Managing your money can be exciting and empowering, helping you to meet your short and long-term financial goals while building a legacy over time. But even the most financially savvy individuals need a little guidance to maximize their income and prioritize savings and investing.
The right f
inancial advisor can offer expert advice with your specific needs in mind so you can make informed, confident decisions about your money.
Here’s a step-by-step guide to finding the right financial advisor for you.
Reflect on your financial goals
Before beginning your search, identify what you need from a financial advisor. Ask yourself:
Where do you need the most support in managing your money?
What are your short-term goals?
What do you want to achieve financially over the next few years and beyond?
Do I have any unique financial circumstances, like managing an inheritance or planning for your child’s education?
Categorizing your financial needs will help you determine the level of expertise you need. An advisor can help you refine these goals and make sure they’re realistic.
Research skills and services
Financial advisors vary in their specialties, approaches, and pricing. Understanding these differences can help you find the right fit. Here are some common advisor types:
Robo-advisors: These digital programs use algorithms to create and manage goal-based investment portfolios for hands-off investors, typically at a lower cost than human advisors.
Bionic advisors: Robo-advisors can also be hybrid advisors who fuse automated investing with human expertise, called bionic advice, combining digital tools and personal consultation.
Traditional in-person advisors: These advisors tailor one-on-one guidance to your financial situation, whether you’re focused on covering investments, tax strategies, estate planning, or another area.
Beyond basic financial planning, an advisor should have access to a range of financial tools, such as:
Investment planning: Helping you build a diversified portfolio that aligns with your needs, goals, and risk tolerance.
Tax strategies: Advice on tax-efficient investments, deductions, and credits to minimize your tax burden.
Retirement planning: Creating a sustainable retirement income strategy, including 401(k) rollovers and pension planning.
Life insurance solutions: Helping you assess protection options like whole life and universal life insurance to strengthen your legacy and future financial opportunities.
Think about costs
Financial advisors charge differently depending on the services they provide, so it’s important to understand the pricing structure before committing to one.
General financial advisors who can help with everything related to personal finance (creating a monthly budget, strategies for saving, and so forth) may offer a different price than those who specialize in more complex debt relief or estate planning. Some financial advisors can assist you with the above if that’s what you need.
Ask for referrals and check credentials
Hiring a reliable and trustworthy financial advisor with a solid track record is important. Check if they have good references or reviews online or if you have family or friends who can vouch for an advisor they’ve used in the past. This is the best way to find someone who has served their clients well over the years.
Keep an eye out for promises, quick-fix solutions, and money-making schemes that seem too good to be true. Also, double-check an advisor’s credentials—not every financial advisor has the same certifications or licenses.
Find a people-first, well-rounded advisor
Choosing the right financial advisor isn’t just about credentials and expertise—it’s about finding someone who understands your goals and how to communicate with you for approachable financial planning. A good advisor often:
Listens to you and provides personalized advice.
Offers education and guidance to help you feel more confident about financial decisions.
Maintains transparency about fees, services, and potential risks.
Adapts strategies as your financial situation evolves.
Doesn’t judge you for your situation—whether you have debt or aren’t sure how to maximize your savings.
Financial planning means making your finances work for you, now and in the future. The right financial advisor will help you confidently build wealth as you secure your retirement, fund a big life goal, or leave behind a meaningful legacy. No matter where life takes you, your advisor can help your wealth and life insurance benefit you and those who matter most.
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