Finding a Financial Advisor

Updated 12 months ago

Finding a professional, such as a financial advisor, who meets your criteria for qualifications, integrity and service can feel overwhelming. Many professionals, attorneys, accountants, and financial advisors, believe you can be enthusiastic about the pros with whom you work. If you type financial advisor into the Bangor region you can find nearly 400 professionals listed. Here are some tips that might help you narrow your search for your financial advisor.Qualifications- What exams are provide the professional you need? Series 7 is a general broker who can help you with individucal stocks and bonds. Series 6 is for those who anticipate only using mutual funds and variable annuities. Some financial planners have neither license and use Charles Schwab to trade all securities. They typically hold a 65 licnse and are investment advisors. About 8% of advisors hold a broker and an advisor lincense. The advisor’s education could be balanced with their ‘designations.’ Designation are achieved through various tests that help advisors’ develop an expertise in particular areas od practice and are sometimes used for those who do not have a finance, or other comparible, education. Vision- How does the advisor run their business? Do you pay an additional fee for a plan? Is the plan so detailed and specific to you that the fee is worth the cost? Would you prefer regular meetings and discussions on many financial topics? Is the advisor a good teacher? Is that what you’d like in a professional? Is the relationship important to you or do you want just the facts? What about ongoing conversations or contact? What would you like and is that this advisor’s vision? Compensation- Everybody needs to make a living and understanding how the advisor you are meeting with makes their living is important. Investment advisors are compensated by a fee that is paid on an ongoing basis. This is an ongoing underlying cost for the money they hold ‘under management.’ Because this can be expensive over several years than front-end charges there is frequently a lower-end requirement, as in you must have at least $250,000 or $500,000 before the advisor can take you as a client. Traditional compensation charge a commission when you buy or sell stocks or bonds, r a front-end charge for mutual fund purchases. Ask about this so you understand the pros and cons of various fees.Team- Most people only provide part of the tax, investment and legal needs that planning can entail. What kind of team has the advisor organized to help meet your needs? How do you feel when you speak with them? Do you undertsad what they are explaining? Do you feel comfortable with their staff? With so many advisors in the region you are certain to find someone who is a good fit for you professionally and personally.Citations:http://www.investopedia.com/articles/pf/07/rightadvisor.aspMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.


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