When it comes to financial decisions, emotions are out, and well-planned decisions are in! —Cokie
Today’s smart investors want satisfaction, relief, and optimism! They also want confidence, investment returns, no conflict of Interest, peace of mind, transparency, and an advisor you can trust.
The decisions you make today will determine your financial future for years to come. Working with a financial advisor leads to greater financial security, confidence, and clarity.
Working with a financial advisor who understands you and your goals for the future gives you an advantage and sets you on a smart, successful pathway for now and for the future.
Most people who work with a financial advisor report a greater sense of financial security, confidence and clarity than those who go it alone. The value of working with an advisor is tremendous.
8 Things you can do to make a wise decision
1. Don’t cave into the temptation to “go it alone!” I’ve written this before and will underscore it here: There is only one thing that is worse than not having a plan and that is having a plan that you have stitched together from what you have heard, read, or put together on your own. Therefore, you need to be involved in the process of financial planning for your future, but the smartest move is to engage an advisor you trust—someone you know you can work with!
2. Choose an advisor who understands your vision for the future You have specific needs and your potential advisor has areas or strength and weakness. Some advisors specialize in retirement planning, while others have a focus that is set on business owners or investors with a high net worth. There are advisors that are perfectly matched for young professionals.
Ask any potential advisor about their strengths and weaknesses. That person usually wants nothing more than to match your expectations with understanding and the strengths you need.
3. Hire an advisor who is a fiduciary This person is someone who is ethically bound to act in another person’s best interest. This commitment eliminates conflict of interest concerns and makes an advisor’s advice more trustworthy.
4. Never engage the first advisor you meet It’s tempting to hire an advisor who comes with a great recommendation. This is one of the most important decisions you will make. Take the time to interview potential advisors and run through your own checklist to make sure you have the best match.
5. Pick an advisor who has a complete strategy The person you choose to walk beside you through the planning process needs to be well-informed and can show you how they will implement a plan that fits you and your lifestyle. Remember every advisor has a unique strategy. Some may suggest aggressive investments, while others are more conservative. Make sure the person you choose is a match for you and your style.
6. Always ask to see credentials This seems like a very easy thing to do, but many people fail to do this. Financial advisors are required to meet a very strict criteria. In fact, this as a main point in my book The Liberated Investor. Ask your advisor about their licenses, tests, and credentials. Financial advisor tests include the Series 7, and Series 66 or Series 65. Some advisors go a step further and become a Certified Financial Planner®, or CFP®.
7. Understand how your advisor is paid Some advisors are “fee only” and charge a flat rate. Others charge a percentage of assets under management. Some advisors are paid commissions by mutual funds, a serious conflict of interest. If the advisor earns more by ignoring your best interests, do not hire them! Read The Liberated Investor and you will understand why!
8. Don’t try to create a financial plan on your own This can be dangerous for two very simple reasons: you can lose it all or you can make uninformed investments that cost you greatly.
Qualified financial advisors are trained to listen, explain, and then guide you through the investment process that includes much more than just money in the market or the bank. Planning, adjusting for the future when needed, and knowing how to “sit tight” and wait is something that a trained professional can and will show you how to do.
What can you do to assure you are on the right pathway for the future? After you have downloaded The Liberated Investor and schedule a free 15-minute consultation with me. I know I have some answers you need to hear.