Characteristics of a person tell you a lot about them. The same can be said of a financial advisor.
As a doctor, you’d like to find a financial advisor you can depend on to be there for you. You may be working long hours and don’t have the time or energy to make the right financial decisions.
Hiring a financial advisor can steer you in the right direction and help you reach your goals. But, not just any advisor will do.
Here are seven qualities to look for when hunting for a financial advisor.
1. Trustworthy
You don’t want to divulge your finances unless you have to, which is why it’s vital to find an advisor you trust.
Don’t go with the first advisor you get in touch with in-person or over the phone. You should “shop” around until you find someone you share a connection with.
Your chosen advisor should always put your needs ahead of their own. They should be the type of advisor who is willing to get to know you and understand your needs.
2. Professional
Working with someone professional is a lot easier than working with someone who isn’t. That may seem obvious. Yet, sometimes it isn’t easy deciphering whether a person is professional or not.
A professional advisor should be upfront with you on what needs to change without being rude. They should be an effective communicator who wants you to thrive.
If there is any sign, they are self-seeking or too self-involved, run for the hills. It’s time to look for another advisor!
3. Knowledgeable
Before selecting someone, ask yourself if they are knowledgeable.
As a doctor, you likely have a large income. With having more money comes greater responsibility. It’s vital to make sure your money gets managed well.
For example, maybe you’re thinking about getting life insurance. If so, an advisor should be able to offer advice on the subject. Many consider life insurance a vital part of financial planning. An advisor should be well briefed on the topic and explain things to you well.
Look for an advisor who offers evidence to back up their claims. Explaining things to you should come naturally. Ta id=”post-4591-_v5czl5b5ricd”>4. Transparent
An ahat means they aren’t using any jargon that’s going over your head!
Even if an advisor tells you they’re working for free, they may be making money off commission. The company they work for may only charge them a percentage of your assets. And if that’s the case, they might only be interested in your success because they’re eager to make more money.
Find out if there are any hidden fees upfront. Also ask if there’s anything else you should know about their payment structure.
Understanding everything before moving forward with an advisor is vital.
5. Passionate
Is a financial advisor you’re considering passionate about their work?
You will get that feeling if they talk about how much they love their job. They may provide examples (without exposing a client’s name) of how they’ve helped people do well in the market.
A financial advisor who enjoys their job is generally eager to help their clients.
They’ll offer advice on the steps to take to improve your finances. And, it shouldn’t be a burden if you have questions or need extra help.
6. Experienced
Having experience is essential in any trade, especially finance. The person you select should have helped similar clients achieve their goals.
That doesn’t mean your advisor has to be in the industry for a decade. It means they ought to have examples of how they’ve advised other clients who have had similar needs.
Find out what makes them a good fit for the job and whether their experience satisfies you.
7. Available
Hiring a highly recommended advisor is wise, but not if they seem overly busy.
A financial advisor who’s too busy likely won’t dedicate enough time to help you achieve your goals. They’ll be too busy trying to please their other clients!
Make sure the person you proceed with is available and has time to take you on as a client.
Hiring a financial advisor shouldn’t be a tedious process, but at the same time, you want to find one you can rely on.
If someone is knowledgeable, trustworthy, and communicates well, that’s a good sign! There’s no such thing as a perfect advisor, but they should be willing to grow.
Get yourself aligned with the right financial advisor. If you do, you’ll no doubt will reach your financial goals!
