5 Tips to Finding the Right Financial Advisor
Posted April 29, 2022
Choosing the right financial advisor is not something to be taken lightly. You have spent your lifetime building your savings, starting your business, investing in all the right places, and now you’re seeing the fruits of your labor. This lifetime of work is not something you would hand over to a stranger, nor is it something you should take lightly.
When choosing the right financial advisor, there are five things you will want to consider.
Find A Fiduciary
One of the first things you will want to research is whether the financial advisor is a fiduciary 100% of the time. A fiduciary is legally bound to work with your best interest in mind, eliminating the potential conflicts of interest that may arise down the road. Ask the advisor if they are a Registered Representative or an insurance agent. They legally aren’t a fiduciary 100% of the time if they are. Watch this video for a better understanding.
This is one of the key reasons why I founded Thayer Financial. My values and beliefs did not align with any major name brand firms, and I knew there had to be a better way to serve my clients.
The Thayer Financial team works as a fiduciary 100% of the time, and we wouldn’t have it any other way.
Know Their Background
You’ll also want to know about the financial advisor’s background. Who are they? What are their experience/credentials? Are they reputable within the industry? Make sure to look the advisor up on BrokerCheck and review their work history, licenses, and if they have any client complaints. All licensed financial advisors are listed here, so it’s a massive problem if you can’t find the person you’re talking with.
Thayer Financial was built on the core principles of duty, honesty, integrity, and loyalty, and I hold myself to those standards every day. You can read more about the Thayer team and why we got into this business by clicking here.
Learn Their Secret Sauce
In other words, what is it that this advisor does exceptionally well? Who is their ideal client, and do you fit into that niche?
At Thayer Financial, we are transparent from the very first phone call. We understand that finding the right fit is critical to your financial goals, and for us finding the right client is essential to fostering the best working relationship. Our services are best suited for clients approaching retirement age who have at least $750,000 of investable assets and seek professional guidance.
Understand How They Get Paid
Back to those conflicts of interest mentioned earlier, knowing how the advisor is getting paid is essential. Are they receiving revenue sharing (i.e., kickbacks) and commissions and, therefore, not always working in your best interest? Will the advisor continue to be paid on an ongoing basis, even though they don’t have to work with you after a product sale?
It’s also crucial to understand the difference between fee-based and fee-only. “Fee-only financial planners get paid by you directly; fee-based planners may also earn commissions on products they sell.”
I am proud to say the only way I get paid is through a direct and transparent fee for my services. Thus, allowing me to work solely in my client’s best interest instead of selling products to figure out how I will be paid. Above all, working as a fee-only advisor provides transparency to the actual cost of advice and the service you are receiving.
Establish A Level of Trust
In meeting with a financial advisor, ask them questions and never feel pressured into doing anything immediately. What is their data security policy? Are they always available to you? What is their investment policy? How often will you meet?
Knowing the answers to these questions can help establish transparency and
trust when fostering this uniquely intimate relationship. If you are entrusting this person to handle your lifelong earnings, it’s essential to build up this level of trust before handing over a single dollar.
Here To Help You Make The Right Decision
Choosing the right financial advisor takes time and research but pays off in the end. At Thayer Financial, we are an open book from the very start. We want you to feel empowered to make the right decision for you and your financial situation.
If we don’t think we’re a good fit, we’ll tell you. I promise. And then we’ll help point you in the right direction so that you can achieve your financial goals, even if it’s not with us.
The road to finding the right financial advisor can be long and hard, but the good news is you don’t have to walk it alone. If you’re wondering if Thayer Financial may be the right financial advisor for you, we’d love to talk. You can set up an appointment with our team by clicking here.
Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the States of North Carolina, Tennessee, Texas and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. This website’s presence on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or according to an applicable state exemption.
All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.
