How Do I Know if My Financial Advisor is the Right Fit?

AIM Advisory Group |

Choosing the right financial advisor can be tough. How do you know if it’s the right person (or company) to manage your life savings? It’s important to find the best fit for you and your family. Check out our advice below to see whether you should stick with your pro or find a new advisor to craft / refine your financial plan and manage your investments.

Fiduciary Duty – Did you know there are different types of financial advice? The gold standard is a “fiduciary duty” - where an advisor is legally bound to work in the best interest of their clients. Loyalty and care are the goals for these advisors. Bank employees and advisors at broker-dealers often do not have a fiduciary duty to their clients, and their allegiances can be split between their clients and their employer. Certified Financial Planners (CFP) stand out from a rather crowded field of financial professionals for a variety of reasons but one of the most important reasons is that Certified Financial Planners are mandated to act as a fiduciary.

Fees – One of the most talked-about aspects of financial advice is fees. It's an important consideration. Have an honest conversation with your current advisor about fees and minimizing costs. If you don’t get a clear answer, it’s time to shop around.

What’s Important?

Choosing the right advisor is important, but it’s best to start with a simple exercise for yourself. Ask yourself what you need and what your goals are. Are you just investing in the stock market to earn a little extra income? Are you using insurance as part of your retirement plan? Do you have $10,000 or $10 million in your portfolio? Are you self-employed? Do you need expert tax advice? The more complex your situation, the better advice you’ll need from your advisor.

As always, feel free to reach out to us if you have any questions!

Contact Us!


*DISCLAIMER – This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2021–2020 Advisor Websites.