How To Find A New Advisor

August 01, 2018

If after evaluating your financial advisor, you find that you are no longer comfortable working with him or her, then what? I’m convinced that one of the reasons so many people stay with someone they aren’t crazy about is simply because they don’t know what else to do. (kind of like the reason you might put off certain home maintenance needs if you don’t know who to call)

The good news is that there are lots of different options out there. The bad news is that it will take time and some extra energy. However, if we’re talking about preserving your hard-earned savings and possibly your retirement, wouldn’t you say it’s worth it?

Options for finding a new financial advisor

Hire a new financial planner who aligns better with your goals

  • Ask your friends or colleagues for referrals.
  • If you’re looking for a CFP® professional, consult letsmakeaplan.org and search for planners in your area.
  • If you’re looking for someone who may also offer tax services, consider a CPA/PFS, which is a certified public account who has also demonstrated expertise in personal finance.
  • Interview 2 or 3. Don’t be afraid to ask the right questions.
  • Use the questions here as a guide to your interviews.

Do it yourself

Depending on your free time and interest in following the markets, you may find it to be worthwhile to take it on yourself.

  • If you’re a “hands-on” investor who likes to pick your own investments, make trades and re-balance as necessary, there are several online brokerage firms that offer platforms. Most have very low trading costs and little to no incidental fees.
  • If you’re not hands-on, there are still platforms that provide hands-off people with allocated portfolios according to risk tolerance and time horizon. Some of these come with a personal online advisor for an additional cost, so make sure you understand this cost.

Go hybrid with a robo-advisor

While these types of investing platforms haven’t really been tested yet by a bear market, they are increasingly popular with people who want some advice toward how to allocate their funds, but don’t feel like they need customized guidance from an actual human. Make sure you understand the pros and cons. These are a few of the more-established robo platforms out there, although this is not an exhaustive list by any stretch (nor is this a recommendation of a specific platform):

Contact your employer’s financial wellness partner for guidance

Lastly, if you have access to an unbiased financial wellness coach, take advantage by running your ideas past a coach. At Financial Finesse, we don’t make specific recommendations nor do we have any type of ties to any companies that could profit from your choice, but we are always happy to talk employees through their choices and help them to find the best fit for them.

There are lots of different ways out there to manage your money — there isn’t really a right or wrong one, just the one that’s best for your personal situation. Finding that takes time, but it’s worth it.