Ep 20: How To Pick The Right Financial Advisor
PlanningOn This Episode
On today’s Saving With Silverman podcast, Mark explains how to pick the right financial advisor. Find out why you should invest time in this crucial process.
Takeaways
Working with the right financial advisor is incredibly important. It seems like a lot of folks don’t know what they should be getting from their financial advisor, so it’s difficult for them to know if their advisor is doing a good job. Here are some things you should consider.
How to find the right advisor
“I have pretty high expectations, and I think my clients do as well,” said Mark. “So I try to make sure all their needs are taken care of. And that means if we don't have an answer, we go out and find the answer.”
It’s all about relationships. You've got to be able to get along. Your advisor needs to be a good listener. We suggest working with a CFP, certified financial planner, which we are.
Warning signs
There are a couple different warning signs. If your gut’s telling you something doesn’t make sense, go find a second or third opinion. If an advisor avoids questions, don’t go with them. You want to find someone who will address your concerns and answer your questions.
When an advisor doesn’t fit you anymore
Not all advisors will be a good fit. Some specialize more in financial planning, and others prefer to handle investment management, for example. We don’t recommend having multiple advisors, though.
Listen to the entire episode to hear about why you shouldn’t stick with the wrong advisor for too long and what to look for when choosing an advisor. Click on the timestamps below to skip to a particular segment.
I have pretty high expectations, and I think my clients do as well. So I try to make sure all their needs are taken care of. And that means if we don't have an answer, we go out and find the answer.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:52 – How to find the right advisor
4:37 - Warning signs
5:53 - When an advisor doesn’t fit you anymore
7:29 – Sticking with the wrong advisor for too long
9:12 - What to look for when choosing an advisor
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