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How do I know if my Financial Advisor is the Right Fit?

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How do I know if my Financial Advisor is the Right Fit?

Submitted by Hartwell & Company on February 4th, 2020

Choosing the right financial advisor can be tough. How do you know if it’s the right person (or company) to manage your life savings? It’s an important job and it pays to shop around for the best option for you and your family. Check out our advice below to see whether you should stick with your pro or find a new advisor to manage your investments.

Fees

One of the most talked-about aspects of financial advice is fees. There are countless ways that the investment advisory industry earns their keep - commission, advisor fees, loyalty charges, trailers, etc. To make matters worse, each individual investment may carry fees (often called Management Expense Ratios or “MERs”). Transaction costs for each trade are common, and there are additional fees for withdrawals and other services. The important thing to remember is that your investment advisor deserves to earn a living as long as their duty of care and professional advice are worth it to you as the investor client. Have an honest conversation with your current advisor about fees and minimizing costs - if you don’t get a clear answer, it’s time to shop around.

Fiduciary Duty

Different types of financial advice come with different status under the law. The gold standard is a “fiduciary duty” where an advisor is legally bound to work in the best interest of their clients and their money. Loyalty and care are the goals for these advisors. Bank employees and broker-dealers often do not have a fiduciary duty to their clients, and their allegiances can be split between their clients and their employer. Fiduciary duty isn’t free - you often pay more for the extra legal protection against conflicts-of-interest and unfavourable commission structure.

What’s important?

Choosing the right advisor is important, but it’s best to start with a simple exercise for yourself. Ask yourself what you need and what your goals are. Are you just investing in the stock market to earn a little extra income? Are you using insurance as part of your retirement plan? Do you have $10,000 or $10 million in your portfolio? Are you self-employed? Do you need expert tax advice? The more complex your situation, the better advice you’ll need from your advisor. Another thing to remember is that you don’t need to rely on one person. There are benefits to “one-stop shopping” when it comes to financial advice and wealth management, but different advisors can offer different expertise. Do your best to keep things simple for yourself, but don’t be afraid of a second option or splitting your portfolio between two advisors if you need specialized advice.

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Jim Hartwell and Ryan Hartwell are investment advisor representatives of, and securities and advisory services are offered through USA Financial Securities Corp., Member FINRA/SIPC. A registered investment advisor located at 6020 E. Fulton St., Ada, MI 49301. Hartwell and Company is not affiliated with USA Financial Securities.

Jim Hartwell and Ryan Hartwell are authorized to transact securities related business and investment advisory services only in states where he is properly registered.  For investment products and services these states include: AL;FL;IL;IN;MI;PA;SD Ryan: CO, MI. For investment advisory services theses states include:AL;CO;IN;MI;PA Ryan: CO, MI Additionally, clients who are not residents of these states cannot be serviced. This website is not intended to provide investment, legal, or tax advice, nor to effect securities transactions or to render personal advice for compensation.

Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation.

Separate from the financial plan and our role as a financial planner, we may recommend the purchase of specific investment or insurance products or account. These product recommendations are not part of the financial plan and you are under no obligation to follow them.

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods.

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