If you’re new to financial planning, you may be nervous about what to expect. For many, the most intimidating part is knowing where to start and it’s not uncommon to suffer from decision paralysis as a result. After all, it’s your hard earned money and you want to be sure you make the best decisions to get the best results. Asking the right questions is important but knowing what to ask can be difficult and for some, downright frightening.
Below are answers to some the most frequently asked questions you may be too afraid to ask about financial planning:
How much does a financial planning advisor cost?
There are two ways that a financial planner will charge their clients: commission or a fee-based system. A commission is usually a percentage of each transaction or managed assets. A fee-only charge is typically an hourly rate. Rates and fees will vary from each financial planner so be sure to research the financial management company you are interested in online or call ahead to learn specifics.
How can I find a good financial planner for me?
Believe it or not, all financial planning advisors are not created equal. A great way to find a good financial planner is to search for one that has helped people similar to yourself. For example, if you’re a young adult just starting financial planning services, search for a financial planner that has experience with helping younger individuals. Also, be sure that your financial planning advisor is a fiduciary and will act in your best interest.
Should I interview multiple financial advisors?
Yes! Do research on several financial planning advisors and financial management companies and then set up meetings with each of them. Be sure to prepare a list of questions to the financial advisor at this meeting and always ask for references.
Focus Financial enjoys guiding individuals through the financial planning process and will always be happy to answer all of your questions. Each of our financial planning advisors will serve your best interests and set you on a path to achieve your financial management goals. Find a Focus Financial financial advisor near you today!