Checklist: Utilizing a Financial Advisor
Review your current financial health, Identify your specific financial needs, Set clear expectations of goals for financial advisor.
Clarify which goals are short-term and what goals are long-term, Set SMART financial goals, Prioritize your goals.
Understand the different types of advisors (CFP, RIA, CFA), Verify their credentials and experience, Obtain clear understanding of your advisor’s fee structure.
Collaborate with advisor on goals and risk tolerance when creating a customized plan- ask questions if unclear, Ensure the plan is comprehensive and considers current and future plans.
Schedule annual reviews (more frequently if needed), Monitor plan’s performance, Remain flexible and adjust plan as needed.
Learn from your Financial Advisor’s expertise, Request references from your advisor’s network for other needs like Estate Planning or Insurance Professionals, Collaborate with advisor on strategies that align with goals goals.
It may be time to seek a new financial advisor if; their performance does not align with your goals, if you feel they are not being transparent or you are unsure if they are trustworthy or if you feel uncomfortable in any way while utilizing their services.
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