Hey Taylor – This might be a hard question for you to answer without bias, but what should I look for in a financial advisor? I want some help with money management and have a real fear about picking the wrong person. – Owen
Hey Owen – Well, I can’t say I’ll give an unbiased answer, but that’s only because I’ve seen too many financial advisors who are more focused on selling products than actually helping people. It’s easy to end up with someone who’s pushing what benefits them, not you. That said, not everyone needs a financial advisor—you can do a lot on your own if you’ve got the time and determination.
But, to your question, here’s what you should look for in your search for some kind of wealth manager.
–1. Generosity. Managing wealth isn’t just about growing your investments. It’s about helping you use your resources in a way that aligns with your values and goals. A good wealth manager understands that money is a tool, not just a scorecard. When someone genuinely values generosity, it often shows they care about people and purpose, not just performance. That kind of mindset can make a big difference in how they guide and support you.
–2. Fiduciary. At the end of the day, anyone can offer advice about your finances. Fiduciaries, like yours truly, are obligated to give you the best financial advice, regardless of what it means for their commission. It doesn’t happen too often, but there are people looking to push clients into investments that might benefit the advisor more than the person being advised. Obviously, you want to avoid getting scammed at all costs. If you work with a fiduciary, you know that person will be in a massive legal mess if they try to do anything other than what’s in their clients’ best interests.
–3. Comfort. Whether it’s a person with the same beliefs or a fan of the same baseball team, you need to be able to connect and communicate with your financial advisor. You don’t just want someone who will tell you what to do, but rather a teammate who can explain their approach to wealth management. Your advisor also needs to ask questions and understand your goals, because there’s no singular approach to managing money. People have different income levels, risk tolerances, and hopes for the future—your advisor needs to know who you are and what you want, and not just push their own agenda.
If you decide to work with an advisor, make sure it’s a person you like and trust. You need to feel good about how your money is being handled. Thanks for the question!
Taylor Kovar, CFP®
CHIEF EXECUTIVE OFFICER
