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February 07, 2019

How to Choose a Financial Advisor Part 2

Kevin Ellman CFP

Kevin Ellman CFP
CEO/Wealth Preservation Solutions

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This is part two in our series on how to find the right financial advisor.

Many affluent individuals today own multiple businesses, real estate, and investments. The only way to tackle a multifaceted long-term financial project is to have a straightforward process that can help you move forward. These steps should include getting a clear understanding of your current situation, considering all your alternative strategies, developing the actual plan, implementing it so that the plan becomes a reality, documenting it so that you understand exactly what happened and how it works, and finally and most importantly, keeping your plan on track with regular updates and reviews.

Since choosing a planner is such an important choice that can have significant long-term implications, it is important that you pick the right person or team. It can be very helpful to start with recommendations from a trusted friend.

If you have an opportunity to see your potential advisor speak in public, this would be a good way to understand their approach. It can also be extremely helpful if they offer some type of trial experience. This could include an initial consultation where you can develop a mutual understanding of your needs and their capabilities to see if there’s a fit. Some advisors offer an initial report that provides an assessment of your current situation and a general description of the kind of work they would do for you.

Most advisors work as part of a team that includes support staff to assist with planning and provide ongoing service. You should understand who you will be working with and what kind of services will be available to you. If you can meet the entire team, that would be ideal. There should be a written agreement. This financial planning agreement will spell out your responsibilities as a client and the services that the advisor will provide.

You may remember Tom Cruise saying to Cuba Gooding Jr. in Jerry McGuire “help me, help you!” Be forthright. Tell your advisor exactly what you expect, be completely forthcoming with all your personal, business, and financial information and make sure to ask any and all questions that occur to you. If you do all this, you will likely have a satisfying and productive experience.

Asset allocation does not protect against loss of principal due to market fluctuations. It is a method used to help manage investment risk. Past Performance does not guarantee future results. This material is for informational purposes only and is not meant as Tax or Legal advice. Please consult with your tax or legal advisor regarding your personal situation. The opinions expressed are subject to change with economic and market conditions. They are not meant as investment advice. Forward-looking statements and market forecasts cannot be guaranteed and may not come to pass.

Comments? You can contact me directly via my AdvisoryCloud profile.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Wealth Preservation Solutions is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS are not affiliated with any other entity listed herein.

This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situations, and individual needs. This article is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances.

Exit Planning content © copyright Pinnacle Solutions. All rights reserved. Beri™ and ODI™ are trademarks of Pinnacle Solutions.

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