Individuals have a huge responsibility when it comes to choosing the right financial consultant for their needs. The right partnership can feel like a weight lifted off your shoulders, but giving someone access to such a personal part of your life can also be intimidating.
It’s crucial that you set your standards high when you begin your search. You want to work with a financial consultant who provides real value and is committed to helping you achieve your financial goals. Paying for services that don’t align with your goals or working with a financial consultant who isn’t the right fit can set you back — and, as the saying goes, time is money.
The financial consultant-client relationship can only work when it’s built on a foundation of trust, transparency, and communication. With so many potential financial consultants to look into, there are a few key considerations to remember as you narrow down your search. These tips will help lead you to a trustworthy financial consultant who will have your best interests in mind.
Understand What Financial Services You Need
Before you can confidently choose a financial consultant to work with, it’s important that you identify your financial goals first. Are you starting to plan for retirement? Do you own a company and seek consulting services to create a business growth plan? Are you in need of cash management solutions? Do you need help identifying the most lucrative investments for your money? Are you wanting to save up for college? Perhaps one of these applies to you, or maybe a number of them are relevant to your financial goals. Answering these questions will help you determine the kind of services you need and the kind of financial consultant that will best serve you.
Come With a List of Questions to Ask
You should treat your hunt for a financial consultant like a job interview. You are choosing someone to work for you, after all. As you meet with potential financial consultants, come prepared with a list of questions to ask. Some example questions could include: How do you make your money? What is your approach to financial planning? Do you require account minimums? Can you give me an idea about the kind of clients you typically work with? How each financial consultant answers these questions can help you narrow down your search and feel more confident about your decision.
Vet Their Background and Experience
You should research a financial consultant before you even meet with them. Their website and online presence should provide you with enough information to determine if they’re worth exploring further. Here are some suggestions:
- Explore their ‘Meet the Team’ page. Here, you can read about the experience, background, and insight each executive team member brings to the table.
- Look into their experience. If a financial consultant has a proven track record in the industry, you can feel more confident about their abilities.
- Look into the clients they serve. Pay attention to the type of clients they work with. Are they a bulge bracket firm or a boutique firm? Boutique firms like my company, Joseph Gunnar & Co., are able to offer more personalized services because they can work more closely with clients.
Never settle for the first financial consultant you see. It may take time to vet each one, but finding a financial consultant that’s the right fit for your financial needs will be worth it.
You can learn more about Joseph Gunnar & Co. online today.
