Introduction
A financial advisor like AG Morgan Financial Advisors is a valuable ally and resource for anyone who wants to make smart decisions about their money.
They can help you develop an investment strategy that’s right for your unique needs and goals, teach you how to get control of your finances so that they’re not controlling you, and even help with taxes, insurance policies and retirement planning.
And while there are many financial advisors like AG Morgan Financial Advisors out there who can offer this kind of guidance from stockbrokers to insurance agents to bankers they’re not all created equal.
Financial Advisors Are Not All The Same
There are many different types of financial advisors, and each has its own model and the most common types are fee-only and fee-based.
Fee-only advisors charge clients a flat rate for their services, which can include planning, advice and other aspects of your portfolio management and they do not receive commissions or other compensation from the investments they recommend.
Fee-based advisors typically charge clients based on an hourly rate or fractions thereof, plus additional fees for specific services such as creating an asset allocation plan or reviewing account statements regularly throughout the year.
Fee-based advisors may also receive commissions or other compensation from the investments they recommend–this could create a conflict of interest if you’re looking for objective advice about how best to manage your money with no influence from outside sources.
How To Find The Right Fit For You
- Ask about their education, background and professional training
- Ask about their experience, strategy and fees
- Ask about their credentials and licenses
- Check out how they are perceived within the industry by reading online reviews or speaking with people who have worked with them in the past
There Are Many Ways To Find A Financial Advisor
You can seek referrals from friends, family and colleagues and you can also search online for advisors that meet your needs. Or perhaps you might want to contact local organizations offering financial planning services in your area for example: local banks or credit unions.
If you decide to use an online search engine, be sure not just any person who comes up on the first page of results is right for you.
Instead look at the credentials of each individual and make sure they have experience working with clients similar to yours before reaching out directly by phone or email with questions about their services
When you’re looking for a financial advisor, here are some things to keep in mind:
- Look for someone who is a fiduciary- A fiduciary has a legal responsibility to act in your best interest not their own when providing advice
- They must give you full disclosure of any conflicts of interest and may not recommend products that pay them more than reasonable compensation
- Look for someone with experience working with people like you and similar situations e.g., if they’ve worked with clients just starting out or those who have accumulated substantial wealth
- Ask about their education and training; look for certifications
Conclusion
Finding the right financial advisor is an important decision. It’s not something you should take lightly and it will affect your life for years to come as well as make sure you do your research and ask questions before choosing one so that you get the best fit possible.
