Now is a great time to get your financial house in order and find the best financial advice that works for you. The market, according to some, is going to continue its rally. Even if it isn’t, the events of the last 12 months should have taught all of us a lesson: save more, and use credit less. Many of us could benefit from sound financial advice. The first thing you will need to do is find the best financial advice you can.
While getting help trying to unravel complicated financial choices, you have to remember that ultimately the decisions you make have to be your own. Only you can make the best choices for your overall, long-term financial health. Any advice you receive should be taken as just that: advice. Not gospel or fact, just someone’s opinion for you to consider. Find a good fee-only Registered Financial Consultant to assist you better, like KG Meyer, PC. For more information, click on Registered Financial Consultant.
Before settling on an advisor, here are some things you can keep in mind. These tips will help you pick a good advisor and, hopefully, avoid falling into the trap of trusting someone who isn’t qualified to give you financial advice.
- What credentials does the advisor have? Many times an advisor will be what is called a ‘tied agent.’ That means that they can only sell the products and services of one company. That doesn’t mean they can’t help you, but if they are tied to only one company, they will be limited in the products they suggest to you, and they will not offer you unbiased information. They are duty-bound to show you which of their products are best for you. They don’t necessarily have to tell you that none of the products their company provides is a good fit for you and your goals and that XYZ company has something that may work better for you.
- How does the financial planner make their money? It’s almost always in the form of a commission or fees. That means if they don’t sell you something, they don’t make any money. Make sure you know what the total fees and commissions will come to. Sometimes they will receive multiple fees for various transactions that can add up…for you, as a fixed flat fee Registered Financial Consultant, you know exactly what you are getting and for how much with KG Meyer, PC.
- Fiduciary. This funny-sounding word is very important to your financial health. A planner who accepts fiduciary responsibility means they are obligated under the law to act in your best interests. Anyone who doesn’t accept this responsibility is just saying that they will try to act in a way that doesn’t hurt you. At KG Meyer, PC, we are Certified Financial Fiduciaries working only in your best interest.
- Will the financial planner help you with every aspect of your financial plan? That would entail everything from having adequate insurance coverage to investment choices and estate planning. There are many elements to your financial health, and a good advisor should be able to help with all of them and provide you with a comprehensive plan. As a fee-only Registered Financial Consultants KG Meyer, PC provides a values-based comprehensive financial plan to our clients.
When looking for the best financial advice, it’s important to keep the above list in mind. The whole process can seem overwhelming, and while it’s important to enlist a professional’s help, it’s even more important never to forget it’s your money and your future. Go to Questions to Ask a Registered Financial Consultant when you are considering hiring a professional. You need to be an attentive co-pilot on this little journey!
