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How To Know You’ve Found The Right Financial Advisor

Financial literacy is crucial to building wealth and it’s important to find a trusted source of information. A financial advisor will review your goals with you and manage your portfolio to help meet those goals. Access to quality advice can outweigh all else because with the right information you can make significant progress with your portfolio. A financial advisor that doesn’t want to listen to your goals is not worth your time or hard earned money.

Who do you get financial advice from?
Understand that if you’re dealing with a broker, their main interest is trading bonds, mutual funds, stocks, bonds, and other products. Since the broker is paid on commission, they may just be interested in increasing their own commissions.

Get advice from an independent investment advisor with a fiduciary standard of placing your interest above their own. Find someone with a successful history of managing portfolios similar to yours or who have goals similar to yours.

What to look for when hiring
Finding the right financial advisor for you depends on what stage in life you’re currently in. An individual in their 20’s or maybe 30’s is likely to have a smaller portfolio. It may matter more at this stage to find an advisor that works with small portfolios. You’ll also need to decide how the advisor is going to be compensated.

Will it be a percentage of your assets, an hourly rate, or a flat fee? The financial advisor you choose needs to understand within the first couple of meetings what your goals are. Make sure you understand precisely where your money will be “held” so you know where your funds are and who has access to them.

Make sure that the financial advisor you’re interested in is registered with the SEC. This is a requirement in order to legally function as an investment advisor. Be clear on what you goals are when you begin meeting with financial advisors. The right advisor for you will be apparent because they will listen to and understand your goals and provide you with a unique plan created just for you. Financial advice and planning is not one size fits all and you need someone who will take the time to find the best financial products for you. Benefit from the best IFA Edinburgh has to offer by contacting Keith for choice investments, pensions, mortgages, and more. Get an independent financial advisor that is a fiduciary, make sure the fee structure works for you, and make sure they understand your risk tolerance.

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Peter Daniel - Peter Daniel
Peter has written 16 awesome articles.


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