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How to Choose the Right Financial Advisor

How to Choose the Right Financial Advisor

November 30, 2017

How to Choose the Right Financial Advisor

Financial planners are an excellent resource for people with short and long-term financial goals who need guidance during the process. They can help plan ways to save and invest money as well as provide advice on specific financial goals such as buying a house.

At Capitol Financial Solutions we want our Triangle residents to feel empowered as they look for a financial advisor. Of course, there are several important things to consider when choosing the right financial planner to ensure a good fit and it can easily become overwhelming. Knowing what to look for and what questions to ask will help the hunt go much smoother!

3 of the most important factors to consider when choosing a financial planner are:

  • Financial Services Offered. Some advisors will only work with clients with sizeable assets, or others may only work with mutual funds, insurance, or other financial vehicles. Be sure to ask exactly what services the planner or company offers to know whether their scope of experience fits in with your financial needs.
  • Qualifications and Licensing. Knowing the financial planner’s licensing will also give an idea of what services they offer and their overall experience. Consider asking your potential advisor if he/she is a fiduciary because he/she is required to practice with your best interest at heart. A prominent example of a fiduciary is a Certified Financial PlannerTM (CFP)(R) as they require several years of experience and must participate in mandatory continuing education to stay on top of changes in the industry.
  • Fees and Other Charges. When consulting with an advisor, they’ll likely give you a breakdown of any fees and charges required for the work to be done. This is important not only for affordability in the present, but also to know if other charges will occur down the line. For example, some will make commissions from offering a product, some will receive an ongoing fee for managing investments, and some may receive a flat fee for a one-time service.

For those new to financial planning, it can seem intimidating to get out and begin looking for an advisor. Capitol Financial Solutions is here to assuage any concerns or inhibitions you may have. Contact us today to learn more about our services and schedule a consultation!