How to Choose A Financial Planner, Advisor or Wealth Building Consultant in West Chester PA

www.keyfinancialinc.com

So you have decided it is time to engage the services of a professional financial planner. Maybe your situation has grown complex, your employer changed their benefits package or maybe you just do not want the stress of managing your investments. Regardless of the reason, you need to start the task of finding a qualified professional.

If you open up your local yellow pages to the financial planning section, it bears a striking resemblance to the section for auto mechanics, electricians, or plumbers. Just column upon column of names sprinkled with full page ads that read "Wealth Advisors" or "Investment Managers". How do you know which one is for you? What services do they offer? How much do they charge? These are all valid questions and you must address them because the planner you choose can have a tremendous impact on the decisions you make, and the results you ultimately reap.

Here are some quick steps to help you on your search:

Step #1: Get educated

Since your journey has to begin somewhere, start your search by educating yourself. Search the Internet or pick up some literature and learn about what financial planners do. Without some background knowledge you won´t know what questions to ask or how to differentiate between planners when you interview potential candidates. So Step #1 is to do a little homework and get educated.

Step #2: Talk to your friends

Referrals are the lifeblood of the business for a financial planner. So talk to your friends or business associates and see whom they work with. Chances are they will not refer you if they are unhappy or unsatisfied with their current planner. You can also check with your local Chamber of Commerce or local business associations for potential candidates.

Step #3: Interview potential planners and check for credentials

Once you have narrowed your search to 3 or 4 candidates it is time to set up an interview. You must be inquisitive! Financial planners offer many services and a range of compensation formats. Since you have already educated yourself from Step #1, you should formulate a short list of bullet points or questions you want to cover. For example:

What is the typical account size you handle?

What kind of services do you provide?

What is your investment philosophy and how does it adapt to changing market conditions?

What types of compensation arrangements are available?

What level of service should I expect?

You should also to be sure to verify that they carry professional credentials such as a CFP, CFA, or CFS. These designations demonstrate that the advisor has gone through rigorous educational and experience requirements.

Step #4: Does the planner´s philosophy match your personality?

After you have completed your interviews take some time to reflect on each one of the planners you met with. Remember that you will be developing a long-term relationship with the planner you pick. It is important that their way of providing investment advice, communication, and service match your expectations.

Choosing an advisor may take some time and research on you part, but remember this is a significant and long-term decision. In any case, do not let yourself become frustrated or pressured into a quick decision. Perhaps Ben Franklin said it best "An ounce of prevention is worth a pound of cure". So be sure to take your time, do you homework, and ask a lot of questions.

Disclosure:

This article meant for general illustration and/or informational purposes only. The views expressed are those of the author and are not necessarily the opinion of Royal Alliance Associates, Inc.

This material should not be relied upon as investment advice. Investors should seek the advice of their financial advisor prior to making any changes to their investment strategy or purchasing any securities. Investors should note that there are risks inherent in all investments, such as fluctuations in investment principal. Past performance of any market, index, investment or strategy cannot be relied upon as a guarantee of future results. This article contains forward-looking statements and projections. There are no guarantees that these results will be achieved. Due to volatility within the markets mentioned, opinions are subject to change without notice. Investing is subject to risks including loss of principal invested.

Securities and Advisory Services Offered through Royal Alliance Associates, Inc. Member FINRA/SIPC.

Advisory services offered through Key Financial, Inc.

A Registered Investment Advisor not affiliated with Royal Alliance.

1560 McDaniel Drive, West Chester, PA 19380

E-mail: pbrennan@keyfinancialinc.com, Phone: 610-429-9050

For more information, please visit www.keyfinancialinc.com.