Financial advisors can help you create and stick to a great financial plan that helps you achieve your goals. Whether you want to achieve financial freedom or secure your children’s educational futures, you can develop an ideal strategy to help you get there with the help of the right financial advisor.
What are some of the common traits you should look for in a financial advisor?
A great advisor should be open about how they earn their income. You will be able to determine whether or not they represent your needs or an external party when giving you financial advice, which may shape your willingness to go into business with them.
Your financial advisor should be willing to say no to some of your plans. If you constantly find that an advisor is always willing to implement any ideas you have, they could be too eager to earn their pay as opposed to helping you grow your portfolio or implement your strategy to meet your needs.
An ideal financial advisor will be knowledgeable and offer a variety of options to help you find an ideal strategy for you. They will offer knowledge based and realistic advice, which will be more likely to help you build your investment successfully.
Why should you consider a fee-only financial advisor?
These types of financial advisers are not incentivized to promote or sell products to potential clients, unlike others who may offer their services at no cost to you. Fee-only advisors are motivated to provide viable financial advice, seeing that their profile only grows as a result of this and not because of the number of new clients they can win over. They have the best interests of their clients at heart, which makes them ideal partners.
Since they are not affiliated to any institution, these types of advisers are more likely to act ethically towards their client. They will not exploit client needs to prescribe expensive products. Employed advisors work for the brand, as opposed to the client. Unlike commissioned advisors, fee-only advisors will be more likely trustworthy.
Robert O Pierce has been a writer and editor for more than three decades, the last of which have been in the financial services industry. When he’s not revising his budget spreadsheet or looking for the latest and greatest rewards News, you might spot Louis at the rock climbing gym in Oakland, California.