6 Tips for Finding a Trustworthy Financial Advisor

Money Girl details 6 ways to find the best financial advisor for your situation and budget. Plus, she offers an assessment tool that makes it easy to rate and compare advisors, so you can pick the best one for your needs.

Laura Adams, MBA
6-minute read
Episode #397

Step #5: Interview Candidates

No matter what kind of advisor you need, I recommend that you interview at least 3 before hiring one. If you're married, or have a partner who shares your financial goals, make sure you both participate.

You might arrange to meet in person, talk on the phone, have a Skype video call, or do a Google Hangout. There’s no rule that you have to work with an advisor in your area. I live in California and work remotely with an investment manager and CPA who are both located in Florida.

Be ready to lead the conversation with questions that get him or her talking openly about themselves, their current clients, and how they prefer to work.

For 10 essential questions you must ask before hiring an advisor, download my free Financial Advisor Assessment Tool (PDF). It’s a one-page form that gives you an easy way to rate and compare advisors at a glance.

Step #6: Set Up Your First Meeting

After you choose an advisor, find out what documents you should have on hand during your first meeting, or send to the advisor in advance. For instance, some may ask to review your tax returns, investment statements, or pay stubs. Set up a meeting date that gives you plenty of time to prepare.

If you're married or in a serious relationship, make sure you can both attend the meeting. Be ready to answer questions about your ongoing expenses, current investments, and financial goals. If you don’t know all the answers, that’s okay - it’s part of the process!

Take notes during the meeting and never be afraid to ask questions, no matter how silly or elementary you think they might be.

Using a financial advisor to achieve your goals can save you time, help you make more money, and keep you disciplined about following a sound investment strategy.

See also: How to Find the Best Financial Advisor or Retirement Expert

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Financial Advisor image courtesy of Shutterstock


About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.