How To Find A Financial Adviser

Your money is important to you, right? If it wasn’t you probably wouldn’t be here right now.  Well I think your money is important too which is why I’m going to cover some tips on how to find a financial adviser.  Finding a financial adviser is a big deal because this person is going to be responsible for explaining to you what your financial options are and guiding you on what your next money moves should be.  They will help you make investment decisions that can greatly impact your financial state, for better or for worse, so you want to make sure that when you are choosing a financial adviser you don’t act too quickly, take your time, ask a lot of questions and learn a lot about their background.

How do you find a financial adviser?

Ask Friends and Family

The first thing I suggest is to ask friends and family for recommendations.  Typically if someone has a good portfolio and they are doing well with their money chances are they probably have or have at some point had a financial adviser.  You can tell a lot about a recommendation by what your friends or family say about this person right of the bat. If they hesitate, take the name to be polite but put it at the end of the list. If they rant and rave, move them to the top. Ask them how long they have had them as their financial adviser and what types of services they provide. Get a feel for their relationship with this adviser.

Reputable Companies

Another way is to go with reputable companies in your area that you’ve heard of. Check them out online, google for reviews to see what others may have to say about them and write a few down based on what you find.  You can find a lot of information online these days so searching their company name ahead of time is a good idea.

Go Straight to

Here’s the first thing you’ll read when you visit

National Association of Personal Financial Advisers, is the nation’s leading organization dedicated to the advancement of Fee-Only comprehensive financial planning. Consumers and the media look to NAPFA for access to financial advisers who meet the highest standards for professional competency, comprehensive financial planning and Fee-Only compensation.

As you can see they do their homework to ensure that only the financial advisers who meet their highest standards are listed.

Now as you can see by the link listed, they only provide fee only financial advisers. Now if you are new to finding a financial adviser you may not be sure what that means. Essentially there are a few ways a financial adviser can get paid: commission only, fee only or fee and commission based.

So how do you know which one to choose?

My preference is to go with a fee only financial adviser. The reason for that is because while financial advisers should have your best interest at heart, sometimes dollar signs can quickly take over. Commissioned based advisers may try to sell you on an investment or a product that you don’t really need but may pay them a nice commission and so their interests have now gone from your best interest to theirs. A fee-only financial adviser will discuss your needs and what you’re looking for and will give you a fixed rate for their services no matter what products they have to offer. Now, not all commissioned financial planners are like this. There are plenty commissioned financial planners that have your best interest at heart and realize that the better they make your money work for you, the more money they will get and the more likely you are to stay with them as well as recommend new customers. So it’s your preference as well as your confidence level in choosing a financial adviser.

There is also the fee based adviser. This is different from a fee ONLY adviser. A fee based adviser may start out with a fixed fee but if they sell you on any products they will earn commissions on those as well. So again, if they are easily persuaded by dollar signs in THEIR pocket they may not have your best financial interests in mind.

Once you find a financial adviser or have a list put together the next step is to meet with them to do an interview. Even if you have a raving review from a friend or family member you should still interview at least 3 to get a better idea of who is a best fit for you. You want to take into consideration the different types of licenses they may have, whether you have a good rapport with them, can they provide you with the list of services you are looking for and things of that nature.

This process should take a little time and next up we’ll talk about some of the important questions you should ask your financial adviser prior to hiring them!


Donna Morgan

Donna Morgan

Crank It is where inspiration, aspiration and solution converge to make things ‘happen’. Turn on your life or turn it around and see where it takes you!

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