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How To Find A Financial Advisor

Posted on 14. Nov, 2013 by in Financial Planning

Are you trying to find a financial advisor? Financial advisors can help you figure out the best way to save, invest, and spend your money. They can help you with a specific financial goal, like buying a house, or give you a broad view of the state of your finances. Some specialize in a specific area and some are more generally oriented- but all of them can give you sound financial advice.

How do you choose a financial planner? First, start looking. Asking around your friends and family can be a good place to start, especially if they have had similar life and financial experiences. You can also check out the National Association of Personal Financial Advisors, which keeps a large list of accredited and high-quality planners. Checking credentials is always important.

Once you have found a list of candidates, it is time to start narrowing them down. One of the first things you should consider when trying to find a financial advisor is whether the planner is a good fit for what you are trying to achieve. A real estate advisor probably will not be very helpful if you want to set up a college savings plan, and an investment specialist might not be very good at insurance policies.

Also, you might want to consider how the advisor gets paid- if they work on commission, it might make them biased when promoting a particular investment or insurance plan. If they are fee-based and receive a percentage of your assets, they might be unlikely to encourage you to spend less even if it is financially prudent. Planners that charge hourly can quickly become expensive. Make sure to weigh the pros and cons of the pay scale before jumping in.

After you have found advisors, checked their credentials, determined a good fit, and figured out the pay process, it might be a good idea to meet with the planner personally. This gives you a feel for what type of person they are and whether you can work together to protect your money. It might be a little hard to find a financial advisor, but it can be worth it.

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