Anyone who has plans of having a stable financial stand or make it grow bigger always weigh in the option of hiring a financial adviser which is also equivalent to hiring a person who is tasked to monitor or give the most important tips in financial terms for you, your family, and your business.
You might want to utilize the disciplined process of finding the right financial advisor that can cater to your needs. Choosing the right financial adviser takes some time, or even an investment of it will be worth it in terms of reliability, peace of mind, and trust.
To help you out through this daunting task, we have talked to financial and business expert Adam Jiwan and asked him what the best steps are to make in choosing the best financial advisor for you. Before we proceed with the rest of the article, let us know a little bit of Jiwan; he is a fin-tech entrepreneur with more than 15 years of experience founding, investing in and growing companies in the industry. Before founding Spring Labs with his partners John and Anna, Adam was a seed investor and founding board member of Avant. Jiwan is currently also a Managing Partner of Ridge Road Capital Partners and Orient Point Capital, holding companies with interests in financial services, real estate services, AI, gaming and vertical software. Jiwan is Co-Founder and Chairman of Future Finance, one of Europe’s leading student finance companies, and the Co-Chairman of TrialWorks, a leading litigation software company in the US. Previously, Adam Jiwan served as the CEO of UK/Asia for TPG-Axon and has held roles at Soros Fund Management, The Blackstone Group and Goldman Sachs.
Here are the steps to help you out in finding the best financial advisor to cater to your needs.
UNDERSTAND THE DIFFERENT TYPES OF FINANCIAL ADVISORS
You should be known that there are different types of financial planning services financial advisors offer to its client which also has unique needs and wants for their money. Some advisors provide investment management but give you little financial planning while some have expertise when it comes to retirement income while others focus on growing your wealth. To find the right financial advisor for you, you should determine your financial situation and the type of financial advice you need. You can ask them by talking to them and sharing with them your needs.
ASK FOR CREDENTIALS
All of us wants reliability, and of course, effectiveness that is why we should ask for credentials for the people, we are yet to hire. Financial advisors should always be capable of giving you the sound financial advice and must obtain credentials that demonstrate their knowledge, expertise, and proficiency.
ASK HOW THEY ARE COMPENSATED
There are many ways that your financial advisors ask for fees for their services, but a lot of them only asks fee-only. In order to hire the right financial advisor for you, you should determine the potential ways on how they are compensated, like the charging an asset-based fee, hourly fee, commissions, and their rates.
You can narrow down a list of financial advisors that you found on the internet or through referrals and create a criterion based on your needs. Choose the best financial advisor that suits all your needs.