The Best Professional Financial Services

The Best Professional Financial Services

Selecting a financial professional can be a lot like choosing a new vehicle: The one with the most flash is not necessarily the best one for your finances.

The evidence suggests that those shopping for a finance professional often make choices they come to regret. In a clear sign of their dissatisfaction, a 2013 research survey found that more than three-quarters of high-net-worth investors planned to yank money from their financial professionals.

Before you start talking to financial professionals, take time to think about what type of services you need. You may want a bunch of services at different times in your life. Sometimes an expert in the tax system is needed. Other times you may want help acquiring or selling stocks. Perhaps you would like someone to look at your whole financial picture and long-term needs, and assist you in developing a larger financial future plan.

Financial professionals are paid in a few different ways. When you are looking for a financial professional, you definitely want to know how they will get paid.

Many financial planners are paid a singular fee for their service. This flat fee may be determined by the size of the financial plan, by the hour, or by a percent of the assets you give them to handle.

The advantage of fee-only planners is that there is less potential for a conflict of interest than with a commission paid planner.

Knowing your investing preferences can help eliminate the wrong advisors. Do you prefer active, aggressive trading aimed at beating the market? Or are you more comfortable with a patient approach that may yield just enough return to help you reach your goals?

Finally, think about how complex your needs are. You may be part of a two-earner couple with the straightforward goal of retiring comfortably. Or you may have multigenerational wealth stock options and offshore accounts. An advisor who is comfortable serving straightforward clients may be in over her head with clients who need more expertise.



Social Icons