With so many options in the financial advisory space, finding the right financial advisor can be a complicated process. That's because not all advisors come with the same qualifications or level of expertise.
Before hiring that expert to help you plan for your financial future, investors need to do their homework and spend the time to connect with the advisor who fits their needs, said Manisha Thakor, a chartered financial analyst and director of wealth strategies for women at Buckingham and the BAM Alliance.
She details a few key questions you should ask to help you decide who is the right advisor for you.
Thakor urges clients to ask whether the advisor has a fiduciary or suitability standard. "Fiduciary" means the advisor is required to put their client's interests above their own.
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"Suitability" means the financial expert has to reasonably believe that any recommendations made are suitable for clients in terms of their financial needs, objectives and unique circumstances.
Thakor said clients should also understand if the advisor favors active or passive investing strategies and to find out all the fees associated with that advisor's firm.
Additionally, when choosing a qualified advisor, Thakor recommends selecting one who is a certified financial planner (CFP) or a chartered financial analyst (CFA), or who has a certified public accountant (CPA) designation.
Finally, Thakor said the most important question to ask an advisor is: What value are you providing me, the client?