Five things to consider when choosing a financial advisor

Having a financial advisor is an essential part of building wealth and protecting your assets. However, not all financial advisors are created equal. Here are five things to consider when choosing a financial advisor.

  1. Are they independent? If a financial advisor works for a company, they may be under pressure to promote certain products that are beneficial to the company. However, an independent financial advisor has access to a wide range of financial products and can choose the one that best suits his/her clients’ needs.
  2. Are they a fiduciary? According to nerdwallet.com, “A fiduciary is an individual who acts in the best interest of a particular person or beneficiary. In the world of financial services, that means fiduciary advisors must only buy and sell investments that are the best fit for their clients. Fiduciaries have a bond of trust with clients and must avoid conflicts of interest. Working with a fiduciary financial advisor means that they have your best financial interests at heart.”
  3. Financial Advisor vs Financial Consultant: Financial Advisors are required to pass a series of tests and to be licensed. Be sure to ask about the training, licenses, and credentials of your financial advisor.
  4. Fee based or commission based: A fee based financial advisor charges a flat fee for the services they provide. A commission-based advisor gets paid a commission based on the sale of a product or a financial transaction.
  5. How often do they meet with you? You should meet with you financial planner at least quarterly to identity your financial needs and concerns, to implement a plan, and to make sure your plan is working.

 The financial experts at Commonwealth of Atlanta understand the unique financial needs of physicians and specialize in working with physicians. Schedule your complimentary session today with Harvey Maclin, Vice President of Financial Planning and Retirement Services at www.harveym@cwbfs.com, https://calendly.com/harveym.

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