How to find a good financial adviser in NC

Saving your pennies with the help of a financial adviser can help your long-term financial outlook.

Saving your pennies with the help of a financial adviser can help your long-term financial outlook.

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If you want to get your personal finances on track, working with a financial adviser might be a good option.

Financial advisers can help you create long-term strategies for building wealth, manage your investment portfolio and plan for your retirement.

But since there is no federal law that regulates who can provide financial advice, some advisers may not suggest products that are suited for you.

If you’re looking to hire a financial adviser in the near future, here’s what to look for.

Knowing what to look for

Here are some things you should consider when searching for a financial adviser, according to Forbes:

  • Choose which part of your finances you need help with. Financial planners can specialize in investment advice for retirement plans, debt repayment and estate planning.

  • Learn about the different types of financial advisers. Some financial advisers earn money by charging fees for their services. These advisers are usually bound by fiduciary duty, meaning they are legally required to provide you with suitable financial advice. Other advisers who are not fiduciaries make money off commissions by selling you certain financial products that boost their compensation.

  • Decide how much you can pay your adviser: Commission-only advisers advertise free services, but they may not be looking out for your best interests. Fiduciary advisers usually charge hourly fees, or a percentage of the assets they’ll be managing. The average hourly fee for fiduciary financial advisers is $253.

  • Research financial advisers: Ask your friends, family and peers for recommendations. You can also look through online databases for financial advisers, such as The National Association of Personal Financial Advisers or Garrett Planning Network.

Types of financial advisers

There are three types of financial advisers, according to NerdWallet:

  • Robo-advisers: A digital service that uses computer algorithms to build personal investment portfolios based on the information you provide.

  • Online financial advisers: An online financial planning service that offers virtual access to advisers.

  • Traditional financial advisers: A financial adviser that can meet with you in person and help you with all your financial needs.

Tips for finding a reliable adviser

You can use these tips to find a trustworthy financial adviser that fits your needs, according to MarketWatch:

  • Ask how your financial adviser is paid: It’s better to work with fee-only advisers who charge a flat fee or a fixed percentage to ensure you’ll get the best financial advice.

  • Shop around: Interview different advisers and see which one you connect with.

  • Make your goals clear: Make sure your adviser knows what short-term and long-term goals you want to accomplish.

  • Verify your adviser’s credentials: Vet your adviser’s background using tools like CFP Verify and FINRA’s brokercheck.

Evan Moore is a service journalism reporter for the Charlotte Observer. He grew up in Denver, North Carolina, where he previously worked as a reporter for the Denver Citizen, and is a UNC Charlotte graduate.


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