Keith Springer is a popular financial advisor that has dealt with some high profile clients. He believes everyone should work together with a financial advisor, and has created some advice on how to choose the best one. According to him, there are just two factors that people should really look for.
Their Experience in Financial Planning and Their Price Package
Good financial advisors are also excellent financial planners. That means they look at the full situation of an individual, making sure they plan personalized strategies to meet their goals. This is very different from a financial advisor who works more as a broker, meaning you ring them with a description of your needs, such as an insurance policy or investment, and they execute it for you. Financial planning is always separate from financial advice, so it is likely that you will be charged for that as well.
Their Area of Focus
Different financial advisors have different areas of focus. Common areas include:
- Estates.
- Taxes.
- Retirement planning.
- Financial planning.
- Insurance.
- Investment.
Others, however, take a more generalized approach. Which of the two is better for you depends on your personal needs. You have to think about the bigger picture yourself as well. For instance, if you are in your late 40s, you may only require financial planning, but will quickly be approaching the time where you will need retirement planning and, eventually, estate planning. This means that a generalist advisor may be more beneficial, as it means that you won’t have to find a new advisor each step of the way. However, if you have a specific issue that you need help with, such as buying into the right life insurance, then a specialist advisor is perhaps more suited to you.
Some Extra Considerations to Make
The two factors above are the most important ones to consider when choosing a financial advisor. However, there are a few other things to consider as well, including:
- Whether they offer convenient appointment times, including outside of regular office hours.
- Whether they and their staff make you feel respected and comfortable.
- Whether you feel like your advisor and support staff go out of their way to help you out.
- Whether you feel like your best interests are at the heart of what they do.
- Whether their office is comfortable, efficient, and easy to get to.
Make sure that you research and speak to a number of different advisors before you make a final decision. This will enable you to see what sets the different advisors apart, enabling you to find the one that will best suit your needs. All good financial advisors will offer you a free initial consultation if nothing else, and you need to use those to see how you feel about the advisor, their work, and their office. The decision on whether or not go ahead with their help should be left up to you, and you should not be pressured into making a decision on the spot.
