By Kelli Kiemle, AIF®, Managing Director of Growth and Client Experience as featured in Kiplinger
Choosing the right financial adviser for you is a very personal decision, not to mention critical for long-term financial success. Knowing where to look to find an adviser is key, too.
Whether you are looking for the first time or interested in changing who you work with, figuring out what to look for and where to look for a financial adviser can feel overwhelming.
When evaluating the top factors to consider, people commonly point to someone who gets good investment returns or who has a lot of credentials or experience. These are indeed important aspects, but your search should go beyond that if you want to end up with a great long-term relationship.
Not all advisers are created equal. Though I’m not an adviser myself, I have nearly 20 years’ experience in the wealth management industry, and I work very closely with our firm’s advisers. I have come to recognize how important it is to find the right fit, especially because choosing an adviser is a very personal decision and critical to your long-term financial success. This article will explain how you should start your process and where to look for information about advisers.
First, Why Should You Hire a Wealth Adviser?
An important first step to finding the right adviser for you is understanding why you need one in the first place. It helps to be really clear on this before you begin your search. Did something happen in your life that made it obvious you need help, such as an unexpected inheritance or a divorce? Are you planning for a big event, such as retirement, and want to see if you are financially ready to make this transition? Or maybe you’re a careful planner yourself and simply want to ensure you’ll be able to reach your long-term goals with a step-by-step plan.
Maybe you recently lost or changed a job unexpectedly? We know it’s counterintuitive, but this is the time to lean in – transitions are critical!
The list is endless: There are lots of reasons to seek out an adviser’s help, and understanding why you personally need one will help tailor your search. Some firms are better than others at providing different solutions. Wealth management firms offer a variety of services, from detailed savings plans over decades to personal advice on buying a home or various ways to invest a recently inherited large sum of money.
A good adviser should be able to advise you on any big financial decision in addition to managing the details of your portfolio. If you have a more specialized need, like selling your small business or going through a divorce, there are advisers who specialize in these topics, so it’s important you seek them out.
Evaluate Key Skills and Characteristics
When evaluating advisers, a top criterion should be: Do they listen to me? This might surprise you, but it’s actually the most critical component of a successful relationship. You want your adviser to know your current situation and what your short-term and longer-term goals are so that your planning is based on those personal factors. If they’re not digging in to hear where you stand, how can they suggest the right path forward?
Here are some questions to ask yourself when evaluating your conversation with an adviser:
- Did you feel like your questions were answered? If not, then maybe they were not listening well enough and might miss things in the future.
- If you are part of a relationship – did both individuals feel heard and did they both contribute to the conversation? If not, then maybe it’s time to evaluate other advisers.
