Everyone wants the best out of their money, but not everyone is willing to spend some money on a financial advisor to help them get the best out of their money. Orlando has some of the best financial advisors in the country; professionals whose charges will not compare to the value they will add to your finances.
It can get confusing for an individual without professional training in financial matters to know how to invest, choose appropriate insurance coverage, or plan for tax on long-term basis. Financial advisors are properly trained to handle all these matters.
If you do not have a financial advisor, you need to get one as soon as possible. Anyone who is living in Orlando and has some form of income, regardless of how little, will gain a lot of value in investing in a financial advisor. Most people make the mistake of looking for financial advisors when they are in financial trouble, a path that no one needs to take especially with the numerous and easily accessible financial advisors available in Orlando.
Not all those people who refer to themselves as financial advisors have proper qualifications or are even out to help you with your finances. Therefore, you should be extremely careful and thorough when choosing an advisor. A great place to start would be:
The Fee Only Network has a list of all fee-only financial planners in Orlando together with other relevant information.
The CFP list of professional financial advisors in Orlando provides a client with all the relevant information they would need from an advisor.
The BBB accredited business directory for financial planning consultants has a comprehensive list of planners you can approach.
You can also get a referral from a friend or a relative who is a beneficiary of professional financial advice, although you still need to be careful here as well.
Start by checking whether your potential financial advisor appears in the CFP Board’s certification list and whether their certification is current, find out whether they have filed for bankruptcy in recent time, and whether they have ever been disciplined.
Find out whether the advisor is a fiduciary, because a fiduciary will have to put your best interest first.
Find out how these advisors want to be paid. The most common payment procedures include:
Where advisors charge a commission of anywhere between 1% and 2% of the client's investment assets. This method is called the fees-only method.
Where advisors charge a commission for the products, they sell to the client. This is the most common system in the insurance industry, where the temptation of the advisor to sell products that are not necessarily important is very high.
Where advisors charge a combination of commission and fees, a payment method referred to as fee-based.
Where advisors charge an hourly rate for their services.
Where advisors have a fixed flat fee for their services.
Where advisors charge an annual or a quarterly retainer for their services.
A face-to-face meeting is a great way to get to understand the potential financial advisor before giving them the job; such a meeting will confirm whether you and the advisor are good for each other or not.
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