Choosing a financial advisor is more than just finding someone who knows the numbers. It's about finding a partner who understands your goals, values, and unique financial journey. Here's how to determine if an advisor is the right fit for you.
Philosophy
Ask: "What is your approach to wealth management?"
An advisor should always align with your goals, whether it's building wealth, retiring comfortably, or creating a legacy.
You'll want to look for a philosophy rooted in transparency, and clear strategies to deliver long-term results.
Services Offered
Ask: “What’s included in your scope of services?”
Why It Matters: Your advisor should offer comprehensive services that cover your financial life—from investment strategies to appropriate planning beyond just selling a product. The services should include -
Wealth Enhancement: Portfolio management, retirement planning, and mortgage advisory.
Wealth Transfer: Estate planning, wills, and advanced medical directives.
Risk Protection: Insurance advisory and asset protection.
The Process
Ask: “How will we work together?”
The process you’re looking for should be a clear, step-by-step process that ensures transparency and alignment. Look for the following.
Discovery Meeting to understand your goals and important considerations.
Roadmap & Recommendations for a tailored report to achieve your aspirations.
Proper Implementation to set your roadmap in motion with precision
Post-Implementation Reviews that address both investment, and non-investment goals.
Annual year check-Ins to ensure alignment of your portfolio with your evolving life.
Fees
Ask: "What am I paying for, and how is it structured?"
Understanding the fees involved helps you to see the value of the services provided. The fees are typically broken down into 3 parts, as listed below.
Planning: A one-time fee for a personalised financial roadmap.
Implementation : Covers portfolio creation based on your roadmap.
Ongoing Management : Regular advisory to adjust strategies and ensure long-term success.
This is an article by InvestAble.
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