Find a financial advisor

Finding a financial advisor can be a daunting task. It can feel like there is an imbalance of information that’s never quite in your favor. Particularly if you’re someone without much investment experience, trying to find a financial advisor may just drive you to do it yourself.

You don’t have to go down this road. The time spent looking for the right advisor is time well spent. This article explores some of the benefits of working with a financial advisor. When you’re done reading, feel free to connect with Wimple. We’re here to make it easy to connect with financial advisors in your area.

The value of a good financial advisor

A good financial advisor has worked hard for designations like their CFP (Certified Financial Planner) that signal experience and quality. They have a perspective on wealth management that most of us lack. They’ll ask tough questions, and make it their job to answer them in pursuit of your wealth building goals. This is the type of professional you want looking out for your money.

A pair of safe hands

A good financial advisor will steward your investments with caution and care. Particularly if they’re a fiduciary - which means that they must put client interests ahead of their own - you’ll be working with an expert that puts your money first.

At the start of your relationship, if your advisor is doing their job well, they will have interviewed you as much as you will have interviewed them. This is important. You want someone that understands more about you and your wealth goals than just your risk profile.

Leveraging someone’s expertise

There’s a saying that when you read a book you’re borrowing someone else’s brain to enhance your perspective on an issue or subject. The same is true when you find a financial advisor. Embrace their experience and expertise. Rely on them to do the hard work for you.

Financial advisors have done the heavy lifting to be where they are. Depending on their background, along with being a CFP an advisor may also be a Certified Financial Analyst (CFA), or a Certified Public Accountant (CPA). If someone’s managing your portfolio, these are the types of letters you want behind their name.

There’s a time and a place for DIY - we’re fans of doing things yourself (1) - but managing and building wealth requires skill and training. Financial advisors know the ups and downs of investing first hand; hiring one can help prevent you from falling prey to common mistakes. 

Financial advisors have access to products

A good financial advisor points their clients to the products best suited to their investment goals. While the main aim is to advance the client’s financial position, depending on that client’s age and life stage, the products an advisor chooses, and the companies backing those products, will be different.

While the products presented may seem like a good fit, know that there’s always something in it for the advisor - they need to be compensated -  and depending on their integrity it may have very little to do with what’s best for you. This is where trust comes in.

Financial advisors can help reduce your taxable income

The point of investing is to maximize financial advantages, regardless of the shape they take. A good investment strategy will help reduce your tax exposure. This starts to get more important when dealing with larger portfolios.

Different investment products and vehicles require paying federal and state tax at different points. In some cases, the taxes associated with a product or vehicle eventually stop that investment from making sense. Good financial advisors know this, and use their expertise to put you in the best possible tax position each year.

A last word

This is here as a guide to get you thinking. Remember, your financial future is in your hands. It’s up to you to make the choices that feel right for your situation. When you’re ready to find a financial advisor, Wimple can help.


Disclosure: This article is not to be taken as investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal, insurance, or financial professional. The observations made in external articles are independent of Wimple and should not be read as financial recommendations.


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