Whether you’ve worked with one or not, an advisor can be extremely beneficial in helping you organize your finances and project the results of your savings and investments so you can see how well you are prepared for retirement. They will also help you make decisions with your money that will help you reach your financial goals as efficiently as possible. To go over what an advisor really does (and should do), we spoke to the President of the United Financial Information Services, William Bitters, who has been working in the financial services industry for over 40 years.
They Can Help You Invest
William Bitters who has been working in the financial services industry for over 40 years can help you. You have goals and you want to reach them. They might be saving for college, planning your retirement, generating income and achieving your overall financial goals.
Like choosing a doctor, you want an Advisor that you can trust. One that you can take back behind the curtain and let them see what you are wanting to accomplish and where you have been. Don’t be afraid to ask questions. Don’t be afraid that you are going to seem silly, stupid or uninformed. Ask about fees, taxes, etc. Your advisor should be able to disclose how they make their money and how you are going to make yours without any management fees.
A common misconception about hiring an advisor is that you don’t have enough money. William Bitters explains that you should never feel like you don’t have enough money or that your circumstances aren’t worthy enough to find an advisor that is right for you. All things being equal, William Bitters explains that your advisor should treat you and your circumstances with the uniqueness that you deserve and should never approach clients with a ‘one-size-fits-all’ approach.
Listen First, Understand Second
When looking for an advisor, William Bitters explains that they should be able to listen first, understand second, and talk third. Your advisor should be acting in your best interest and should be attentively listening to your needs before they make any suggestions or recommendations. In this same sentiment, you should feel comfortable sharing your story, your fears, your dreams, and your goals with complete transparency without fear of judgement. This type of working relationship is extremely valuable when it comes to the subject of your financial future.
When you sit down with your advisor, they should be able to give you options based upon your circumstances and should, if possible, revolve around tax-free instruments with no down-size risk. Your advisor should be able to help you determine what you can afford and help you, so you don’t outlive your hard-earned money. They should also be more interested in building a relationship with you than having just one meeting or two.