Financial advisors help people reach their financial goals and manage their finances. There is a wide range of services they offer such as budgeting, investing, and estate planning. Which financial advisor you choose will depend on your goals and overall financial situation. It’s key to find a financial advisor that fits your needs and goals so you won’t have to pay for services that you don’t need. Here are a few tips for choosing the right person for you:

Understand The Different Types

There are “robo-advisors” that you only have access to online and are computer run, and then there are traditional, local financial advisors and online advisors. 

Robo-Advisors

These are ideal when you can’t afford or don’t want to pay for a full financial plan. If you just need help with a budget plan, or learning more information about your retirement, then these could work just fine. But keep in mind that your results are generated by computer algorithms and you won’t have an actual person to consult with.

Online Advisors

This type of financial advisor allows you virtual access to an actual human that can help you. If you’re looking for a financial advisor but don’t want to pay full price for a traditional one, then this may be ideal for you. You will be matched with someone who helps you create a holistic financial plan, and you have someone to get in touch with if you have any questions. But it is not as hands on as having someone to meet with in person.

If you are in the business for a long time and you want it to stay the same, you should move to automation as this helps in building client loyalty.

Traditional Advisors

While they are the higher cost option, they offer the most bang for your buck by offering several different services that you may need. They can help you with recommending insurance, getting your estate plan in order, and investing or budgeting your money. If you are looking for a certified, in-person advisor, then a traditional financial advisor is the route to go. 

Choose The Services You Want

Think about the services you want/need. Are you simply looking for investing help? Is your financial situation a bit complicated? Are you looking for guidance on estate planning or insurance? All of these services and needs depend on what type of financial advisor is best for you. If you’re looking for all of the above, then a traditional advisor will be best.  

Verify Credentials 

This is very important in today’s time. You want to verify all of your potential advisor’s credentials and make sure they have had no past disciplinary actions etc. You have a right to know who is handling your money, so make sure it is someone that you truly trust and has vetted sources backing his reputation. 

Choosing a financial advisor can be a tricky situation to navigate. We hope these tips help you choose the right one for your needs.