When it comes to securing your future, there’s no better process than financial planning.
Unfortunately, many people make the wrong decisions when hiring a financial planner, costing them both time and money.
So how do you keep from losing everything? How can you tell the qualified financial advisors from the unqualified?
There are a few simple tips that can help keep you from financial ruin.
We often hear the argument, “Why pay someone when I can do it myself” and to be honest, some may not need a full-time financial consultant. You may only need advice on estate planning or insurance.
That’s why it’s good to seek out a company that allows you to choose the services you need. Although don’t discount the benefits of a qualified financial planner.
When looking at your portfolio, a financial consultant is able to create strategies for investments. Rather than investing money with no real plan, an advisor can base your desires on how money is invested.
A qualified financial advisor can help you establish a plan that will make the most of your time and money. Yet there are some things you need to know before turning your finances over to anyone.
Let’s get into the nitty-gritty.
Define Their Role
When hiring a financial planner, one of the first things you will want to do is understand the scope of their work.
Financial planners will handle every aspect of your financial standing such as tax planning, investments, estate planning, and insurance. Brokers will only handle a portion of your investments.
Be Clear About Payment
While financial planners have a passion for what they do, it’s still a job that requires payment.
One mistake often made? Becoming so wrapped up in how they’ll increase your portfolio, you neglect to discuss their rates.
Don’t Get Sold on Personality
A financial advisor with a winning personality is great.
However, don’t let that be the gauge by which you make your decisions. Some are just great salespeople who know how to market themselves. Always check their credentials and references.
Choosing a “Sales-Focused” Financial Planner
If your appointment starts with a hard sales push, walk away.
The job of a financial consultant is to advise you in financial matters, not pushing a product to meet a quota.
Make Sure to Check Certifications
A quick trip to the Securities And Exchange Commission will let you know if the advisor you have chosen is registered at the State or with the SEC.
If you’re going to trust your financial future with an advisor, then make sure they are above board in every area.
Stay in Touch
You should be able to meet with your advisor and speak to them when you have questions.
At Solera, we believe that caring about our clients’ futures is the only way to conduct business. An advisor who is aloof or never returns calls does not have your best interest in mind.
When choosing your financial advisors, it should be a long-term relationship built on trust.
If you’re ready to start planning your financial future or have questions about your investments, then give us a call. We are here to help!
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