Have you decided to take the next step to secure your future by working with an investment advisor? You are not alone. Many Americans seek outside help in their investments and financial planning. However, with all the companies out there, you may find it difficult to choose the one that will work for you best. Therefore, consider these steps.
Identify Your Financial Goals
Financial planning professionals, such as Investment Advisor Frederick Baerenz, will tell you that your first step to financial security should include defining your financial goals. You need to have a general idea of your expected outcomes and the amount you plan to invest. You should determine whether you can handle high-risk-high-reward scenarios or if you want safer investments with lower returns. Also, do you want help with retirement planning only, or do you have extra money you want to invest?
Then, identify your advice needs. Do you have trouble budgeting or planning for taxes, retirement, college and your estate distribution? Would debt management help you? Your financial planner can also review your insurance and get you the best rates, while an investment advisor can help you build and diversify your investment portfolio.
Research Local Advisors
Your next step should be research. Find all the local financial advisors, and review their websites for the services they provide. Ask your friends, neighbors, peers and family members if they use a specific person or company. Then, search for online reviews on your list. Don’t forget to search the Better Business Bureau and your local chamber of commerce as well. Look for testimonials.
Interview Your Prospects
Founder of AOG Wealth Management Fred Baerenz would probably suggest that you ask your prospects specific questions when you interview them. For example, ask about their available services, compensation structure, fee structure, planning approach, client profiles, meeting frequency and collaboration opportunities. Also, discuss whether they are fiduciaries and what their duties are. Discuss any account minimums, communication strategies and conflicts of interest.
As you complete your interviews, you should have a good idea of who would make the best advisor for you. Then you can start securely building your wealth!