Competency, conviction, and trust are just a few of the words that begin to describe some of the attributes to look for in a professional financial advisor.  Advice, solutions, and results are some of the deliverables you should expect.  If you are like most people you will want an individual who will incorporate all of your needs, goals and objectives into a plan that is right for you.  These six steps can help you locate and get the most out of this important relationship.
 
1.      Selecting Your Financial Advisor - One of the best ways to find a financial advisor is through a referral of a friend, relative, or business associate.  Your accountant or lawyer may also be able to provide you with a referral.  Since they come with a recommendation from someone you trust, referrals can help you feel more confident about your choice of financial advisor.  You can also find a financial advisor by contacting a professional organization such as the Certified Financial Planner Board of Standards, Inc.
 
2.      Arrange for a Consultation - Your first meeting is an opportunity to become acquainted with the advisor and find out if you feel comfortable working together.  You should make sure a prospective advisor is a good match for your financial outlook and personality.  Ask the advisor about the types of clients he or she is currently working with and try to evaluate if your financial objectives are well matched to their areas of expertise.  Follow up with questions about experience and qualifications.  Before selecting an advisor, you should feel confident that a prospective advisor can accurately explain the financial arena and the benefits of different financial tools.   You should also seek an advisor that can implement all of the aspects of your plan in an impartial manner.
 
3.      Talk About Your Goals and Commitments - In order to help you clarify your financial goals, your financial advisor will need detailed information about you and your financial situation, philosophy, and risk tolerance.  Be candid about your income, debts, future obligations, current assets and anything else that may impact your financial situation.  If you are a business owner, you should ask about their expertise in the areas of business succession planning, types of business agreements, and the tax advantages offered to owners of closely held or family owned businesses.  You should be prepared to share financial information regarding your business.
 
4.      Be Sure to Ask Many Questions - The more you know about financial planning, the more control you have over your financial future.  Use your financial advisor as a resource.  Financial advisors have access to current information that can help you better understand their recommendations and the performance of your plan.  And if you don’t understand something, make sure to ask.
 
5.      Plan to Meet or Speak Regularly -Your financial advisor has the expertise and knowledge about planning, but won’t be able to fully understand the details of your financial situation unless you share them. In order to keep your estate, business, retirement, or investment plan moving in the right direction in conjunction with current tax strategies, your advisor needs up-to-date information on life changes that may have financial implications, including:
·        Marriage or divorce
·        The birth or adoption of a child
·        The purchase of a home
·        A change in your work status, or that of your spouse
·        Additional current financial responsibilities, such as college payments or care for aging relatives
·        An inheritance or other financial windfall
·        Change in business partnership, or family member entering the business
 
6.   Listen - Professional advisors can draw from years of experience and help you maintain a long-term perspective on your investment plan through good markets and bad.  They will also keep your plan coordinated with the current tax law changes.  You’ll get more out of your relationship if you are open-minded about your advisor’s recommendations.  While you may not agree with every idea your advisor presents, being a good listener can help increase your financial knowledge. 
 
Following these six steps can help you locate and have a successful relationship with a financial advisor.

By David K. Sebastian, CFP® In conjunction with The Physicians Wealth Management Group www.physicianswealth.com at Summit Financial Resources, Inc.

David K. Sebastian, CFP®, CRPS, CRPC, is the team leader of The Physicians Wealth Management Group at Summit Financial Resources, Inc., located at 4 Campus Drive, Parsippany, NJ 07054-0413 Telephone 973-292-8729   Fax: 973-285-3666   e-mail: dsebastian@sfr1.com

 

 

Commitment to his clients’ financial needs and well being is a primary motivation for David.

The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.

Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600