Financial advisors are experts in investment, retirement, and estate planning. They help their clients with long-term financial decisions. Vince Iannello adds that financial advisors also advise on investing savings, creating budgets, and paying off debts.
There are many different types of financial advisors. So, how do you know which one is right for you?
Assess your financial needs
Vince Iannello explains that it’s crucial to consider what type of advisor best meets your needs before you start looking. Is an advisor that charges by the hour better than one who charges a flat fee? Do you want someone who specializes in retirement or estate planning? Do I want to plan for my family’s future financial needs if something happens to me, my spouse, or both? Or maybe someone who can help with tax or insurance advice?
Conduct research
The first step to finding a good financial advisor is to do some research. Find out what you want from an advisor and what services they offer. Vince Iannello says that you should also ask yourself how much time you spend researching investments and managing your finances.
Consider referrals from your friends
The next step is to find a few potential candidates in your area who meet your criteria for being an excellent financial advisor. This can be done through referrals from friends.
Experience matters
Vince Iannello notes that they should be chartered financial analysts with a degree in finance or economics and experience in investments, portfolio management, retirement planning, and tax planning. A financial advisor should be a fiduciary who has a genuine interest in your success and not just your money.
Look for fee-only financial advisors
This is a list of some of the most important things to look for and consider when choosing a fee-only financial advisor.
- Confirm that they are fee-only.
- Ask them what their typical client looks like, their standard career path, and how many clients they have.
Find a financial advisor who keeps you on track
You should trust your financial advisor and have an honest relationship with them. You should feel comfortable asking any questions and getting all the information you need from them. It’s also essential that they are always available to answer any questions or concerns that come up during the day or week. It keeps you on track with your financial goals.
Find a real fiduciary
To find a real fiduciary, you need to look for someone who has passed the Canadian Securities Course (CSC) offered by the Canadian Securities Institute (CSI). It is also vital that they are certified as fiduciary, which means they have agreed to act in your best interest.
As a Chartered Professional Accountant, Vince Iannello founded Vince Iannello Professional Corporation in 2016. Vince Iannello Professional Corporation provides clients with accounting and tax-related services, financial planning and estate planning, and personal and corporate tax compliance and advisory.