Has the recent market volatility got you worried about your current investment strategies? Before changing directions on your own, it’s an excellent time to seek professional assistance with your investments. Financial planning professionals are experienced in analyzing the significance of economic and market events and their portfolio management implications.
But whom can you trust?
Trust is an intangible quantity in a relationship. It’s not something that you can measure or quantify scientifically. But when choosing someone to serve as an investment advisor, if you cannot be 100% certain at the outset that the person you select deserves your trust, you certainly want to do all you can to stack the odds in your favor.
As with choosing a doctor, lawyer, or other professional, finding the right advisor is a matter of due diligence— conducting a detailed analysis and appraisal of the candidates you are considering entrusting with your assets.
Here are eight suggestions that may help you along as you do your research:
- Take advantage of the experience of others. Ask your family, close friends, and other advisors (your attorney or accountant, for example) for a referral to someone with whom they have established a successful relationship.
- Use a screening process. Contact several candidates, visit their websites, and contact them to obtain written information about themselves and the organization with whom they are affiliated.
- Make introductory appointments. Face-to-face meetings with each advisor can tell you a great deal, but first, verify that you will not be charged for the visit. The meeting will likely give you an idea as to whether they are someone with whom you will be comfortable.
- Find out about the advisor’s knowledge, experience, and specialties. For instance, if you have a significant amount to invest, be confident that the advisor has an extensive background in wealth management for affluent investors.
- Make sure that the advisor has comprehensive resources. They should have a wide array of investment choices, access to research, up-to-date analytic tools, and relationships with other professionals for when you may require guidance outside the advisor’s expertise.
- Determine what additional services the advisor offers. Look for an advisor who can help you integrate your investment strategy with your retirement and estate planning goals or has someone on staff who can.
- Understand how the advisor is compensated. Your advisor may be compensated in several ways: They may charge a flat fee, a percentage fee based upon the assets they manage, or receive commissions.
- Check references. If you don’t know anyone who has used the services of the advisor you are considering, ask for the names of some of the advisor’s clients who would be willing to talk to you about their experiences with the advisor.
We would be pleased to be on the list of candidates you are considering partnering with for financial and investment advice. You’ll find that a meeting with us, without cost or obligation, will reveal that we can provide you with reliable, trustworthy advice about your overall financial situation and investments. We are experts at tailoring our services to meet your needs.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or email@example.com.
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Any developments occurring after July 1, 2022, are not reflected in this article.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.