Finding the Right Fiduciary Financial Planner to Suit All Your Financial Needs

Not sure how to choose a financial advisor? It’s a big decision! Our guide on how to find a good CERTIFIED FINANCIAL PLANNER™ practitioner can help you ask the right questions and select someone able to help you reach your personal financial goals and find financial freedom.
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​Do You Need a Financial Advisor?

Depending upon where you are in your life, you may not have spent much time thinking about your financial future. NOW is always the best time to start! Finding a financial planner can help you focus on personal financial goals, like buying a new home, saving for a child’s college education, or retiring at a certain age. And if you have recently received a significant pay raise, come into an inheritance or trust, or need help with tax planning, a financial advisor can help you leverage and maximize those assets.

Do You Need a New Financial Advisor?

Have you started to wonder if your current financial advisor is right for you?

Most financial advisors receive a significant portion of their pay in commissions. When they recommend that you purchase shares of stock or mutual funds from a broker, they receive a portion of the proceeds of that sale in return. They can also make money through mark-ups of bonds, CDs, or new stock issues through a broker. And because advisors paid in by commission make the most money when you purchase financial products, they may be tempted to recommend buying things you do not really need. And their interest in your financial wellbeing may not extend beyond that sale. Many financial advisors do not assist with 529 savings plans, employer benefits packages, healthcare options, or estate planning, all critical components of a good financial plan.

If you have started to wonder if your current financial advisor is truly looking out for your best interests, it is time to look for a fee-only financial advisor.

What is Fee-Only Financial Advising?

​Fee-only is a better way to get smart financial advice you can trust. Fee-only financial advisors never make money from commissions or mark-ups. We are only paid by you to give advice that we believe will work best for you. You will never need to second-guess our motives, suggestions, or strategies. You will always know that your financial future is our highest priority.
 
Fee-only financial advisors must meet a very strict professional fiduciary standard. Fee-only financial advisors must become Registered Investment Advisors and meet the highest fiduciary standard, while other financial advisors are held to a lower suitability standard.
 
To be sure you are working with the best and that your financial advisor has only your best interests at heart, choose a fee-only Certified Financial Planner™ Practitioner (CFP®).

Research a Financial Advisor

​Word of mouth can be a great way to find a financial advisor. Asking your friends, relatives, and coworkers if they have a financial advisor they trust and would recommend can be a great place to start. Online research can also help you find and look into your options.
 
Whenever you are given or find a name, take a moment to look them up on the broker check tools maintained by the Security and Exchange Commission or FINRA. And don’t stop with the broker name! Make sure you also plug in their firm’s name. If the firm has multiple infractions that may be an indication of poor corporate culture.

What to Know Before Meeting with a Financial Advisor

1. You should never, ever be asked to make a purchase or sign a contract at a first meeting. Any push to buy something before you have had an opportunity to share any real details about your financial situation or your personal financial goals is a bright, bold red flag.
   
   
2. You should also not receive specific financial advice or guidance during your first meeting. Why? There are no one-size-fits-all solutions in financial planning. It takes an in-depth conversation and a thorough review of your personal financial situation to begin to create a personalized financial plan. If a potential financial advisor offers you the same advice they would give anyone walking in, walk right back out.
   
   
3. The most important thing a financial advisor can give you is a financial plan. Make sure any services package a financial advisor proposes starts with a personalized financial plan.

Questions to Ask Your Financial Advisor

• Are you a fiduciary?
• What are your credentials?
• How are you compensated for your services?
• Do you specialize in any services?
• Can you coordinate your financial advice with tax planning?
• What is your philosophy of or approach to financial planning?
• How often will we connect with each other?
• Will I always connect with you or with a member of your team?
• If I need additional services, can you offer them or recommend trusted partners?
• How do you measure success?

Selecting a Financial Advisor

​Finding a financial planner lets you start the exciting and rewarding process of creating a financial plan calibrated just for you and your personal financial goals. Abstract ideas become an action plan. You have specific instructions and ways to mark your progress. You know how to ask for help and when to ask for changes or adjustments. And you can finally see the big picture—not only where you are today, but where you want to go.

CONTACT A FINANCIAL PLANNER AT OAK STREET ADVISORS