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How to Find the Right Financial Advisor: 5 Pro Tips

Hiring a financial advisor can be a perturbing task since you wouldn’t want to risk your finances. You would prefer a perfect disciplined approach to find your chief financial officer who can stick by for years. This process can take some extra time but it will be worthwhile once your finances are in safe hands.

When your finances are well-managed, you lead a comfortable and non-complaining life leading to happiness. Also, your money can grow only when it is invested right. So, valuable financial advice adds extra knowledge that can be used to earn more money.

While hiring your financial advisor, make sure of the following things.

Know the types of advisors

Different financial advisors offer different kinds of services. Some are experts in investment whereas others plan your finances. A few also offer you retirement income services. Depending on the type of your need, you need to select the type of advisors.

There are many advisors who also work for wealth accumulation for those people who have around 10-20 years to retire.

Financial advisors focus on your finances. They guide you on how much money to save and the insurances you should spend upon. The investment advisors guide you on which investments will match your account. Choose the type of advisor that best suits your needs and then collect the names of some best advisors in that category.

Check credentials

A lot of fake credentials are on sale. So many people call themselves as an advisor accrediting these “bought” certificates. Make sure you don’t fall for such traps. Check the qualifications and credentials of your advisor before the meeting.

A financial planner must be registered with SEBI. It is recommended if they have a CFP (Certified Financial Planning) certificate to meet the benchmark. Even if they don’t have it, they should have a PFS or CFA i.e., any qualification related to finance.

Such advisors should keep their client’s interest above their own and should be an expert in their subject matter while adhering to ethics and policies.

Understand the mode of payment

Check with the advisor on how they would ask for the payment. There are various options for this like fee-only, non-fee only, or commission basis.

The charges are based upon the assets they are managing. It can be anything between Rs 10000 to Rs 50000 annually. Good financial advisors will always charge a fee. They can charge it on an hourly basis too.

Non-fee only advisors will be suitable for you if you are investing in a long-term project and need constant guidance. Then, on achieving every goal, you can pay them their commission.

Ask about their experience

Always prefer a financial advisor who is in the industry for more than 5 years. This ensures that they have seen all the phases of the market and hence provide you the best advice. They wouldn’t let your hard-earned money drain in a pothole.

With their knowledge of assessing the risk and understanding of economics, they can predict your future growth. If you are looking for a head-start, you can seek help from  – they are the best in the business with a proven track record!

You can also ask about their previous clients if they’re comfortable revealing the names. A lot of advisors try to keep it confidential. You can ask different questions about their working pattern until you aren’t absolutely sure that you want to hand your finances to them.

Fix meetings

Before hiring your advisor, you will want to talk to them in person or via video conferencing. This is a person you’re going to be handing your lifetime savings to and you can take no risk about it. No matter how popular the advisor is, it is always recommended to fix an introductory meeting before handing over your account.

Check if you’re comfortable talking to them and if the person has a friendly personality. If you cannot build a good rapport with them, the advisor wouldn’t be able to benefit you. Ask them about how often your account will be reviewed and how many times you will be advised in the selected plan.

Over to you…

You cannot trust everyone with money. With the increasing fraud, looking for a qualitative advisor can seem like a nightmare. But with the increasing recession, it is also needed to manage your expenses. It can be tiring but will definitely reap you lifelong benefits.


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How to Find the Right Financial Advisor: 5 Pro Tips

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