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Ask your friends for a referral of somebody they’re happy with!
Financial advisor here. No perfect way to find your ideal advisor match. Usually looking into your community Facebook page is a great place to start. Look to see who is recommended and then pick two or three to interview. Lots of different types of advisors these days; fee only, big box money managers associated/employed with banks or institutions, fiduciary advisors that are independent but still registered, RIAs who mainly do insurance and fee based advice etc.
At the end of the day, it is all about you feeling like your money is managed well, that you are thought about just as much while you are in the office as when you are out of the office, and that there is a plan for all climates ahead.
Interview a few, research their backgrounds on brokercheck.org to make sure there is no settlements, complaints or claims against them and go with who you like the most or who fits your personality the most. Me personally I think there is value to having someone be both securities licensed with a broker dealer as well as being independent (7/66 or 63/65 licenses) because regulation and compliance are much more strict so they weed out the shade but there is no perfect equation to professionalism. Some people say designations are, but that is not my experience either. Best advice I could give is to interview a few different ones that are highly recommended and go with your gut. If it doesn’t make sense to you then it probably doesn’t make sense at all. And don’t let them double dip you (financial plan fee + fee based) more often than not, when you add the fees together it usually is excessive. Avg for 1M in assets under management is around 0.7-0.9% annually just as a reference.
Good luck!
Agreed with finding someone who is a true “Fiduciary.”
True Fiduciaries aren’t required to be “registered” reps with FINRA. Think traditional Trust companies who are regulated by the OCC.
Most Financial Advisors, if not all, are mostly fee based and their compensation is directly tied to sales/growth of their book.
Check ones near you and go with one with best reviews.
Meet with several to determine who you feel most comfortable asking questions.
Search CFPs in your area: https://www.letsmakeaplan.org/find-a-cfp-professional
They’re fiduciaries and not purely sales people, so you can sue if they make decisions which aren’t beneficial for your long-term goals
Fiduciaries are very underrated. Having someone you know that is bound by law to do what’s in your best interest regardless of what’s in the best interest of the company is a nice peace of mind.
This basically eliminates that Edward Jones’ , Primerica and those types of orgs. It also eliminates a lot of FI’s and credit unions.
Obviously find someone you’re comfortable with (and ideally younger than you so they will be with you as you go through the next stages of your investing.
There are orgs that are good . RBC for example has PH&N. they are fiduciaries and are great if you hit their minimum thresholds.
Bottom line, don’t jump in blindly
Thank you so much for all the great feedback. I found a few I'm interested in interviewing. Besides obvious questions about fees and stuff... what questions should I ask?
Are they a fiduciary?
How long have they been in the business? (It takes 3-5 years to become good with the more complicated issues)
Do they offer financial planning?
Do they charge for planning?
How often do they offer reviews?
What is their primary mode of communication? (Email, text, phone)
How do they monitor the investments and what is their process for selection/ changes?
Will they still be working when you retire, and if not do they have a succession plan?
For AVP, either their fees are too high, or your dividends/ cash flow is too low. You can get 3-4% from portfolio, and more if you know what you're doing. You should not be paying much over 1% max, and if you have $300k or so it should be less than 1%.
I recommend you to read The Blueprint To Financial Freedom and look up Jerry Fetta he is by far the most knowledgeable person I have ever met in Finance and he has a company called Wealth DynamX which has a University that goes over the Sacred Account and building wealth it has changed my life!
Is this IG? Lol
Ask family and friends you trust for referrals. Word of mouth as always is the best advertisement.
If it’s just a 401k with the other employer you can roll it into your current employer’s 401k
Be careful with this, as you will be able to roll into an IRA outside of your company. These tend to have lower fees than those with employers. If you want your account to have lower fees, roll your 401k into a new IRA at a non-employer account. There are a lot of online CFP advisors as well! Check out https://zoefin.com/find-a-financial-advisor/?adgroupid=150752956510&utm_medium=cpc&utm_campaign=19788364786&utm_source=google&utm_term=find%20a%20financial%20advisor&utm_content=660625213640&hsa_acc=7936112150&hsa_cam=19788364786&hsa_grp=150752956510&hsa_ad=660625213640&hsa_src=g&hsa_tgt=kwd-16634782&hsa_kw=find%20a%20financial%20advisor&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gad_source=1&gbraid=0AAAAADRzbeTCaVC0xNBs6ki9lpb7FtP2l
You are in charge. Interview three of them and see who shows they care about you, not how good they are!
Smart asset
Interview them! Ask lots of questions find value and go with your gut
Go with recommendations. My best clients are always referrals. Interview the advisors.
What are you trying to achieve by getting a financial advisor?
If it’s only about getting your 401k from your previous employer, it’s easy as a quick phone call. I recommend to transfer it to an IRA at a personal brokerage account because most employers 401k lack fund choices and also hit you with a lot of fees.
If you are trying to get some guidance on how to manage your finances better or your have a very complex financial situation, it may be reasonable to get an FA. Make sure they are fee based, meaning that you pay only when you meet with them. They are essentially your consultants. Don’t fall for that assets under management BS, it’s basically throwing money away.
Facet Wealth is a good start, it’s a platform that you can find FA and you pay 2400 to 8k per year depending on how complex your financial situation is.
Hi
I have access to a lot of great people in Canada and the US. As you have a 401K, clearly you are in the US. I can always put you in touch with someone in your area. They will be more than happy to talk to you, get to know you and your goals, etc, and work with you to find a solution you are happy with. We are all about what is best for the client. Please let me know, if you are interested, where you are so that I can put you in touch with the best person.
Also, you do not pay fees to a World Financial Group advisor; we are paid by the product partners we work with to put various financial plans in place for our clients.
Good Morning!
I’m a licensed financial professional and have access to many types of products that help you to save, grow, and protect your money. I’m licensed in several states and can certainly offer you a no cost review of what you currently have and offer some solutions for you consider.
I am located in the state of NY.
Go for a flat fee advisor.
Look for one that is FEE ONLY and doesn’t take a percentage of your money. Also a CFP.
I’d be happy to answer any questions you have.
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