How To Find the Best Financial Advisor for Your Needs

  • Is it help with basic budgeting?
  • Saving? Investing? Retirement planning?
  • Income planning? Insurance review?
  • Creating an estate plan?
  • Paying off student loan debt? Refinancing or debt consolidation?
  • Independent — Experience tells us that it is difficult to limit the conflicts of interest in firms that have a sales culture. A firm committed to putting their clients’ interests first; not just in what they say, but in how they operate
  • Experience — Knowledge, and experience are essential when it comes to choosing a financial advisor. Firm leadership should have industry experience. The best firms have a mentorship or apprentice type of program to train their younger advisors.
  • Quality — There are industry designations that indicate an advisor’s commitment to a high standard of advice. The CFP® designation is the most accepted mark for those seeking comprehensive financial advice. That’s not to say an advisor has to be a CFP® to give good advice. However, it is a standard that shows the seriousness of the firm and its advisors.
  • Fee Structure Financial advisor compensation is a vast area of debate in the media and the industry. There are several ways to pay for financial advice. Commissions, a percentage of assets under management, fees, and commissions, and fee-only are some of the ways advisors get paid. We believe the fairest and most easy to understand structure is the fee-only structure. That can be a flat fee or a monthly, quarterly, semi-annual, or annual fee.
  • Free initial consultation
  • Goal setting
  • Cash flow and net worth analysis
  • Retirement expense analysis
  • Retirement income analysis
  • Social Security analysis & recommendation
  • Tax planning
  • Life expectancy modeling
  • Scenario modeling
  • Retirement plan analysis (401(k), 403(b), 457, IRA, Roth, etc.)
  • Investment account analysis and recommendations (asset placement)
  • Detailed risk profile
  • Portfolio Stress Testing
  • Asset allocation recommendations
  • Investment management
  • Life insurance analysis and recommendations
  • Health insurance analysis and recommendations
  • Property and liability insurance analysis and recommendations
  • Estate planning analysis & recommendations
  • Implementation plan
  • Unlimited meetings (in person, phone, virtual, etc.)

Pros and Cons of Robo Advisors

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