Choosing a financial advisor is a decision that will impact future financial goals. The right financial advisor will have the knowledge and expertise to guide you towards creating a plan that will allow you to live well now and in retirement. The wrong financial advisor won’t prioritize your financial well-being and may negatively affect your progress. Knowing the difference is simple.
- A Fiduciary Financial Advisor is legally and ethically bound to act in the best interests of his or her client. A financial advisor is not.
- Many financial advisors work on commission. At Alloy Wealth Management, our fiduciaries do not.
- Advisors who guarantee returns are a red flag. We are honest and upfront when we say market downturns are inevitable. Yet we educate and enable clients to put together a balanced investment portfolio to weather market downturns.
- A financial advisor who has one investment strategy is not client focused. Alloy Wealth fiduciaries get to know a client personally before guiding them in their investment decisions.
- Avoid financial advisors who care only about one aspect of finance. Fiduciaries consider a client’s financial life. Everything matters. Retirement planning, investment management, tax planning,insurance, and estate planning.
Before choosing a fiduciary financial advisor, do your research and schedule interviews. Evaluate their credentials and level of experience and consider their personality and communication skills in your decision-making process. The fiduciary that you select will be someone you’ll speak with regularly. If you are currently working with a financial advisor who does not respond to your calls or emails, that’s a reason to consider moving on. If they’re not communicating with you, what are they doing for you?