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Top Tips for Finding a Trusted Financial Advisor February 27, 2024

Are you looking for support with your financial planning? If so, you are not alone. Many Americans may benefit from financial advice. In fact, the National Financial Educators Council estimates that the average American spends $1,500 per year owing to a lack of personal finance understanding.

Financial advisors aren't just for the wealthy; working with one is an excellent option for anyone looking to get their personal finances in order and create long-term goals. Here are tips when looking for a financial advisor:

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Understand Your Needs

Before you start searching for a financial advisor, take the time to assess your financial goals, risk tolerance, and specific needs. Whether you're looking for retirement planning, investment management, or comprehensive financial planning, knowing what you require will help you find the right advisor who specializes in your area of interest.

Credentials and Experience

Look for a financial advisor who holds relevant credentials and has experience in the field. Certified Financial Planners (CFPs), Chartered Financial Analysts (CFAs), and Certified Investment Management Analysts (CIMAs) are examples of reputable certifications. Additionally, inquire about the advisor's experience working with clients similar to you in terms of financial situation and goals.

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Fee Structure

Understand how the financial advisor is compensated. Some advisors charge a fee based on assets under management (AUM), while others may charge hourly fees or a flat fee for specific services. Make sure you are comfortable with the fee structure and understand any potential conflicts of interest.

Fiduciary Duty

Choose a financial advisor who adheres to a fiduciary standard, meaning they are legally obligated to act in your best interests at all times. Fiduciary advisors are required to disclose any conflicts of interest and prioritize your financial well-being above their own.

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Investment Philosophy

Understand the advisor's investment philosophy and approach to managing client portfolios. Make sure their investment strategy aligns with your risk tolerance, time horizon, and financial goals. Additionally, inquire about the types of investment products they recommend and whether they have any conflicts of interest.

References and Reviews

Take the time to research the advisor's reputation by seeking references from current or past clients and reading online reviews. A history of satisfied clients and positive feedback can provide valuable insights into the advisor's professionalism, reliability, and performance.

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Finally, trust your instincts and choose a financial advisor with whom you feel comfortable and compatible. Building a long-term relationship with your advisor requires trust, honesty, and open communication, so it's essential to choose someone you feel confident in and can see yourself working with for years to come.

Choosing the right financial advisor is a decision that requires careful consideration. By following these top tips and conducting thorough due diligence, you can find an advisor who meets your needs and helps you achieve your financial goals with confidence and peace of mind.

Meet Nymeo’s New Financial Advisor on Friday, March 8th!

Nymeo’s New Financial Advisor Geoff Tomasetti will be holding Meet and Greets on Friday, March 8th from 10am-12pm at our Buckeystown Branch (5301 Buckeystown Pike, Frederick), and from 2pm to 4pm at our Bank Street Branch (1 Bank Street, Suite 100, Gaithersburg). Come by and meet Geoff!

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