If you need help planning your financial future, you are not alone. It’s estimated that by the time you reach your late 30s, you start to lose up to $1,200 a year due to poor, or lack of, financial planning assistance. Finding a good financial service professional that you can trust is the first step in getting your finances to meet both short- and long-term goals. There are several questions that are important to ask when you are choosing a financial service professional that can make your decision easier. Read on for an idea of what you need to know before you decide on a financial service professional.
What Type of Clients Does a Financial Service Professional Serve?
Marie Gooch, VP of The Hopman Group states, “You’ll want to know if the advisor is focused on retirement only, financial coaching or helping with budgets for younger clients as a few examples.” You can get a feel for who they best serve by what they are talking about on their website. This information is best obtained during the research phase of your decision-making process.
Is Your Financial Service Professional a Fiduciary?
This is quite possibly the most important question you can ask. Being a fiduciary means that they are morally obligated to act in your best interest. There are ways to check this online, such as with BrokerCheck. Here you can see their licenses, any complaints they have against them, and more. This is a valuable resource when choosing a trustworthy financial services professional.
Does the Advisor Have Any Expectations on How Long It Takes You to Make a Financial Decision?
Use the answer to this question as a red flag if it is a “yes.” Any advisor that pushes their clients to make a quick decision is one to steer away from. If, while you’re meeting with them initially, you notice they bash the competition, that can be a red flag too. Do not be afraid to ask questions. Is there someone else you can talk to if you have a concern with their service? You should feel completely comfortable with the advisor from the very start. If that’s not the case, then keep looking.
What Is the Advisor’s Philosophy, and More Importantly, Does It Match Yours?
Determining the advisor’s philosophy is helpful in terms of whether they will be a good match for you. They may be a good financial service professional for someone, but you need them to fit your needs. Begin by establishing your own personal goals. Are you looking for someone to measure your risk tolerance and needs? Are you interested in diversified, long-term investments? Do you want someone who does a lot of active trading or playing of the market? There are good matches for everyone. Find yours!
Does the Advisor Offer Both In-Person and Virtual Meetings?
This past year has forced people to consider online alternatives for a variety of services, including financial planning. Most advisors continue to offer virtual meetings as well as face-to-face consultations. This should be based on your personal comfort level. But as soon as you’re able, we recommend meeting an advisor in person. A face-to-face meeting allows for you to build more of a relationship and it’s more personalized.
If you are interested in hiring financial services professional to assist you with your short and long-term financial goals, give The Hopman Group a call today. Our experienced team of advisors is committed to providing you with innovative financial strategies and solutions. Meet with one of our advisors to see how our comprehensive and detailed planning will result in your secure financial future.Is YOur