Whether you’re saving for retirement, considering major purchases, planning your estate, or just want a second set of eyes on your investments, hiring a financial advisor who best suits your needs is key.
While advisors are prohibited from promising returns, research suggests that people who work with a financial advisor:
- feel more at ease about their finances
- could end up with 15% more money to spend in retirement¹
But with thousands of options available, it can seem daunting to choose one.
Here are a few questions to ask to help ensure you’re hiring someone who can help you reach your goals.
1. Are you a fiduciary? Fiduciaries are financial advisors with a legal obligation to prioritize your best interests as they manage your assets or money — unlike a broker, who may push you into insurance policies or investments to rack up fees and commissions.
2. What type of services do you offer? Some advisors may only handle investments, while others take a more comprehensive approach, including retirement, estate planning and tax planning, along with other services.
3. What’s your fee structure? Depending on the type of professional you’re working with, they may receive a flat or hourly fee, be paid on commissions, or a combination of both.
Okay, great. Now, how do I find one? SmartAsset’s no-cost tool simplifies the time consuming process of finding an advisor. A short questionnaire matches you with up to three vetted financial advisors serving your area, each legally bound to work in your best interest. It’s never too late to work towards a comfortable retirement.
Ready to know more? Check out the full list of questions so you can confidently decide who you’ll tackle your finances with as you grow. |
