What To Look For In a Financial Advisor

What To Look For In a Financial Advisor

Do you feel a lack of confidence with personal financial matters? Have you ever thought about using a professional financial advisor? Perhaps now is the time, but you don’t know where to start. This short summary article will help you when looking for a financial advisor Wyckoff NJ.

Why You May Need A Financial Advisor

Do any of the following apply to you:

  • Overall lack of expertise in personal finance
  • Little time to monitor your money and investments
  • Having too much debt and credit card overhang
  • Experienced a major change in life trajectory

Good and Bad Financial Advisors

Every profession has them: Imposters who pose as competent professionals. The financial advising profession is no exception. In the arena of financial planning and wealth management there are good, bad, and, in some cases, excellent advisors. How do you find the excellent ones?

Seek out the following characteristics when searching out a financial advisor:

  • Stability: You’ll want to narrow down your field to those advisors who have been in business for a long time, hopefully at least a decade. You want an experienced advisor who has been “around the block” in the markets. You want one who is committed to the long-term.
  • Fee Structure: Financial advisors come in two flavors: Those who take a percentage of your money at regular intervals and promote sales to generate commissions versus those who work for you for a fee only. Seek out fee-only financial advisors.
  • Track Record: How have the advisor’s investments performed for his or her clients? Not only during the last few months but over multiple-year intervals. Can they describe in their investment stylelaypersons’ terms?  Would you be at ease with their prior record of investing?
  • Integrity: Interview the advisors. Is he or she committed to education and transparency? Do they invest the same way with their money as they would propose for you?

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