Web Resources

6 Lessons Learned: Tips

Family Vest: Ultimate Guide to Choosing a Financial Advisor

Whether you have a financial planner or advisor, or you are currently looking for one, you need a professional who can handle your best financial interest by heart. How can a financial advisor help you? A financial advisor can help you in directing your money and giving you a sound advice to achieve your financial goals. How can you find the right person to help you in achieving your financial goals?

What are the specializations under financial planning? The different types of financial advisors include brokers, investment advisors, and financial planners. Investment advisors are giving advice on different securities such as bonds, mutual funds, and stocks. The different terms used referring to investment advisors include “wealth manager”, “wealth advisor”, “portfolio manager”, “investment manager”, and “asset manager”. Brokers work in the business of buy and sell on behalf of customers. Brokers are also commonly known as stockbrokers, wealth managers, financial consultants, financial advisors, and investment consultants.

On the other hand, financial planners manage and look on the overall financial aspect of their clients such as real estate, tax planning, retirement, insurance needs, and debt management so they can establish an effective and long-term financial plan. Why choose a financial planner? They can also provide professional advice as an RIA, subjected to fiduciaries, or a broker selling products. As defined by the CFP Board, a certificant should always put the best interest of the client ahead of his own interest because the certificant owes a duty of care as to a fiduciary.

It is important to hire a Certified Financial Planner or CFP. Their pay depends on a commission basis rather than flat or hourly rate. It is crucial to consider reviewing the code of ethics a financial advisor adheres to. When you are looking for a financial advisor or you are evaluating a current one, it is important to ask this question, “Are you a fee-only financial planner who acts as a fiduciary one hundred percent of the time?”. Fee-based financial advisors might sell you products instead of dealing with you as a professional fiduciary.

It is important to put in writing that you are hiring a fee-only financial advisor who acts as a financial fiduciary one hundred percent of the time and that they will fully disclose or tell you any conflicts of interest. The term “fee-only” eliminates the possibility for the financial advisor selling you products because if he is a fiduciary, he will always give you an expert advice in your best interest. Now, you can achieve your financial goals by hiring a fiduciary financial planner from Family Vest.

6 Facts About Resources Everyone Thinks Are True

What I Can Teach You About Finances