The theme for this week is: how to pick a financial advisor.

Yesterday, I talked about one of the most important qualities that you should look for when choosing a financial advisor - fiduciary status.

Today, I’m talking about 3 important qualities that you’ll want to look for when choosing the right advisor for you.

People usually do business with other people that they know, like, and trust. That’s usually no different when it comes to your relationship with your financial advisor - perhaps even more important. A solid relationship with a financial advisor often lasts for decades. This is someone that you’ll talk to, meet with, have lunch with, and interact with for many years to come, so you want to actually like the person and get along well with them so lunch doesn’t feel like a chore, even if they’re buying.

When interviewing advisors or in the early stages of the relationship, it may be difficult to really get to know your advisor, but you’ll want to try to get to know them as much as possible. I find that potential clients often don’t go deep enough here, even if they eventually go on to become a client. Find out as much as possible about their character and personality. Are they open and authentic and willing to share who they really are so you can get to know them? You’ll want to get to know them before signing on the dotted line.

And last, and perhaps the most important is the trust factor. It probably goes without saying that trust is a crucial factor in choosing an advisor. Most people are astute enough to pick up on an obviously smarmy advisor, but there are also additional ways you can determine the trustworthiness of your advisor:

• Are they a fiduciary? I talked about this at length yesterday, so go back to episode 220 to find out why this is important
• Do they seem genuinely interested in you? Do they ask questions about you, your family, your life, and your goals that show they genuinely care and aren’t just trying to close the deal? This can be very telling.
• Look them up on brokercheck. This is a website where you can see if an advisor has complaints filed against them by current and former clients. You’ll want your advisor’s slate to be squeaky clean. If it’s not, proceed with caution.
• Ask for references. Many people discover their advisor through a referral from a friend or family member, but if you found your advisor by another path, be sure to ask them for references.

So there you have it - know, like, and trust. Qualities that hold true for choosing a financial advisor as well as most other important business relationships in your life.

That’s it for today. Thanks for listening!

My name is Ashley Micciche and this is the One Minute Retirement Tip.

---------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, how to pick a financial advisor, fiduciary financial advisor, fiduciary, fiduciary law