John Moakler

Tips for Choosing the Right Financial Advisor, as suggested by John Moakler Financial advisors offer invaluable assistance, from debt management to retirement planning.

However, finding one whom you can entrust requires both time and research.

They begin your search by checking whether potential advisors are fiduciaries who have an ethical obligation to act in the best interests of their clients, as well as professional credentials like CFP or CFA certification, and use Broker Check for verification purposes.

Know Your Needs Financial advisors are invaluable resources for creating savings plans, investing in retirement accounts, or purchasing real estate, but finding one to meet your particular needs requires careful thought and consideration. It would be best to consider which service type most appeals to you and your comfort with human interaction vs. digital solutions, whether working one-on-one is best suited or whether you prefer working with multiple people simultaneously.

Ask friends and family for suggestions, or use an online tool like Smart Asset's free advisor matching tool to narrow your options. It will allow you to connect with local financial planners.

According to John Moakler, educate yourself on which credentials financial advisors hold as well as fees and minimums you should expect; use tools like FINRA Broker Check or SEC Investment Advisor Public Disclosure database for this research.

Before choosing a financial advisor, you must also understand their business model and how they make money to ensure they have your best interests at heart. Securities brokers and insurance agents typically receive commissions for products sold, which could create conflicts of interest; on the other hand, financial planners are required by law to act as fiduciaries, placing clients' needs above their interests.

Prepare for your first meeting with prospective candidates by compiling a list of questions regarding your current finances, savings and life goals, risk tolerance, communication style, and hands-on approach to investing decisions. Once you've interviewed several candidates, select one you feel most comfortable working with long-term. Finding someone you trust can keep you on the path toward reaching your financial goals.

Look for a Fee-Only Adviser When searching for the ideal financial advisor, it's essential to consider their payment structure.

Fee-only advisors offer hourly or flat fees per plan or retainer services with no commission earned on products they sell, such as insurance policies or brokerage accounts - eliminating potential conflicts of interest that might compromise recommendations made.

As per John Moakler, be sure to inquire how potential advisors communicate with their clients, what tools are available for client access and education, etc. For instance, some may provide more hands-on services like online account management or savings calculators. Inquire about their fee structure and whether they're forthcoming about how their compensation works.

At your initial meeting with your financial advisor, bring any documents, such as investment account statements or insurance policies you would like discussed. Identifying your long-term goals and what they hope to gain by working together is also wise.

Find an advisor by asking friends and family for recommendations or searching online with tools like Smart Asset’s free tool that connects users with pre-vetted advisers in their region. Once you've identified several potential advisors, set up phone or in-person appointments to assess whether they meet your financial planning needs - then move ahead with financial plans! Best wishes!

Check Their Credentials John Moakler suggests that financial advisors can be invaluable partners when planning for the future. But with so many professionals claiming they offer financial expertise (though not necessarily acting as fiduciaries), finding one worthy of trust takes time and research.

The beginning is easy by first identifying which advisor best meets your needs: Do you prefer talking over issues directly with another human advisor, or would a robot-advisor be more suitable?

Once you know which advisor best fits your lifestyle, investigate their credentials. A quick Google search should reveal their professional history, education, experience, and any disciplinary records they might have had in the past. Also, be sure to verify them through Broker Check before hiring anyone!

John Moakler mentions that financial professionals typically offer various services and investment products. Services may include financial planning strategies, wealth management advice, retirement and education savings strategies, debt management, and debt consolidation.

Investment products might consist of mutual funds, exchange-traded funds, insurance policies, or annuities - be sure to ask prospective advisors what each can offer to help achieve your financial goals.

Understand how an advisor makes their money and the fees and charges they impose for services rendered. Any advisor who hides fees or charges unreasonable fees should raise red flags, especially any who trade your account without your authorization or charge commissions on investments they sell you - these may be proprietary investments sold by their company instead of serving in your best interests. To protect yourself, it's advisable to review each potential advisor's Form ADV for details regarding fee structure and other information about them.

Ask for Referrals

Referrals can be one of the best ways to locate an advisor. Reaching out to friends and family members can help you build relationships with advisors who understand your financial needs and goals - investment management services or comprehensive financial planning - essential when hiring an adviser who meets them all.

Research indicates that approximately 25% to 35% of financial planning clients provide referrals; however, only 3-5% to 5% meet with advisors due to clients not knowing anyone who could need one or being uncertain about how to request one.

To maximize the benefit of referrals, it's best to present them in a way that benefits both parties involved. One strategy could include noting something you have in common with them, such as an alma mater or mutual interest, which could build stronger bonds between you and them, as highlighted by John Moakler.

First, be sure to provide prospective clients with your contact information in an organized and easy-to-understand fashion. After all, sending out an email with typos could be embarrassing!

Therefore, proofread before sending. When asking for referrals, add a personal touch by including information that shows how thoughtful and considerate you are of their situation - this will increase their willingness to assist!

Take Your Time When searching for an advisor, take the time to find one with whom you feel comfortable working. This may be a long-term relationship; you must trust this individual to share your financial details. When interviewing potential candidates, verify any credentials claimed and their employment record on FINRA Broker Check to check for any past disciplinary or malpractice actions taken against them.

Once you have narrowed your list of potential advisors, it is time to set up an initial meeting. The goal of this meeting is for you to discuss your needs and goals with them so they can develop an approach that helps you reach them. This meeting should cover current financial status, savings, and retirement goals, risk tolerance levels, and communication styles.

Make sure you ask about how they're compensated as well. In an ideal world, ideally, you would choose an advisor or planner that receives their fees directly from their clients and not through third-party payments - this ensures no potential conflicts of interest and enables your advisor to give advice that's in your best interests.