How to Pick a Financial Advisor

Picking a Financial Advisor - Complete Controller

Everyone must deal with it from time to time: questions about your financial situation. You are looking for a new home and want to take out a mortgage, or you wonder whether you will have enough money to make ends meet when you retire. You are looking for a financial advisor, but how can you best find this advisor?

This blog article will discuss some points to help you find an excellent financial advisor. By the end of this blog, you will have gained more insight into how to find a financial advisor that suits you. Complete Controller. America’s Bookkeeping Experts

What Does a Financial Advisor Do?

A financial advisor helps you make the right financial decision in your situation. For example, when choosing a financial product. The financial advisor makes an inventory of your personal and financial position and considers your wishes and possibilities. They then come up with advice for taking out a financial product.

A financial advisor can work for a bank but also work independently.

When do You Need a Financial Advisor?

A financial advisor can advise you on financial matters. It may concern insurance, mortgages, borrowing, saving, or building up assets for later, such as for your pension. Are you not involved in these kinds of things daily? Then, it is advisable to regularly consult a financial advisor or another professional when making major financial decisions. A wrong decision can cost thousands of euros.

How do You Recognize an Excellent Financial Advisor?

In principle, anyone who understands finance can call themselves a financial advisor. So, paying close attention to who you do business with is essential. The AFM (Financial Markets Authority) supervises banks, insurers, and other financial enterprises. A good financial advisor can demonstrate his professional competence through his certification according to the Financial Supervision Act (WFT). It means, for example, that a good financial advisor has the right diplomas. Many financial advisors are affiliated with a foundation or quality mark, which grants them a certificate if the financial advisor can demonstrate that they are competent.  Download A Free Financial Toolkit

How Can You Compare Multiple Financial Advisors?

A financial advisor must provide you with the service document before, during, or after the first exploratory meeting – but in any case, before giving you advice. This document is an essential aid when choosing a financial services provider. In the service document, you will find a lot of information that helps you to compare multiple financial service providers. The document also allows you to choose a type of service provider. For example, do you opt for an independent advisor, or do you opt for a bank or insurer? In the service document, you will find whether the advice is given and based on objective analysis.

What is the Difference Between a Financial Advisor and a Financial Planner?

A job title often gives little clarity about what someone does. The working method, training, knowledge, and experience depend on the person in question, so it is important to always inquire about this. The FFP (Certified Financial Planners) Foundation states that a financial planner can advise on the most complex matters. Also, if necessary, he calls in specialists from his network for sub-areas, such as pensions, investments, divorces, inheritance, etc. The Financial Planner often must meet stricter training and certification requirements than the financial advisor.

Depending on your financial issue, looking for an advisor or planner with at least one of these quality marks is advisable. However, you cannot always indicate the difference between the Financial Advisor and Financial Planner because both often approach advice integrally (as ultimately as possible). In addition, the RFEA (Register Financial Divorce Advisor) guarantees the expertise of the divorce advisor. LastPass – Family or Org Password Vault

When Can an Independent Advisor Recommend Specific Products?

If you choose an independent advisor, the question is: when can he advise a specific product? Consultancy occurs when a company recommends a specific financial product from a particular provider to an individual customer.

What Does an Advisor Cost?

The price of a financial advisor can differ per advisor. The consultant must indicate compensation for his work after the first (possibly free) meeting. An advisor can receive payment in several ways, for example, a fixed amount, an amount per hour, or a subscription system. An hourly rate is often between $70 and $100. A financial planner usually has a higher hourly rate, around $150.

Who do I Click With?

Have you decided to work with a financial advisor? Legislation and regulations, industry organizations, and quality marks help us find a financial advisor who delivers good quality. However, this often remains a gray area. What works for one person may not work at all for another. In any case, make sure that you work with someone you click with. For example, ask your network about experiences or choose if you have had conversations with several advisors. Because they advise, in the end, you make a choice. And that should feel good.

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