Why do you want to see a house before you buy one? Why go to a winery to taste the wine when you can just buy it online? Ever test drive a car? Why should your decision to select an advisor to be any different? You are trusting someone to look after your hard-earned savings. Someone who looks beyond the “now” and helps you plan for the “when”. As a financial advisor, president Irv Munn and his team of advisors are trained to look at both the “now” and the “when”. Choosing one, however, can be a daunting experience without knowing what you are looking for…and paying for.
Here are three tips for choosing a financial advisor for your needs
- Ask for recommendations. Ask friends and family who you believe are most like you. People in your similar financial situation and life stage are a good place to start. For example, the advisor your father uses may not be as aggressive as you want to be at your age. Having children? Asking a friend who is also having kids can help you align with a financial advisor who specializes in life stages locally. Once you have a couple of financial advisors to look at, check out their profiles on the company’s web page, interview them on the phone or in-person and choose who to work with.
- Look carefully at the fees. Financial Advisor has different fee structures and charges different amounts for services. Some, like Munn & Morris Financial Advisors, are primarily fee-based advisors, which they earn money from the fees they charge clients for their advisory services. This, as opposed to fee-based advisors, can also earn commissions from selling products, like insurance policies. Selecting an advisor who is primarily fee-based means they are not influenced by their commissions.
- Consider an advisor’s certifications. Many advisors hold certified financial planner (CFP) practitioner or chartered financial consultant (ChFC) designations. They also can have a specialization, like a divorce, estate planning, retirement planning, tax planning or insurance planning. Depending on your priorities, choose a financial advisor who excels in the area you need help in.
Why hire local advisors?
Financial advisors focus on getting to know you and your financial needs. Having someone local allows you to set up regular planning meetings and to discuss in detail your immediate needs as they change. Of course, you can do this over the phone, but being able to visit your advisor’s offices as needed may give you a sense of security knowing they are an established individual with an office nearby to serve your needs.
Munn & Morris Financial Advisors is lead by president, Irv Munn, a CERTIFIED FINANCIAL PLANNER™ Practitioner in Dallas Texas dedicated to serving your best interests.