How to Find a Trustworthy Financial Advisor

Updated: Sep 15, 2019

How to Find a Trustworthy Financial Advisor
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Not sure how to start with investing? Or where to invest? Determining your asset allocation and constructing a diversified portfolio can be overwhelming. Money is like life. You want to get the most out of it. But it’s not easy finding a trustworthy financial advisor to help you do so.

You don’t have to be a numbers person to get your finances squared away. I’m definitely not! My secret weapon is learning from those who’ve done it before me.

No one is an expert at everything. The key is to get educated in the areas of personal finance that are the most difficult for you.

Without a solid team to support me, I would not have been able to achieve financial independence retire early (FIRE). After all, we are the average of the people we spend our time with!

Through trial and error, I’ve learned the hard way that the only person who is going to care most about my money is me.

Yet financial advisors are helpful resources! At the end of the day, a good financial advisor will work with me and educate me to handle money matters on my own.

Surround yourself with the right people by asking the right questions.

This may mean having to cut ties with those who just never seem to bring out the best in you. It also means to vet the people you want to work with when it comes to money matters.

Before working with a financial advisor, here are 5 questions to ask:

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1. Are you a fiduciary?

It’s important to know the advisor’s qualifications and motives. Fiduciaries work in the best interest of the client. Nonfiduciaries need only to recommend products that are “suitable”, even if they’re not the lowest-cost or most ideal for you.

2. How do you get paid?

Advisors can use a variety of fee structures. To keep it simple and avoid conflicts of interest, focus on fee-only advisors. Fee-only advisors don’t get commissions for selling products.

3. What are ALL the fees?

Get a clear readout of all the fees up front. In addition to paying the advisor, there are other fees here and there. Fees can decimate your savings over time.

4. How will we work together?

Find out how much access you will have to the advisor. Specifically, find out how often you’ll meet. Is he or she available for phone calls or emails outside of scheduled appointments?

5. What's your investment strategy?

A trustworthy advisor has to believe in what he or she is doing to stick with it, particularly when the market is down. The advisor should be willing to work with you, not preach his or her investment philosophy.

Who do I trust?

Figuring out your asset allocation and constructing your portfolio can be overwhelming. But in order to reach FIRE faster, the key is to have your money work for you.

Yes, your money should be earning more money for you...not just withering away in a savings account (losing value to inflation!)

The registered financial advisors at Personal Capital provide a range of financial planning support. This even includes home financing, retirement planning, and stock options.

We all may have similar goals for financial freedom but everyone’s financial situation is different.

Customized strategy

For a significantly less cost than traditional financial advisors, you can receive a customized strategy just for your specific situation here.

I also like Personal Capital’s money app. I can securely link all my financial accounts to get a complete picture of my net worth.

Over time, I saw how my net worth was trending positively. It even helped me take steps to make adjustments in my spending and savings habits.

Over 1 million people use the Personal Capital app to track and manage their net worth. Ready to achieve financial freedom like a boss?

For a significantly less cost than traditional financial advisors, chat with a trustworthy financial professional who can help you reach FIRE here!

Financial independence retire early (FIRE) like a boss!

Get FIRE’d up about financial freedom!

There are a endless ways to create side hustle income and reach FIRE. Investing in stocks, owning rental property, creating your own online biz, and so forth.

But it doesn’t mean you need to do it all. Just pick 1 or 2 that gets you excited.

Everyone's financial situation and personal interests is unique. It’s important to try out different side hustles to see what works best for you.

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