BEST FINANCIAL ADVISORS
There are so many ratings sites in existence it is hard for clients to determine the best financial advisors. Those sites are typically populated by people who are willing to pay a fee or advertise with the site. There are a lot of these operations – WiserAdvisor, SmartAssett, Angie’s List, Yelp, Paladin, local magazines, local chamber of commerce, and the list goes on and on.
There are also sites that talk both about the best financial advisors and then also the top financial advisors. These are places like JD Power, Barron’s, and Forbes that have their own criteria, but many times are based on the size of the operation more than anything. Does your financial advisor have their most affluent clients make them the best financial advisor for giving you top notch service and advice?
Instead of letting other companies profit from your desire to find the best financial advisors, let me instead offer another way to find the best financial advisor – for you.
Know Their Background
Every financial advisor has a different story - what is theirs? Why did they get into financial advising? Do they have any additional skills that may interest you? Are they consistent at staying with one firm, or do they move around? Do they have any disclosures that show potential issues in their conduct? Lastly, do they have any reg flags in their background based on looking them up on BrokerCheck? Those are all things that are very important to know and be comfortable with.
Understand Their Model
There are financial advisors that work as solo practitioners, those that work in small teams, and those that work in large teams. If you are going to work with a solo practitioner, you are going to get their direct attention because they are the only one doing the work. If you are going to work with an advisor that is on a small team with an assistant or two, you can know that you’ll be working with the advisor on planning issues, but will have more interaction with the assistants on things that revolve around paperwork and processes. If you are going to work with a large team that has multiple advisors, that means that you will get individual attention from the lead advisor if you are a top client, but everyone else will be serviced by the rest of the team. No one model is better than another, but knowing the situation will help you to find the best financial advisor for you.
Be Aware of Their Fee Structure
There are multiple different ways to pay for financial planning and financial services and clients should be matched to the best one for their situation. If you want a financial advisor to be more hands on, you may consider a fee-based relationship where they are incentivized to grow the portfolio. If you want a more hands-off approach or have a one time need, a flat fee or commission based financial advisor may be the right fit.
At the end of the day, make sure your financial advisor is the best financial advisor FOR YOU. At the Cremé Wealth Team we believe in full transparency and empowering people to make the right decision. Please reach out and continue to explore our website to learn about our background, know our model, and understand our fee structure.