Your financial circumstances are as unique as you, so selecting a professional who can formulate and put into action a retirement plan that lines up with your goals and needs is something to be prioritized.
When contemplating moving your assets from one financial professional to another, we suggest considering the following when selecting your new advisor and making the switch:
The Cost of Switching
Before searching for a new financial advisor, the idea of transferring your assets to a new firm that has relationships with different financial custodians can seem incredibly daunting, time-consuming, and costly. But with an experienced firm and through utilization of certain transfer methods, this process can be painless.
Your previous financial firm might charge a fee as they close your accounts after your assets have transferred, but the ACAT itself can sometimes be quick and cost-free. With your funds transferred, you and your new advisor now have the opportunity to consider what wasn’t working and make specific changes where needed based on your unique circumstances and retirement goals.
In addition to the financial cost of switching, it may feel as though there is an emotional cost, especially if you work with an advisor for many years. The advisor you transfer from may inquire as to why you made your decision, but there shouldn’t be any hard feelings, as it’s simply the conclusion of a business relationship.
The Fiduciary Standard
Being an investment advisor with a fiduciary standard involves “only recommending strategies, products, or tools that are most likely to benefit [the] client, regardless of how it affects [the advisor]” writes Eric Brotman in Forbes.
Of course, all investments come with risk, and no financial professional has a crystal ball that shows what the future holds, but the fiduciary standard presents a legal obligation to ensure “decisions being made do not have ulterior motives attached.”
Fees and Risk Transparency
Brian Moore, Senior Financial Advisor at Moore’s Wealth Management, notes that individuals coming to him for relief from their current advisor often cite not fully understanding how much risk they are undertaking and the fees they are being charged.
If you’ve been working with a financial professional for a period of time, do you feel you have been fully informed on your current levels of risk and the fees that you are incurring month over month? If not, it may be time to make a switch.
“Asking a financial professional how they make money by doing business with their clients is an important question,” says Chris Moore, Senior Financial Advisor at Moore’s Wealth Management.
“At Moore’s Wealth Management, not only do we feel our management fees are competitive by doing our trading in-house, but the trading fees incurred are built-in, meaning clients won’t see hidden costs pop up.” says Isaac Pitt, Senior Financial Advisor at Moore’s Wealth Management.
Tactical Risk Management
“When an advisor takes on a new client, we perform a risk assessment as a primary step to building a comprehensive and individualized retirement plan,” says Mark Peterson, Senior Financial Advisor at Moore’s Wealth Management.
The financial professional you choose to work with should have in-depth conversations with each of their clients regarding how much risk they are willing to withstand and at what point they would be comfortable pulling out of the market should a certain threshold for liability be met.
Community Reputation
When selecting a professional to assist with managing your retirement, take into consideration their reputation throughout your own personal network and the community with which they work. Do you have acquaintances, colleagues, or friends who have had positive experiences with this advisor or their firm? Is there a plethora of positive or negative feedback online? Is the advisor or firm willing to connect you with existing, long-standing clients, for further assurance?
No-Strings, No Sales-Pitch Financial Consultation
One way to narrow down your hunt is to consider the following: Are they willing to meet without any sort of commitment or having to endure a sales pitch? Are they willing to sit down with you, face to face, and offer genuine financial analysis and advice without turning the meeting into a pressure-cooker with looming asset transfers and endless signature pages?
Moore’s Wealth Management is home to five advisors each of which welcomes the chance to meet with you, hear your concerns, offer advice, and do so without any commitment of moving forward with our firm.
To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.
SOURCES:
https://mooreswealthmanagement.com/consider-these-factors-when-selecting-a-financial-advisor/
https://www.forbes.com/sites/ericbrotman/2022/04/20/the-fiduciary-standard-what-is-it-and-why-does-it-matter/?sh=283d0d6328f9
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed. All views/opinions expressed in this newsletter are solely those of the author and do not reflect the views/opinions held by Advisory Services Network, LLC.
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