When it comes to seeking a financial advisor, it can be difficult to know what to search for. Of course, you’d like to find someone that is the best fit for you. But with several different characteristics and other important factors to look for, it might take time.
To put it plain and simple: a financial or net worth advisor should help you find financial security and provide excellent customer service. Among that, there are several benefits of hiring a financial advisor, like net worth growth and building a plan specifically for your family. Whether you’re looking to invest or wondering how to choose a financial planner for retirement, Delta Wealth Advisors can help you create a roadmap for your finances.
Let’s talk about what you should search for in a financial advisor and how to decide who is best for you and your finances.
What Characteristics Do You Look For In a Financial Advisor?
While it might be tempting to select a wholly successful advisor, success alone doesn’t automatically make them the right fit. There are other factors to consider in your search for an advisor, such as someone who is:
- Proactive: Advisors should keep their clients informed about things like changes in the investment outlook, any adjustments to their portfolios, any opportunities to rebalance, and tax-saving suggestions. An important step of being proactive includes planning for the future and determining next steps, like communicating any market variations and the impact they will have on your portfolio.
- Transparent: Finding an advisor who can be transparent at the right times is key to understanding your portfolio, how it is impacted, and what changes should be made to increase stability and gains. No advisor can guarantee results, but it is still important to set realistic expectations to help ensure your portfolio is in the right hands. Transparency is essential to successful advisor-client relationships.
- Analytical: An involved and analytical advisor is competent in financial planning (estate, insurance, investment, tax, etc.) as well as investment management, which are essential for client success. An effective financial advisor should be able to evaluate and design a portfolio using a range of metrics and data skills.
- Experienced: Not all experience is built the same. An advisor who is experienced with corporate retirees won’t be able to apply their experience to a growing entrepreneur. This is why it’s important to find a fit with an advisor who has the right type of experience.
Ultimately, finding a financial advisor for investing should include their abilities to communicate with and meet the needs of their clients. But these characteristics aren’t the only focus you should have when selecting an advisor. Next, we’ll look at the most valuable attribute a financial advisor should have.
What Is Most Important About Choosing a Financial Advisor?
First and foremost, a financial advisor should be passionate about finance and helping their clients reach their financial goals. A financial advisor who is truly interested in finance is drawn to learning and staying up-to-date with ever-changing rules, regulations, and markets. Enthusiastic advisors know how the changes will affect their clients and can adjust their plans accordingly. Throughout the process, they should stay transparent and open about how these changes impact clients and their financial investments.
Be sure to find an advisor that is passionate about helping you succeed. Not only do they need to check your boxes, they also need the proper tools and continuous education to help you reach your goals and highest potential. Delta Wealth Advisors are devoted to helping your finances flourish. We collaborate with you on your portfolio, so you can rest assured you’re well taken care of.
What Is the Best Way to Pick a Financial Advisor?
Finding a financial advisor based on your specific needs is important. You don’t want to pay for unused services or end up with an advisor that can’t help you meet your goals. Below are a few steps you should take before picking an advisor:
- Know what you need as a client. Is budgeting a priority? Are you looking to invest? Is retirement a pressing concern? You should be prepared to discuss your individual financial planning goals when you first meet with an advisor.
- Understand the types of financial advisors. Are they a fee-only advisor that takes a fee upfront? Do they take a commission as a fee-based advisor? No matter which you think is the best for you after research, finding a fiduciary advisor that is fee-only reduces conflicts of interest and requires them to focus on your needs first.
- Determine how much you can afford to pay. Before you commit to services, it's essential to understand how much a financial advisor charges. Different types of advisors charge different amounts of money, typically based on percentages or flat rates. Every advisor charges differently and you should know beforehand how it will impact your financial decisions.
- Research the advisor. You can always start by searching “best financial advisors near me” on Google. There are several tools available, like BrokerCheck, to find out more information about individual advisors. You can also use sites like NAPFA (The National Association of Personal Financial Advisors) to find reputable advisors.
After you complete these steps, you should be able to meet a financial advisor that not only meets your needs, but fits into the budget. These steps are more analytical than finding specific characteristics that make a good advisor, but you should be able to find the right fit by doing your due diligence. If you start working with an advisor and you no longer feel it's a good fit, it's okay to look for someone new---and it's to your financial benefit
Delta Wealth Advisors: The Best Choice
At Delta Wealth Advisors, we want to help clients create a plan, cultivate financial success, and thrive in their investments. We offer financial planning services to help you grow wealth for your family and your business. In order to achieve your objectives for tomorrow, we concentrate on open communication and retaining flexibility today. Visit our website today to learn more about our financial planning services.