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How to Choose a Financial Advisor in NC

How to Choose a Financial Advisor in NC

| May 30, 2024

No matter how much money you have, a financial advisor might be able to help you. Financial advisors can help you manage your money and help guide you to your financial goals. 

Many people don’t believe they have enough money or net worth to justify paying someone to help them with their finances. But the National Financial Educators Council annual survey found that Americans lost an average of $1,819 because they lacked financial knowledge. 

While there’s no guarantee you won’t lose money after hiring a financial advisor, a good financial advisor suited to your needs could help you gain the financial literacy to keep more money in your pocket. 

The name financial advisor is an umbrella term that could capture someone who offers such services as financial planning, money and budget management, investment planning, wealth management, and more. It’s important to know what services the financial advisor you choose is offering and whether they fit your needs. 

Here’s how you can choose a financial advisor such as Good Life Morehead City in North Carolina. 

Find What Your Financial Needs Are 

Before you decide whether you need a financial advisor and long before you search for one, find out what your need is for financial guidance. Do you need insurance? Do you need someone to help you with budgeting? Do you need someone to help you invest? Or do you need a comprehensive financial plan for saving, investing, and planning for taxes, retirement, and leaving your legacy to your family? 

Maybe you make a good salary but just can’t seem to make ends meet, so you could use help with budgeting or money management. Or you won the lottery or inherited a large sum of money and want help with taxes, investing, or charitable giving. 

Once you have an idea of the financial help you need, seek out recommendations from family members and friends. Search online and compile a list of possible financial advisors from the recommendations and your preliminary research. That’s right. It’s just preliminary. The real work is just about to begin. 

Check Background and Credentials and Ask Questions 

It’s critical you know as much as possible about a financial advisor if you’re considering sharing financial information or handing over your money for investment. You’ll want to know whether the financial advisor offers the services you want and the credentials to provide what you need. You’ll also need to be comfortable with the financial advisor. 

You will discover a financial advisor goes by many names, including financial advisor, investment advisor, financial coach, certified financial planner, wealth manager, wealth advisor, and portfolio manager to name a few. 

In North Carolina, the securities division of the Secretary of State is a member of the North American Securities Administrators Association and provides information online for investors. The state agency provides explanations and links to official websites for checking the registrations of advisors, investment brokers, and insurance brokers. 

You can whittle down your list of potential financial advisors by knowing the kind of financial help you need and understanding what credentials can help you. Now, you’re ready to ask the people on your list some questions. This may seem like a lot of work, but you want to make sure you’re handing over your finances to someone you trust. 

Here are 10 questions to ask: 

  • Are you a fiduciary and, therefore, committed to acting in my best interests? 

  • How are you compensated? 

  • What are your fees? 

  • Do you have any conflicts of interest? 

  • What services do you offer? 

  • How do you approach financial planning? 

  • What kind of clients do you work with? 

  • Is there a required minimum for an account? 

  • How often will we meet? 

  • Will you work with other advisors, such as accountants and attorneys? 

The financial advisors that should jump to the top of your list must be able to answer these questions to your satisfaction. A good follow-up question is asking the financial advisor to put the answers in writing, such as Good Life Morehead City has done on its website. 

Find a Financial Advisor in NC 

If you follow these steps to choosing a financial advisor in North Carolina, you might find you want a financial advisor to help guide your finances. Good Life Morehead City provides financial planning, risk management, property and casualty insurance, commercial insurance, retirement planning, and estate and legacy planning. 

We work closely with you to understand your financial situation and find strategies to move you toward your financial goals. Reach out to us today to schedule an initial consultation.