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How to choose the best financial advisor

Be it for choosing an investment plan or making the right retirement income plan of an individual or for financial planning of an organization, almost all of us would need some advice from people who know the finances well. But often, we struggle to identify the best financial advisor. The sole purpose one struggles to earn today is to fend for financial requirements and secure their future when his ability to earn ceases on retirement.

How to choose the best financial advisor
Advice can either make or break our savings and thus our future. The right choice of person or firm to handle our finances requires a thorough and a disciplined process to be sure and have peace of mind.

Firstly, it is essential to know what kind of service one is looking for from the advisor. There are different types of financial services, and the best financial advisors are knowledgeable about all services. Some may be good at planning and weak at management and vice versa. A few may be good at retirement contribution planning and weak at retirement distribution advice or vice versa. Having a brief idea of the different types of services might help.

  • Financial planners:  Help us to have an understanding of how much to save and what type of insurances are required by looking beyond just investments.
  • Investment advisors: Help us to manage our investments by telling us what kind of investment needs to be made, when and where by current financial planning processes.
  • Retirement advisors : Help us to coordinate and align all current earnings and savings that are in the form of social securities, taxes, investments, pensions with the retirement date thereby providing us a more meaningful income for life on retirement.
  • Stockbrokers: Help us with advice on what securities to buy including stocks and bonds. These advisors are paid a commission by the selling firm on each security sold.
  • Insurance agents and bankers : Both these advisors do not provide investment advice or financial planning but can sell mutual funds, stocks, bonds, variable annuities, etc. with a license.

Once, the above understanding of different financial services is available; one can choose the best financial advisor through a few methods discussed below. Opt for a recognized individual or firm for advisory: Although not experts, such individuals, and firms may be knowledgeable in all areas of financial planning including investment, retirement, insurance, taxes and estate planning, thereby indicating that they have a relatively better understanding of various financial products.

For an individual : The Certified Financial Planner (CFP) Board of Standards’ requirements is an agency that certifies individuals who pass a comprehensive board exam and meet criteria for minimum years of experience. Once certified, it requires the CFPs to meet the continuing education requirements to maintain their certification status.

For firms : Registered Investment Advisors (RIA) firms that are those which are registered with a State regulatory body like the Securities division of the state’s Attorney General’s office, the Securities Exchange Commission (SEC), etc.

Verify the credentials and history of the advisor : One can check if a potential advisor has NAPFA membership that goes beyond just qualifying credentials. Credentials are obtained after passing certain board exams and requires to continue the related education to maintain the designation. One must be careful on this because a few may fake their credentials or buy it for a price just so that they can sell themselves in the market. The reputable credentials to look for based on the required services are as follows:

  • Financial planners : CFP or PFS designation
  • Investment advisors : CFA accreditation
  • Retirement advisors : RMA or RICP certified.

Know the advisor’s compensation
Depending on the investment type involved and the term of involvement of the advisor desired, one may choose a suitable and the best financial advisor. Based on the remuneration taken by the advisors they can be broadly classified into two:

  • Fee-only advisor : A few may charge a consultation or retainer fee on an hourly, quarterly or annual basis or a flat fee to complete a specified project, and a few may take commissions on an asset involved.
  • Nonfee-only advisors : These people receive incentives or bonus from their company for meeting the set goals or objectives on sales.

Conduct extensive research
Perform sufficient research by talking to friends, colleagues and online on the best financial advisors. There are various agencies (like Forbes, JD Power, etc.) who conduct market surveys on various aspects and provide a rating to different companies. A search engine can throw up results based on such surveys. When the same company shows up for positive results on multiple platforms, you can decide to choose it as your aid. There are firms which work in close quarters with the client or remotely over the computer or phones. Choose this based on your comfort and requirements.

Ask questions to know the credibility of the advisor
Ask many questions to the potential advisor to get a better understanding of their level of knowledge. Your questions must cover why, where, who, what, when and how to get yourself convinced on the credibility of such advisors. There are certain regulations for financial advisors such as not using client testimonials, giving out their clients’ names to promote themselves.

The bottom line is that the best financial advisors will have good credibility, meet basic credentials, be reliable and trustworthy, and have no history of complaints. They can make financial recommendations only after they have a thorough understanding of the client’s expected time horizon, experience with investments, expectations, capacity to take investment risks, and current resources that earn them an income such as assets and liabilities.

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