What Should I Know Before Working With A Financial Advisor?

DEWITT, Mich. - May 25, 2021 - PRLog -- Each stage of life is an opportunity for a new chapter you get to write. Whatever your next chapter looks like, we're here to back you up with actionable plans and personalized strategies unique to your financial story.

Maybe you're thinking about planning for a fulfilling retirement, preparing for education costs, opening a business, or saving for a large purchase.

You don't have to go it alone. Partnering with one of our financial advisors can give you the support you need to achieve your financial goals.

Types of financial advisors

You can categorize financial advisors in a few different ways. First, you might group them by how they offer their services. Let's take a closer look.

• "Robo-Advisors" – Some financial services are provided entirely online, sometimes referred to as robo-investing. In this case, you don't meet with an in-person advisor. Instead, you get all your advice online. After you input your information, computer algorithms give you feedback and answer your questions. This type of service is less personalized, and therefore less expensive. However, there may be account minimums or additional fees for various activities.
• Online Financial Planners – This option provides similar services as robo-advisors, but you'll also have access to a professional advisor. Keep in mind that the advisor may not always be the same person, so it can be difficult to build a relationship and have someone who truly understands you and your goals.
• Traditional Financial Advisors – The advantage of a consistent financial advisor is the opportunity for a long-lasting relationship and a partner to help you stay on track toward long-term goals. Your dedicated financial advisor should take the time to get to know you, including who and what matters most to you.

You can also categorize financial advisors by how they charge for their services. They might be commission-based, fee-based, fee-only or a combination of approaches.

Services you may need

Another consideration when looking for a financial advisor is what services you may need. Some of the information you might want to ask for includes:

• A complete list of the investment products they offer
• A complete list of the services they offer. These might include individual investing, trust services and insurance options, among others
• Information about how they work with clients. Do they only interact online or do they meet with you in person? Are they full-service or do they offer limited services?
• Clear, easy-to-find information on how to meet with or contact them. For instance, their hours, locations, customer service contacts, websites and social media platforms
• Tools and technology, like online access and savings calculators
• And financial education resources, including up-to-date market guidance and investment research