Finding a financial advisor seems like a far fetched idea. Especially since, culturally, we expect only those with wealth to be the ones with financial advisors. Here at Endeavor, we want everyone to have a financial advisor especially before growing their wealth. It is important to find the right advisor for your needs. For example, you may be just looking for some help in the tax season or you could be looking for a long-term investment plan. The next steps will depend on your needs, wants, and future goals.
When finding an advisor you need to consider the different types of payments that they can charge. Certain advisors are commission-based while others charge a flat fee for their services. Fee-based advisors are a safer bet since they are required to act in your best interest, while commission-based advisors tend to be a little riskier because they could trade to better themselves without your best interest in mind. On the contrary, a commission-based adviser could be motivated to achieve more than a flat fee advisor, who will receive the same amount regardless.
Be sure to research the advisor you are considering. It only takes a second to do a web search or make a phone call to avoid costly mistakes. Look for advisors who are credible and have certain certificates or licenses. Some examples of these are Chartered Financial Analyst, Certified Financial Planner, or Chartered Financial Consultant. Make sure to set up a time to speak with your prospective advisor to make sure they are a good fit for your wants and needs. Due to the personal nature of using a financial advisor, we suggest that you meet with several advisors and make a decision based on your assessment.