Financial planning is an important component to growing your assets and investment. Working with a financial advisor helps you manage your assets properly and invest appropriately. Finding a financial advisor who is able to work with you towards your goals is important. Before assigning your wealth management to anyone, here are the five important considerations that you need to know.
Fees and Charges
As with any services or commodity, it is important to ask the question ‘how much?’ While some firms advertise the price for services, due to the personalized nature of services, some firms may not. Most companies tailor fit the services to suit your needs so there are many determining factors to the cost. Know the charge for the services or whether they get a percentage for the assets that are manage. Always ask if they get an incentive to sell you products. When talking to a prospective financial advisor, always inquire about fees and other charges first.
Credentials and Experience
There are different types of Financial Advisors. It is important to talk to someone whose credentials and experience match your financial needs. A financial advisor can be a Certified Financial Planner (CFP), a Registered Investment Advisor (RIA), a Certified Public Accountant (CPA) or a Personal Financial Specialist (PFS). These financial advisors have their own field of expertise. Experienced financial advisors are able to guide you through the ins and outs of wealth management. The experts at Legacy Financial Services Group have a combined experience of over 40 years in the business of growing your assets.
Types of services
Financial firms offer different types of services. Services vary depending on the clients that they serve, their credentials and fields of expertise. Some firms offer financial advise while others extend to financial planning around retirement, insurance, and estate planning. You need to evaluate your needs and the level of assistance that you require in order to choose a financial advisor or a firm that is righ for you.
Fields of Expertise
Most firms specialize in a specific type of client. This is because if you are a small business owner, you may have different financial needs and goals from newlywed couples or newly divorced individuals. When choosing a financial advisor, it is important to know what type of clients they deal with successfully. Find a financial advisor whose expertises match your needs and goals.
The level of contact
In some firms, clients work with their financial advisors individually and have no contact with the rest of the team. While in some companies, clients consult with their financial advisor once a year but are able to get in touch with someone for questions and other needs. It is all about preference. While some clients want only one point of contact for consistency, some want to work with a team to make sure that even if their financial advisor is on vacation, they are still able to contact someone when they have questions. The level of contact is important to know so because you don’t want to get sign into a contract and expect your financial advisor to get in touch with you often but only get to see them annually. Expectations need to be set in the very beginning of the relationship.