Choosing the Right Financial Advisor

There are many considerations when choosing a financial advisor or even whether to choose one. While the value of working with a financial advisor varies, keep in mind that average additional investment returns can range from 1.5% to 4% more each year when working with a financial advisor. People who work with financial advisors report greater financial security, confidence and clarity than those who don’t.

When selecting a financial advisor make sure that person is a fiduciary. A fiduciary is ethically required to act in another’s best interest. Working with a fiduciary eliminates potential conflict of interest concerns.

Choosing the right financial advisor is an important decision. Interview a few different advisors to determine who is the best match for you.

Different advisors have different specialties. The specialties include clients concerned with retirement planning, business owners, those with young families, or those with a high net worth. Make sure your advisor’s strengths address your concerns.

Each advisor has his or her own approach. Some are more aggressive investors while some are more conservative. Some specialize in stocks while others in bonds and index funds. Choose the path that is most compatible for you.

Inquire into your advisor’s credentials, tests, and licenses. Financial advisors are required to pass a test. Their tests include the Series 7, and Series 66 or Series 65. Some go on to become a Certified Financial Planner.

It is important to understand how your financial advisor is paid. Some advisors are paid on a fee only basis. Other advisors charge a percentage of your assets under management. Still others are paid commissions by mutual funds which is a significant conflict of interest. Make your sure advisor doesn’t earn more by ignoring your interests!

There is a lot to think about when selecting a financial advisor. Make sure your financial advisor is the right match for you.

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With the right help, you are more likely to succeed. The attorneys at Shoffner & Associates will be happy to help you.

Freya Allen Shoffner, Esq.
Shoffner & Associates
Counselors to Small Business and Families.

Give Freya a call at (617) 369-0111 TEXT US (413) 207-6219 or email