Guide: How to choose a financial advisor in Kansas City | Fiduciary in KC
Anyone can hang out a shingle as a financial advisor, so it can be tough sorting out the “outstanding” from the merely “OK.” But when you need help with financial decisions, it’s worth persevering to find the right fit. A first-rate financial advisor can save you money and a lot of worry in the long run and it is very beneficial to find someone local to you! Here are a few quick tips on how to choose a financial advisor in Kansas City.
Guide: How to choose a financial advisor in Kansas City | Fiduciary in KC
Anyone can hang out a shingle as a financial advisor, so it can be tough sorting out the “outstanding” from the merely “OK.” But when you need help with financial decisions, it’s worth persevering to find the right fit. A first-rate financial advisor can save you money and a lot of worry in the long run and it is very beneficial to find someone local to you! Here are a few quick tips on how to choose a financial advisor in Kansas City.
What Type of Advice Do You Need?
There are several reasons why you might need help from a financial advisor. Are you looking to retire? Are you readying yourself to buy a house? Do you need complete financial, retirement, tax, estate, and education planning services? Perhaps you want to take control of your money and finances and need someone to guide you through creating a plan.
There are different types of advisors for every scenario. When you are interviewing and researching, look into whether the advisor or firm has experience with your specific situation. It might be tackling a financial goal such as divorce planning, or it might be giving you a macro view of your assets and money. Another consideration is to determine if your goals are short-term or long-term and ensure your advisor can assist in getting your finances where you want them no matter your timeline.
How Do They Charge?
Be wary of financial advisors who receive a kickback whenever they recommend a stock or investment. These advisors could have an incentive to steer you toward products that do not serve you. He or she may not give the most unbiased advice.
A growing number of financial advisors charge a flat fee for key services. For example, you might pay $2,000 for creating a one-time financial roadmap. Others charge by the hour, like lawyers. These advisors don’t get a cut from funds or insurance companies.
If you’re looking for a long-term financial partner to invest and manage your money, expect to pay a percentage of all the assets they manage for you. The more assets you have, the lower the annual fee charged by the advisor. You don’t have to be a millionaire to afford this type of service, but it’s still wise to shop for competitive rates.
How Do They Charge?
Be wary of financial advisors who receive a kickback whenever they recommend a stock or investment. These advisers could have an incentive to steer you toward products that do not serve you. He or she may not give the most unbiased advice.
A growing number of financial advisors charge a flat fee for key services. For example, you might pay $2,000 for creating a one-time financial roadmap. Others charge by the hour, like lawyers. These advisors don’t get a cut from funds or insurance companies.
If you’re looking for a long-term financial partner to invest and manage your money, expect to pay a percentage of all the assets they manage for you. The more assets you have, the lower the annual fee charged by the advisor. You don’t have to be a millionaire to afford this type of service, but it’s still wise to shop for competitive rates.
How to choose a financial advisor: Is the advisor a fiduciary?
As mentioned above, finding an advisor who is a fiduciary is important. Check for the word “fiduciary” in the advisor’s firm brochure. This means that the advisor has pledged to act in the client’s best interests at all times. For example, the advisor is frequently monitoring the holding in your account based on market conditions.
Financial planners who are not fiduciaries may operate with different standards. They can sell you anything that is merely suitable rather than ideal.
When looking for an advisor, finding a fiduciary in Kansas City can make a huge difference. It helps to both build trust in your relationship and also grow your wealth long-term with sound decisions you know are being made for your benefit and not to line the pockets of the financial professional.
Who Comes Recommended in Kansas City?
To start, ask friends and co-workers if they can recommend a financial advisor in Kansas City. If possible, you want to find an advisor with experience advising clients in the same stage of life as you. Your CPA, attorney, union, or professional organization may have worked with certain investment managers for long enough to have realized their value. See who they recommend.
The CFP® website also has a search facility to help you find top CFP® professionals in Kansas City.
Who Comes Recommended in Kansas City?
To start, ask friends and co-workers if they can recommend a financial advisor in Kansas City. If possible, you want to find an advisor with experience advising clients in the same stage of life as you. Your CPA, attorney, union, or professional organization may have worked with certain investment managers for long enough to have realized their value. See who they recommend.
The CFP® website also has a search facility to help you find top CFP® professionals in Kansas City.
How To Choose a Financial Advisor: Get Started
After that, it’s a case of booking some face-to-face meetings local to you. Reputable firms will always offer a free consultation. Use this time to build rapport with someone you can trust.
At The Retirement Planning Group, we are trusted by more than 1,500 families* in Kansas City and across the US for their financial advising needs. Ready to see what working with a truly comprehensive and independent firm can do for you? Contact us today for a free 10 min consultation. We’ll see if we fit well together, and there is no obligation. Get started today!