Choosing a financial advisor may be one of the most important financial decisions that you will ever make. The person you decide to work with will be in a position to influence critical investment and planning decisions. The quality of his or her advice could heavily influence your long-term financial success. Whether you are preparing for retirement, selling a business or handling a wide range of complex financial matters, having the right financial advisor relationships in place is vital. Here are some areas you may want to consider before selecting a financial professional.
The financial services field is broad and there are a number of different types of financial advisors who offer a range of qualifications, experience, and services. Determine what your primary needs are, such as: help establishing a nest egg, planning your retirement, or buying a house, and look for financial advisors with experience in those areas.
When choosing a financial advisor, make sure they hold themselves to a fiduciary standard. A fiduciary has a legal duty to act in your best interest. It is important to ask any potential financial advisors if they work to the fiduciary standard at all times before agreeing to do business with them.
Qualifications and Experience
Check the qualifications and experience level of any prospective financial advisor before investing with them. While certifications and professional designations are not everything, financial advisors with legitimate designations have demonstrated a desire to go the extra mile in their professional training. Most of these designations require candidates to demonstrate competence in a range of topics and meet high ethical and professional standards.
When a financial advisor is “fee-based” or “fee-only” that means that they charge an investment advisory fee to manage their clients’ assets and they do not earn any commissions. The fee amount is typically based on a percentage of the assets held in the account. Being a fee-only financial advisor and a fiduciary go hand in hand. Fee-only advisors have fewer conflicts of interest and commonly provide more comprehensive advice.
It’s important to be objective when choosing a financial advisor and setting up multiple interviews allows you to compare advisors and select the one that best fits your needs. Use a process of elimination and cross each financial advisor off your list as you identify your likes and dislikes. Focus on objective criteria such as years of experience, qualifications, as well as subjective ones such as personality match. You want a financial advisor who meets your needs as well as meshes with your personality.
Here at Dechtman Wealth Management, we work hard to make sure our clients understand all the options available to them so they can make educated choices. Please feel free to call our office today at 303-741-9772 or send us an email at firstname.lastname@example.org, with any questions you may have.
Important Disclosure Information
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.dechtmanwealth.com.
Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.
Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
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