How to Find the Right Financial Advisor for Your True Needs

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Now, more than ever, we need someone to help us navigate the volatile markets and ensure we are making those decisions that will give us a solid financial base. A financial advisor is someone who can give you invaluable support and help you avoid excessive costs, and focus on your financial goals. Far from it being an option for rich people, financial advisors are an amazing solution to set long-term objectives. Here's how you can choose the right financial advisor for your needs.

Understand What You Need Help With

Looking at which parts of your financial life you need support with can ensure that you are ready to explain what it is you are looking for. Financial advisors provide a wealth of support. It's easy to look at the more sophisticated financial advisors out there because they build Fintech app platforms or have a great roster of wealthy clients, but depending on where you are in your life, you may not need a complete overhaul of your financial planning. 

If you have a relatively straightforward financial life, for example, if you have very little debt or don't have dependents, you may only need support with something like your retirement. However, if you have complex financial needs, you may benefit from extra support. Financial advisors offer different types of services depending on their specialty, so you should understand which services you really need.

Choose What Type of Financial Advice You Need

Financial advice can cover some of the following: 

  • Budgeting, where they can help you fine-tune your budget to reach your financial goals.
  • Managing debt, such as mortgages or credit cards.
  • Estate planning, which can help you transfer your money to the next of kin or charitable causes.
  • Planning your taxes, by helping you decrease how much you pay, for example, by making large donations to charity.

Financial advisors can also offer emotional support during tough economic times, and this can help you achieve that perspective that may make all the difference.

Know How Much You Can Pay

Financial advisors provide a wide variety of fees aimed to make their services more accessible to clients. Financial advisors tend to fall into two categories: 

  • Fee-only or fee-based advisors charge fees based on the total amount of assets they manage or could charge through a retainer or by the hour or subscription.
  • Commission-only advisors may receive a portion of what you purchase or invest.

The Right Research

Conducting research will help you find financial advisors online, but there are also a number of financial databases that can guide you toward the right advisor, such as the Alliance of Comprehensive Planners (ACP). When researching advisors, look for their credentials and dig into their background to see if there have been any disciplinary actions or complaints, which you can find using a resource like BrokerCheck.

A financial advisor is someone that can be invaluable, but you need to make sure you find the right one that meets your specific needs to help you achieve those all-important financial goals.

About the author

Amit is an Independent Financial Advisor, based in Dubai since 1997. He is part of the prestigious ‘Million Dollar Round Table’ (MDRT), which is an elite club of the best financial advisors worldwide.

He has authored the ‘6-Step Financial Success Guide’, and the book ‘Creating, Preserving, Distributing Wealth’.

He helps business owners and professionals ‘Create A Second Income’ through investments.

Amit Mitbawkar

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