How to Choose a Financial Advisor
How to choose a trusted advisor is a question we hear more today than in the past. The following should help you make a better choice.
First and foremost, the advisor you choose should instill trust…impeccable trust.
The advisor should also be a good listener, focused on your concerns, and understand your hopes and dreams. Your advisor should be easy to talk with, smart, aware of current laws and possible changes that could affect you personally.
You should examine the firm’s reputation, has it been around for a while and does it have a succession plan in the event your advisor retires or dies?
Does the firm have the strengths you want, such as planning for retirement, experience in estate planning, or knowledge of insurance issues?
In our firm, we appreciate clients who are not afraid to bring up difficult issues so we can deal with their real concerns. Candid conversations are key. You can likely avoid a serious financial mistake by having candid communications with your advisor.
You should also consider how your advisor will fit within your “inner circle.” We have worked with clients on the worst days of their lives. Maybe it was a death, a diagnosis of a serious illness or a major emergency. Going through good times is relatively easy; going through life’s toughest moments is not so easy. Who is it you want for an advisor during good times and challenging times? This is not always an initial consideration but it should be.
There is also the subject of fees. Every advisor has fees or some other form of compensation…how else would their business survive? Have the discussion up front so you understand how your advisor is compensated.
Finally, achieving your personal objectives is your top priority. Choose a financial advisor who listens, follows up in a timely way and meets with you regularly, and is focused on your concerns!
Bob Nelson, CLU, FSS
Managing Partner
A meeting with Bob Nelson, CLU, FSS, Managing Partner of Nelson Murphy Insurance and Investments