Think back to a first date you had in the past, one where things felt awkward from the start and you realized that there was no chemistry and no second date in the future. If you have had that kind of experience with an advisor, you should definitely keep searching. Think of finding a financial advisor like finding a workout buddy or a travel companion – you want someone who gets you, you are comfortable to be yourself around and who listens when you need to think out loud.
Trust is a big deal. Financial planning often involves sharing sensitive information. Being comfortable with your advisor encourages transparency, allowing them to better understand your financial landscape and provide more accurate advice.
Financial planning is not a one-time event; it's an ongoing process. A good fit means you're more likely to maintain a long-term relationship with your advisor, allowing for adjustments and updates to your plan as your life evolves.
Not all advisors are the same. There are significant differences between Fee Only advisors and Brokers. The primary differences between a fee-only financial firm and a franchise brokerage firm lie in their compensation structure, business model, and potential conflicts of interest.
A fee-only financial firm and its advisors generate revenue from the fees charged to clients for financial advice and services. They do not earn commissions from selling financial products. Fee-only advisors have a fiduciary duty to act in the best interest of their clients. This means they prioritize client needs over potential commissions or product sales incentives. They are not tied to specific financial products or companies. This neutrality allows them to recommend financial strategies that are best for the client.
It is important to do your research and by all means interview at least 2-3 financial professionals before selecting your advisor. A good advisor won’t pressure you during a meeting. Choose someone you will look forward to connecting with and building a relationship with. If your advisor is a good fit, they reduce your anxiety, not add to it. You will feel empowered, not overwhelmed. After engaging with your advisor, you should leave feeling like you’ve got this, financial speaking. So when looking for a financial planner, you will know if you found the right person because you know you have someone who’s got your back, wants to hear the good, bad & ugly in your life, and makes managing money a breeze.