How to Choose The Right Financial Advisor For You
Wealth management is no easy task. With all the financial advisors out there these days, looking for the right person to help you manage your wealth can be even harder. While it is not impossible to find a great financial advisor for you, it does require some work.
Make sure you choose an advisor with whom you can foster a solid working relationship and depend upon to help you make smarter financial decisions. Consider the following questions during your decision-making process and understand what you are getting into to make a solid choice.
What Financial Advising Services Do You Need?
There are many specialties and services offered under the larger umbrella of “financial advising.” An important part of choosing the right advisor is first to understand what services you actually require.
For example, let’s say you are nearing retirement age. While you’ve already done a lot of the groundwork, you’re looking for a specialist to help you prepare for you and your family’s future.
If that sounds like you, you’re likely looking for a retirement planning specialist that will help create a strategy to keep you comfortable throughout the rest of your life.
Having the discussion with a Certified Financial Planner™ can help you decide which services you need for the short and long term.
There are many other types of financial advising specialties too. Some of the most common include:
Ideal for individuals with high net worth who are looking to preserve and grow their wealth for future generations.
Financial planning is a comprehensive evaluation of a person’s current and future financial state by using currently known information to help predict future cash flows, asset values, and withdrawal plans, including those for retirement planning.
Those who help prepare your estate for beneficiaries such as children, spouses, etc.
Certified Exit Planners (CExP)
If you own a business in the Rockford area or other nearby towns, a Certified Exit Planner may be exactly who you’re looking for. They help business owners sell or exit their business in the most advantageous way possible.
Next, What Budget Do You Have For Financial Advising?
Typically, financial advisors earn compensation either through commission on investments, fees (i.e., annual, hourly, or flat fees), or some combination of the two. Ask your financial advisory partner how they typically charge and if there are any exceptions.
For example, some advisors will have lower fees if you put more of your assets in their care. Or, as your assets grow over time, some financial advising services can diminish costs. While these aren’t necessarily the mark of the best advisor, they can help you narrow your search by price.
Meet with Advisors Online
With web conferencing platforms, financial advisors can meet with clients online and offer the same level of service. Clients are able to see their investments and advisors can offer advice on a periodic basis. This option works well when clients need advice but cannot make it into an office. For instance, many clients take advantage of this method when they are staying in vacation homes for extended periods of time, but still need to make decisions on their investments. An advisor with online capabilities will still provide effective strategies for retirement and/or college planning, homebuying and estate planning, as well as investment management.
Secure Your Financial Future With DHJJ Financial Advising Services in Rockford, IL
While choosing the right accounting and financial advisory firm isn’t easy, it will make a huge difference to your financial future. You know you need the most up-to-date knowledge and the best skills available to help you make wise decisions that help you reach your goals. But you want to work with people who see you as an individual, not just a set of numbers.
At DHJJ Financial, we are able to combine the best of both worlds to give you a more complete and beneficial financial advising experience. Our approach to financial planning is based on a full-service, fee-based, program that integrates individual income tax planning along with investment management, resulting in a holistic strategy to help you manage your financial success.
Our investment advisors are CERTIFIED FINANCIAL PLANNER™ professionals and Certified Public Accountants, which enable them to overlap specialties to provide unique solutions for your needs.
Learn more about how we can help you get to where you want and need to go. Contact DHJJ Financial today!