How to identify a trustworthy financial advisor for investment planning

If you want to find an ideal financial advisor to help you manage your money, you need to look beyond the first Google search result and recommendations from your parents or friends. You need to ensure that finding a financial advisor near you is more about searching for the right one to suit your goals rather than blindly following what your peers or family suggest.

What do financial advisors do?

Financial advisors offer a range of services depending on who you choose. Some advisors will recommend insurance coverage, others will manage your stock or mutual fund portfolio or create a holistic financial plan, while some will do all of those things and connect you to other people who could help you with estate planning or even tax planning.

When you want a more holistic service that includes a financial plan, insurance recommendations, or an advisor who will recommend estate planning and more advanced strategies, you can look for either online financial planners or traditional advisors. Consulting with online advisors via video makes it a little less expensive.

How much will it cost?

A lot of people think they can’t afford financial advisors but that is not true. Most financial advisors charge an asset under management fee, which is a percentage of an investor’s assets each year. Some traditional advisors charge by the hour or by the plan.

How to find an ideal financial advisor?

You need to vet financial advisors before you start working with them. The best way to begin that process is by meeting them in person and assess based on these criteria:

  • A good rapport with advisors and evaluate if they are listening to you.
  • Look for a transparent advisor concerning fee structure and charges. This ensures that you find a trustworthy financial advisor. Check if they only ask for a fee, which means they don’t earn a commission from recommending specific investments for you. A good advisor needs to be well compensated so that his interests are aligned with the customer.
  • Qualification and background – Look for a certified financial planner.
  • How consistent they are in what they claim.
  • Advisors should not ideally lead discussions with products.

To sum it up, you need to establish whether a financial advisor understands your requirement, is trustworthy and transparent about information, and consistently performs and ensures your investment in stocks, mutual funds, and other avenues is safe and generates good returns.

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