4 Mistakes you should avoid when selecting a financial planner

[King bell]

When it comes to financial planning, there are a lot of different factors to consider. And while there are a lot of different ways to approach it, there are also a lot of different ways to make mistakes.

Here are five of the most common mistakes people make when selecting a financial planner:

1. Not doing your homework

One of the most important things you can do when selecting a financial planner is to do your homework. There are a lot of different options out there, and it’s important to research and compare them before making a decision.

2. Not clearly defining your goals

Another mistake people make is not clearly defining their goals. What do you want to achieve with your finances? Do you want to retire early? Save for a specific purchase? Without a clear goal in mind, it will be difficult to find a planner that can help you achieve it.

3. Focusing on fees instead of value

When it comes to financial planning, fees shouldn’t be your primary concern. Instead, you should focus on finding a planner who can provide you with the most value. Remember, the goal is to improve your financial situation, not to save a few dollars in fees.

4. Not considering your risk tolerance

Your risk tolerance is an important factor to consider when selecting a financial planner. If you’re not comfortable with a lot of risk, then you’ll want to find a planner who can help you find investments that are more conservative. On the other hand, if you’re willing to take on more risk, you may be able to get better returns.

 

[Jasz]

You will be working with your financial planner for years to come. It's important that you feel completely comfortable and confident in their abilities. If you are not yet ready to hire a financial planner, consider these mistakes that can make or break your relationship with one.

1. Not doing your homework

If you're going to spend money on something, you might as well make sure it's worth it. Before you hire a financial planner, research their background and qualifications first.

2. Only hiring the cheapest option

Just because someone is charging less than the rest of their competitors doesn't mean they're not qualified or capable of providing quality services. To ensure that you're getting the most bang for your buck, do some research into what type of licenses (and which licenses) the various candidates have before making a decision.

3. Not asking questions during the interview process

During the interview stage, ask questions about how long they've been in business and how many clients they've worked with before so that you get a good idea of what kind of experience they have working with clients like yourself and whether or not their style matches up with yours. This is also a great opportunity to get insight into whether or not they'll be able to provide answers.