How to Hire a Financial Advisor

While most people need a good financial planner at some point in their lives, few know how to find an advisor they can trust. Maybe you’re looking to start saving for retirement or get advice on buying your first house. Whatever the reason, financial advisors can help you get what you need from your finances at the least risk to you.

Choosing a Financial Advisor

If you want to choose a financial planner who’ll help you achieve your money goals, the first step is establishing those financial goals. Many financial advisors specialize in various areas of money management. You’ll want to pick an advisor with experience in the areas that are important to you.

Do your research to find a reputable financial planner. Then, come up with a couple of options, take the time to meet with candidates, and ask questions before you make a final decision about hiring one. Questions like these will ensure your values align and that you’ve found the right advisor:

• What are your investment credentials?
• How long have you done this type of work?
• What kind of clients are you looking for?
• How often will I be able to communicate with you?
• How will you be compensated for your services?
• What is your investment philosophy?

Review Your Plan

Once you find the most qualified financial planner for your needs, together you’ll come up with a plan to achieve your financial goals. Ask questions throughout the process and understand your plan in full. Then, after you set your plan into motion, refer back to it frequently to ensure you’re on the right track.

You should also review how your financial advisor expects compensation. Generally, advisors receive payment in one of three ways — fee-only, fee-based, or commission-based. Each payment type has benefits and drawbacks, so determine which payment plan works best for you.

Check-In and Communicate Regularly

Even with the assistance of a professional financial advisor, it’s wise to personally stay on top of your money and remain informed about how your planner is handling it. A good financial planner will discuss the latest information regarding your finances, answer any questions you have, and make changes to your financial plan when necessary.

Fort Pitt Capital Group Financial Services

For all your financial advising needs, consider consulting Fort Pitt Capital Group. We understand your need for financial services that evolve with your goals. Your money is always our top priority. Contact us today to learn more about our offerings or watch our webinar When Should I Hire or Change My Financial Advisor.