Always do your homework

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Choosing a financial professional is an important decision. While finding the right person can take a lot of weight off your shoulders,  giving  access to one of the most sensitive parts of your life can be challenging.  You are  hiring an expert to work for you.  The advisor-client relationship is built on trust and communication, so doing your homework before choosing an advisor provides both peace of mind and long-term benefits. 

Here are some things to consider when choosing a partner to help manage your finances: 

How does the advisor get paid?  

Dependent on their registrations, advisors can charge a flat annual fee, a per transaction fee, or may not charge the client a fee at all.

Is the advisor properly credentialed to provide the services you require? 

Consumers should always check the licensing and registrations of their advisor through FINRA BrokerCheck and state licensing boards. 

Ohio Dept. of Insurance

Is the advisor a fiduciary?  

Acting as a fiduciary means that an advisor will put the client's interests before their own. One sign to look for; an advisor that continually invests in their own education so that they can best serve their clientele. Another important sign is that your advisor can speak with clarity and acts as your advocate. A great financial plan means little if you do not understand or are not able to implement it. 

Does the advisor focus on a particular arena of financial planning?

 It is virtually impossible to be expertly knowledgeable in every area of finance management.  Estate protection is different from managing a portfolio - which is different from devising a household budget - which is different from structuring an employee  benefits program. Choose an advisor who works with your specific needs regularly. Or better yet, find an advisor who works with a team that can provide informed advice on your financial situation even as it changes. 

Building a financial future can seem overwhelming. The right advisor will listen, understand your financial goals, and partner with you to create a long-term financial strategy.

Watch this video to learn more about the impact an advisor can make.