6 Tips For Finding The Right Financial Advisor

James Royal  Wed, Jun 14, 2023,

If you’re not an expert in money matters, choosing a financial advisor to manage your money life can be a tough decision. It’s almost impossible to know every financial arena well because they can be so specialized. Estate planning is completely different from picking the right investments, for example. Managing a portfolio is different from crafting a monthly budget.  If you’re looking for the basics – someone to invest your money, make smart decisions and build a financial plan – one good option could be a robo-advisor.

A top robo-advisor, such as Betterment or Wealthfront, can help you do all of these things based on your goals and risk tolerance, and charge you a modest fee, too. You can get started in minutes online and it’s excellent for building a portfolio.

However, if you’re looking for more advanced advice, say, for estate planning, you’ll want a human advisor. Here’s what you should look for when choosing a human financial advisor, why you need a fiduciary and the traits you should demand to find the right one for your situation.

What to look for in a financial advisor

Finding the right financial advisor can take a lot of weight off your shoulders, but giving someone access to one of the most sensitive parts of your life can be emotionally challenging.

As you hunt for a financial advisor, you’re actually hiring an expert to work for you. It’s a job interview, so it’s important to pay close attention to all the answers the advisor gives. And watch out for the “advisor” that a financial company provides to you for free. These advisors are usually riddled with conflicts of interest – they’re more salespeople than advisors. That’s why it’s critical that you have an advisor who works only in your best interest.

If you’re looking for an advisor who can truly provide real value to you, it’s important to research a number of potential options, not simply pick the first name that advertises to you.

“Speak to friends and family to see who they would recommend and why,” says Bill Van Sant, managing director at Girard, a wealth management firm in the Philadelphia area.

“Ultimately, you need to feel confident in the advisor’s competency, objectivity, and their responsiveness to your needs,” says Van Sant. “The advisor-client relationship, like many relationships, is built on trust and communication, so doing the proper due diligence in choosing an advisor should provide long-term benefits and peace of mind for all parties.”

Here are six tips to help you choose a trustworthy financial advisor you can rely on.

1. Find a real fiduciary

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