounts might receive services for free. You might also get billed an hourly rate or be asked to pay a retainer.
4. Select the Services
Do you have a complicated financial situation? Are you looking for holistic advice on insurance needs, estate planning, and other specifics?
These options get fulfilled with online financial planning services or human advisors. Each service offered can impact your bottom line in multiple ways, including when account minimums or upfront payments are necessary.
5. Ask for References
Don’t rely on reviews alone to get an idea of what to expect from a financial advisor. Ask people you trust whom they recommend and why for these services.
A financial advisor can help you manage your money effectively. When you choose the best one for your needs, it’ll be easier to reach your long-term goals. Be sure to consult your advisor before making stock purchases or engaging in other major investments.