Financial advisors can be a massive help in achieving financial goals. However, there are so many financial advisors that it can be challenging to choose the best one for your needs. Here we will discuss some of the key characteristics and practices that all elite financial advisors share to provide better insight into how you should go about finding an advisor who meets your specific requirements:
Track record: Any person’s “track record” is defined as the collection of information about their previous actions and achievements over time. If you would like to find a great financial advisor, look for someone with a track record dotted with years or decades of success helping people meet essential needs such as college funding or retirement planning. The most elite advisors have track records of success stretching back at least five years.
Expertise: Another characteristic that sets good financial advisors apart is their expertise. Look for an advisor specializing in your particular needs, such as retirement planning or college funding. This will help you avoid the situation where you work with an advisor who might focus on more general problems like “lifestyle management” or is just not well-informed about your specific concerns (most major cities, for example, will offer multiple options). The best financial advisors are genuine experts in whatever areas they specialize in; this allows them to provide invaluable insight into each room, increasing their chances of facilitating the best possible outcomes.
Well connected: It’s essential to determine if an advisor is well connected in your area. Do some research on advisors near you and see if they are leaders of professional organizations or members of national committees (for example, someone who volunteered to serve with the AICPA). You can also ask friends and family about who has received quality investment advice in the past. Stay away from financial advisors who have not held leadership positions within their niche — this is often a sign that they are not part of the most elite business class.