Choosing a Financial Advisor
No one is an expert in every field, so people hire professionals to help them with various aspects of their lives. Doctors, dentists, plumbers, mechanics, and many others do things the average person can’t.
Managing money is essential to financial security. Not everyone can do that as well as they should. Financial advisors are valuable assets to anyone. Choosing the right one should be done as carefully as choosing any other professional.
Determine Where You Need Help
The first thing you need to do is decide what kind of financial help you need. If you own a small business or have investments, you will want an advisor like Frederick Baerenz of Resont Virginia. Financial advisors can also help you plan for retirement, manage debt, and help with insurance and estate planning.
Types of Financial Advisors
There is more than one type of advisor and it’s important to know how each differs.
- Commission advisors – These kinds of advisors earn their money through third-party commissions from financial products or services they sell you. They may also charge you a fee.
- Fee-only advisors – As the name implies, these advisors earn money by charging you fees for their services. This may be a flat rate, an hourly fee, or a percentage of the assets they manage.
- Registered Investment Advisors – An RIA provides fiduciary financial advice and has a staff of Investment Advisor Representatives. These reps have a wide range of expertise and can help with any kind of financial assistance you need.
Knowing the types of financial advisors there are will help you choose the right one.
Determine Which Services You Need
Finally, figure out which kind of financial services you will need. For investment and retirement advice, you will want someone like Fred Baerenz. You may require tax, estate, or college planning, debt management, or budget advice. Everyone’s situation and financial needs are different and they should have an advisor that suits those needs.
Experts can help you in all areas of life. Take the time to choose the right financial advisor.