Introduction
Determining the best financial advisor Clifton for you is a complex process. At times, it can feel like comparing apples and oranges or looking at something from two different angles. For those who need a fresh perspective on this sometimes-daunting task, we offer the following article. It will provide some tips to help you in your search for a financial advisor that is the best match for your needs.
- Define Your Needs
Before you start soliciting the services of a financial advisor Clifton , it’s wise to first decide what exactly you want that person to do for you. To be effective, your financial advisor needs to know whether you are currently looking for someone who can help with:
- Investment management and planning
- Retirement savings and planning
- Asset allocation and portfolio strategies (mutual funds, bonds, etc.)
- Budget advice or coaching (paying off debt, spending within your means) or estate plans.
- Focus on the Experience
Once you have defined your needs, you need to factor in the person’s experience level. Working through a person’s financial advisor will give him or her a chance to demonstrate his or her expertise in creating, maintaining and directing your financial life. Make sure that your choice of investment manager is someone who has been in the business for several years and is well equipped to manage large amounts of money with confidence and skill.
- Seek Candor
A good counselor will also be candid with you about what you can expect from his or her services. A candid financial advisor will tell you right up front whether he or she is a fiduciary, which means that he or she is legally required to put your interests first and foremost when considering investment options.
- Do Your Homework
You also want to make sure that your financial advisor has a solid reputation among his or her peers. If possible, talk to others who have used his or her services in the past for their firsthand accounts of what it’s like to work with your potential advisor. This will give you an idea of whether he or she is truly prepared to deliver what you need.
- Check Out the Fees
Finally, before you hire your new financial advisor, do some research to see what it will cost you. After all, if your fees are not affordable to you, then they aren’t affordable for him or her either. Be sure to consider:
- The percentage of your assets in his or her care. The higher proportion of your funds that he or she stewards and manages, the greater the fees must be. This is a question that should be answered upfront and honestly by both parties.
- The type of fee arrangement that you have with the adviser. There are two basic types of fees: a percentage of the assets under management or time-based fees. With a percentage of assets, you will see a steady increase in your bill as the investments make money for your advisor. Time-based fees, however, allow you to rely on your financial advisor’s expertise and knowledge to take care of all matters relating to your investments efficiently and effectively at an affordable rate.
- How quickly you can expect to see results. The shorter the time span, the higher fees you will incur, and vice versa. If a financial advisor is able to deliver results quickly and easily, then he or she can charge you for that as well.
Conclusion
At the end of the day, you want to find a financial advisor who is motivated to help you and make your personal business a priority. You don’t want to form an emotional attachment with any particular investment manager, but rather one that you can build on as your financial situation changes over time. Decide ahead of time which benefits best suit your personal needs and circumstances, then focus on this in order to find what truly makes the most sense for you.