Tips to Find the Right Financial Advisor
Money Girl answers a Facebook question about how to find the right financial advisor for your situation.
Laura Adams, MBA
When you’re ready to get serious about achieving your financial goals, most of us can benefit from the help of a professional financial advisor or retirement planning expert.
But it’s not easy to know where to find someone who is reputable and right for your situation.
I received this question from Erin B. on the Money Girl Facebook page:
As excited and highly motivated as I am to make my money work for me, I’m also very cautious about trusting my financial future to just anyone. Do you have any recommendations for how to find a reputable advisor?
Erin is right to be cautious! Getting a personal recommendation from friends or family for a great financial advisor is always a smart idea; however, it isn’t always possible. Fortunately, the financial industry is changing and there are some solutions to help you overcome this common dilemma.
I contacted Rich Ellinger, the founder and CEO of Wealthminder, to find out what tips and advice he has for Erin. His company matches individuals with fee-only financial advisors who have been vetted and accepted into their network.
What I like about Wealthminder is that you request a free proposal by submitting a question online that you need help with now, such as:
- What types of investments should I choose to achieve my goals?
- How much should I save in order to retire on time?
- Which types of retirement accounts should I be using?
Then you can compare each advisor’s price for your project and evaluate him or her further. You might ask additional questions online or set up a phone call to get to know each potential advisor better before you make a decision.
Tips to Find the Right Financial Advisor
Here are Rich’s top 3 tips to find the right financial advisor:
Tip #1: Know an advisor’s typical client
Find an advisor who is used to working with people just like you. Ask him or her about their typical client and the types of situations they handle the most.
Tip #2: Know an advisor’s background
Understand what certifications and designations an advisor holds, such as being a Certified Financial Planner (CFP) or a Registered Investment Advisor (RIA). Also find out how long they’ve been in the industry and why they got into the business to begin with.
Tip #3: Feel comfortable with an advisor
Since your personal relationship with a financial advisor is important, make sure you feel comfortable with him or her. You should be able to discuss any aspect of your finances and feel like you’re fully understood.
Click here to read my full interview with Rich Ellinger, who shared many great insights about getting the best financial advice. He explains how Wealthminder works to connect you with qualified advisors, so you can take your finances to the next level.
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About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.