The best way to begin building wealth is to start early. And the best person to help you get started is a financial advisor, who can offer guidance on how much you need to save and which investments are most likely to provide the returns you need.
The relationship between an investor—especially a young one—and an advisor is long-term; it can last decades. It would help if you found someone you can trust whose investment philosophy jibes with yours.
There are plenty of advisors out there, but how can you tell if their style is compatible with your goals? And how can you be sure they’re worthy Financial advisor near me? What do they charge? There are plenty of resources that can help. Here’s a list to get you started:
1) Ask Friends If They Have Recommendations
If your parents or siblings are happy with their advisors, ask them for referrals. These days, many people go online to find reviews of financial planners. Still, it’s important to double-check what you read on the internet by talking to a couple of different industry experts.
2) Find Someone Who Understands Your Money Mindset
A good advisor will ask what you’re saving for and how much risk you feel comfortable taking with it. If an advisor doesn’t understand why you think the way you do about money, show them the door.
3) Check Out Credentials
Certified financial planners have high ethical standards. Ask your advisor to give you their certification number to proof their work before working with them.
4) Dig Deep Into Investment Philosophy
Do some research on your prospective advisors’ websites to ensure their philosophy aligns with what you think your money should be doing?
Do they understand that some people are saving for retirement while others are just trying to save up enough to buy a home? Are they a good Investment advisor near me? Are they more inclined toward value or growth strategies?
5) Ensure They Understand Taxes
Anyone can call themselves a financial advisor, but not everyone has a firm grasp of taxes and fees. Make sure your advisor understands how taxes affect the returns you get on investments. If they don’t, find someone else who does.
6) Ask About Their Professional History
An advisor’s profile page on social media page is an excellent place to see what kind of career they’ve had. Look for advisors who have held jobs that indicate they understand the industry—whether at a consulting firm or private wealth management.
7) Find Out What They’re Charging
Most advisors charge by the hour. Ask about flat fees and what they include. Please make sure you’re clear on how often they’ll be in contact with you, especially when it comes to checking in on your portfolio.
8) Check If They Have A Fiduciary Duty
Anyone can call themselves a financial advisor, but it takes someone who truly understands the industry to be a fiduciary—to put your interests first. Not all advisors have this designation, but it’s something you want in your corner when making important decisions about what to do with your money.
9) Find Out If They Work With A Team
Some advisors have teams of people working for them, while others work alone. It is fine as long as you know what you’re getting into before signing on the dotted line.
10) Ask About Their Regulatory History
Advisors who work at banks and brokers already held pretty high standards, but it doesn’t hurt to check. If you want peace of mind, you can ask about any regulatory history or complaints against your advisor.
11) Make Sure They’re Accessible
You’ll also want to find an advisor that will be in touch with you regularly—not just when you have a significant life change. If your advisor doesn’t provide regular updates, you should look for someone who does.
12) Find Out If They Have A Plan For Your Specific Situation
Everyone’s money is different, so an advisor has to be able to put something together that’s uniquely suited to you. Make sure they ask about your unique goals, your time frame for retirement, and more.
13) Get To Know Their Clients
Look for an advisor who has strong relationships with their clients. You should be able to find out how long they’ve been working together, what kind of backgrounds they have, and what they thought about the services provided by your potential advisor.
Using these tips, you should find a great financial advisor in no time. Make sure to do your research and ask the right questions so that you can feel good about your monetary future.
If you want to start building wealth, it’s never too early. And the best person to help get you started is a Financial advisor Novi who can offer guidance on how much money you need to save and which investments are most likely to provide the returns that match your goals.
They work towards achieving your goal of creating income stability for yourself and your family.
At Financial Strategies Group, INC. Financial advisor Northville, we provide you with the highest level of service, helping you address your most critical financial decisions. We offer services that fit your needs and income levels.